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Why Novices Use OANDA FXTrade
Some of the reasons are obvious.
They're why anyone chooses any product or service:
cost, convenience,
and reliability. But trading forex is not like
buying any other product or service: only in the last five years have
newcomers or small investors been welcome at this marketplace.
Online trading made forex accessible; OANDA makes it affordable.
With a $100 FXTrade account and trades as small as $1.00,
you get exactly the same conditions as professional traders:
the same information, the same tools, the same spreads, the same prices,
and the same execution. That's unprecedented.
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Novices use FXTrade because here they're not discriminated
against for trading the way they want
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Getting Started
It's easy. There is no cumbersome software to install or maintain.
There is no start-up cost or account-opening minimum, and you get a desktop
interface that is simple and easy to use—with data that updates in real
time.
But look before you leap.
Sure, forex is an exciting market, but ignore
the promises you've heard about getting rich quick. Trading currencies
profitably takes hard work and practice.
That's why we offer FXGame—one of the few demo platforms available
that you can use for as long as you like at no charge. It's a real-time
replica of FXTrade, not a dumbed-down version with make-believe spreads
or prices.
And FXGame is not a sales gimmick: we will never hound you with phone calls
or emails or pressure you to open a "real" trading account.
(And once you become a skilled forex trader, you can still use FXGame to test
different strategies under different market conditions.)
Other pages beginning traders have found interesting or useful:
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FXGame is a good place to learn forex
trading before you commit real money.
But take your time. And when you open an FXTrade account, never invest more
than you can afford to lose. Start small, and don't switch to FXTrade until
you're comfortable with the platform and your own ability.
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Shop before you drop
There are dozens of forex brokers to choose from. Every one will claim to
be the best. Instead of taking their word for it, take a close look at
what they offer. Decide what's most important to you, and then do some
comparison shopping:
| the trading platform |
What does it look like, how easy is it to use, how fresh is the data,
and how much trouble is the software behind it?
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| trading tools and information |
What is available, and is there an extra charge for using the tools?
Is there a demo platform, how long can you use it, and does it work
exactly like the real trading platform?
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| cost |
Start-up charges?
Account-opening minimum?
Minimum trade size?
Can you trade any amount,
or do you have to round up or down to an even
"lot"?
What are their spreads?
Do they pay interest on your account?
(And if so, how often is interest calculated and paid?)
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| risk |
Is there an extra charge for setting stop-loss or take-profit points?
What other tools are available to help you manage positions, and how much to they cost?
If you trade on margin, is your downside limited?
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| disclosure |
Do they publish spreads for all currencies traded?
Do they publish order-book and client positions?
Do they have an uncensored traders' forum where you can read other
investors' comments and questions and post your own?
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What you get with OANDA FXTrade
Lower Cost
At FXTrade your only cost is the spread, and our spreads are among the
tightest available.
| What you don't pay |
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Tightest Spreads on the 'Net |
- a set minimum
- start-up costs
- commissions
- transaction fees
- ongoing charges
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Whether you're buying or selling, FXTrade quotes a continuous,
real-time market. And tighter spreads (as low as 1.5 to 3 pips on major
currencies) mean you're more likely to get the price you want and expect.
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More of your money goes into your
trade, not the spread.
Convenience and Efficiency
| no cumbersome software to install or maintain |
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What does it look like, how easy is it to use, how fresh is the data,
and how much trouble is the software behind it?
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| no waiting for your broker or for markets to open |
OANDA provides 'round-the-clock trading, seven days a week
(although spreads are wider on weekends and
holidays due to decreased liquidity).
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no need to exchange your major currency before you can trade
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OANDA supports multi-currency accounts for seven major currencies.
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no arbitrary restrictions on the amount of your trade
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Trade the specific amount you want, without rounding up or down to a
"lot" (transactions can be as small as US$1.00).
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no "re-quotes"
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The spread you see is where you trade. FXTrade gives you real-time,
executable pricing—regardless
of the size of your transaction.
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no waiting for confirms or settlement
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FXTrade gives you instant confirmation of your trade and instant settlement.
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no aggressive sales people or cross-selling
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At OANDA, we focus on your transaction—because that's what matters most.
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FXTrade gives you everything
you need and nothing you don't.
Reliability
OANDA is a market maker, not an auction house or "matching engine":
when you trade with us, there is no third party. No hidden kickbacks to anyone.
FXTrade is based on more than 15 years of currency market research and
expertise; many of the world's leading companies rely on us for currency
exchange information.
Our platform comprises proprietary market-making and risk-management
technologies that have made us a leader in our industry.
OANDA is registered with the U.S. Commodity Futures Trading Commission
(CFTC) and is a member of the National Futures Association (NFA).
These organizations impose strict rules to safeguard your investment.
In accordance with those rules, OANDA segregates all customer funds from
operational funds in accounts at highly reputable banks such as
JPMorgan Chase, Citibank, UBS, Deutsche Bank, etc.
Funds are only withdrawn from these accounts upon specific withdrawal request.
In addition, OANDA is required to meet stringent financial requirements.
We compile financial data every day and submit it to the CFTC and the NFA
on a weekly and monthly basis. Both the operational and the financial
aspects of OANDA are audited by the NFA and by private financial auditors.
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