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.
Learn more about Oanda
[http://www.brokerjam.com/forex-brokers/oanda] and find real
testimonials froml traders who use it at BrokerJam, the daily updated
forex broker ratings [http://www.brokerjam.com] database.
