OANDA
As written on the site, OANDA was established in 1996 and is headquartered in New York with offices in Zurich and Toronto. It was co-founded by Dr. Michael Stumm, and Dr. Richard Olsen. The company names itself a 100% online broker, specialized in Forex. As follows from the chart presented on the site, OANDA is ECN in fact. No banks-partners (liquidity suppliers) are mentioned on the site. The company conducts individual accounts, corporate and LLC’s, partnerships (Regular, Investment Clubs). Trust services are not offered.
- Services: OANDA trades in 32 currency pair, with gold and silver. The term-of-trades are different from many other brokers.
There is no minimum deposit, and you can start trading with as little as $1.
There is also no fixed lot in OANDA, the size of a lot begins with $1.
The company applies narrowing spreads. Spreads on major currency pairs, such as EUR/USD, went from 5 pips initially to 3 pips, then to 2, and finally to 1.5. The process of diminishing of spreads is described on the site, but no exact rules are mentioned.
Traders can choose account leverage from 10:1 to 50:1 for majors. Marginal requirement for exotic currencies are set in size of 4%. The summary table of marginal requirements is placed on the site and repeated on several pages.
OANDA pays interest on long positions and charges interest on short positions, all calculated second by second while the positions are open.
The company gives unlimited streaming quotes with possibility of fully hedge clients’ positions.
Trading accounts can be opened in USD, EUR, GBP, CHF, CAD, AUD, or JPY. Depositing an account may be done by paper check, PayPal, or wire transfer.
Opening an account is made from the site only. - Commissions on forex: None
- Mini Account: Yes
- Maximal Leverage: 1:50
- Spread (on major currencies): 1.5 - 2.5 pips
- Trading Platform: OANDA FXTrade
Internet- based, no software to download: The FXTrade User Interface will run on virtually all Internet-connected browsers. It is thus available anywhere, anytime. Unlike many other online offerings, setting up our trading platform does not require you to download software.
Free demo account: Yes
Headquarters: New York City
Phone number: +1 416 593 9436
24 hour live customer service from Sunday 4 pm EST to Friday 4 pm EST
Company URL: fxtrade.oanda.com