ONADA – Broker Review 2019
Those who are new to forex trading will find Oanda the best software to have. After all, it has great features, 24-hour customer service, and its non-discriminatory trading atmosphere enables traders to penetrate even to the toughest variable spreads in the market.
Onada Company Background
Oanda was established by Dr. Michael Stumm and Dr. Richard Olsen and was officially launched in 1996. It is based in New York with offices in Zurich and Toronto. Oanda is a member of the National Futures Association and is registered as a Futures Commission Merchant (FCM) under the CFTC.
Oanda is powered by state-of-the-art technology using cutting edge computer and financial technology for fast and accurate Internet-based forex trading and currency information services to forex traders, ranging from individuals and large corporations to portfolio managers and financial institutions.
Types of Services Offered
Here are the services that Oanda offers to forex traders:
- 38 currency pairs, gold, and silver for trading, with term-of-trades different from other forex brokers.
- No minimum deposit required. Forex traders can start trading for as low as $1.
- No fixed lot required. The size of a lot starts at $1.
- 1.2 pips for EUR/USD during normal market conditions.
- Traders could opt for account leverage from 10:1 to 50:1 for majors while those who wish to trade exotic currencies should follow the 4% marginal requirement. The summary table of marginal requirements is available on the pages of Oanda’s website. The site also contains detailed descriptions about margin rules and a link to said margin rules is also available at the FAQ page.
- Oanda pays interest on long positions and charges interest on short positions. The interest is based on a second by second calculation while the positions are open.
- Forex traders could enjoy the unlimited streaming quotes and the chances of complete hedge clients’ positions offered by Oanda.
- Forex traders can open an account on the following currencies: USD, EUR, GBP, CHF, CAD, AUD, or JPY.
- Depositing money is possible through check, PayPal, or wire transfer.
Traders Support Services
Though the Oanda site does not have a page intended to provide tutorials to first-time users, the company nevertheless offers unlimited in-time demo accounts that clients can use for spot and options trading. It has a user guide, tips, and advice from experts and a bookstore where users can check out more than 4000 finance and investment books. Meanwhile, clients are welcomed to seek out support through the interactive forms and forum.
The Trading Platform
Oanda is available via the Java trading platform so clients will find it easier to enjoy unlimited streaming quotes. Its professional tools, including real-time graphs and indicators, professional-strength real-time news and analysis, and an economic calendar makes Oanda the ideal forex broker trading tool for start-up traders.
Site Design and Ease of Navigation Comments
What is best about Oanda for start-ups is the fact that it is very navigable and user-friendly. The downside here is that finding exact information is not easy. Even though the company has an office in Zurich, the site is only available in its English version.