Not only trading on the go, OANDA mobile app could give access to various financial markets right from your phone.
OANDA started out as one of the first players in the forex trading industry in America. Founded in 1996, the company has certainly defined a solid spot in the global market. Today, it is a leading brand with clients in more than 196 countries. OANDA specializes in offering currency trading solutions for traders with various levels of expertise. Their biggest selling points are excellent market research and robust proprietary platforms.
If you wish for easy access to the broker and see what they offer, you can try OANDA's proprietary fxTrade mobile trading app for Android and iOS. The trading platform has over 70 currency pairs available to trade, sophisticated market research, as well as various order types to choose from. Let's take a closer look at it and decide whether the app is right for you.
What Products are Offered on OANDA's App?
The OANDA app is currently rated 3.5/5 from over 4.65k users on Google Play Store and has been installed more than 1 million times.
As more traders and investors prefer to use their smartphones to trade, it's highly necessary that brokers offer easy-to-use mobile trading apps. In general, the OANDA app focuses primarily on forex trading. It offers more than 70 currency pairs including all the major and minor pairs as well as some exotic pairs. The maximum leverage is 50:1 for major currency pairs and 20:1 for the rest.
In addition, the broker offers CFDs (Contracts for Difference) but the options are quite limited. The app supports 16 stock index CFDs, 31 commodity CFDs, 4 cryptocurrency CFDs, and 6 bond CFDs. Also, keep in mind that CFDs are not available in the US and crypto CFDs are not available for UK residents.
The OANDA mobile app has all the basic features one would expect from a trading platform, but it mainly focuses on charting and trading. Here is the complete list of features that you can get from trading with the app:
1. User-friendly and Customizable Interface
First of all, the OANDA app is highly user-friendly. You can easily navigate and use different features of the app in just a few simple taps, making it suitable for practically any trader.
Another great thing about this app is that it's easy to monitor the market. The layout can be extremely useful to trade on the go and there are separate tabs to keep you updated with your active positions as well as historical orders.
On top of that, the app allows users to customize their orders and decide on a set of default parameters, including the number of units traded, risk and profitability levels for pending orders, bounds in pips or percentage prices, and preferred financial instruments. This way, you can easily manage your orders according to your trading style.
2. Mobile Charting
The OANDA app allows you to access over 50 technical indicators, which consist of 32 overlay indicators, 11 drawing tools, and 9 charts. The drawing tools in particular are pretty impressive because you can easily add not only trendlines but also Fibonacci retracements and pivot points.
The best thing about the app, however, is the fact that you can trade directly from technical charts. This means you can enter, modify, or close positions directly from the chart without having to go back to the main menu and open a new order.
Additionally, you can easily add or edit your stop loss and take profit levels by clicking on the chart. However, this can be quite tricky to do on a smartphone, so it's recommended to use a tablet instead.
3. Market News and Data
The OANDA mobile app offers access to the world's major financial markets. You can react to market activity in real-time while at the same time, managing your positions, controlling the risk, and monitoring your account's profitability. Apart from that, the app also provides access to a complete economic calendar to help you keep track of current and upcoming events that might affect the market.
4. Alerts and Price Signal Notifications
To manage your account better, you can get mobile notifications on market sentiments for live trading accounts. This ensures that you won't miss any trading opportunities even when you're away from your phone.
See Also: Are Forex Trading Signals Worth It?
You can enable notifications on various aspects of trading, such as price alerts, daily/weekly highs, significant price movements, market highlights, order expiry, upcoming economic events, and global market news from trusted providers. You can also set up custom notifications based on the drawing tools and overlays, so you will be notified when the price crosses a certain level on the chart.
5. Trader Performance Analytics
Lastly, the OANDA mobile app provides a trading performance tool that allows users to see their history and professional grade scores. To access this feature, you can click the "More" tab on the screen.
This tool basically lets you monitor and manage your past trading behavior. You can break down your performance based on the instrument you used, overall and average profit/loss, winning rate, and risk-to-reward ratio. You can use the data to update your trading journal and analyze your trading performance.
See Also: What are the Best Trading Journal Apps?
One of the notable features of OANDA is that inside your main trading account, you can have up to 19 separate subaccounts. Each account can have its own base currency, so you can easily switch between different currencies to trade more effectively. You can also use those subaccounts to manage different portfolios.
In order to open a trading account, you just need to do several steps. First, open the website and apply for an account. Bear in mind that you need to be over 18 years old to create an account. Second, verify your identity by submitting all of the necessary documents, such as a driver's license, ID card (proof of identity), or utility bill (proof of address). Then, simply wait for the verification process. Once your account is ready, you can start depositing some funds. You can choose from various payment methods, including debit cards, bank wire transfers, and Automated Clearing House (ACH).
Fees and Commissions
OANDA offers two pricing models for forex trading, namely spread-only and commission plus core spread. If you choose the spread-only model, it means that the commission is wrapped into the spread, so the spread is the only cost that you should pay for your trade. However, this means that the spreads are slightly higher than the market average. The minimum spreads for major pairs is about 1.4 pips for major pairs and 2-3 pips for minor pairs.
See Also: Beginner's Guide to OANDA Fees
Meanwhile, the core pricing model offers lower spreads, starting from 0.3 pips for major pairs and 1-2 pips for minor pairs. However, you'll also need to pay a fixed commission on every trade. The commission is $5 per 100,000 worth of currency or roughly $10 per standard lot.
Apart from that, there are some non-trading fees that you should consider. The broker doesn't charge any fees for opening an account, but they will charge an inactivity fee of $10 per month if you're inactive for two full years without placing any orders. You should also pay an additional fee if you make a withdrawal via wire transfer.
The OANDA app can be used on smartphones or tablets with the following requirements:
- For iOS users: iOS 11 or 12.
- For Android users: Android Jelly Bean or above.
OANDA is a great mobile app for forex traders who prefer to trade on the go. The app is very easy to use and has all the features needed to trade effectively, with a special focus on charting and trading. You can trade more than 70 currency pairs with competitive fees, along with CFD trading on stock indices and commodities.
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.
It is worth mentioning that there are actually loads of useful features on OANDA desktop platforms that are not available on the mobile app, such as demo accounts and educational resources. The charts and technical indicators on the app also don't sync with the web or desktop version of the fxTrade platform, so it can be a bit tricky to trade across different devices. As a result, the OANDA app is most suitable for live trading by more experienced traders.
While the OANDA mobile app isn't flawless, we can take advantage of the amazing charting features and customization on the app. The interface makes it easy to open trades without taking your eyes off the market movements, which can be really beneficial for forex traders.