The rise in Forex trading began with the boom in communication technology across the world. More and more people became interested in trading online and making money sitting at home. However, there is a misconception that you can become a millionaire overnight if you engage in Forex trading which can potentially prove to be destructive for your career.
You do not have to make any big arrangements to strike your first ever deal. All you need to do is create a Forex account and set aside capital for your trading needs. But, if you want to ensure that your Forex career is secure in the long run and that you do not run into a string of losses in the beginning, you need to hire a Forex broker who will help you out.
There are a number of good Forex brokers out here who have the necessary expertise to help you get ahead in the field. OANDA is one of them, and it has made quite a name for itself in the time that it has been functional.
Highly respected and equally efficient, OANDA is now a popular name in the Forex industry. If you want a detailed review of this broker, then read on.
OANDA:
Established in 1996, OANDA was a pioneer Forex broker who paved the way for future firms. They worked hard to make retail forex trading common among the general public who, till then, was sceptical about investing their money in Forex virtually. They managed to capitalise on the early successes and create an entire industry based on it.
Now, it has a global consortium of corporations related to Forex in some way or the other and has become multi-functional. Not only do they provide you with basic retail forex trading service, but they also offer services like basic rate quote streaming, hedge consulting, and money transfer processing.
OANDA has risen to become a global favourite and hence has an expanding customer. You will find its subsidiaries in places like the United States, the United Kingdom, Singapore, and Australia.
The headquarters of the brokerage is located in Toronto, Canada. It is bound by strict regulations, which means that you can be assured of security. Till now, they have not expanded their services beyond foreign currencies into the world of digital currency.
What sets OANDA apart from all the other options in the market? You will successfully find rare currency pairings that you may have been searching for a long time. Since they offer more than 60 Forex pairs, which range from major to minor, and even exotic, you will not be at a loss. Moreover, the broker also provides CFDs for commodities, bonds, precious metals, and stock indices. If you live somewhere where CFDs are not regarded as tradable instruments, you might have limited access to the latter.
You will be able to visit the extensive library filled with educational materials irrespective of your skill level and your location. There are videos and streaming webinars available to help you become a good trader.
One reason why OANDA is thought to be beginner friendly is that they offer no benefit structure depending on your account balance. They try to avoid all forms of discrimination and offer only a standard account category to that end. You can have a free demo for practice trading if you want to test the broker out before you hand over your money.
Platforms:
OANDA offers two different trading platforms in case you like variety. One is their web-based proprietary version, “fxTrade”, and the other one is the recent Forex rage, the Metatrader4 family of product offerings. If you are someone who mainly operates from his or her smartphone, then do not worry because both the platforms provide for mobile trading.
When OANDA came out with the fxTrade platform, it was the first of its kind in the market. Not only was it fully automated, but it also functioned online with no hassle. Recently, the platform has been upgraded further to improve the user experience. You can now use it to access the firm’s vast resources. It also offers swift transactions so that there is no unnecessary waiting. In fact, sources estimate that OANDA servers conduct one million transactions each day, and that stands for almost 20% of all industry traffic.
The family of Metatrader4 products has been creating a splash in the Forex world for quite a while now, and if you want to keep using them, then OANDA will not disappoint you either. The OANDA platform is compatible with MT4, and you will be able to trade with zero difficulties.
What else?
OANDA is continuously looking to expand itself further. They prioritize customer service and satisfaction very highly. By complying with the regulations imposed by global controlling bodies, it allows users to be at peace with their choice of broker. All the trading activities related to your account and your personal identity data are secured and encrypted with the latest and the best technology available.
Pros:
- OANDA follows regulatory compliance in all of its corporate locations.
- The client deposits are always stored separately from the operating capital in major international bank accounts.
- All standard accounts have the option for free demo services so you can learn the basics of trading.
- There is no minimum amount that you have to deposit or trade.
- The wide range of currency pairs will leave you spoilt for choice.
- Spreads offered by OANDA are competitive and are updated on the website in real time.
- They offer a leverage of 50:1 for all the major pairs.
- You will find the extensive learning academy to be very useful.
Cons:
- No Bitcoin facility.
OANDA will wow you with all it has to offer. It has gathered valuable experience since 1996 and tries to improve all the time. There is a reason that the firm has been awarded so frequently in the industry. They will always be known for triggering the Forex trading revolution by exposing the public to conversion rates and creating the first ever retail forex trading platform. If you want a true companion on your path to success, then OANDA will not disappoint.
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