Thursday, January 22, 2009

Oanda


The charting package that came equipped with the platform was not bad. It wasn’t the best charting package we had seen, but it altogether was not the worst either. Some time frames that we like to monitor were not available which was disappointing (time frames that are not available include: 10min, 15min, 2hr, 4hr, 8hr, 12hr, 1week, 1month).
Oanda has the capacity to have multi-denominated sub accounts other than in USD with no minimum deposit. The different currency accounts available include: AUD, EUR, JPY, GBP, CAD & CHF and allows the user to transfer between their primary account and their sub account easily with the only restriction being that you cannot externally withdraw funds from a sub account, it must all come out of the primary account.
One other little thing that might go unnoticed by others is that Oanda display the volume currently available at the current market price. It is only seen when you place an order - it can give you an idea of what size order can be taken.
The orders screen is nothing new, however, where the orders can go is unique. Oanda do not have any restrictions on how close you can place a stop or limit order to where the current market is (I have experienced placing limit orders within the spread)!
Similarly there are no real restrictions on attaching stop and limit orders bar just covering the spread and adding one pip. Orders also have a variety of expiry times allowing you to place an expiry time of 1 hour (the earliest) to 1 month (the largest) on your orders

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