Forex trading platforms have come a long way in the last few years. Today, there are hundreds of different types of platforms available to traders, with each one offering something unique.
The best forex trading platform will depend on your personal needs as a trader. To help you pick the right one for your situation, we’ve compiled this list of our favorite forex platforms. In this article we will discuss oanda review
Best Forex Trading Platforms: Oanda
Oanda is one of the largest retail brokers in the world and they offer a wide range of products and services to their clients. Their flagship product is their forex platform, which has been around since 1997. The Oanda platform offers traders access to over 60 currency pairs, futures and commodities as well as spot metals trading options like gold and silver.
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The Oanda platform has some great features that make it easy for traders to manage their accounts:
Real-time streaming quotes
Free demo account (with $10k USD)
Mobile apps for iOS and Android devices
Oanda’s trading platform is very easy to use and its features are unparalleled. However, we will take a closer look at them in this review:
Platform availability:
Oanda provides a web-based trading platform with mobile apps for Android and iOS devices. Their mobile app is also available on tablets (notably iPad). This makes it possible to trade from anywhere in the world, at any time. No matter where you are located, you can log into your account and start trading immediately.
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Account opening process:
It takes only a few minutes to open an account with Oanda, but be aware that you cannot use your credit card or other payment methods to fund your account – you need to transfer money from your bank account instead! Once funded, however, you can start trading immediately!
Trading tools:
The Oanda trading platform offers several technical analysis tools like indicators and drawing tools that help traders make better decisions when placing orders or executing trades on their accounts. We will touch upon some of these tools below but let me tell.
There are many advantages to trading with Oanda :
When it comes to trading online, there are many advantages to trading with Oanda. With the recent changes in Canadian regulations, the advantages of trading with Oanda have only increased. In fact, we are fortunate that Canada is now one of the few countries where you can trade forex and CFDs without requiring any kind of licence. You can trade with Oanda from anywhere in the world, including Canada.
Liquidity
Oanda is one of the largest forex brokers in the world with over $1 trillion traded on its platform every year. This means that it can offer you great liquidity for all currency pairs, which is especially important when looking at micro-lots and small lot sizes. This also makes it easy to enter and exit trades quickly as there is a large pool of traders to fill your orders.
Low spreads
The tightest spreads on the market are a major advantage of trading with Oanda, with some trades having spreads as low as 0.2 pips for a lot size of 100k units. While this varies depending on what currency pair you trade and whether you’re day or night trading, it’s still an edge over other brokers who charge up to 30 pips per trade or more!
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Competitive leverage
Not only is leverage offered by Oanda one of the best on the market (up to 1:400), but they also have excellent products such as mini-leverage (1:1) which gives traders the ability to trade smaller positions without having less flexibility than regular leverage offers;
Flexible Trading Platforms
Oanda offers a variety of trading platforms, including web-based and desktop versions. Users can choose between MetaTrader4, MT4 Mobile, and cTrader. The company also offers a mobile app for iOS and Android devices.
Advanced Tools
Oanda is committed to providing customers with the tools they need to make informed decisions about their trades. The company’s platform includes advanced charts that allow traders to view historical price data and analyze patterns over time. In addition, Oanda offers real-time news feeds and market commentary that can help traders make better decisions when it comes time to buy or sell an asset.
Comprehensive research tools and educational resources
Trading with Oanda means you can access all the benefits of a global broker. With our award-winning trading platforms, you’re in control of your trading experience. You can trade from anywhere and at any time using our online platform or mobile app. You can choose from over 10,000 markets and trade up to 25 instruments across eight asset classes on one screen!
Fast executions.
We offer fast order executions with trade times ranging from 1 second to 5 minutes depending on the market conditions at the time of your order.
Multiple account types.
From our free demo account to our Premier accounts, we have the right account type for you.
Easy access from anywhere in the world with our mobile apps for Android and iOS devices.
Great customer service
Oanda is based in Canada and has a dedicated customer service team that can be reached 24/7. This is fantastic for traders who are new to the forex market and may need help on occasion.
Conclusion
The online forex trading industry is a little different. There are very many brokers available who offer their services to clients, in fact there are too many that you can easily get lost in the confusion of which broker is the best forex broker to trust your money with. OANDA however, has been able to stand out from the crowd as a leader in forex broker solutions and solutions for automatic trading within the forex market. This is a company that provides its clients with all of the trading tools and software that they need to engage in successful trades on a regular basis.
