Oanda Review
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Reviewer: Forex Trader |
OANDA is a market maker that employs the use of innovative and advance financial technology and trading tools to enhance internet-based forex trading. The most intensely used and best known global tool of Oanda is the online currency converter. But OANDA’s greatest pioneering product is the round-the-clock forex trading platform which allows the execution of very small transactions in the currency market.
OANDA as a brokerage firm started its operations in 1995 as an online foreign currency exchange informant. It has continued over the years in its stride towards becoming industry leader in a very competitive market. OANDA is well suited in the financial world in that it provides quality information and services to hundreds of financial related businesses and web sites for their internet presence. For online stores that require automated foreign exchange tools and services in their daily accounting and corporate applications, then employing the use of OANDA’s currency tools should be a welcome idea. This is possible via if the client can subscribe to any of OANDA’s most popular rate services and begin using it on their website. OANDA employs the use Secure Sockets Layer for its encryption and the protection of clients personal information during the transmission of sensitive information between clients and OANDA. It is estimated that about 20% of the world’s online currency transaction is transmitted via OANDA’s servers.
OANDA is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association with NFA ID #: 0325821.
For some of you out there that have not used OANDA’s services, I would love to outline some Pro’s and Cons when using this online retail broker.
Advantages of Oanda Forex Broker:
Disadvantages of Oanda Forex Broker:
It is important to note here that for some people out there who loses money trading forex and portion the blames to a particular broker, should rather go back to the educational drawing board, get adequate training and come back to OANDA.
Find out more about Interbank FX Forex Broker and read FXPro Forex Broker Review.
I have been with Oanda for about a year. Oanda is a market maker so they actively trade against there customers. They actively hunt stop losses. Oanda’s trading platform freezes often. I have lost my connection to my trading account while trading and they told me that I was having internet connectivity problems even though I could get to other web sites and log in to my email without a problem. They also did not know that I used to be a network administrator before telling me that I was having internet connectivity problems. Oanda is a highly manipulated environment. The correct term for this type of broker is a “Bucket Shop”
ECN brokers are the most free market breed of broker. They do not have a dealing desk that can be manipulated. ECN brokers want you to be successful because they make money when you make money. Oanda makes money when you loose. As time moves forward traders will opt for ECN brokers and market makers will go bust.