OANDA was initially founded in 1995 and is considered to be one of the earliest pioneers in the field of online forex brokers. Founded by Dr. Michael Stumm and Dr. Richard Olsen, the company has grown significantly since it was first established. It holds the honor of introducing fxTrade, a completely automated online trading platform, in the year 2001. The growth of the company has gone through a number of leaps and bounds, but it continues to strive as one of the leading forex traders online. It is known to handle a million inquiries on a daily basis, which accumulates to approximately twenty percent of the global spot forex trade.
As far as trading platforms go, OANDA provides its users with two primary trading platforms: namely the fxTrade trading platform and MetaTrader 4 (MT4). While MetaTrader 4 (MT4) is held in high regards by OANDA users for its advanced features and sophisticated tools, fxTrade can be used anywhere and at any time due to its web-based nature.
It is important to note that OANDA has kept in mind the needs of its tech-savvy users by making sure both of these platforms are compatible with almost all smartphone devices.
OANDA also offers its users the ability to make use of its API libraries to build an automated trading system unique to its particular needs. Some of the actions incorporated in these APIs are as follows:
- Testing without any risk
- Limiting and seizing losses while taking profit via entry orders
- Access to any and all trading transactions conducted throughout history
- Access to any and all market data
- Trade Requests are also accommodated
- Highest level of security
OANDA does not believe in discrimination between users and hence, there is only one account type, which is the standard account type. It does not come with any minimum deposit or trading lot requirement, making it ideal for all kinds of users.
OANDA does not charge its users for its services; instead, all exchange of surcharges is paid in the form of spreads, starting from as low as 0.5 pip to 1.1 pip.
OANDA offers its users assistance throughout the working week. Customer support is available from Sunday at 1 pm to Friday 6 pm Eastern Standard Time. There are four primary ways to contact the OANDA representative:
- Live chat
- Telephone call
OANDA also maintains its offices in the following places for the ease of its customers:
- Bayfront, Singapore
- Chicago, USA
- London, UK
- Tokyo, Japan
- Toronto, Canada
The reason behind OANDA’s popularity can be easily seen by the services it offers. The lack of minimum lot and deposit requirement added to the automated trading platforms and real-time pricing capabilities make it one of the most attractive online trading platforms. The fact that it has a long history and strong foot in the market makes it all the more appealing to clients.
Office website: https://oanda.com/