OANDA offers 3 types of trading platforms: Metatrader 4, Metatrader 5, and fxTrade. In comparison of all OANDA platforms, fxTrade remains superior.
OANDA has offered Internet-based forex trading and currency information services to retail customers and financial institutions since its establishment in 1996. It has grown from a small tech firm handling exchange rate data into a cutting-edge financial technology giant thanks to the company's top-notch, reliable services. Most notably, the company's award-winning proprietary trading platform, fxTrade.
OANDA currently provides three types of trading platforms, including Metatrader 4, Metatrader 5, and fxTrade. Why did fxTrade become the best OANDA platform? Is it suitable for you too?
Let's compare the three of them and choose the best OANDA platform according to your trading style.
Metatrader 4 (MT4)
Since MetaQuotes Software was first made available in 2005, Metatrader 4 has been the most widely used trading platform for forex and CFD traders worldwide. What makes MetaTrader 4 such a hit? There are lots of reasons.
At one time, it was the only trading platform available for onboarding multiple brokers. On the other hand, they have created an industry-standard through a wide range of tools that never go out of style, even after other (and potentially more advanced) third-party trading terminals appear.
All trading platforms at the very least must be able to provide live price feeds and on-the-spot technical analysis tools, in order to help traders make decisions and open their own trades. But Metatrader 4 goes several steps further.
Metatrader 4 users can customize their own indicators, scripts, and trading robots (called Expert Advisors or EAs) with MQL4 programming language, then test their strategies on the same platform. They can also trade the stuff they have created to other traders in the community, or even give them away for free.
As well, OANDA MT4 contains a ton of features, is comparatively simple to use, customizable, safe, and consumes relatively little of your computer's resources. This kind of environment is particularly attractive for scalpers and beginners, although other types of traders will probably need more advanced features that are not available here.
Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.
It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.
Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.
OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.
OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.
For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.
Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.
Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.
The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.
As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.
With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.
Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.
There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.
OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.
The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.
With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.
In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.
Metatrader 5 (MT5)
As the name suggests, Metatrader 5 is the younger sibling of Metatrader 4. It should be noted, however, that Metatrader 5 is a completely new trading platform introduced in 2009 and not a mere upgrade from Metatrader 4.
Metatrader 5 offers more technical indicators, more types of orders, more timeframes, and more of everything else. Metatrader 5 also has an integrated economic calendar, Depth of Market (DoM), community chat, and a multi-threaded strategy tester that is not available on Metatrader 4. Most importantly, Metatrader 5 uses the MQL5 programming language, which is said to have execution speeds 20 times faster than MQL4.
OANDA MT5 carries all of these features. As such, traders tend to choose MT5 if they seek to develop a better trading career with the help of more advanced tools. You can trade regularly while improving your results with DoM and a variety of other features. You can also gain additional income from providing signals to others in the community.
fxTrade
Most people think that MetaTrader 4 is the oldest trading platform for online retail traders. But the fact is, OANDA platform --the fxTrade-- was introduced earlier for PCs. OANDA even developed an API for automated trading technology on the fxTrade platform back in 2003.
The weakness of fxTrade, which makes it less popular than Metatrader, is its limited accessibility. OANDA is the only broker offering fxTrade. This was why their automated trading introduction failed to take off.
fxTrade is currently available as a mobile app that works flawlessly on both iOS and Android. It has a rich and simple interface, very easy to use even for those who do not have prior trading experience.
fxTrade app has at least three exclusive features that are not available on other trading terminals:
- Fully customizable interface: You can set up and save your own unique default parameters, such as units traded, risk and profitability criteria for pending orders, and preferred financial instruments.
- Advanced charting from TradingView: You can access 9 types of charts with high customizability and lots of popular default indicators.
- All-in-one account management with one key login: You can log in to fxTrade with your OANDA credentials to access a dashboard with all of your accounts in one place. You can fund your account, withdraw your profits, monitor your results and more directly on the app. You no longer have to close your trading platform and switch to OANDA website for basic account management.
In short, fxTrade focuses on being a responsive mobile trading app streamlined for reliable and swift performance with industry-leading technologies. Both beginners and experienced individuals who seek to trade actively will favor this app.
How to Choose the Best OANDA Platform?
First, recognize your own trading style. Do you want to trade manually by yourself or with the help of robots? In the first scenario, all OANDA platforms may be suitable for you. But if you are looking forward to trading using EAs, then you can choose Metatrader 4 or Metatrader 5.
Second, make sure you want to trade more frequently with the convenience of a PC or mobile. MT4 and MT5 work better on PC, but their mobile apps contain far fewer features and are less customizable. fxTrade is the best choice to trade on the go, as seen from its superior features and the fact that it received the Highest Mobile App Satisfaction & Third-Party Integrations award from Investment Trends US FX Report 2020.
Third, know what you need to trade smoothly. See which of the three OANDA platforms has all of the tools you need through the following comparison table. Open a demo account on OANDA if you need to understand how effective they are.
Features | Metatrader 4 | Metatrader 5 | fxTrade App |
📈Chart types | line, bar, candlesticks | line, bar, candlesticks | advanced charting from TradingView |
📊Indicators | 30+, custom indicators | 35+, custom indicators, marketplace indicators | 30+ |
⏳Pending orders | Buy Stop, Sell Stop, Buy Limit, Sell Limit | Buy Limit, Sell Limit, Buy Stop, Sell Stop, Sell Stop Limit, Buy Stop Limit | Buy Stop, Sell Stop, Buy Limit, Sell Limit |
🕓Time frames | 9 (M1, M5, M15, M30, H1, H4, D1, W, MN) | 21 (M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30, H1, H2, H3, H4, H6, H8, H12, D1, W, MN) | 6 (M1, M5, M15, 1H, 4H, 1D) |
⏩Risk management tools | ✔️ | ✔️ | ✔️ |
One-click trading | ✔️ | ✔️ | ✔️ |
🔔Alerts | sound, email, and notification | sound, email, and notification | sound, email, and notification |
🤖Autotrading | Expert Advisor (EA) | Expert Advisor (EA) | ❌ |
👩💻Coding language | MQL4 | MQL5 | ❌ |
🧪Strategy tester | Single-thread | Multi-thread | ❌ |
🌐Depth of Market (DoM) | ❌ | ✔️ | ❌ |
Range of market | Forex, Crypto, Commodities, Indices | Forex, Crypto, Commodities, Indices, Share CFDs | Forex, Crypto, Commodities, Indices, Share CFDs |
Account management | ❌ | ❌ | ✔️ |
🧮Customizable default parameters | ❌ | ❌ | ✔️ |
Most suitable for | beginners, manual trading, automated trading | experienced traders, manual trading, automated trading | beginners to skilled, day-traders, manual trading |
OANDA is an award-winning broker with an outstanding reputation for more than 25 years in the trading industry. The broker supports excellent customer care and transparent pricing on state-of-the-art platforms.
25 Comments
Jun 9 2023
In terms of user experience and accessibility, FXTrade has a distinct advantage over the Metatrader platform. With FXTrade being available as a mobile app that works flawlessly on both iOS and Android, traders can enjoy the convenience of trading on the go. The app's rich and simple interface makes it exceptionally user-friendly, catering to traders with varying levels of experience, even those who are new to the world of trading. In contrast, the Metatrader platform may require a steeper learning curve and lacks the seamless mobile experience that FXTrade offers. Considering these factors, what are some specific advantages of FXTrade that set it apart from the Metatrader platform?
Jun 10 2023
@Andrew: In my experience, FXTrade surpasses the Metatrader platform in terms of user experience and accessibility. Its mobile app, compatible with iOS and Android, provides traders with the convenience of seamless trading on the go. The app's user-friendly interface caters to all levels of traders, including beginners, making it easy to navigate and comprehend. FXTrade's integration with OANDA's services enhances the overall trading experience, offering research tools, market analysis, and news updates within the platform. Additionally, FXTrade's high degree of customizability empowers traders to personalize their trading environment. These advantages make FXTrade a superior choice, providing a comprehensive and tailored trading experience that sets it apart from the Metatrader platform.
Jun 28 2023
Hey there! I've been checking out OANDA's Strategy Tester feature, and I gotta say, it looks pretty cool. So, here's the deal - I read this article about it, and they mentioned two modes: Single-thread and Multi-thread. Can you break it down for me in simple terms? Like, what exactly does the Strategy Tester do in OANDA's platform? And what's the difference between Single-thread and Multi-thread modes? I heard it affects the speed of testing trading strategies too. So, if you have any tips on which mode to choose for faster and more efficient testing, that would be awesome! Thanks in advance!
Jun 29 2023
@Luca: Hey! Absolutely, I can break it down for you in simpler terms.
The Strategy Tester is a feature in OANDA's platform that allows you to test your trading strategies using historical market data. It's a handy tool to see how your strategy would have performed in the past and evaluate its potential effectiveness.
Now, let's talk about the two modes: Single-thread and Multi-thread.
Jun 30 2023
Hey there! Just want to ask some questions here about the MT4 and MT5 works on PC. I mean, what is the key factor that makes MT4 and MT5 work better on a PC compared to mobile devices, considering the preference for frequent trading and convenience? Additionally, how do the PC versions of MT4 and MT5 differ from their mobile counterparts in terms of features and customization options? Understanding this factor and the disparities between PC and mobile versions will help determine the optimal platform for frequent trading with enhanced functionality.
Jul 26 2023
Hey there! So, I read that MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are like the rock stars of EA trading in this article. It makes me curious, what makes these platforms so effective for traders who love using automated strategies? Do they have some secret sauce that sets them apart from the crowd? And tell me more about those cool features and functionalities that MT4 and MT5 offer for traders who want to automate their trades. I'm all ears! Thank you!
Jul 28 2023
MT4 and MT5 are preferred for EA trading because they offer robust features and functionalities that are specifically designed to support automated trading strategies. One of the key advantages is the availability of the MQL programming language, which allows traders to create and customize their EAs easily. Both platforms come with a wide range of built-in technical indicators and the ability to create custom indicators, enabling traders to analyze market conditions effectively and generate accurate trading signals.
Additionally, MT4 and MT5 provide powerful backtesting capabilities, allowing traders to test their EAs using historical data to evaluate performance and identify potential improvements. MT5, in particular, offers more advanced backtesting features and optimization tools, making it an attractive option for traders seeking more in-depth analysis.
MT5 also boasts a broader range of order types, including Buy Stop Limit and Sell Stop Limit orders, providing traders with more flexibility in executing their strategies. Moreover, MT5 supports multiple timeframes, giving traders greater insight into price movements and the ability to apply strategies across various time intervals.
Both platforms offer multi-asset class support, allowing traders to trade across different financial markets, including forex, stocks, commodities, and cryptocurrencies. This opens up more opportunities for diversification and the implementation of varied trading strategies.
Jul 26 2023
Hey there! I was initially interested in MetaTrader 4 too, but seeing the added features in MetaTrader 5 got me thinking of giving it a shot. However, before I go too far and can't switch back, I want to understand the benefits of using the additional order types offered in MetaTrader 5: Buy Limit, Sell Limit, Buy Stop, Sell Stop, Sell Stop Limit, and Buy Stop Limit. How can these order types benefit my trading strategies, and what advantages do they bring to the table compared to the order types available in MetaTrader 4? Thank you for your help!
Jul 27 2023
Absolutely! The additional order types offered in MetaTrader 5 provide traders with enhanced flexibility and precision in executing their trading strategies. Let's break down the benefits of each order type:
Buy Limit: With Buy Limit orders, you can set a specific price below the current market price to enter a long position when the market retraces. This allows you to capitalize on potential price dips and enter a trade at a more favorable price.
Sell Limit: Similar to Buy Limit, Sell Limit orders enable you to set a price above the current market price to enter a short position when the market rallies.
Buy Stop: Buy Stop orders are used to enter a long position at a price higher than the current market price.
Sell Stop: On the other hand, Sell Stop orders allow you to enter a short position at a price lower than the current market price.
Sell Stop Limit: The Sell Stop Limit order combines the features of both Sell Stop and Sell Limit orders.
Buy Stop Limit: Similarly, the Buy Stop Limit order combines Buy Stop and Buy Limit orders.
By having these additional order types at your disposal, you can tailor your trading strategies to various market conditions and trading scenarios. Whether you want to trade breakouts, retracements, or apply more sophisticated entry and exit strategies, MetaTrader 5's expanded range of order types provides you with greater versatility to adapt to changing market dynamics. You can read more at here : The Simple Guide to Types of Orders in Forex Trading
Jul 28 2023
MetaTrader 5's extensive range of order types indeed provides traders with a wealth of strategic options to effectively manage their trades. Whether you want to capitalize on price retracements, catch market breakouts, or implement more sophisticated conditional strategies, the additional order types in MT5 can significantly enhance your trading capabilities and help you stay ahead of the game.
When it comes to making your choice between MetaTrader 4 and MetaTrader 5, it's crucial to consider your individual trading style, goals, and personal preferences. Exploring both platforms through a demo account will give you a hands-on experience, allowing you to gauge which one aligns better with your unique trading needs and objectives.
Now, if you prefer to keep things simple and avoid utilizing complex order types, MetaTrader 4 might be the better option for you. It offers a more straightforward system of trading, which can be ideal for traders who prefer a more streamlined approach to their trading strategies.
Sep 1 2023
Noticed something interesting about OANDA?
Seems like all the regulators watching over them are from big-shot countries like the US, UK, Australia, Japan, Canada, and America. Wonder what's up with that?
And you mentioned tiers for licenses, right? Can you break down what the deal is with first, second, and third-tier regulators? Like, what sets them apart? Oh, and do you reckon it's cool to trade with a broker regulated by a lower-tier regulator? Hit me up with your thoughts!
Sep 2 2023
Yeah, you're right, OANDA's regulators are from developed countries.
But listen up, the difference between first, second, and third-tier regulators is all about how much power they have over brokers. First-tier ones are the big dogs with the strictest rules, while the lower tiers might not have as much sway. Whether it's safe to trade with a lower-tier regulated broker? It's kinda iffy, depends on the regulator and the broker themselves.
The top-tier regulators are usually in advanced countries with solid financial systems and loads of laws to keep things in line. They've got tons of experience and resources to keep shady brokers in check and protect traders. Makes sense, right? Those countries are big shots in global finance, so it's natural they'd be watching over brokers.
Sep 3 2023
So, "spread" in trading basically means the difference between the buy and sell price. Everyone wants the lowest spread, which is why brokers keep trying to shrink them (some even to 0 pips!).
OANDA definitely has tight spreads, especially on some accounts. But hold on, super low spreads aren't everything for beginners, right? There's more to a broker than just a small price gap. So, even though OANDA's spreads are sweet, are they really the best fit for new traders?
Sep 4 2023
Considering spreads as a trading fee, it's crucial for traders to understand them when picking a forex broker. Minimum spread size and the type of spread offered are key factors when opening a trading account.
OANDA's spreads are tight for some accounts, but I'm not sure if it's beginner-friendly just because of low spreads. The minimum deposit for their Core account is high at $5000, which might not be suitable for beginners.
As a CFD provider, OANDA falls short with only 38 FX pairs available for trading, along with limited commodities, indices, and metals. They only support MT4, and their Standard Account has average trading conditions and lacks negative balance protection for Indonesian traders. Customer service isn't available in Indonesian over the phone, but their education and market analysis features are great, with several tools and plugins for MT4.
Sep 5 2023
I agree with what you said about low spreads not always being the best option, especially for beginners. OANDA's core accounts might not be beginner-friendly with their high minimum deposits and trade requirements. They seem more geared towards experts, short-term, and high-frequency traders.
But OANDA does have an option for beginners with their standard account. The spreads might be a bit higher than other brokers, starting from 1 pip for EUR/USD, but there are no fees, which is a plus. You still get access to a decent range of trading instruments, including Forex, Indices, Commodities, and Precious Metals. However, keep in mind that they only offer 38 forex pairs and support the MT4 platform, but hey, they offer three account types to choose from.
Sep 7 2023
I stumbled upon this article about pending orders, and it got me thinking. I reckon all us traders dig using this order type, especially if we're tied up with other stuff. It's like setting it and forgetting it, ya know? No need to babysit the screen for price changes.
But here's the thing: Can you use pending orders on both MT4 and MT5? And if you can, which one's the champ? MT4 or MT5? I'm all ears for your thoughts on this!
Sep 8 2023
So, here's the deal with MT4 and MT5. Both can handle pending orders, but they've got their own quirks:
MT4: Great for basic stuff like stop and limit orders.
MT5: If you're into fancy strategies needing flexible pending orders, this one's your jam.
MT5 is like the big brother, offering more bells and whistles – better tools, extra technical indicators, and a wider range of pending order types. It's the playground for traders looking to dive deep into advanced techniques and spice up their portfolio.
For more on how pending orders work on these platforms, check out this read.
See Also: MT4 vs MT5 Execution: Types of Pending Orders
Sep 11 2023
What's the deal with OANDA's trading platform? Why's it such a hit with newbie traders? What cool stuff does it offer that sets it apart? Let's spill the beans!
Sep 12 2023
OANDA's trading platform offers several unique features that set it apart from other trading platforms. Some of these features include:
Overall, OANDA's trading platform offers a range of unique features that can help traders improve their trading performance and achieve their goals.
Sep 15 2023
OANDA's got MT4 and its own top-notch platform, making life easy for newbies. And their trading fees are low, which is always a plus.
But here's the thing: Why does OANDA hit us with an inactivity fee? I'd rather just close my account if I'm not using it.
Other brokers don't slap you with inactivity fees. It gives me peace of mind knowing my money's safe even if I'm not trading. Without these fees, I'd feel like my broker's got my back for real.
Sep 16 2023
I see things differently when it comes to inactivity fees. Brokers like OANDA charge them mainly to cover server costs. More accounts mean more power needed for the server, which can affect transactions. Plus, maintaining lots of accounts can get pricey.
Most traders, especially newbies, eventually stop trading if they lose money. But brokers can't just take your funds without conditions. So, they hit you with an inactivity fee as agreed upon in the terms and conditions you signed up for.
Sep 22 2023
OANDA is a top-notch global broker with cool features like no minimum deposits, low fees, and awesome mobile trading. Plus, it's regulated by big shots like the US CFTC, making it super safe.
But, let's talk about something I'm not too clear on - inactivity fees. Basically, if you don't trade for a while, your broker slaps you with this fee. It's kinda like when you forget to use your gym membership and they still charge you. Seems a bit unfair, right? I mean, why should you pay if you're not actually using their services?
Sep 23 2023
Hey buddy, let me break down this inactivity fee thing for you. Basically, it's a fee banks and financial institutions charge when there's zero activity on your account for a while. So, if you haven't made any trades or transactions for around 6 months to a year, they hit you with this fee.
Take OANDA for example, they slap you with a $50 fee if your account balance is under $2,000 and you haven't made at least five trades in a year. Why do they do it? Well, it's to cover their own costs - you know, stuff like account maintenance, customer support, and all that jazz. If you're not making them any money from trading, they gotta make it up somehow, right?
Oct 26 2023
To delve deeper into this dilemma, I'm particularly interested in understanding how this pivotal decision concerning the choice of trading medium — computer or mobile device — can have tangible implications for the use of Expert Advisors (EAs) in the context of trading. Expert Advisors are automated trading programs known for their ability to execute trading strategies autonomously based on predefined algorithms and criteria. For traders who rely on EAs, the choice of a suitable trading platform is paramount, as the effectiveness of these automated systems depends on a seamless and reliable connection to the financial markets, ensuring timely execution of trades. So, could you please elaborate on how this choice affects the utilization of Expert Advisors (EAs) in trading and which platforms are more suitable for EAs? Thank you! Hope there is an answer to my dilemma!
Oct 27 2023
According to the article, it was observed that Metatrader 5 provides a more extensive array of timeframes compared to Metatrader 4 within OANDA. Metatrader 5 offers a broader spectrum of timeframes, encompassing nine standard options (M1, M5, M15, M30, H1, H4, D1, W, MN), along with an additional twelve (M2, M3, M4, M6, M10, M12, H2, H3, H6, H8, H12) that are not present in Metatrader 4. While there are some overlapping timeframes between the two platforms, it is worth exploring how the increased diversity of timeframes in Metatrader 5 can be advantageous for traders. What practical benefits and potential limitations arise from this broader selection of timeframes, particularly in the context of intraday, swing, or long-term trading strategies? Additionally, could you provide insights into the importance of incorporating the weekly (W) and monthly (MN) timeframes in Metatrader 5 and how traders can effectively use this range of timeframes for more comprehensive technical analysis and enhanced trading decision-making?