OANDA's proprietary FXTrade Platform comes from 15+ years of foreign exchange research and analysis.
- Fully automated platform - from market-making to trade execution: OANDA is a 100% electronic marketplace for trading currencies via the Internet.
- User-friendly, easy to navigate trading interface.
- Price transparency with instant execution from live two-way prices.
- Tight spreads: As low as 2-3 pips on all major currencies offered, regardless of size.
- NO limits on trade size: Trade as little as $1.00 with low spreads regardless of trade size.
- Instant confirmation / settlement with real-time account management: When a currency pair is bought or sold, confirmation and settlement are instant with P/L, margin and account activity being updated in real-time.
- Leverage: OANDA's FXTrade Platform allows you to set your account leverage to 10:1 or 50:1.
- 24/7 availability: OANDA's FXTrade Platform is available for trading 24 hours a day, 7 days a week.
- Internet based, no software to download: The FXTrade User Interface will run on virtually all Internet-connected browsers. It is available anywhere, anytime.
- Analysis tools: The OANDA FXTrade Platform also makes available a number of proprietary and third-party analysis tools to aid you with your trading decisions.
Country: United States
Instant execution , automated and very fast .
Low spreads on majors and crosses like GBP/AUD as well .
Oanda's Canada branch offers protection to your funds up to 1 Million $ .
API service available ( didnt try it ) .
Could trade currencies in units , ie : 1253622 EUR/USD .
Fast withdrawals .
High volume inside Oanda compared to other retail FX brokers which could balance their risk as a market maker , ie : around 400 k trades every day .
Could set a default trading size , SL distance and TP distance in advance .
No news trading : wide spreads , disconnections .
No funds protection for Oanda's US division .
API fees a little bit expensive .
Execution could be sluggish when markets move fast .
Great for New Traders
Thats when you have worked out how to get funds on which can be mission at first.
You start to profit MOVE broker ! Withdrawals £10+ charge
You need to use a broker with DMA (Direct Market Access) platform and not spread betting.
My view on Oanda
OK but still a Bucket Shop
Of all the single counter-party brokers they are pretty good. Tight spreads (except duing news), trade any size, automated price generation (see below however) etc. Their platform has been a little flakey of late but in general is ok if a little simple.
However, they are still a bucket shop. Since they are the counter-party to your trades they will take "evasive action" should you start making too much money from them. OandA can do this because of their unique "next available price" rule for their quotes, namely that when you enter a limit or stop order you actually get filled at the next price that their server generates once the level has been touched. Fair enough you say, but this gives them a license to fiddle the price against you if you start doing too well. On two seperate occasions now I have heard of people who were doing very well trading with OandA so that they were trading 1 million up with them. Suddenly they started getting poor slippage on their fills and found that the price on the market they were trading would get skewed against them by a pip or two. Basically this was enough to destroy the edge that they had and they had to move elsewhere. It seems that if you do well enough to get noticed then they put you on "special fills". When you think about it any single counter-party to your trading is going to do this: they know your position and what you make they lose since in practise they rarely actually bother to hedge against your trades - a genuine bucket shop in other words. If you are trading with a single counter-party then basically you are trading their own private market and they can do what they want with the price.
In conclusion OandA are one of the better bucket shops around but they are still a bucket shop - I personally would only trade on an ECN now to ensure that I am trading in a fair market.
I love them!
I also have a managed account with Olsen Invest (which is currently loss making after 3 months but the system - based on his book - is sound) and their service and customer web interface is also very good.
Olsen Data sells high frequency FX data. I use them for quant research and have over 50 million ticks of their data in my database - the quality of that is first rate as well.
My only criticism is that their Box Options are pretty useless.
There is no one better for FX brokerage in my opinion.
Oanda gone to the pits
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