Oanda is a forex broker that is US-based and founded in 1996. It’s actually a private company & so not listed on the stock exchanges as well. Plus, it generally operates through different essential entities all over the world & is regulated perfectly by top-tier authorities, like US Commodity Futures Commission, UK’s Financial Authority, and the National Futures Association.
CFDs are basically complex instruments that come with some risk of losing lots of money instantly because of the leverage. About 74% to 89% of the essential investor’s retail accounts lose money while trading it.
Want to explore how Oanda fx works and what are its possible benefits and drawbacks? Well, just have a look below;
Oanda Pros and Cons
Oanda fx offers easy-to-use and good-quality platforms, & its research tools are quite powerful as well, with lots of technical indicators & a nice API provide. The process of account opening is quick and user-friendly.
Well, on the downside, it has a restricted portfolio, as you can just trade on CFDs and forex. It’s not listed on the stock exchange & does not have any kind of banking background. In addition, customer support is just available 24/5.
Pros:
- Best research tools
- Outstanding trading platforms
- User-friendly and fast account opening
Cons:
- Just CFD and FX are available
- Customer support isn’t 24/7
- No banking background and stock exchange listing
Oanda trading fees
The trading fees of Oanda fx are low. It generally charges the spread costs rather than the commissions for every trade. The customers are charged a monthly inactivity fee if they do not use the account for many years.
We picked up some famous instruments within every asset class generally offered by the broker;
- Stock index CFDs: EUSTX50 and SPX
- Forex: GBPUSD, EURUSD, AUDUSD, EURGBP, and EURCHF
A normal trade clearly means purchasing an instrument that holds it for about one week & then simply selling it. And yes, for volume, we just choose a position of around $20,000 for forex & a position of $2,000 for stock index CFDs.
Account types
There is just one trading account type at Oanda FX. Anyhow, you can easily open over 19 accounts. These subaccounts are the best if you really want to have various base currencies accessible under only one account.
For instance, you can conveniently have a USD account with GBP and EUR subaccounts. It also offers the outstanding API possibility for smooth exchanges. Plus, it may come in handy if you would really like to establish your own separate platform.
Education
It’s fabulous that you can utilize a number of special tools for education:
- Texts
- Educational videos
- Demo account
- Webinars
- Platform tutorial videos
You will really relish the video quality it generally produces. Well, some people also think that the organizations would be better. For instance, there should be a separate and nice playlist for the platform. Plus, there are good quality webinars easily accessible to everyone, covering basic and main trading topics from different order types to technical analysis and risk management.
