One of the biggest forex traders in the world, OANDA has multiple forex trading platforms, including MT4, which you can use to trade 90 currency pairs 24 hours a day, five days a week.
Disclaimer: Trading in financial instruments carries various risks, and you can lose more than your capital. This article may contain general advice. You should always seek professional advice when deciding if a product is right for you.
OANDA forex allows you to trade 90 major and exotic currency pairs.
What trading levels are available with OANDA?
OANDA does not offer account types or levels, and, there’s no minimum or maximum amount you can trade. However the trading levels on OANDA will depend on the platform you wish to trade with. OANDA provides two main trading platforms: fxTrade and MT4.
|fxTrade||N/A - Trading is performed in units. For example one unit equals one AUD. No minimum or maximum applies.|
What trading platforms are available?
OANDA's trading platforms, fxTrade and MT4, are available across desktop and mobile.
- OANDA fxTrade. Available with Windows, Mac and Linux operating systems as a practice or live trading account, fxTrade lets you trade 90 different currency pairs and silver and gold crosses. Users can also create sub accounts. OANDA fxTrade requires the latest version of Java to operate properly.
- OANDA fxTrade Mobile. Trade from your smartphone or tablet device. OANDA fxTrade Mobile is compatible with iPhones, iPads and Android smartphones and tablets.
- MetaTrader 4. Available on Windows, MetaTrader 4 supports the use of Expert Advisors (EAs) to automate trades. This trading platform is funded from your OANDA fxTrade account.
Features look-up table
|Spread fee - AUD/USD||-|
|Education and resources||Yes|
|Does it offer fixed spreads?||-|
|Is it MetaTrader supported?||Yes|
|Minimum deposit required||No|
|Compatible devices||iOS, Android, Windows|
|Payment methods||Bank transfer, cheque and credit card|
|Demo account available?||Yes|
What are the benefits of using this OANDA?
OANDA provides in-house live chat, email and telephone support five days a week and 24 hours a day. New traders can benefit from no minimum deposit to start trading, as well as education, training and comprehensive customer support.
Other benefits of OANDA forex include forex analytical tools such as position ratios, top 100 statistics and a 24-hour order book summary. OANDA also provides multiple trading platforms.
What are the pros and cons of using OANDA?
- No minimum deposit to start trading
- Orders are executed instantly and there are no re-quotes or rejections
- Lack of development features for traders who like to create their own trading strategies
How do I sign up?
OANDA forex trading is available for individual and corporate customers.
OANDA provides a demo trading account you can use to practise trading with virtual funds before opening a live trading account. Enter your personal and contact information so you can download fxTrade Practice or MT4 demo trading accounts. A mobile trading application is also available.
The OANDA practice trading account doesn’t expire, so you can use the demo trading account for as long as you like. You can reset the 100,000 virtual currency limit and change your leverage level as many times as you like.
You create a live trading account straight away if you want to skip using the demo account.