In 1995, OANDA was established as an econometric research and development firm called Olsen and Associates by Richard Olsen and Michael Stumm. OANDA began to introduce online forex trading in 2001. This forex broker is located at New York, USA. In this forex broker’s review we will take a look about the trading term, capital, leverage, spread, swap, trading platform, opening account, deposit and withdrawal operation, bank guarantee, customer support, and partnership.
In OANDA, we can trade any size of lot. This forex broker also does not have minimum deposit to start trading there. The maximum leverage in OANDA is 1:50. This forex broker’s leverage (1:50) is small, many people like to trade at 1:100 leverage. OANDA has the tight spread on normal market circumstances, start from 1.5 pips. However, be careful when trading in this forex broker at news time, the spread may move up to 20 pips on the major currency. OANDA has the swap policy and no exception for people who want to have no-swap account. This forex broker use OANDA FXTrade as their trading platform. This forex broker’s trading platform is pretty good but the time frame is not complete. There is no time frame 10min, 15min, 2hr, 4hr, 8hr, 12hr, 1week, and 1month in OANDA’s trading platform.
You can open new account by online registration in OANDA. For USA citizens, they provide three kinds of deposit/withdrawal payment, bank wire, check/money order, and PayPal. Bank wire is the only required deposit and withdrawal payment in this forex broker for international clients. OANDA does not explain about the safety of your funds in this forex broker’s official website. OANDA’s customer support is available 24 hours a day at Monday to Friday. Clients may contact customer support by email or by phone. This forex broker does not provide an opportunity to be their IB. OANDA declared that this forex broker’s spreads are tight because they don’t have to pay commission to IB.
In addition, OANDA could be considered as the popular forex broker as it had won more than ten awards. OANDA is actually is a good forex broker in view of their small spread in average market, but, this forex’s broker can be become very scary when you trade in a volatile market time. If you are a serious trader, OANDA may be a suitable for you. But, if you are a newbie in forex trading, better you stay away from OANDA.