Unraveling the Mystery: How OANDA Works Explained

How Does OANDA Work?

OANDA is a global online trading platform for foreign exchange (Forex) and Contracts for Difference (CFDs). The company has been around since 1996 and has been providing users with a reliable and user-friendly platform ever since.

Here is a breakdown of how OANDA works:

Opening an Account

To start trading with OANDA, you must first sign up for an account. The account types are ‘Standard’ and ‘Premium’. Both accounts offer the same trading features, but the premium account has lower spreads and fees. To open an account, you must provide your personal and financial information.

Deposit

Once your account is approved, you must deposit funds into your account before you can start trading. OANDA accepts several payment methods such as bank wire, credit/debit cards, and online payment systems.

Trading

OANDA’s trading platform is known as ‘fxTrade’. It is a web-based platform that can also be accessed via mobile devices. The platform offers advanced charting tools, multiple order types, and a wide range of technical analysis tools.

The platform supports a vast range of trading instruments such as Forex, Metals, Indices and Commodities. Users can place trades, set stop-loss and take-profit orders. The platform is easy to use and is ideal for beginners and experienced traders alike.

Education

OANDA also offers several resources to help users improve their trading knowledge and skills. These resources include online courses, webinars, trading tools, and a trading API that allows users to build their trading applications.

Customer Support

OANDA has a dedicated customer support team that is available 24/7. Users can contact the team via phone, email, and live chat. The customer support team is knowledgeable and can help users with any issues they may face.

Conclusion

OANDA is a reputable and reliable Forex and CFD trading platform that offers a wide range of trading instruments and advanced trading features. It is user-friendly and easy to use, making it ideal for both beginners and experienced traders. With its excellent customer support team and educational resources, it is the perfect platform for anyone looking to enter the world of Forex and CFD trading.