Here are some of the key features you can expect to find while you are trading at Oanda.
In terms of execution style, Oanda is a pure marker maker broker. This effectively means that they take the best market prices from their liquidity providers and create their own internal market of pricing that they then offer you as a trader. This also means that they are essentially operating as a counterpart to all of your trades. This can provide a degree of flexibility in certain areas but it may not always provide the best value to traders.
Oanda takes a unique approach when it comes to lot sizing and the minimum size lots that can be traded. In fact, the broker does not offer trading in the standard lot sizes you find with most other brokers. Instead they trade directly using fractions of currency as opposed to lots. This can be much simpler for traders to understand. They also facilitate trading from as low as $0.01. Combining this with the no minimum deposit posily and it means you can really start trading with as little as a $1 deposit.
When trading through Oanda you will be able to engage a range of trading techniques. This includes scalping and hedging which are both permitted by the broker. In addition, you will be able to engage in spread betting as a UK or Ireland based trader through the Oanda UK entity, and algo-trading is available through your Metatrader platform with MQL5 and the EAs feature.
Risk management is a very important aspect of trading and trading successfully. Through Oanda, your Metatrader and Oanda trading platforms you can effectively manage your positions through the use of stop losses and take profits for positions that are currently open as well as the use of trailing stops. Limit orders can assist in managing your entry into new positions, and margin calls will help in keeping your equity balanced within your trading account.
The Oanda leverage that you will have access to really depends on the area where you live and the regulatory authority that you are trading under. It will also vary depending on the asset. As an example, some of the maximum leverage available on trading major forex pairs includes 20:1 in Singapore, 30:1 under ASIC, EU and UK regulation, or 100:1 under US or Canadian regulation. As a professional trader in the EU or UK you would also have access to a maximum leverage of 100:1.
Platforms & Mobile
When it comes to trading platforms and flexibility, brokers have to deliver in terms of both quality and mobility. Let’s now take a look at how Oanda measures up in this respect and exactly which trading platforms are made available.
Charting and Trading tools
The first point to touch on here is that Oanda provides, through all of its trading platforms, an extensive capability for you to chart and customize your trading experience. This is assisted through more than 50 charting indicators, and in excess of 30 other drawing tools which you can apply when utilizing MT4 or the other Oanda trading platforms. You can also order in lightning time with just one-click direct on the chart, and have the latest price alerts delivered straight to you and your device.
MT4 is offered as standard by Oanda and is of course one of the very best trading platforms out there. Besides a secure trading platform with access to a huge range of trading tools and charting indicators, you will be trading on a most trusted, robust, yet user-friendly trading platform that has been championed by top traders in the industry for many years. It is one of the most powerful trading platforms out there, with auto trading through the EAs feature aso facilitated. Through Oanda you can access the platform on desktop, tablet or mobile, though they do not provide a webtrader. This trading platform is lightweight and will run on almost any system including Windows and Mac devices, while the mobile platform functions with both iOS and Android.
If MT4 is not available as webtrader, Oanda does provide MT5 through your web browser as well. Of course, desktop and mobile versions are available as well. Great news for all traders, but especially for algo-traders that can choose to install and/or create EAs from scratch with the MQL5 programming language.
Oanda Trade Platform
The Oanda trading platform is the proprietary trading platform of the broker and is available on both desktop and through a webtrader. It is a step up from many proprietary trading platforms and has won a number of awards.
Here you will benefit from extremely fast execution of trades on a very fluid and user-friendly platform that caters for all your needs and functions such as setting stop losses, take profits, and more, with a guaranteed stop loss point also available. You can also manage your account very well from here including deposits and withdrawals making it an ideal second option along with Metatrader.
Oanda Mobile Platform
The Oanda mobile trading platform harnesses much of the functionality of the desktop variety and provides for another very intuitive and easy to use experience for you as a trader. Incorporated here you will find a range of mobile charting capability that is tough to beat alongside dozens of technical indicators and tools at your disposal. The platform is available through Android, iOS, and on tablets and caters for both standard trading, and spread betting.
For a major and experienced broker, it is true that the number of assets available for trading at Oanda can be quite limited. The total offered is little more than 100 assets, and every asset you see here may not be offered in some trading areas. Nonetheless, here are the markets and assets that Oanda makes available. .
At Oanda there are more than 70 forex pairs in total to choose from. This includes major, minor, and exotic pairs as well as trading in some forex futures. The spread here typically starts from 0.6 pips though can be as low as 0 pips if you are trading from Australia.
There are a total of 31 commodities available to be traded at Oanda. This number includes a wide selection of 24 metals, 3 energies, and 4 agricultural assets. There is a fantastic range of gold and silver trading options available with both gold and silver being available to trade against 10 currencies.
Oanda has over 16 indices from around the world available to trade. This includes major indices from the US, Australia, China, Singapore, Hong Kong, and around the EU with an excellent starting spread from 0.9 pips.
A total of 4 US bonds and 1 UK bond are available for trading. The UK 10-Year Gilt bond as well as the US 10-Year, 5-Year, and 2-Year T-Note bonds are all available. So too is the US T-Bond.
When it comes to cryptoassets, just two markets are available. This is in Bitcoin, and Mini Bitcoin which allows you to trade in 1/100th of a Bitcoin making the market accessible to all.
Here is a look at other Oanda products you may encounter when you start trading with the broker.
Oanda Advanced Trader Program
The Oanda advanced trader program is similar to other loyalty or active trader programs offered by major brokers in that you can access a range of benefits if you qualify. These benefits include a reduced spread by a maximum of 0.3pips, a reduced forex commision by a maximum of $15, access to more trading tools, your own VPS, a personal relationship manager, and more.
There are three tiers within the program. The first of these tiers requires a $20,000 or more deposit, or a $10 million to $100 million monthly trading volume. You can progress to the middle tier if your monthly trading volume is between $100 million, and $500 million, and the top tier is reserved for those with a monthly trading volume of $500 million or more.
Social Trading – Copy Trading
With social and copy trading, neither are offered by Oanda. The one workaround here is to utilize the EAs feature of your Metatrader platform which is available to import trading strategies and auto trading robots from others if you wish as a form of copy trading.