Oanda is one of the well-known forex brokers in the US. Established in 1996, it is the best forex ea. It serves as a private company and therefore, it is not featured on any stock exchange.
Oanda has its presence across countries. It operates on a global level through different entities. It is regulated by the top authorities, including the National Futures Association, the US Commodity Trading Futures Commission, and the UK’s Financial Conduct Authority.
It offers easy-to-trade and quality platforms along with powerful tools. It has several technical indicators as well as a great API option. If you are interested to know more about this US forex broker, you should read our Oanda review below.
Oanda Trading Platform
Oanda comes with a user-friendly and well-designed forex trading platform. It includes a wide range of analytics and tools.
It allows you to benefit from complex order types, such as plus trailing stops, sell, and buy. It includes charts from MultiCharts which is needed for advanced studies. Not just that, but it also gives you access to news feeds, lists, and economic analyses.
It also makes it easier to access live and historical exchange rates. However, there’s a drawback to the platform. Unlike other forex platforms, it doesn’t have a modern look and functions.
The good thing is Oanda trading platform serves the need of traders of all experience levels. It provides you with the tools that are needed to perform efficient trade. Plus, it has an array of other features that you might useful.
Oanda Trading Fees
Compared to other private forex brokers, Oanda has low trading fees. Instead of commissions per trade, it charges spread. It charges a monthly inactivity fee to customers who don’t use their accounts for more than a year.
As far as Oanda interest rates are concerned, you are required to pay financing rates for positions held overnight. However, the value of the rate will vary depending on various factors like the size of the position, daily rates, funding rates, selected products, and so on.
Oanda charges something between -3% to -0.16% for long forex positions, and for short positions, you may have to pay from -0.46% to -2.55%.
Oanda Mobile App
If you are frequently on the move, you will find the Oanda mobile app handy. Instead of sitting in front of your computer screen, you can trade directly from your mobile phone.
Oanda mobile app allows you to perform the same activities that are permitted on the website. All you need to do is download the app on your phone and you are good to go. It works with both iOS and Android devices, so you shouldn’t face complications.
Pros
- The minimum deposit is $1
- Regulated by top authorities
- Powerful tools
- Low trading fees
- Large selection of trading instruments
Cons
- Low leverage
- No bonus programs
- No cent accounts
Verdict
Oanda makes a great forex trading platform for traders of all experience levels. It serves clients worldwide and offers plenty of benefits to getting started with.