I always get asked for what I suggest as the best Forex broker for the novice trader, well without hesitation I would always suggest the Oanda Forex trading online platform. This is an ideal platform where the learning curve is not too steep.
The Oanda company made it’s name for being a global leader in currency exchange information, but in 2001 they launched Fx Trade which is their online brokerage side of the business.
What make this company one of the best Forex broker is their policy of providing a non discriminatory trading environment with some of the tightest variable spreads available.
It does not matter whether you a novice trader trading mini lots or an institutional customer, both would get the same spreads, the size of your account or trade size does not effect the Forex spread available to you.
Another great advantage of this Forex broker, is the no minimum trade size and there is no minimum amount to open an account.
Other Forex Brokers will online trading investment only let you open an account if you have a minimum amount, and insist that your trade in either mini (10,000 units) or Standard (100,000 units).
But with the Oanda Forex trading platies, you can trade any size of units from a dollar upwards.
Included with your account is access to their learning tools, a forum which is packed with knowledge and a great Forex news resource.
Whilst maximum leverage is 50:1, this is more than enough for beginner Forex traders. I personally would recommend that novices start with a leverage of 20 to 1.
No need to download
This trading platies is JAVA based, meaning no downloads and the ability to access your trading account from anywhere in the world where you have Internet access and a computer running Java.
I have heard complainer from other traders have found this trading platform glitchy and slow. Well I can say that during my extensive use of this platform, I have only had problems a couple of times.
The charting packing that comes with Oanda, is easy to use but fairly basic with a fair selection of indicators. Where more experienced Forex traders might need more this Forex charting package is great for novices.
Low spreads Make More Pips
The Forex spreads provided by Oanda are some of the lowest in the business, with 1-2 pips between a lot of the major currencies. The tend to widen around the time of news releases, then this is probably not the best Forex trading platform for you.