I am relatively new to FOREX. Been practicing on a demo account with FXopen and now with Oanda. After a few months of learning and positive results I am taking steps towards opening my first real account.
I turn to you for knowledge and learning regarding two questions:
Oanda Broker?
On Oanda there is the standard fxtrade platform and there is the MT4 platform. What are your thoughts regarding which one to use.
**I will be trading a small account. apprx. 250$ to begin
I used them for years without ever having a problem, and I did a great deal of “due diligence” and research before opening my account there.
I think they’re one of the very best of the counterparty market-maker brokers.
They’re honest, ethical and reliable, have decent customer service and a good regulatory history (regulatory history is one of the most important things to look at, in my opinion, when selecting a broker).
You’ve made a good choice.
It’s difficult to answer this fully without almost writing a “book”, but personally, I’m [U]strongly[/U] in favour of FxTrade and [U]strongly[/U] opposed to MT4, which is clunky, unreliable and displays many indicators incorrectly (FxTrade is also not [I]quite[/I] perfect in that last regard, but still far better, in my view).
I opened an account with Oanda as my second/backup account only a few months back. It took precisely three trades to reveal that their spread policy cannot be relied upon and that their own bid/offers extend beyond the range of the bars actually showing on their MT4. Therefore using charting based on MT4 does not reflect the actual levels where their own pricing has been. When I asked them about it their reply was:
“Our spreads are dynamic, and are set automatically by our algorithms based on current market conditions: during more volatile or less liquid conditions, spreads tend to be wider than during normal trading.”
Whether how much “wider than during normal trading” is reasonable or not is for the individual trader to decide…for me it was not and I would never use them again ( I have [I]never [/I]experienced such wide spreads in many years of trading).
So, you see, it is all about personal experience, andthe bigger the broker the more diverse opinion you will receive.
Regarding the FX platform, it seemed pretty average, nothing outstanding, and if one trades with indicators, it is rather basic.
hey cherrieboi,
im with oanda since 2-3 years and faced no problems at all like lexy…
and i also prefer fxtrade … i dont like mt4 at all .( some friends are in love with mt4 …still dont know why)
like manxx said fxtrade is a basic platform not many tools are available
( believe me you will not need 1000 of fancy tools )
i think its a very good broker to get started and get familiar with fx business…just make your own experience and if you dont like it after some time just pick another
have a good journey
OANDA is the first broker I ever tried, saw good reviews on google and I’m still using it. So far no real issues, except they like to go crazy with spreads at times. I used only their fxtrade platform, so I can’t say anything about mt4, only that I’ve heard mt4 is a really old one.
Sincerely, thank you for the help and concern. I will try Oanda out, seems like a good start. I look forward to posting my reviews due time! Good luck to all
