If you’re new to the currency exchange or want to learn more about the various types of currency trading, you’ve come to the right place. In this guide, we’ll cover OANDA’s low spreads, tools and research offerings, and customer service. Hopefully, these tips will help you make an informed decision about which currency exchange broker to use.
OANDA’s low spreads
OANDA’s low spreads on currency exchange are based on its core pricing, which includes a five-per-cent commission for every $100 worth of currency traded. These commissions are calculated based on an automated machine that follows global pricing. However, OANDA clients should be aware that these spreads are not a guarantee of future prices, and they are subject to market volatility and liquidity.
OANDA’s trading platform includes over 70 currency pairs. These include major and minor currencies, as well as some exotic currencies. Users can pull up trade execution screens directly from the pricing charts. However, investors should be aware that OANDA does not support complex trading orders such as conditional and intelligent orders, which are available on other platforms.
If you’re a beginner, OANDA offers educational resources for beginners, as well as webinars and investment articles. However, the information is not as comprehensive as other brokers’ offerings. OANDA also provides video tutorials, but these are not easy to find through the OANDA platform.
One of the major drawbacks of OANDA’s platform is its cluttered interface. Its multiple windows compete for screen real estate, which reduces the amount of information displayed in both windows. Another flaw is its lack of functionality. This makes it difficult to follow many data points in the platform.
OANDA offers several other features. In addition to its low spreads, OANDA offers comprehensive research materials to help clients analyze currency exchange. Its market news feed features news reports from top news sources and expert market analysts. OANDA also offers a mobile app with an economic calendar and other tools.
Another bonus is that OANDA offers leverage trading options. Leverage trading on margin has its benefits, but it can also increase the risks of loss. As with other trading options, it’s essential to use risk management tools like stop-loss orders. This way, you won’t lose as much money as you might otherwise.
OANDA offers a variety of payment methods. Deposits can be made through credit cards, bank transfers, or PayPal. It also offers corporate fx payments and exchange rate services. Some of these payment methods may be prohibited in certain jurisdictions.
Its research offerings
If you’re interested in forex trading, OANDA has a number of research offerings. Its flagship fxTrade service is available as a desktop download or browser-based application. It also offers MetaTrader 4 (MT4), a popular trading platform. In addition, OANDA produces a daily analysis update series known as Market Insights.
OANDA provides advanced analytic data on more than 200 currencies. The service offers real-time updates and market-value determinations. Its comprehensive database can help companies and individuals analyze competitors’ marketing strategies and target customers. It also provides a number of functional utilities that can help businesses automate tasks and save time. For instance, the platform’s API guarantees seamless integration with accounting software.
Another notable feature of OANDA’s website is its account management portal. It makes it easy to transfer money between accounts and access statements. It also offers daily articles, podcasts, and research tools. Although these resources aren’t directly integrated into the platform, they are still very useful. However, there are a number of downsides to the platform, including its small list of 124 tradable products and low-cost pricing.
OANDA’s advanced trader program provides clients with exclusive perks, including spread and commission discounts, a dedicated relationship manager, API support, and free wire transfers. The advanced trader program is free for Tier I clients, but there are requirements to get access to certain benefits. For example, if you deposit at least $20k and transact $10 million worth of currency per month, you can benefit from the program’s exclusive offers.
While OANDA doesn’t offer individual stocks, ETFs, industry sectors, or cryptocurrencies, it does have a range of CFDs for you to choose from. Premium users can also benefit from access to unlimited free wire transfers. But be aware that it also charges a monthly inactivity fee of 10 units of currency if you don’t have any open trades for 12 months. Other fees include those charged when you open or close positions, debit card transactions, and deposits.
If you’re a research-oriented trader, OANDA’s platform is an absolute gold mine. Its proprietary platform includes advanced charting and data analytics features. And as an added bonus, the company is regulated by top-tier authorities. It’s also a great choice for those who want to trade forex in a low-risk environment.
Its tools
When it comes to currency exchange trading, OANDA has a number of tools that can help traders make the best decisions possible. While there are some differences between each tool, the general principle is the same: traders should only use one that suits their needs. In general, OANDA offers 55 CFDs and does not offer individual stocks, ETFs, or industry sectors. Moreover, there are a number of fees associated with using OANDA’s services, including a one-time inactivity fee and other fees that vary from asset class to asset class.
Unlike other forex brokers, OANDA has a unique model for pricing currency exchange transactions. It uses an automated engine to track global prices and respond to fluctuation. This means that OANDA’s spreads will vary depending on the liquidity and market conditions. You can see OANDA’s current spreads on its website.
Moreover, OANDA offers dozens of technical indicators for forex traders. This allows traders to analyze various aspects of currency trading, such as economic news. Moreover, OANDA’s charts can be customized according to your level of expertise and trading goals. However, some users may find the software cumbersome to use due to its narrow interface.
In addition to currency tools, OANDA also offers business services that help traders make better decisions about their trading activities. For instance, the company provides currency tables, a currency converter, and a travel exchange rate converter. In addition, OANDA offers currency subscriptions and simple global money transfer tools. One of the best features of OANDA is that it has a number of tools to help you trade more efficiently on the currency exchange.
In terms of customer support, OANDA’s team is available by email. However, the brokerage does not offer live chat or phone support. Still, the OANDA support team was helpful when we had questions. The company also has a good knowledge base and searchable archive for users. These should answer most questions about the trading platform. However, they may not be enough for inexperienced investors.
Besides the Advanced Trader program, OANDA offers a standard forex margin account, as well as corporate/trust accounts. In addition, the company allows users to use leverage for their trading, which increases their chances of earning more money. However, this can also be risky, and margin requirements can vary.
Its customer service
Oanda’s customer support is available 24 hours a day, seven days a week. You can email them for support or use live chat. Their response time is usually less than a minute. The website has a searchable knowledge base and a chatbot that can help you. However, the chatbot cannot answer direct questions but will point you to the appropriate FAQ section if you get stuck.
OANDA offers three deposit methods: Visa or MasterCard, electronic PayPal, or bank transfer. Withdrawals to bank accounts take between three and seven business days. Withdrawals are possible in US dollars, Euros, or British pounds. However, you need to be aware of OANDA’s fees and limitations.
Oanda’s account management portal offers a range of services that make it easy to manage your account. The platform also makes it easy to transfer money between accounts and view your statements. The platform also offers daily articles, podcasts, and research tools. However, these resources open in another browser and cannot be accessed directly within the platform. Furthermore, it offers fewer video updates than many of its competitors.
OANDA’s trading platform is also comprehensive, offering historical average exchange rates, long and short positions, and various ratios. The platform also provides access to APIs and customer support for any issues that may arise. The OANDA platform also offers no minimum deposit and MT4 trading platform, as well as low Forex and CFD fees. The platform also has very high execution speed. It also offers a trade performance analytics tool and is authorized in several countries.
OANDA is a leading forex provider that offers online trading services. The company has won numerous awards for customer service, including the American Banker’s best customer experience award in 2016. It offers cutting-edge trading technology across all platforms. Its advanced platforms provide customizable charts with over 100 technical indicators, Ladder trading, and other advanced features. It also adheres to all regulations and supports initiatives aimed at high ethical standards.
OANDA offers two types of account solutions: standard forex margin accounts, which require a minimum account balance of $10, and Premium accounts, which require a $10,000 account balance and include priority service queues, a dedicated relationship manager, and unlimited free wire withdrawals. Standard and Premium accounts are suitable for both beginners and experienced traders. The Premium solution is recommended for those who are serious about their currency trading.
