Unlike many other top Forex brokers, OANDA is a multi-faced financial services provider that serves not only as a Forex broker, but also as a vehicle for numerous other financial investments and transactions. While company’s expansive offerings may pique the interest of some traders, those who are looking for a straightforward Forex trading experience can quickly be distracted by the mix of services, tools and information that are presented on the site.
OANDA’s primary trading platform is called fxTrade. The demo version is aptly dubbed fxTrade Practice, in lieu of its former name, fxGame. Unlike most other Forex brokers that offer a demo for a limited time, OANDA’s fxTrade Practice is available for as long as it takes you to beef up your trading skills before opening a real account.
If you’re looking for a mobile trading platform, OANDA may offer just what you’re looking for, as they offer several options, including those for iPhone, Android and BlackBerry. A more general mobile Forex platform, fxTrade Mobile, is designed to work with most other cell phones.
Despite its incompatibility with MetaTrader 4, OANDA offers some notable features that greatly augment the Forex trading experience. One unique feature offered by OANDA is its desktop trading application, which essentially creates a shortcut through which you can instantly access your OANDA account. This feature requires JAVA to run.
Another feature really useful is the ability to create your own ‘box options’ in real time. In other words, OANDA allows you to mark your own indicators on your trading graphs so that you can easily track your Forex currency pairs to determine your next move. Similarly, the company’s Exchange Rate Ticker Widget enables users of both the real and demo versions of OANDA to receive real-time Exchange Rates for up to twenty currency pairs.