Oanda
Oanda is a very well respected forex broker among large and small account holders. Oanda is known for being an innovative company that offers traders some unique features such as hourly swap payments and single unit positions sizing - your positions can be as small as 1 unit, which greatly improves traders' ability to apply sound money management rules correctly without having to round down your position sizes. Oanda also offers a great deal of transparency. You can view a lot of different information about the business, about what other traders are doing (open interest, or "level 2" - though it is not provided in real time), and a lot of other useful tidbits such as an active community forum. Oanda also offers a Java platform which can be run from any browser, and is Mac compatible. Some traders complain about the maximum leverage being 50:1, but realistically, a responsible trader should never come even close to being that highly leveraged anyway, so this is not usually a problem.The only real negative about Oanda is that the trading platform is unstable at times and lacks some features: there are no advanced order types, and the charting is poor. Still though, overall Oanda offers a very competitive product, particularly when you factor in their low spreads. Highly recommended for small to medium size accounts, and particularly those who trade longer than intraday timeframes.
Oanda also does not charge clients for deposits or withdrawals (although your bank may), allows pre-market trading, and offers exotic currencies such as for example USD/CNY (US Dollar vs. Chinese Yuan), USD/INR (US Dollar vs. Indian Rupee) and USD/TWD (US Dollar vs. Taiwan Dollar), as well as spot Gold and Silver. Another unique feature is that Oanda does not have a fixed timezone, so users are free to choose the timezone that best suits them.
* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.
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