What is OANDA?
OANDA Corporation is a privately-held forex and CFD broker that provides bonds, forex trading, commodities trading, and stock indices trading around the world. Since its establishment in 1996, the company has grown from a tech startup to a leading financial corporation with eight financial centers and clients in over 196 countries.
OANDA serves its customers through its proprietary fxTrade platform that is accessible on the web, desktop, and mobile devices. The company does not charge commissions; the traders using its platform pay through the bid/ask spreads. Also, there is no minimum deposit or lot size, making it an ideal choice for individual small investors.
History of OANDA
OANDA was founded and incorporated in 1996 in Delaware, USA. It was co-founded by Michael Stumm, a computer engineering professor at the University of Toronto, and Richard Olsen, an economist and the proprietor of Olsen Ltd. At the time of its establishment, OANDA was the first company to offer online access to currency exchange information at zero cost.
In 2001, OANDA pioneered the development of internet-based currency trading by launching fxTrade. The platform provided real-time access to the foreign exchange market. In 2008, AONDA launched fxGlobalTransfer, an automated transfer service that allowed clients to send payments around the globe.
OANDA Services and Products
OANDA offers a range of services, including:
#1 Forex and CFD Trading
OANDA provides access to a platform where forex traders can execute their trades with ease. Traders get access to innovative tools including automated technical analysis, advanced charting, and market commentary that allows them to monitor market trends and make a decision on whether to enter or exit a trade. Also, it offers exceptional execution since all forex transactions are fully automated, meaning that trades are carried out without rejections or requotes.
Both forex and CFD trades are executed on the same platform using similar charts and pricing methods. There is no minimum deposit or trade size, and the only cost that traders incur is the spread. OANDA’s forex and CFD trading platform allows trading of over 100 instruments that comprise currency, commodities, and metals.
#2 Exchange rates data
OANDA provides an FX API that helps firms to automate their FX data retrieval and input and reduces incidences of manual error. It lists over 38,000 total currency pairs and supports over 200 instruments. OANDA sources its FX data from 25 central bank exchange rates around the world. The types of data that companies get from the OANDA FX API include real-time rates, forward rates, tick-level data, average data, and forex order book.
#3 Corporate FX Payments
The OANDA FX Payments platform allows corporations to make cross-border payments with ease. The platform supports over 130 currencies, and clients can send money to over 170 countries and territories around the world. It enables corporations to hold balances in multiple currencies, manage cash flows, consolidate international transactions, and make payments and forward contracts in multiple currencies.
OANDA Forex and CFD Trading Platforms
The following are the OANDA trading platforms:
#1 Web trading platform
OANDA’s web trading platform allows users to analyze market trends using over 100 chart types, indicators, and drawing tools. It has a customizable workspace, charts make the platform user-friendly, and users can change the tools to suit their preferences. The product search function allows traders to find opportunities by customizing searches according to the time frame, pattern type, and instrument.
The platform also offers news feeds where traders can keep track of market news and insights as they happen. The news headlines are sourced from 4CAST, Dow Jones, and OANDA Marketplace. Traders can open a demo account or a live trading account to start using the web trading platform.
#2 Desktop trading platform
OANDA offers a desktop trading platform with almost the same functionalities as the web trading platform. Traders can place, monitor, and close traders directly from the platform’s advanced charts. The desktop trading platform allows users to build their trading hub based on their personal strategies and needs.
Like the web platform, the desktop platform provides up-to-the-minute market news sourced from leading market news providers. Other features of this platform include a currency heat map showing FX pair changes, open forex positions ratios across major pairs, and a forex order book.
#3 Mobile trading apps
The OANDA mobile trader is available in iOS and Android versions, and it allows traders to access their trading portfolio, complex order types, account analytics, and to monitor market trends on the go. It features an advanced chart trading functionality that allows users to place orders quickly via their smartphones or tablets. Clients can also subscribe to OANDA alerts to receive on-the-minute notifications on v20 live trading accounts.
#4 Metatrader 4 Trading Platform
Metatrader 4 (MT4) is an electronic trading platform that supports automated trading. The MT4 platform allows clients to build trading algorithms and backtest their strategies. It offers full support for Expert Advisors, which are programs that are developed to automate analytical and trading processes.
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