Sunday, June 7, 2009
Oanda FXTrade Forex Broker and Platform
OANDA FXTrade is a Forex Broker with their own Trading Platform and they are owned by OANDA corporation. The platform is developed and used by OANDA only, as far as I know. The interface is simple and easy to use, and is the platform of my choice.
A Forex Trading Platform is a piece of software that allows the trader to do the daily trading operations like buying, selling, setting stop losses, setting take profits, trailing stop losses and so on. A Trading Platform will definitely also provide the currency pair charts of different timeframes and also provide a certain amount of indicators for analysis.
It is very easy to trade using the OANDA platform and it is very easy to access a lot of currency pair charts. This is my primary trading method. Below, I am highlighting OANDA’s main advantages and disadvantages:
Advantages
- Easy to use
- Uses Java, and thus, can be access from a web browser from any computer
- Has a lot of customizable indicators to use
- Trading is fast and easy, and can be done by clicking on the chart
- Can customize the look and feel of the windows
- Ability to access news and forums from the platform
Disadvantages
- Not accessible sometimes, during maintenance periods
- Not as programmable as MetaTrader 4 in terms of adding expert advisors
OANDA FXTrade, is also a good broker that supports Paypal deposits and withdrawals. Sometimes their deposits can take less than a working day and their withdrawals take around a day or so. The best thing about OANDA FXTrade is that, they even allow traders to deposit and start with $1!!
To check out the OANDA FXTrade Platform, you can go to the OANDA FXTrade main site.Thursday, May 28, 2009
What is a Forex Broker?
If you would like to trade in the Forex market, you gotta buy or sell an amount in a certain currency against another currency. For example, you buy $100 US dollars against Canadian dollars. So you hope $100 will be equivalent to more Canadian dollars in future, so when you sell your $100 US dollars, you get a higher value.
But who will handle all this trading? The Forex Broker. In this day and age, lots of Forex Brokers have opened up on the Internet, allowing you to trade in real-time all from your own computer or laptop. No more calling them up each time you would like to trade. They will provide you with the necessary charts, price quotes for the currency pairs, the tools to trade and sometimes they will even provide you with various indicators to help you do analysis.
You can easily deposit your funds into your account with your Forex Broker once you open it. They will need to ask for your ID and some documents though. Then when they do their approval, you can deposit your cash and start trading. At anytime, you can withdraw your cash from your Forex Broker account back into your credit card, bank account or Paypal account.
Almost all online Forex Brokers let you open your account for free. They only charge you a small percentage of interest when you open trades with them. A lot of online Forex Brokers let you open game/demo accounts to let you practice with a huge sum of fake money before you really move into the real market trading.
I will be highlighting on the Internet’s top Forex Brokers in my other post.