Online Broker | Minimum Deposit | Trading Platforms | About |
---|---|---|---|
Oanda | None Minimum Deposit | MT4, MT5 Trading Platforms | Oanda Global is a long established Forex broker, offering MT4 and MT5 broker with a wide range of trading tools - no verification documents required for deposits up to $9,000 & Welcome Bonus of up to 3 Tesla Shares CFDs: T&Cs apply About |
Oanda vs Forex
Forex is the exchange of currencies. The Forex market is a huge market which allows currencies to be exchanged. There are many participents in the Forex market with different aims, however traders who are speculating on the movement in the value of pair of currencies are an important part of this market. Oanda is (relatively speaking) a very long established broker offering Forex (in addtion to other CFD markets).
Oanda has been operating since 1996 and Oanda Global (the branch of Oanda based and regulated in the British Virgin Island) offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 and Forex are complementary, the platform evolved for Forex trading (though it has expanded its market support and has its successor, MT5).
Forex trading is a complex and multi-varied activity. It encompasses a wide range of ways to trade, including technical and fundamental analysis, automated trading and styles such as scalping and high frequency trading. It is highly liquid and on continuously while the market is open (Sunday to Friday), so it has the capacity to support these trading styles.
Technical analysis is important in the Forex market, as Forex pairs move in complex ways, and technical analysis can be away to look for clues for market direction, and enter manage and exit trades, based on indicator signals.
MT4 and MT5 support all these styles of trading. Automated traders can use MT4 and MT5 EAs, which can be downloaded (typically for a fee) though may also be offered by the broker (one of the differences between MT4 and MT5 is that MT5 has a different language used to program EAs). Oanda in fact offers a range of EAs for free. EAs to some extent mimic what many traders do, they apply rules based around indicator signals. Unlike the human trader they cannot exercise discretion about following the rules, but they can also apply them tirelessly.
Broker | Trading Platforms | Description |
---|---|---|
Oanda Broker | MT4, MT5 Trading Platforms | Oanda offers Forex trading on MT4 and MT5 with tools for different types of trading supporting on these platforms, from automated trading, to news trading Description |
Many traders do not use EAs and trade on their own behalf on longer term time frames. One reason for using EAs is to trade on shorter frequencies, which the human trader may find difficult to do or even impossible on shorter frequencies.
Oanda has in effect grown with the continued development of the Forex market as a trading market, and offers a wide range of tools to help trader navigate its complexity.
Oanda offers MT4 and MT5 Premium Tools. These are in fact offered free to all traders. The tools include 15 technical indicators and 9 Expert Advisors (which are free) and other tools. The trader can find free EAs and indicators at Oanda without having to download the MT4 and MT5 Premium Tools. Oanda also includes tools for creating indicators and EAs, for the trader who wants to build their own robots.
Oanda additionally offers technical analysis powered by AutoChartist. This can be run as an Expert Advisor or as a web based app through MetaTrader. For traders who want to run EAs, when disconnected from the broker, Oanda offers Virtual Private Server (VPS) services via VPS providers.
The other offerings in the MT4 and MT5 Premium Tools include tools for traders who execute their own trades, including a Dow Jones news feed, Chasing Returns (a way to analyse traders' performance), market news sentiment and two calendars. Thus Oanda is a Forex broker which aims to provide tools supporting the different ways trader may approch this market. Oanda Global allows the trader to deposit up to $9,000 and trade without needing to supply verification documents. Finally, Oanda Global offers a Welcome Bonus of up to 3 Tesla Shares CFDs: T&Cs apply.