Are you looking for a transparent and reliable tool before exchanging some money? OANDA Currency Converter might have the perfect solution for you.

With online foreign currency exchange, customers can make money transfers through their choice of bank or firm, which quotes an exchange rate before processing the transaction. The ratio exchange is not always 1:1 because rates fluctuate regularly.

Going for a money firm or broker like OANDA is the best way to make international transfers due to their Currency Converter that can check the latest foreign exchange average for bid and ask rates.

OANDA's Currency Converter makes forex exchanges faster and cheaper because they use real-time exchange rates and don't have additional costs as banks do. On top of that, many of them are quite transparent, so customers can calculate the potential charges upfront without signing up for anything.

 

OANDA Currency Converter

OANDA is a well-known brokerage firm that offers a reliable currency converter service for its customers. Partnered with Shift, OANDA's currency converter allows users to check the latest foreign exchange average for bid and ask rates, as well as convert all major currencies in the world.

At OANDA, there are up to 212 currencies that can be used in the currency converter. You can use the service at any time and for free.

There's also no need to sign up for anything. In addition, the service is available in 9 languages, including English, French, German, Spanish, Italian, Portuguese, Russian, Chinese, and Japanese.

Here are the reasons why OANDA Currency Converter is a great choice for any investor:

  • Trusted platform. OANDA is a well-known broker that's well-known by major corporations, tax authorities, auditing firms, and individuals worldwide. The company has been around for over 20 years and it's regulated in several countries, including the US, Europe, the UK, Australia, Japan, and Canada.
  • Credible and Transparent. Some brokers may manipulate the price to attract customers, but OANDA offers direct access to real-time foreign exchange rates, so the numbers are certainly accurate and reliable.
  • Years of historical data. OANDA has over 31 years of historical data for over 38,000 currency pairs and rates from no less than 200 currencies, commodities, and precious metals.
  • Affordable. Users can access the basic features of the currency converter for free and no signup is required.

 

How to Use the Currency Converter

OANDA's currency converter is very easy to use. It can be accessed directly from the broker's website, so no installation and signup is needed. Here are the steps that you need to follow:

1. Head over to OANDA's website and open the currency converter. You can access the feature from any device, including desktops and mobile phones.

OANDA Currency Converter

 

2. You can either type the currency names (3-letter ISO currency symbols like USD, JPY, GBP, etc.) or the country names of the currency. You can choose to find rates for world currencies, precious metals, or obsolete currencies.

OANDA Currency Converter

 

3. Enter the value of the currency on either side of the converter, depending on the currency that you have or the currency that you want to purchase.

OANDA Currency Converter

 

4. You can also choose the date and the percentage from the interbank rate list to further specify the data.

OANDA Currency Converter

See also: Currency Rate Calculator

 

Historical Currency Converter

Another fantastic feature offered by OANDA is the historical currency converter. You can access authoritative data across 38,000 currency pairs dating as far back as January 1990 and compare up to 10 currencies at the same time.

This is extremely helpful for auditors, CPAs, or tax professionals who are looking to spot-check, analyze data, or make reports across exchange rate data. You can choose the data frequencies, whether it's daily, weekly, monthly, annually, or fully customized.

OANDA rates are based on the compilation of foreign exchange rates from leading market data contributors. The rate data is uploaded at 00:00 UTC every day and represents the rate for the past 24-hour period aligned to UTC midnight.

Here are the steps that you should follow to use Historical Currency Converter:

  1. Open the Historical Exchange Rates on the platform and pick the currency base and the currency that you want to use.
  2. Choose the time frame (daily, weekly, monthly, annually, or custom), the rate source (OANDA rates or central bank exchange rates), and your price (bid, mid, or ask).
  3. If you want to compare more than 5 quote currencies, click on the plus (+) button next to the last quote currency.
  4. Lastly, you can download the data to a CSV format for easy use.

There are three pricing options that you can choose from:

  • Free: No fee and no signup required. Access to 180 days of historical exchange rates and the ability to compare quotes for up to 10 currencies.
  • Pro License: $75 per month or $750 per year. Includes all the features in the free license plus the ability to download historical data to a CSV file, access to over 31 years of historical data, and access to exchange rates from over 50 central banks.
  • Multi Seat: 25% discount for 5 licenses or seats. Includes all the features in the free and pro license. You can add several members to join this license.

 

Conclusion

All in all, OANDA offers a safe and reliable currency converter service for all traders in the world. It is actually very important to be aware of currency conversion rates before making any international transaction because of costs. If you're not careful, conversion fees can be higher than expected.

Many options might have hidden fees and some brokers might even manipulate the prices to fool customers. This is why choosing a reliable converter service is also crucial to get the best deal for your money.

🌐 Website
www.oanda.com
Leverage
1:20
💼 Regulation
💲 Min Deposit
$0
Year Established
1996

Islamic Accounts available
US traders are welcome
Negative balance protection
Segregated accounts
Compensation scheme
VPS Affiliate program
Trading via API
Education
Webinar
Swap
Wire transfer
Skrill
Neteller

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.

 

Aside from providing useful tools like Currency Converter, OANDA is also reputable for their trading app. How so? Explore the platform in "Is OANDA Mobile App Good?"