You should definitely check out this Oanda fxTrade review if you are looking to open an account with Oanda. This is a great fx trading platform. fxTrade is available as a browser, mobile or a standalone application. It is quite a nice alternative to MetaTrader 4, so please proceed with Oanda fxTrade review.
OANDA fxTrade Review at a Glance
OANDA fxTrade review showed a simple, yet effective interface. It can be accessed directly from the Internet and it doesn’t require installation. Quotes are shown in real time and the execution times are very low. There is the usual functionality we have come to expect from a trading platform. Market orders and limit orders are easy to set up, as well as stop losses, trailing stops or bounds that prevent execution in the case of the market being very active making the prices move a lot. The order can be set by simply clicking on the graph, without being necessary to switch between a chart window and a quotes window. The account balance is also easily visible.
OANDA fxTrade Features
During the time of Oanda fxTrade review, it was localized in ten languages. Making it easy for traders that do not speak the English language at an advanced level. The demo account is offered for as long as it takes until the customer feels comfortable dealing with this platform, in contrast to other brokers who make the demo account available for a limited time. The demo version is called fxTrade Practice. A trader starts at 100,000 units of virtual currency but that can be reset at any time, in the case that the customer has registered losses or he wants to start from the beginning. The leverage starts from 1:20 and goes to 1:50, which is low compared to other platforms, but a new trader doesn’t need a high level of leverage initially, because this can just amplify his losses and nothing else, in the worst case scenario.
An important question that can be asked is why would traders prefer to use OANDA fxTrade, when the broker offers MetaTrader 4, which is seen as the top platform by a majority of brokers? It is true in the absence of other considerations MetaTrader 4 will have the edge, but here things aren’t that simple. An important fact to keep in mind is that OANDA fxTrade integrates better with the rest of OANDA’s site because it is compatible in a greater extent than other platforms with the features presented there.
One such feature is OANDA’S Exchange Rate Data Feed which is the currency convertor. This is also used by important companies for their websites and operations. They do that by integrating this widget into their site. This Oanda fxTrade review will not focus on this widget, so continue exploring the platform.
Another tool especially useful for new traders is OANDA’s Trade Leader’s Program that is especially useful for new traders. It allows copying the trades of other more advanced traders. The tool is realized with Currensee Trade Replication Technology and is
available only for fxTrade. This emulated the features of the brokers that offer social trading on a smaller scale. The users that are followed can be added, adjusted or removed on the go, depending on the preferences of the trader. The most recent Oanda fxTrade review has shown that this program is no longer supported.
There is also the possibility to implement automated trading by using API libraries in order to create trading bots. These can take actions such as entry orders, stop loss and take profit and they can examine past transactions in order to improve their trading, however new traders should not rely on automatic trading in a great extent, they should use it as a learning tool in order to see the principles behind trading.
Oanda fxTrade Charts
There are different zoom levels for charts, from a detailed level to a general overview. The spreads also can be plotted directly on the graph, which is an innovative feature. It is also very easy to add indicators to the charts.
The charting capabilities are not going to impress MetaTrader users, but the platform has some advantages because the moving stop loss and take profit orders are brilliantly implemented. Also one of the highlights of this platform is the execution times. At this chapter the platform surpasses any other and here the broker also has a contribution, being a market maker. Another advantage is that a variety of units of measurement can be bought, not just standard lots.
Oanda fxTrade Review Conclusion
The platform is aimed at new traders because it has all the usual functionality we can expect to have in a platform, but more advanced features are lacking. A trader can also chose to use a different platform the charting and instruments and this platform for order execution and see if this strategy deserves the trouble.