Oanda
On-line since: 2001
Country of origin: USA
Regulation: Registerd with Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA ID #0325821).
Payment options: Bank transfer, checks, PayPal
Minimum account size: $1
Minimum lot size: 0.001 lot
Leverage: 1:50
Spreads: Variable, usually 2-2.5 pips on EUR/USD
Web-site: oanda.com
Oanda Company was established in 1995.
Oanda uses innovative technologies for providing trading services at Forex market for individual traders and large corporations, from portfolio managers to big financial institutions.
Oanda Company is a member of Forex international market and a reliable resource of currency rates. The Company has an access to the largest in the world quotation database with the most frequently and filtered renewal of information.
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This broker was very good in the past but now with all the volatility they have widened spreads, common is 10 pips on GBP/USD and no news pending, wideness in spreads is preplexing and must be treated with caution.
My trading experience is about 10 years. I traded with different brokers, but I've never thought that such a serious broker could provide such a bad service! Oanda is a broker with individual quoting, so that they deal against a client, that's why they don't have the history of quotes. The lowest spread is just a gimmick, because you lose on slippages more than you could lose on spread at other brokers.
I'm just making my first steps in Forex. My experience is just 5 months. I think, this is the best broker for newbies! Big choice of trading instruments, minimum deposit is not limited, no restriction on lot size, low spreads.
But their platform isn't good for making the market analysis. That's the only Oanda's weakness, in my opinion. ;)
The things I don't like are, no trailing stops, huge spreads, no weekly and monthly charts. Also Oanda should raise the leverage too at least, 100:1. Platform terrific.