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1. Login to account
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In addition to the desktop platform, OANDA also has a mobile app. Our reviewers found the app to be functional, but it lacks some of the tools that the best forex trading apps have. You cannot use charting tools or set up alerts with this app. The most frustrating aspect of this app is that it you cannot add currency pairs to watchlists through the app; you must add them through the desktop platform.
Through OANDA you can trade more than 70 currency pairs, the second highest amount in our review. These include the major pairs and minor pairs as well as exotic currencies, such as the Norwegian Krone, the Turkish Lira and the South African Rand.
OANDA does not charge commissions and stands apart from other forex brokers in that it does not require a minimum deposit and has no minimum trade lot size. You can make trades on as little as one unit of currency. The only cost you incur is from the bid/ask spreads, which is the difference between the buying and selling price. Spreads fluctuate constantly and can change quickly, so the numbers we list may not be up to the minute. In comparing OANDA’s spreads to other brokers', we found them to be very competitive and the best of the brokers that don’t charge commission.
OANDA provides some webinars and investment articles for traders, but the information is not as extensive as other brokers' offerings. You can find video tutorials to train you on the platform, but those are located on YouTube and are not easily accessed through the platform.
Established since the mid 1990s, OANDA is one of the early pioneers of online forex brokers. The company is said to be founded by Dr Michael Stumm and Dr. Richard Olsen. When the online trading platform FXTrade was launched in 2001, it was the first fully automated forex trading platform. Since then, OANDA have grown by leaps and bounds to handle more than a million queries a day. It is estimated that about 20% of the global spot forex trades goes through OANDA’s servers.
Serving the needs of traders at OANDA are two basic types trading platforms, the OANDA’s MetaTrader4 (MT4) trading platform and the FXTrade WebTrader. 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.
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