Oanda Corporation is headquartered in Toronto, Ontario, Canada and is widely recognized as a leading financial services provider. Oanda Corporation specializes in currency conversion, online foreign currency transfers, and foreign currency exchange services. They are one of the largest non-bank Futures Commissions Merchants, and they are a registered FCM with both the Commodities Futures Trading Commission and the National Futures Association. Oanda.com, a privately held corporation, was founded by Richard Olsen and Michael Stumm in 1995.
Oanda Corporation has earned considerable respect in the FX industry over the years. In addition to providing an exceptional product, they are widely acknowledged for their openness and transparency, as evidenced by “The Forex Trader’s Bill of Rights” published in 2005. Oanda.com believes in “a free, open, and stable forex market, including technological efficiency and unfettered access to information.” Their FXTrade technology is cited by famed French/American Mathematician Benoit Mandelbrot as one example of how the foreign exchange market should work to ensure liquidity.
The Oanda forex trading platform, FXTrade, was launched to critical acclaim in 2001. FXTrade, a web-based forex trading system, was designed with the goal of lowering costs and reducing the risks associated with foreign currency exchange transactions. FXTrade supports flexible trade sizes and no lot size restrictions, which allows traders to buy and sell any number of units at the same rate. Instant settlement on transactions, around the clock trading, and continuous interest payments have made FXTrade an extremely attractive online forex trading platform for currency speculators.
The FXTrade technology is recognized for it’s ease-of-use for new traders, allowing those individuals to learn their own trading strategy with minimal financial risk. This is partially due to the end user’s ability to trade in small lots, thus allowing them to stay in the trade long enough to become profitable. Traders also have the (pseudo) ability to hedge using sub-accounts. Oanda currently trades 38 distinct currency pairs, in addition to gold and silver. Under normal market conditions, Oanda offers 1.2 pips on EUR/USD with no fixed lot and no minimum deposit.
Here’s what a few of our readers have had to say about Oanda FXTrade:
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I have been quite pleased with Oanda so far. Their platform allows new traders a chance to develop their own trading strategy without investing / losing a whole lot of money. The ability to trade small lots let them stay in a trade long enough to become profitable. Most forex companies have a special interest in your success; that is after all how they make money. My feeling is that a large percentage of Oanda customers will find success because they have a chance to learn on a small scale. Eventually, those customers will trade on a larger scale thus generating more profit for the broker. This strategy will be key to Oanda’s long term success as a trusted online forex trading broker.