The US company OANDA Corporation is one of the brokerage companies with a long history behind. There are offices and regulations in many countries around the world.
The US broker provides over 100 instruments for trading including currency pairs, commodities, indices and bonds.
Oanda offers its own desktop platform, mobile trading applications, as well as a popular Metatrader 4 (MT4). Clients have access to some innovative tools including advanced charting, automated technical analysis, market commentary, economic event overlay and trader sentiment.
Availability of multiple functions would be welcomed for experienced traders but for the novice could be considered as an obstacle. There is no minimum deposit and beginners can start with a reasonable amount of money. There is also an inactivity fee, if the client doesn’t make deals for at least 24 months. It is applicable every month and its size is 10 units of the account currency. Additionally, there are transaction fees for withdrawals.
It claims to offer so called ‘transparent pricing’ model and there are no rejected and re-quoted orders. However, the market price must be between upper and lower limits chosen by the customer, otherwise market order won’t be executed. That means there is slippage and the client defines the possible price fluctuation.
Customers should know the stop loss orders are not guaranteed and they can be executed at a significantly worse than expected price (especially during important market news and economic events). Moreover, there is no negative balance protection so clients could owe money to the broker.