Oanda was established in the mid 1990’s and it prides itself as one of the companies that started online Forex brokers. The Oanda Forex broker company was founded by Dr. Richard Olsen and Dr. Michael Stumm. Oanda has grown exponentially since its creation and have the capacity to handle over million queries in a single day. It has been revealed through estimation that around 20% of the spot trade worldwide passes through Oanda server.
Oanda Trading Platform
Oanda offers two types of platform to serve the needs of its customers. We have the MetaTrader4 trading platform and the FXTraderWebTrader.
The FXTraderWebTrader needs JAVA to run. The merit of this trading platform is that traders can access it from any location around the world as long as they have access to the internet. The FXTraderwebTrader is web based.
The MetaTrader4 trading Platform is well known for its sophistication and its advanced features. There is mobile version of both trading platforms. Traders that have advanced knowledge of technology can utilize the oanda FXTrade API library to create their personal automated trading system to carry out the following trading functions:
- Trade Requests
- Risk-free Testing
- Access to current and historical accounts
- Stop-loss, take profit or Entry order
- Access to Historical trading transaction
Oanda Account types
There is only one account type available on Oanda because the company does not differentiate one trader from the another. It will interest you to known that the company does not have a minimum deposit requirement.
Commission and spread
Similar to many online Forex brokers, the company does not collect commission on any of their trading services. The traders are made to pay spread according to real-market values rather than paying commission. Spreads starts from a value as low as 1.1 pips depending on currency being traded. In case of indices, spread can be as low as 0.5 pips
Oanda provides its customers with excellent customer service. Customer support is available from Sunday to Friday every week. Traders can reach their customer support representatives through any of the following channels:
- Live chat
To serve its clients effectively, Oanda has an office in the following locations:
- Tokyo, Japan
- Toronto, Canada
- London, UK
- Chicago, USA
Merits of Oanda Forex Broker Company
- Tight spreads
- Oanda does not discriminate between traders
- Quality support
- Quality Execution
- Oanda is a reputable Forex broker
- Their pricing is open and transparent
- Their Forex trading platform is very simple to use.
The company ensures that all necessary regulatory requirements for an online broker are met to uphold its integrity as well as the reliability of its operation. To achieve these, the Oanda is registered with the following bodies:
- National Future Association
- Future Commission Merchant
- Commodity Future Trading Commission
For maximum security of trader’s funds, Oanda deals solely with Tier 1 banks such as J.P. Morgan Chase, Deutse Bank, Royal bank of Scotland and Royal Bank of Canada.
The fact that Oanda offers topnotch features like automated trading; time pricing, no minimum deposit requirements and others enticing features makes the company popular among traders.