History of Forex: Which Is The Oldest Forex Broker In The World?

iFOREX was founded in 1996 by a group of bankers and forex traders. It claims to be one of the largest and most respected firms in the industry. The company is licensed by the BVI FSC, while the iFOREX Group's European subsidiary is an investment firm licensed and regulated by CySEC.

The company tries to offer traders innovative and user-friendly platforms, constantly updated financial news, and 24-hour support. Clients who open accounts in iFOREX are therefore able to trade whenever they choose, using the system they prefer while receiving instant professional support when needed.

iFOREX also says it has hedging capabilities not offered by all brokers with real-time margin protection, ensuring limits and automatically executing risk management precautions to prevent a negative account balance.

On another positive note, the company takes cybersecurity seriously, by enforcing firewalls and Secure Socket Layering (SSL) as encryption services to funnel sensitive information such as clients' personal data and passwords.

This broker advertises direct access to global markets, including 90 currency pairs, commodities, indices, shares, ETFs, and cryptocurrencies. Furthermore, trading in iFOREX offers a range of soft commodities including soybeans, wheat, corn, cocoa, coffee, and cotton. Product pricing and service offered are also quite transparent with enough information available on the company's website.

After choosing an instrument, traders can enter the deal size and click Buy or Sell in the trading platform. iFOREX tries to provide a comfortable environment for trading by presentling leverage up to 1:400. They also offer traders to practice with a demo account.

iFOREX provides clients with easy-to-use trading platforms customized to meet clients' experience and needs. Their platform accommodates trading functionalities with live and historical data about clients' account balance and open positions. Their platform is available on mobile and Web.

Unlike some brokers, iFOREX does not seem to offer trading with MT4 and MT5 platforms. With their web-based platforms, traders can access a variety of features directly from traders' computers, such as opening and closing deals, depositing and withdrawing funds and viewing account history without any downloading necessary. Based on the review of their clients, the web-based platform is ideal for traders who travel often and need full accessibility anytime and anywhere.

iForex also shows trading sentiment on their mobile app. This is a quick and easy way for a trader to see which way the market may be leaning. Traders will get a respectable mobile charting package. The information is displayed, and various technical studies can be easily added to help make trading decisions. The mobile app has advanced security measures such as fingerprint match identification to open the app for trading.

Furthermore, iFOREX has very few special features commonly found in other brokers. For example, there is no automated trading algorithms, or an ability to engage in social trading. Other services like VPS are also not offered.

If traders need a broker with satisfying customer support, iFOREX might be a good option. Online chat is available for both new and existing clients. All clients can receive customer support and technical assistance 24/7 globally, with offices located around the world and immediate service in clients' native language.

iFOREX scores very well in terms of educational products. Traders can easily find information for major trading products such as CFDs and forex. There is also information about analysis and several videos that beginners will find especially helpful.

Furthermore, They accept any method of payment, including VISA, Mastercard, Skrill, Wire Transfer, Neteller, and many more. iFOREX does not charge commissions.

Based on the review above, iFOREX has some unique features. Traders can choose a range of products besides forex. iFOREX also has good customer support available 24/7 globally. But, it is important to consider that they do not use platform MT4 and MT5 which is often found in other brokers.

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.