My question is I want to go with oanda for it’s reliability I here about on this site and also the micro account.But I really don’t like there platform at all.I read somewhere around here about someone using MTA4 but actually placing orders with oanda.Can someone give me some insight? I currently have an account with GFT with $250.But that isn’t going to go to well with a mini account I will be margined out for sure…Any help would be appreciated.Thank you.
You can’t use Metatrader directly with Oanda. You just use Metatrader as a charting tool and place trades at Oanda in it’s own Java-application. So you need both on your computer.
Regards - Xaron
Maybe oanda’s platform is not so ‘fancy’ as MT4, maybe it lacks some colors, but u can use it even more efficiently than MT4. Other pluses are: faster execution, reliability, and u can trade 5 cents if u wish.
I like double indicators windows, very convenient. And, the last one, their spread is unbeatable.
I use both Oanda and MT4. The only reason I have downloaded MT4 is that I can test systems on it. With “F12” you can scroll 1 candle at a time on MT4, and that makes testing much easier 
But otherwise you can get Oanda to look the same as MT4 platform.
I don’t know if you know, but it is possible to change colours on oanda platform…
Sorry for my English, but I hope you understand what I mean.
I attached 2 screenshots for comparison between Oanda and MT4 graphs.
Are you happy with the indicators? I might give them another try to see if I can adapt.I just really like dealbook 360 it is user friendly and I guess it has just grown on me.Any other brokers trustworthy with the option of micro lots and a better platform? Thanks again for your help!!!
Oanda lacks a good analysis platform. But let us not deny the fact, that is one of the best, if not the best broker online now.
Here is what you could do-- Get the Northfinance demo MetaTrader for analysis, then place trades with Oanda.
I think I will do that topchess.Like I said I am currently with GFT,really like the platform but do micro account.With my funds and experience I want a micro to start out with you know.You think north finance though huh? I here good things about metatrader.a lot of peeps use that here.Well thank you again for the help my friend, good trading!!
I would not use NorthFinance for my live trading, simply they give you a flexible 100:1 until 500:1 leverage. This is a trouble when you come to live trading. If you want to trade micros, in cents without any limits on trade size, then Oanda is what you look for. Search google for Oanda, or even have a visit to their forums. It gained enough reputation and most important it’s regulated.
I am not saying that Northfinance is bucket shop but I have tested some brokers, and conclusion is that Oanda is the top broker for micro lots, low spreads and starting traders, with low risk capped 50:1 leverage. I consider myself a “beginner” in forex so it’s fine.
Having said that, North Finance MT4 platform is the best free analysis software. I can’t live without any of them…
I just downloaded metatrader,I really like it! You say you use metatrader but trade oanda.Do you just have both windows open when trading kinda jump back and forth?
:pI must say GFT dealbook 360 is a good platform but metatrader is an excellent platform more options all the way around, user friendly. Don’t know why I am really posting this. I guess just to let anyone else looking for a good platform to check out metatrader4.I am very pleased with it.ok that’s it for now happy trading everyone!!!
That is correct.
I trade in Oanda platform and do my analysis on MT4 (metatrader4)
I’d be interested to find out if anyone here is using Oanda regularly with 6 figure + account(s)?..I have experience with them using smaller accounts and haven’t had too many issues - the ocassional connection problem around key data, most notably the 200 pip spread around one NFP release late last year!..which they quickly sorted out, i hasten to add…no issues recently though…
I’ve been using Oanda for 6 weeks now (live) and no complaints up to now.
In the beginning I didn’t like the platform that much but as with everything you’ll get used to it.
Very good helpdesk services too.
Goodluck
Hello Topchess. I am a newbie. I plan on opening an account with Oanda but also want to use MT4 for analysis. Would I have to subscribe to a data feed to use MT4? Thank you.
Would I have to subscribe to a data feed to use MT4?
You will need to get a data feed from somewhere, I use
Alpari & North Finance which are both free.
Thanks Daydreamer. I’ll check them out!
I’ve had a Oanda account for several years. I’ve pulled funds and opened accounts with just about every Fx broker out there thinking I needed more. In the end…I always come back to Oanda.
I’ve always had excellent customer support, quick funding and withdrawls, and good platform stability. Oanda was founded by a good man who adheres to market transparency. It wasn’t formed to be the typical bucket shop which is partly why they don’t advertise. Most traders arrive at them by word of mouth advertising…just as I did.
I’ve refined my trading to a mere 2 SMA system and don’t need other indicators. So, the charts are fine for me.
If you need the charts…go with MT4 or the VERY nice ProRealTime charts…but Oanda is by far the best broker for Fx. GFT and FXsol would come in a close 2nd and 3rd, but I’ve always be with Oanda.
I’ve heard about Oanda for some time and finally decided to check out their demo.
It’s OK as long as you don’t need any fancy indicators.
What really surprised me was the spreads. I normally trade GBP/JPY and Oanda’s spread was 4.7 when IBFX’s was 9! That’s a big difference, especially when you’re scalping.
The other things that I like about Oanda are no minimum account size and micro lots (great for testing systems with minimal expenditures).
I may go live with them after all.
Terry
There is still a lot of “snobbery” which still abounds in Forex & Stocks trading,
where the “big boys” (ie the banks, large institutions, fund managers, etc.) do
not want any Tom. D#ck or Harry to trade.
Therefore the “big boys” have attempted to muddy the waters, by making it very difficult for the average person to obtain quality information concerning these businesses.
With the onset of the internet it has become increasingly difficult for them to withhold this information completely, so I would venture to add, they have thrown us, the average Joe, a few crumbs.
But also I feel they have created these “bucket shops” etc. to relieve the average joe of his need to dabble in the markets. Even putting up more barriers in the form of stop hunting, slow feeds, bad market execution, etc. Also laying down false trails, absurd “holy grail” systems, et al.
At Oanda they have attempted to simplify matters for the average Joe. Yes you still need to put the time in to learn all the ins & outs of the various mechanisms, but at least it is doable.
As an example I always quote their market order, where it is simplicity itself to place an order on the market, the trade size is in units, (100 000 units = 1 lot) you can trade in as little as 1 unit if you so wish. (Not very practical though, I suggest trading in no fewer than 100 units, 1/1000th of a lot)
Prior to putting your trade figure into the market order, you can check how many units you have available for that trade. When you put the amount of units into the market order it then gives you 1 pip size, trade value, margin used. If you have a stop loss & Take profit level it also gives losing amount & winning amount.
This is just one example of the transparency of Oanda’s platform. Okay the charting isn’t the best but with free MT4 platforms & feeds we can get that part sorted out to a level of competence.
Well put, daydreamer.
I’m demoing with Oanda right now to get used to their platform, but it’s fairly easy to use right from the start.
Terry