After having accounts at several online brokerages, I've found myself maintaining one at Oanda for the last several months. There are many reasons for this (I will discuss them later), but the reality is that it comes down to service and dependability. At least, it does for me.
Many brokerages offer very high leverage amounts, such as 100:1. I've even seen as high as 500:1, which can get anyone into a whole pile of trouble if they don't know what they're doing. Oanda is quite honest in this respect, and their support desk is unlikely to recommend that you utilize such a high leverage amount. They recognize that if you're in this game long term, you won't be using it anyway.
They may sometimes have a large spread than most when the news hits (20 pip), and though many people may see this as a disadvantage, I am happy to live with it as Oanda really comes through when it counts. Their tight spreads (1.5 pip) on every transaction (regardless of size) helps regulate the cost of doing business, and if you're to become a successful trader, you'll need to monitor your expenses. I am quite happy that Oanda is as honest and as regulated as they are, for it gives me a stable and reliable trading platform to use.
They offer free practice accounts to anyone that wants to dip their hand into the Forex "game", but doesn't actually want to get it wet. For a new user, this feature alone is worth whatever cost of membership they may incur when they become a live trader with Oanda. I wish that I had the ability to try live trades with real market conditions, one with fake money, when I was first beginning to trade. Only God knows how much money I would have saved during those first frightful trades.
The Technology and The Company
The biggest praise that I have for Oanda, by far, is their Java-based trading platform. Because of how it is run (Java), I am able to access it from nearly any computer. This means that, no matter where I am or where my home computer is, I am able to access my account and make trades as I need to. This has been a terrific way for me to monetize on several of my hunches.
Their trading platform is 100% automated, allowing for instantaneous trades and minimal loss as a result. They claim the fastest execution at the best price, and this has certainly been the case in my experience.
Oanda was incorporated in 1996, and has steadily grown from offering a simple currency converter to offering their own trading platform, live market analysis, economic forecasts, and more. Oanda prides themselves on the level of dependability and trust they have developed, both with small-time traders and large Fortune 500 companies.
Oanda in a Nutshell
I recommend Oanda to any trader due to their continued dependability. In this business, a reliable, stable platform is just as important as tight spreads or low commission rates. Oanda, though not perfect, is just better than the rest.
