Trading forex with Oanda

Posted on 26. Dec, 2008 by Jakob in broker

Choosing a forex broker can be a difficult task. I was very confused back when I started trading, and it took me a while before I finally chose to go with Oanda. I have been with them ever since, and I am very pleased with their service. However, it is not perfect, specially not if you are a news trader. Most of the time, their spread are very fair, probably even some of the best out there, specially on major pairs. But a few seconds before and after news, the spreads increases to extreme heights. This goes both major pairs as well as exotics. Furthermore, taking advantage of spike trading is very difficult due to often high volatility, hence difficult to get filled. I tried to do some spike and news trading a few month ago, but I didn’t feel good about this trading method, and decided to use different strategies, hence no problem in using Oanda. But if spike trading is your choice, you should look for another broker.

Another problem with Oanda is the software. It does work well and there are lots of options as indicators, trendlines, timeframes, etc. However, there is no option to add extra indicators, there is no 4 hour timeframe and the maximum is a 1 day timeframe. Because of this is use metatrader where I have more options to adjust the look of the screen. Metatrader is free, and you can download it right here.

One aspect which I really enjoy with Oanda is the possibility to deposit money thru paypal. This is just so much more convenient than any other option, specially considering I am not an American citizen. Funding your account is usually done within a few hours after you have transferred the funds to Oanda. Another aspect which I enjoyed when I started, was that there were no minimum amount requires, in order to open an account at Oanda.

All in all, Oanda, is a very good broker. I have never had any problems with them. I you are looking to start trading forex, I would definitely recommend Oanda.

Tags: forex broker, oanda

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2 Responses to “Trading forex with Oanda”

TheLawyerTrader says:

April 5, 2009 at 04:31

Yes, Oanda is probably the best as far as retail forex brokers go. It can be frustrating when you place a trade around a news release or the close on a Friday because the spreads go through the roof…unfortunately, I just did this yesterday and didn’t even realize it until I saw that my trade was very in the red from the get-go. Other than that though, they are great and their customer service is very helpful. Like your blog…keep up the good work.

COMMENT
admin says:

April 5, 2009 at 08:19

Hi LawyerTrader. Thank you for the thumbs up! Yes friday was an increased spread day! Specially due to the non-farm payroll, and all the other news. Lately I think Oanda is increasing spreads more and more, even when pairs are reaching round numbers, I have seen the spread increase although no news were comming out at this moment. Anyway, I still consider them to be one of the best brokers.

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Trading forex with Oanda

2 Responses to “Trading forex with Oanda”

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