Oanda is a good Forex trading company with some serious drawbacks, outlined below. It does have a means whereby the investor can try it out without risking any money. Overall, someone just getting into forex investing would probably find a higher rated program easier to use.
Product Feedback & Overview
Actual Customer Feedback:
“Really like the simplicity of oanda. Contacted them a few times via email with questions and got prompt replies. Like the overall ease of use. Charts are basic but work for me as I trade longer term. Would have given then a 10 if they had better charts and trailing stop loss.” User, Goforex.net
“It has a nice currency converter on the home page.” –Reviewer
“Advantages of OANDA don’t seem to be obvious.” Forex-ratings.com
“Oanda offers an impressive amount of information and the ability to practice trading before committing. However, they need to improve their trading interface and remember that customer service should be a high priority. Therefore, you might first consider one of the higher-rated selections.” Topconsumerreviews.com
To be honest, it was difficult to find unconditional endorsement of this program. Most found it difficult to manage, found the help snippy at best, and found it difficult to tie down a specific trade without losing money. This is typical: “I cannot recommend Oanda because after trading for 3 years I can tell you that 98% of the trades you open will go immediately 10-20 pips in the red.” –forexpeacearmy.com Although Oanda provides many features, the trading interface seems to be cluttered and confusing. This can cause serious problems when the market fluctuates quickly and you fight the interface to respond. Their customer service representatives also “can be short and downright rude when fielding questions by phone.” Many would say rating it at 4 is generous.
Product Details
Company Info:
Oanda started its FXTrade Platform in 2001 and has provided a quality product ever since. The website is professional and offers helpful educational information about Forex trading. As written on the site, OANDA was established in 1996 and is headquartered in New York with offices in Zurich and Toronto. It was co-founded by Dr. Michael Stumm, and Dr. Richard Olsen. The company is registered with CFTC as a Futures Commission Merchant (FCM), and OANDA is a member of the National Futures Association.
Product Specifications:
Oanda’s FXTrade Platform is 100% automated from market-making to trade execution. Some of the benefits from their website include the following: Real-time executable pricing; Instant settlement; Continuous interest payments on a second-by-second basis; Tight spreads on all major currencies offered, and others.
Price:
Free to enter. No monthly fees; minimum investment- $1
Return Policy:
nothing to return