Oanda forex broker is a brokerage firm that specializes in creating an environment for the trade of financial instruments like commodities, CFDs, and precious metals. This brokerage firm was established in the year 2001 in the United States, New York but letter diverged to other parts of the world like North America, Europe, and Asia. Oanda forex broker provides effective forex trading platforms which are include technical trading tools, charts, and graphs used to trade securities in the forex market. The broker also conducts forex market analysis and provides information on price analysis chart, offers its clients with a wide range of trading accounts, there is an availability of a 24 hours customer care service, easy payment options and security of funds.
FEATURES OF OANDA FOREX BROKER
Oanda forex broker capitalizes in providing forex traders especially beginners with educative materials on what forex trading is all about. These educational material are made available in forms of online tutorials, eBooks, and videos. With these, forex traders can learn how to trade currencies and other securities in in the forex market, how to enter and exit trade positions using fundamental and technical indicators as base points, how to use risk management tools while trading forex and how to prevent accumulation of losses.
CUSTOMER CARE SERVICE
This brokerage firm provides effective customer care services to its clients. Here, forex traders ask various questions on challenging subjects while the broker provides answers to the questions. Aside from these, traders are being given trading advice and trading aids by more experienced traders. This helps them to make better trade decisions at all times. There is also an availability a multilingual trading platform this promotes the trade of instruments in various languages.
DEMO TRADING ACCOUNT
Being a beginner-friendly forex broker, Oanda provides a demo trading platform for its clients where forex traders can trade forex using virtual money and still sharpen their trading skills in all aspect. This demo trading platform is used by traders to test run the functionality of all available trading parameter which includes platforms, trading accounts, and trading tools. Aside from these, a demo trading account help traders know how to deal with the fluctuations of the forex market, help them develop better trading strategies, and gives them an idea on how to use tools.
DEPOSIT AND WITHDRAWAL OPTIONS
As an online provider of financial trading services, Oanda provides a good number of easy withdrawal and deposit options for its clients. These payment options are most times instantaneous upon a trader's demand while others may take a range of two to three days upon a trader's request. Examples of deposit and withdrawal options include credit and debit cards like Visa and master cards, bank wire transfer, pepper check, and PayPal.
ADVANTAGES OF OANDA FOREX BROKER
- The brokerage firm provides an effective customer service platform at all hours of a trading day (24 hours) where customer complaints, trading ideas, questions, and answers can be provided through emails, charts, and phone. Oanda forex broker also eradicates language barrier by providing an option where forex trading can be done in various languages like English, Chinese, French, Russian, Spanish, German, Italian, Japanese, Korean and Portuguese.
- The brokerage firm does not require a minimum account deposit or enforce their clients with a minimum trade lot size.
- Regulation is an important feature used to detect fraudulent brokerage companies. Oanda is highly regulated in countries like the United States, Japan, the United Kingdom, and Canada.
- Oanda provides utmost security to its clients by safeguarding all processed data and information obtained by encryption. This forex broker also provides an automated trading platform with fast trade execution trends.
- There is an availability of a demo trading account where forex traders can sharpen their trading skills while learning important risk and money management techniques.
- Offers historical currency converter where clients can access up to 350 years of currency historical exchange rates for major currencies, minor currencies, and exotic currencies.
FOREX TRADING PLATFORMS
Oanda provides a good number of forex trading platforms for its users. These platforms are equipped with advanced charting tools, graphs, drawing systems, effective Graphic User Interface, automated system of trading and forex market analysis tools. With these platforms, traders can trade forex on the go from anywhere and at any time using various devices and computers. Examples of these platforms include Web Trading Platform, Desktop Trading Platform, Mobile Trading Apps, and Metatrader4.
Oanda is a transparent and reliable forex broker which is regulated by a good number of regulatory bodies and agencies. These regulatory agencies provide rules and regulations that guild the funds of clients and also guide the actions in the forex market. Examples of regulatory agencies of Oanda include NFA (National Futures Association), CFTC (Commodity Futures Trading Commission), FCA (Financial Conduct Authority), JFSA (Japanese Financial Service Authority), ASIC (Australian Securities and Investment Commission), IIR (Investigator-Initiated Research), OC, and CMS.