Oanda Review 2017
OANDA is a brand name of OANDA Corporation. OANDA offers currency data, forex & CFD trading, corporate fx payments and exchange rates services for a wide range of organizations and investors.
The company is founded by Dr. Michael Stumm and Dr. Richard Olsen in 1996. Last 20 years they are providing forex trading services proudly. Oanda has awesome reputation for their pioneer support, services, products and technology. In 2001, Oanda launched their famous online trading platform “FXTrade”. FXTrade was the first fully automated forex trading platform with advanced features in Forex Industries.
OANDA is not just a forex trading broker, they are famous for their pioneer technology and advanced liquidity services. It is estimated that about 20% of the global spot forex trades goes through OANDA’s servers.
OANDA”, “fxTrade” and OANDA’s “fx” family of trademarks are owned by OANDA Corporation
OANDA is registered and regulated by 6 major regulators.
Forex spread betting is only available to OANDA Europe Ltd customers who reside in the UK or Republic of Ireland.
Features and Tools for Oanda Traders
There are seven excellent trading tools and features available at OANDA. All of these tools are designed and developed by OANDA inhouse developer for better and profitable trading. These tools are easy to use, very user friendly and customizable.
OANDA ADVANCED CHARTING
Place, View, open and close Trades and Orders, including Limit & Stop Orders using OANDA advance charting tools. Which includes,
You can choose from over 65+ popular technical indicators from oanda’s platform, including Moving Averages, MACD, Bollinger Bands®, Stochastics, Ichimoku Cloud, Volume, Aroon, Balance of Power, Donchian Channels, and many more.
You may use a wide array of drawing tools to analyze market trends, including Pitchforks, Gann Fans, and Elliott Waves. You can also make notes and add symbols to your chart for future reference using annotation tools.
Chart intervals tool
You can Analyze forex and CFD price trends with charts ranging from 5 seconds to 1 month and more. Use the Change Interval option to view custom time periods and markets movement.
OANDA TECHNICAL ANALYSIS TOOLS
OANDA Technical Analysis tool helps you to take forex and CFD† trading decisions by referencing technical chart patterns plus support and resistance levels. Technical Analysis tools are powered by Autochartist.
Advantages of Technical Tools
- Automated trading alerts
- Potential trading opportunities
- Pattern recognition technology
- Volatility analysis
- Performance statistics
ECONOMIC EVENT OVERLAY
Oanda’s economic event overlay provides the important economic announcement and events that could affect your forex and CFD trading strategies, from within the trading platform.
Multicharts Charting Tool
MultiCharts is a complete trading software platform for professionals. It offers considerable benefits to traders, and provides significant advantages over competing platforms. FX traders can access the award-winning MultiCharts platform via a custom OANDA fxTrade plug-in, providing charting, back-testing, and automated trading for more robust technical analysis.
MotiveWave Charting Tool
MotiveWave is a professional charting, technical analysis and trading platform, available for both Windows and Mac OS X.
MotiveWave’s easy-to-use advanced charting capabilities enable you to quickly and easily perform detailed traditional analysis using cycles, trend lines, channels, forks, studies and more.
MotiveWave includes more than 250 built-in studies and indicators, and 30 built-in strategies (as well as a Java SDK to create your own custom strategies), strategy backtesting, genetic and exhaustive strategy optimization, replay mode, walk forward testing, and backtesting reporting.
MotiveWave also has advanced analysis techniques including Elliott Wave, Ratio Analysis, Fibonacci, Gartley and Gann.
MotiveWave Platform Features
- -Available for Windows and Mac OS X
- -Trade whatever your broker supports (Stocks, Futures, CFDs, Forex, more)
- -Over 250 built-in studies/indicators
- -Trade how you like from the DOM, Quotesheets, Buy/Sell Boxes, the Trade Panel, or directly from the chart with one click
- -Over 30 built-in trading strategies
- -Java SDK for custom studies, indicators and strategy creation
- -Advanced Strategy Trading including Backtesting, Optimization, Replay Mode and Walk Forward Testing
- -Advanced Elliott Wave Tools from manual plotting tools to auto Elliott Wave and Scanner
- -All Elliott Wave Rules and Guidelines enforced, all patterns and degrees supported
- -Advanced Fibonacci Tools
- -Gartley Tools (manual tools, auto Gartley and Gartley Scanner)
- -Gann Tools
- -Advanced Commentary Tools
- -Compact Chart Mode Maximizes Screen Space
- -Designed for Multiple Monitors
- -Different products to fit any trading style and budget
BeeksFX is one of the largest Forex VPS providers specializing in low latency networks to provide an optimal VPS solution for traders. Through BeeksFX’s fully managed Virtual Private Server (VPS) offering, currency investors, speculators, and algorithmic traders using OANDA’s API’s or MetaTrader4 (MT4) with fxTrade can expect some of the lowest latency in the retail forex industry.
The OANDA Academy
The OANDA Academy provides resources to help you trade forex, metals, precious metals, and commodities with confidence. There are lot of educational materials, video tutorials for you. In addition to video training on a number of topics, there is a choice of interesting articles for both beginners and advanced traders. Interviews with top traders in a variety of markets contribute an interesting mix of different methods and strategies within the Forex industry.
OANDA Academy learning system divided into 3 different categories.
You have to register for interactive, live online sessions or Video-on-Demand library and training under professional instructor. Their experienced instructor will monitor and guide you. Training session and content has been created for both new and experienced traders. Where you will be able to learn how to use technical indicators, risk management tools, and more.
Self- Directed learning is for those whose are not willing to be trained under any instructor. Here you are on your own to learn and practice by yourself. You are free to learn anything you want at any point of time.
News and Commentary
Updated news reports from several different media sources are available on OANDA—MarketPulse, 4Cast, and the Dow Jones FX Select which provides Forex trading professionals with real-time breaking news, expert trend analysis, and in-depth policy commentary developed by a global team of Dow Jones business news reporters and editors.
A well listed economic calendar is also available.
Regulation: Are they Regulated by any trusted authorities?
OANDA is regulated in six different countries under the local regulatory authorities.
- OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. License No: 0325821.
- OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), Under license No: 09-0280.
- OANDA Europe Limited is a company registered in England number 7110087 and regulated by the Financial Conduct Authority (FCA), No: 542574.
- OANDA Asia Pacific Pte Ltd holds a Capital Markets Services License issued and authorized by the Monetary Authority of Singapore under Reg. No 200704926K.
- OANDA Australia Pty Ltd is regulated by the Australian Securities and Investments Commission ASIC under license numbers: (ABN 26 152 088 349 and AFSL No. 412981).
- OANDA Japan Co. Ltd. First Type I Financial Instruments Business Director of the Kanto Local Financial Bureau (Kin-sho) 2137, Institute Financial Futures Association subscriber number 1571.
What Trading Platforms Do They Offer For Traders?
OANDA offers two different types of trading platform to serve and fulfill the needs of retails and institutional traders. Both platforms are very famous and high demanded among forex traders. Whish are:
- FXTrade WebTrade
The MT4 trading platform is highly regarded by the online trading community for its advanced features and sophistication trading tools. As for FXTrade WebTrader, it requires JAVA to run. Because it is web based, traders can access the platform from anywhere in the world as long as they have an internet connection.
Both these versions of trading platform are also available as mobile versions for mobile devices. For tech savvy traders, they can use the OANDA FXTrade API libraries to build their own automated trading system to accommodate trading actions such as:
- Access to Current and Historical Market Data
- Access to Historical Trading Transactions
- Risk-Free Testing
- Stop-Loss, Take-Profit or Entry Orders
- Trade Requests
Oanda Trading Accounts
OANDA offers a standard account and there is no minimum deposit required to open it. A demo account is available for traders. Unlike most other Forex brokers that offer the demo for a limited time, OANDA’s FXTrade Practice account is available for as long as it takes for you to practice and develop your trading skills before opening a real account.
A 100,000-unit starting balance or profit/loss can be reset at any time, and leverage can be changed to test a trader’s comfort level. Maximum leverage is 50:1. OANDA offers over 70 currency and precious metal pairs.
Types of Trading Account
OANDA offers only one standard type of trading account for Oanda traders. They do not distinguish between several trading accounts for their traders. As such, there is only one standard type of trading account at OANDA. The good news is they also don’t have a minimum deposit requirement as well. Trades of any sizes are permitted without any minimum lot size requirement and they offer maximum 1:50 leverage.
OANDA does not offer any Islamic or swap free account. OANDA allows Hedging, automated trading too.
Commission & Spreads
Like any other online forex brokers, OANDA doesn’t charge any commission for their trading services. Instead what traders pay is a spread based on real-time market values. Depending on the currency traded, spreads are variable and starts from as low as 1.1 pips.
Spreads for indices are even lower, starting from as low as 0.5 pips.
Traders are cautioned that during times of high volatility, the spreads tend to widened.
Reliability : Can we rely on Oanda?
To maintain the integrity and reliability of their operations, OANDA ensure that it meets all the required regulatory requirements for an online forex broker. For example, the company is registered with the Futures Commission Merchant (FCM), Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA ID #0325821). OANDA also registered and regulated by DFSA, IIROC, MAS, FCA.
As for the protection of client’s funds, OANDA only deal with Tier 1 banks like Deutsche Bank, J.P. Morgan Chase, Royal Bank of Canada and the Royal Bank of Scotland etc.
Customer satisfaction is the main priority. 24 hour and 5 days their support teams is ready to assist you with any query. You might need support for opening a demo account or live trading account, you may need to make deposit or withdrawal your fund, their team is always there to assist you. You can contact oanda’s customer support via of live chat, email, fax or telephone etc.
Customer support at OANDA is available 5 days a week from Sunday (1pm EST) to Friday (6pm EST).
For the benefit of their clients, they maintain an office in the following locations:
- Bayfront, Singapore
- Chicago, USA
- London, UK
- Tokyo, Japan
- Toronto, Canada
USA +1 212 858 7690
Canada +1 416 593 9436
United Kingdom +44 20 3151 2050 / + 44 20 7101 1600
Singapore +65 6579 8289
Australia +61 2 8046 6258
Advantages of Oanda Broker
- Innovative Trading Practices
- No Discrimination Between Traders
- Open And Transparent Pricing
- Powerful And Simple To Use Forex Trading Platforms
- Quality Execution
- Quality Support
- Reputable Broker
- Tight Spreads
Disadvantages of Oanda Broker
- EAs Are Not Supported On Their MT4 Platform
- Spreads Tend To Widen During The Releases Of News
- The Charting Package Supplied Can Be Improved
- They Are a Market Maker
Final Words About Oanda
With features such as real-time pricing, automated trading capability and no minimum deposit requirement and trade sizes, it is easy to see why OANDA is popular among many traders. The fact that OANDA is a regulated and long-established broker is an added bonus for traders.