Oanda as a forex broker

I don't have any words but praise for Oanda as a forex broker. They cut their already small spreads even further. Spreads are only cost in forex because there are no other fees or commissions. It's ludicrous that other traders pay 2 or 3 pips for eur/usd trade while at Oanda spread is 1.2 pips. On other less liquid currencies difference is even bigger. You can check comparison table at Oanda's page.

Now with usd/cad cut from 4 to 2.5 it's another pair suitable for easy intraday trading. Also gbp/jpy from 6 to 4, eur/chf 2 to 1, eur/gbp 1.5 to 1, gbp/usd 2.8 to 2.5, cad/jpy 5 to 3.5 and so on. So this is great news.

Those 1 or 2 pips difference can mean difference between loosing or winning trader. There is spread cost calculator at Oanda so you can check it for yourself, but for example 10X leverage and 3 trades a day with 10,000$ account you pay 7,500$ a year for spread if it's 1 pip, 15,000$ if it's 2 pips, 22,500$ if the spread is 3 pips.

Majority of traders trading with other forex brokers don't mind their spread because they think it's not important. They are in for 30, 60, 90 pips swing so it doesn't matter if they pay 1 or 2 pips more in spread. But to get 75% return on your money just in spread difference trading at Oanda and other trader is at break even at the same time it's madness paying so big spread and getting nothing for that.

Oanda doesn't spend money on internet advertisements but pass the savings in the most competitive spreads on market. Their advertisements are word of the mouth from satisfied customers like me. Oanda is the best forex broker for the small retail trader by my opinion.




Regarding my trading, I'm still busy with other stuff so no trading for me this and next month.