Oanda Forex Broker Review

I have been trading with Oanda for a number of years and i have to say they are by far the best broker i have ever traded with so i feel they deserve the honour of my very first Forex broker review.

Im sure many of you will have already heard of Oanda as they are one of the worlds largest and most reputable brokers, If not then you definately need to read this review because you are missing out!

Oanda has by far some of the best spreads in the business, Although spreads are not fixed they do tend to stay consistent during normal market hours and only widen when all markets are closed or for a few brief minutes during major news releases such as the Non Farm Payroll Reports or Interest Rate Decisions.

Their typical spreads are;

EUR/USD 0.9 pips,
USD/JPY 0.9 pips,
USD/CHF 1.3 pips,
AUD/USD 1.4 pips,
EUR/JPY 1.5 pips,
GBP/USD 1.6 pips,
NZD/USD 2 pips,
GBP/JPY 2.2 pips,

Yes you read those numbers right, some are actually less than 1 pip!

Not only does Oanda offer extremely tight spreads they also offer something no other broker does, Flexibility!

Oanda dont just allow you to trade standard lots (100,000 units)

Oanda dont just allow you to trade mini lots (10,000 units)

Oanda dont just allow you to trade micro lots (1,000 units)

They allow you to trade individual units!

yes thats rights you can only actually trade 1 unit, 12 units, 542 units or whatever amount fits in with your money management for your account balance!

Oanda offers a max leverage of 50:1 which is more than enough for any experienced trader and also helps prevent the inexperienced from overleveraging themselves and blowing their account.

Oanda allows you to open an account with as much or as little funds as you want, you can choose which currency you would like your account balance in and you can also create up to 13 sub-accounts in case you want to try different strategies, hold accounts in several different currencies or anything else you can think of to use these sub-accounts for!

Oanda also offers an unlimited demo account to try their platform as well as a facility for account managers to manage client funds!

Oanda has a free mobile trading platform for both the Iphone and the android market, i use the app on both my G1 and HTC wildfire and it is a simply amazing app.

There are also many other free tools available to download at Oanda's FXlab which is constantly being updated by their programmers.

So in conclusion Oanda is by far the best broker i have ever had the pleasure of dealing with and i would recomend them to any trader new or experienced.

Happy trading, Lee J Brown

http://www.profxblog.com