If you’re a forex trader, or are considering becoming one, you have probably heard of Oanda. If not, now you have! Oanda is a powerful forex trading platform that offers forex traders a wide range of powerful features. This includes a trading platform, the highly accurate Oanda currency converter, Forex education, powerful charts, and various other features.
Unlike many other investment companies, Oanda focuses pretty much exclusively on forex. Many companies offer forex services as part of their overall packages. Oanda though is one of the few major companies to focus pretty much exclusively on currency trading.
Oanda itself is a Canadian-based company that offers a wide-variety of Forex services. You can head to Oanda.com to learn more about forex. The website is a great resource for beginners and advanced forex traders alike. The website also features the oanda currency converter, one of the most accurate currency converters in the world.
What is the Forex Market?
First thing’s first, let’s talk about the forex market. Every day, billions and billions of dollars, yen, euro, and other currencies flow through global markets. Global trade is dependent on these different currencies. Companies operating on an international scale absolutely depend on the exchange of currencies in order to support their international operations.
In fact, the entire global financial system and global economy is dependent on the exchange of currencies. As a result, the so-called forex market, which is essentially the international currency exchange market, has evolved into the world’s largest and most liquid market. It operates twenty four hours a day, three hundred and sixty five days a year. Most other markets are only open during certain hours, and shut down on weekends and holidays. But not the forex market.
As a result, the forex market is very different from most other markets, and must be approached with a different mindset. Currencies are constantly ebbing and flowing. Over the course of a day, exchange rates can slowly change. In some cases, like the infamous Brexit Vote, currencies can even change by 10 percent or more within the course of a few hours. If you’re ever curious about exchange rates, make sure you check out the oanda converter and monitor how exchange rates change over time.
Oanda and the FX Trade forex platform
You can also engage in Oanda’s service offerings. This includes fxTrade (fxTrade.com), which is one of the best low-cost forex trading platforms in the world. Often, fxTrade is referred to simply as Oanda as the two are essentially inseparable at this point. As such, we’re going to take a moment to review Oanda’s forex trading platform.
FX trade is one of the lower cost fully featured forex brokers. This means you will be able to access a good amount of services and research, without having to pay through the nose for it. At the same time, you will have access to a reputable trading platform based in a stable country (Canada). This makes FX Trade a win-win for any forex trader looking to get started.
Forex Trading Scams and Shame Companies
One thing you need to be careful about when conducting forex trading is the fact that there are a lot of scams out there. When it comes to investing, scams are sadly common. This is true of stocks, bonds, and every other type of asset. For forex, the risks can actually be a bit higher. Given the massive size of the forex industry, it is harder for authorities to regulate it and to keep an eye out for scam artists.
Further, due to the global nature of the forex market, it’s easier for shame companies to set up shop in shame locations, and to then defraud investors. Even once the gig is up, local authorities in many less reputable countries will rarely, if ever, prosecute these scam companies. This is with the assumption that the authorities can find the criminals.
So if you hear about brokers offering fees that are significantly less than Oanda, make sure you dig deeper. It’s essential that you make sure that no one is ripping you off or defrauding you. Often, when you try to cut corners while investing and try to save a bit of money, you can end up getting ripped off. For this reason, it is better to work with well-known and trusted companies, like Oanda fx and FX trade, even if you have to pay a little bit more for their services.