Detailed Oanda Forex Broker Review:
Oanda company has begun its way in 1996. Initially, it is presented as a financial investment company. The activity was founded on the unique mathematics algorithms that helped in the search for better investment solutions.
Nowadays Oanda is a broker with a stable reputation. The access of the traders to the financial markets is carried out with MetaTrader 4.
It is remarkable that the current head of the company used to be one of the PayPal managers. It proves about a good reputation of the company. Headquarter of the company based in Toronto.
The brokers’ site appeared to be not very informative. It does not describe many important details. Thus for having more accurate information, it was necessary to apply for the Support Desk.
- Minimum deposit – no restrictions;
- Leverage level is to 1:50;
- Regulation – CFTC and NFA ID #0325821;
- Minimum lot size is 0.001 of lot;
- Spread size is from 2 pips;
- Used trading platform is FXTrade;
Forex broker site is not very informative. Oanda is a big financial center so that the number of financial tools that they offer is very big. With the help of a broker site, you can open an account for Forex trading, invest funds in chosen actives and transfer to trust management.
The company gets data about the quotation from such famous holdings like MorganStanley, BNP Paribas, CreditSuisse and others.
Oanda support desk
Conducting a detailed review of any Forex broker, it is important to check the quality of consultation and service of the managers. That is why we decided to ask a question in online chat. It took us several minutes to wait for an answer in working hours (Canada Time). It should be kept in mind the time difference with the country from which you write (for example, Germany). Employees of Support Desk are English speaking.
How to open an account with Oanda
Oanda is one of the Forex broker that set strict conditions for opening an account. For example, you need not only personal data for the registration but also sending a scan of the documents with proof of identity. Aside from that, the representatives of the company would like to know the information about the official place of working of a new user. The certificate of employment should be also scanned and sent in the electronic form. After data moderation, the user gets access to the personal account.
Deposit the account to the amount of $ 1 you can with any accessible means among that is transfer from Visa and MasterCard and e-wallet. The problem is that to deposit an account is impossible without finishing the procedure of verification. Each sending of scan documents demanded an answer to representatives of the company. And it is not unusual when the answer takes several working days. So that be ready that opening an account with a broker will take you two or three days.
There are no problems with withdrawal. But there are certain restrictions. For example, it is not possible to withdrawal the more sum than you deposited to the account. All profit can be transferred only to the currency account. Ask for more details the managers of the company, as the conditions can differ from the country where the user was registered.
Brokers with unique trading platforms always arose heighten interest. Oanda has platform WebTrader, which was custom designed by the specialists of the company. You can trade directly from the browser, not using the desktop version. There are eleven languages in the interface at the option for users. There are more than 80 currency pairs and 40 other financial tools. There no restrictions for the instruments of technical analysis. You can choose a graphical figure, indicators, use advisors and connect signal-copying system. According to many users, the speed of data processing online is high on the Oanda platform than on Metatrader. The program was created on Java.
Additional possibilities allow making analysis simultaneously. For example, you can connect plugin Autochartist and use trading signals of independent experts.
It is being noted that extremely high stability of work has been reached in a mobile apps fxTrade. Broker’s representatives claim that more than 50% of clients use only mobile platform for running their account. You can look though important news; make a transaction with the help of this platform.
Slippage does not occur; the execution of orders is market.