We’re lucky that with the emergence of advanced technology, almost everything is within reach now. One industry that has experienced significant progress over the years is the Forex industry. Forex trading, also known as currency trading, is such a unique and exciting endeavor. Not everyone might understand the concept of it from the get go, but once you do, the opportunity for profits is endless.
The ins and outs of trading Forex can be learned through time, as long as you have the patience and willingness to learn it. The beauty of the internet is that it has so much information about Forex trading, and you can study them without paying any fees. You can start with a simple search on Google, and you’ll be overwhelmed with the sheer amount of articles about what Forex trading is and how you can earn money through it.
After equipping yourself with the proper education, the next thing you’ll need is a Forex broker. Basically, a Forex broker is a company that provides people access to the world of Forex. Brokers offer their clients a free use of their Forex trading platforms, which are usually the MT4 and MT5 platforms.
Here’s the problem though. Selecting Forex trading platforms of usa is easier said than done. This is because there are several factors that you need to consider. You can’t just pick a Forex broker that you randomly saw from a Facebook ad. So to help you a little, we’re going to review a broker that’s been in the Forex business for over two decades now. We’re talking about Oanda.
Over 20 Years in the Business
If we are to rank the long list of Forex brokers available, it’s hard to imagine Oanda not being at the top of the list. Established in 1996, Oanda is one of the veterans when it comes to providing safe and reliable Forex trading services. This broker was incepted with its founders’ belief that the advance technology would play a role in changing the landscape of the global financial markets. True enough, the internet has allowed fintech firms to provide seamless financial solutions.
Based in New York, United States, Oanda has offices across Asia and Europe, with over 450 employees. To ensure a seamless trading experience for its clients, the company uses only the most advanced and freshest trading solutions. Different market players enjoy Oanda’s high-quality trading services, from individual traders, fund managers to big financial institutions.
Oanda’s Trading Conditions
Forex broker Oanda boasts favorable trading conditions. In this section, let’s discuss each feature.
As a high-caliber broker, it only makes sense to expect that Oanda charges its clients high fees. But it’s totally the opposite! Trading Forex with this company is generally cheap. From our research, we’ve found that Oanda’s spreads for major currency pairs affordable. For example, the average spread for the EUR/USD pair is 1.2 pips, while 1.6 pips for GBP/USD pair.
When it comes to getting in/out money from your trading account, Oanda charges a reasonable price. The company doesn’t charge any commission on deposits, while their withdrawal fees are low.
Oanda offers two trading account types: standard and premium. A standard Forex trading account requires no minimum deposit, while a premium account requires a $20,000 initial capital.
Oanda offers different maximum leverage to different countries. With Oanda US and Europe, the maximum leverage offered is 1:50, while Oanda Australia offers 1:100. For small-time Forex traders, they might find the leverage relatively low compared to what other brokers offer which could go as high as 1:500.
Just like other many Forex brokers, Oanda also offers its clients the MT4 trading platform, arguably the most used trading platform in the Forex world. The Forex broker has both web-based and desktop trading platforms which boasts clear, and easy-to-use interface. Moreover, Oanda prides itself in offering a mobile trading app called fxTrade, enabling its clients to trade on the go.
Should You Trade with Oanda?
The quick answer here is yes. Oanda is a Forex broker that’s been in the Forex business for quite some time now, so it’s only logical for new traders having a difficult time choosing the broker for them to consider Oanda. Aside from it offering affordable trading conditions, the company is also regulated by various regulatory agencies around the world including the NFA, FCA, ASIC, and MAS.