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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.
See Also:
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.
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.
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.
4. You can also choose the date and the percentage from the interbank rate list to further specify the data.
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:
- Open the Historical Exchange Rates on the platform and pick the currency base and the currency that you want to use.
- 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).
- If you want to compare more than 5 quote currencies, click on the plus (+) button next to the last quote currency.
- 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.
See Also:
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.
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?"
17 Comments
Liam
Oct 15 2022
How can I contact customer service?
Jason
Oct 18 2022
Why do I get "the exchange rate data is not available" message?
Shiaib Khan
Mar 23 2023
Jason: You may receive the message "the exchange rate data is not available" for several reasons. Here are some possible explanations: Data source error: The exchange rate data you are trying to access may not be available due to a temporary error with the data source. This can happen if the server providing the data experiences technical difficulties, or if there is a problem with the internet connection between your device and the server. Data not found: The exchange rate data you are trying to access may not exist in the data source you are using. This can happen if you are trying to access rates for an uncommon currency or a currency that is not traded frequently. Invalid input: You may receive the error message if you have entered an incorrect currency code or if you have entered the currency code in the wrong format. Make sure you are using the correct three-letter code for the currency you want to convert, and that you are entering it in the correct order. Limited access: Some data sources may have restrictions on the amount or frequency of data that can be accessed, especially for free services. This means that you may need to upgrade to a paid subscription to access the exchange rate data you need. Outdated data: The exchange rate data you are trying to access may be outdated or stale, and the data source may not have updated it recently. In this case, you may need to refresh the data or wait for the data source to update its information.
Mercy
Oct 20 2022
Why can't I download the historical data?
Xavier
Oct 25 2022
How can I compare historical data for multiple currencies?
Ferry
Jun 20 2023
@Xavier: Hi there! To compare historical data for multiple currencies using the OANDA Currency Converter, you can follow these steps:
Hope it can helps you out!
Ashton
Oct 31 2022
What is the best time to exchange my money?
Wahid Khan
Mar 23 2023
Ashton: The best time to exchange your money depends on several factors, such as the currency pairs involved, the current market conditions, and your personal financial goals and circumstances. Here are some factors to consider when deciding the best time to exchange your money: Exchange rate trends: Monitor the exchange rate trends for the currency pairs you are interested in exchanging. You can use charts or online tools to track the historical performance of currency pairs, as well as to analyze current market trends. Look for patterns or trends that suggest whether the exchange rate is likely to rise or fall in the short term. Economic indicators: Keep an eye on relevant economic indicators that can affect currency exchange rates, such as inflation rates, interest rates, and unemployment rates. Economic data releases, such as gross domestic product (GDP) figures and trade balances, can also impact currency values. Political and geopolitical events: Political events, such as elections or changes in government policies, can have a significant impact on currency exchange rates. Geopolitical events, such as wars or natural disasters, can also affect currency values. Timing your transaction: Try to time your transaction to take advantage of favorable exchange rates. If you need to exchange a large amount of money, consider breaking up the transaction into smaller amounts and spreading them out over time, to minimize the risk of exchanging all your money at a less favorable rate. Charges: Be aware of the charges associated with exchanging money, as these can eat into your profits. Shop around for competitive exchange rates and compare the costs of different providers, such as banks, currency exchange kiosks, and online exchange platforms.
Cayenne
Jan 25 2023
It's very surprising to see so many currencies exists in this world. To use this currency conversion feature, do we need to pay a subscription fee? Or maybe there is a minimum deposit requirement? because most of today's applications are freemium, half free and half premium. If, it's completely free, I'm so interested to try it.
Rendo
Jun 19 2023
@Cayenne: OANDA's currency conversion feature is actually available for free to all users. There is no subscription fee or minimum deposit requirement to access and use this feature. It's designed to be easily accessible and convenient for anyone who needs to perform currency conversions. You can simply visit OANDA's website or use their mobile app to access the currency conversion tool. With this feature, you can convert between different currencies quickly and accurately, helping you with your international transactions or travel plans. OANDA strives to provide useful tools and services to its users without any additional costs. So, feel free to give it a try and explore the convenience of their currency conversion feature without any financial obligations
Pedro
Feb 6 2023
So the author wants to say that OANDA can also be a money changer, right? surprised! I hope it will help you to know the current price sooner. So you don't need to go to your bank or money changer to check the current rate before sending money, right? and you don't get the rate you want.
I would recommend using the OANDA Currency Converter. I've tried it on my phone and it's trying to access the website. Surprisingly, some currencies are easy to convert and the results for the currency I want to convert appear within a second. This is a great deal and is free from OANDA.
Rodrigo
Apr 15 2023
Hey man, I'm still confused as to why brokers like OANDA offer currency converter services. I mean, a lot of people just deposit their money without paying attention to the exchange rate, especially those who are into risky trading. And to be honest, using the OANDA Currency Converter only gives you the current exchange rate, which you can easily find on Google.
I'm thinking that the OANDA Currency Converter might be more useful if it was accessible through their mobile app. Do you know if they have that feature in the OANDA Mobile app?
Herald
Apr 15 2023
@Rodrigo: Let me explain to you! OANDA offers currency conversion services to their clients in order to help them better manage their foreign exchange needs. The OANDA Currency Converter is a web-based tool that allows users to quickly and easily convert one currency to another, and it provides real-time exchange rates that are accurate and reliable.
As for your question about whether the OANDA Currency Converter is available on their mobile app, the answer is yes! The OANDA Mobile app does include a currency converter feature, which allows users to convert currencies on-the-go. It's available on both iOS and Android devices, making it a convenient tool for traders and investors who are always on the move. Hope it can clarify your thought! Good Day!
Kenny
Nov 18 2023
Hey there, quick question. So, can we use the currency converter here as a reference for exchanging currency with other folks? I'm a bit puzzled because the converter in OANDA seems way more cost-effective than the currency exchange rates in my country. Sorry to bring it up, but I was reading this article, got intrigued by the values, and wanted to check if it holds up for the best currency exchange rates. However, when I hit up the money changers, they're hitting me with higher rates, and it's not just one place – it's happening across the board. So, is it trustworthy to rely on this currency converter from OANDA?
Juan
Nov 21 2023
Hey dude, It's a common scenario where the rates from online currency converters, like the one on OANDA, might appear more favorable than what you find at local money changers. The reason behind this difference can be attributed to various factors, including fees, commissions, and the profit margin that physical money changers build into their rates.
The OANDA currency converter is generally reliable and provides real-time rates. However, when it comes to practical currency exchange, especially with physical money changers, additional costs may be included in the rates they offer.
If you consistently find that the rates from OANDA are better than what you're getting locally, it might be a practical option for your currency exchange needs. Just be aware that factors like transaction fees and other hidden charges can vary, so it's a good idea to compare the total cost of exchanging currency using different methods.
Ashton
Dec 22 2023
There are three pricing options available, and one of them is the Pro License, requiring a payment of $75 per month or $750 per year, which seems like a steep fee for me. It primarily offers access to historical data and over 50 central banks for currency conversion checks.
I'm particularly interested in the Pro License. Can money changers or currency exchangers feasibly utilize the OANDA currency converter? Additionally, what utility does this converter serve, and what sets it apart from others?
Ludia
Dec 26 2023
Hello! As a user of OANDA's Currency Converter with the free plan, I can confirm that the converter is quite accurate, and its rates are mostly in line with those from other exchange platforms, although occasionally a bit higher than what money changers offer. Thus, I can deduce that while the Pro License for OANDA's currency converter, priced at $75 per month or $750 per year, might seem a bit expensive, it proves to be a valuable resource for individuals involved in money changing and currency exchange. This premium license provides access to a wealth of historical data spanning over 30 years and offers exchange rates from over 50 central banks worldwide. Beyond just checking current rates, it empowers users to explore the past, aiding in a better understanding of currency trends over time. With additional features like data downloads and global coverage, the Pro License is tailored for professionals in the field, making OANDA's currency converter a robust choice for thorough currency analysis and decision-making.