OANDA is among the group of top forex brokers in the United States. Its strongest side is the state-of-the-art trading platform packed with user friendly interface as well as powerful research tools. You can only trade forex and CFD at OANDA so you can understand that this broker focus on which market. It’s perfect for forex traders and today we’re going to tell you why you should open OANDA accounts.
Why you should open OANDA accounts
Since it is an American forex broker, of course OANDA has to acquire the US forex regulation, CFTC. Furthermore, it has the regulations of Canada (IIROC), the U.K (FCA), Singapore (MAS) and Australia (ASIC). As I have said before, having too many regulations is not considered an advantage. Of course it is safer, but regulations can limit a lot of features and abilities that a broker wants to offer. OANDA is not an exception.
The most famous advantage of OANDA is its trading platform. It doesn’t use the traditional MT4 and MT5 trading platform, but instead its own FXTrade desktop trading platform. This platform offers access to various trading instruments, complicated orders, and charts analytics. This platform also includes two advanced features, which are TradingView and MultiCharts. Thanks to this, you can view charts at different styles as you’re pleased.
The FXTrade platform is available on both computer screen and mobile phone. They are user friendly and very professional. All the indicators, features, charts view of desktop screen are also applied to the phone screen.
Lastly, the execution speed of OANDA is phenomenal. OANDA invested a fortune on its server so that traders can experience the fastest orders in the market. This is one of the main reasons traders stick with this broker.
OANDA forex broker only has two types of account. One is for beginners and the other is for professionals. Let’s see how OANDA performs when we compare them side by side.
OANDA Premium account
This is the account for beginners and experienced traders at OANDA. The OANDA Premium account lets you trade up to 70 different currency pairs as well as CFDs on major indices, metals, commodities, and bonds. The spread of this OANDA account is only around 0.6 pip for major pairs. This is considered a very low spread rate. This account doesn’t charge traders any commission. This account is available on all platforms including desktop and phone application.
Moreover, no requotes or rejections happen on this account. Requote is a pop-up notification which tells you that the market price has changed and it’s different from your ordered price. When requote happens, you have to enter a new price for your order or it will be canceled in 5 to 10 seconds. Finally, you can get support from the OANDA team on this account 24/5.
OANDA Core account
The OANDA Core account is for the professionals. It has very low spread, sometimes just a little over 0 pip. That’s why this account charges commission. The commission of this account is only 7 dollar, a very competitive price.
Similar to the Premium account, you can trade 70 forex currency pairs and CFDs on this Core account. This account is also available on all platforms and devices. No requotes either since the server is very strong. Moreover, this has 24/5 customer support as well.
Now those are the advantages of OANDA accounts. If you’re living in the USA and want to trade forex, OANDA is the top choice for you.
Source from: Top6forexbrokers.net/best-fx-brokers