Oanda attains Metatrader 4!
Ok, this is going to be big news for lots of traders. Yes, you read that right – you may
Ok, this is going to be big news for lots of traders.
Yes, you read that right – you may now open an Oanda account and trade with them using the MT4 platform.
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For all you Oanda enthusiasts who still use another MT4 broker for charting and then have to apply trades on your Oanda account, this is pure bliss. For others who don’t like MT4, no worries, just don’t use it.
Of course, the main disadvantage of using a different brokers’ MT4 charting is the fact that, even though you are able to use indicators to help you, you can’t actually use any of the Expert Advisors., since indicators show guidance, and EAs take action, generally speaking. Now however, you can use all your beautiful colourful EX4 indicators and pip crunching EAs on your Oanda account – directly. On a side note, even though I’m not a fan of EAs, there are still some decent money management EAs that are particularly useful.
Ok, so lets take a closer look. Most traders are already familiar with MT4, but the truth is, some brokers do MT4 better than others. Is Oanda one of those?
Here’s is what Oanda claim:
“THE OANDA ADVANTAGE, ON METATRADER 4
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OANDA’s fxTrade trading platform uses sophisticated algorithms to source interbank market rates and render them instantly as ultra-tight tradable OANDA Spreads. Clients appreciate our consistently competitive prices—and many other features that set OANDA apart from other forex dealers:
Our spreads are not negotiable. Everyone gets exactly the same spread, regardless of account size, trade size, customer type, or trading platform. No-hassle demo account. We offer a free practice trading account that never expires. Transparency and fairness. Our reputation means you can bank on our benchmark standards. OANDA provides full access to MetaTrader 4 tools, while maintaining our quality fxTrade execution. (OANDA’s MetaTrader 4 does not include the MT4 Virtual Dealer plug-in.)
OANDA fxTrade bridges directly to MetaTrader using custom-built technology, so we don’t need to inflate our spreads to cover any third-party fees for linking our trading engine with the MT4 user interface.”
Let me say one thing. The fact that Oanda specifically mention the fact that they DON’T use the MT4 Virtual Dealer plugin is a BREATH OF FRESH AIR. This is the FIRST broker that I know who have explicitly stated this. I even challenged MB Trading on this a few months ago, and they were not able to deny it. In fact, I would go as far as to say, on this basis alone, Oanda’s MT4 is something that should definitely be recommended.
Remember when FXCM first launched their MT4? You weren’t able to open a demo account, you had to go live, which was a bit silly. Remember when MB Trading first launched their MT4? They were full of teething problems, causing embarrassment for them.
I’m glad to say Oanda’s MT4 doesn’t force you to open a live account, you can test it on demo. Also, the demo isn’t half functional, it actually works fine. Kudos to Oanda for providing us with a stable MT4 that is only going to get better. The spreads are exactly the same as well of course.
In addition, quite possibly the most useful and important benefit that Oanda traders will gain is, the ability to actually see, for the first time, on Oanda, GASP – long term charts, namely Weekly and Monthly. Why Oanda never implemented this into their own platform is still a mystery, but for serious traders – yes, even intra-day traders, it’s something important, since they recognise the necessity of looking at serious support and resistance points on W1 and MN. Oh, and of course, for those of you who actually trade Weekly and Monthly charts – it might be useful to actually view them. It was about time Oanda addressed this situation.
Of course, you may go ahead and open an MT4 demo Oanda account straight away. Or, if you already have an existing Oanda account, the transition to MT4 based trading will be a smooth one in the near future (right now you can’t link your existing accounts but should soon be able to).
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Ash,
MB Trading does not use the MT4 virtual dealer plug-in and never has. We have made this very clear from the start and is also demonstrated in our YouTube videos about MT4 that have been up for a while.
http://site13.miydim.com/an-overview-of-mb-trading%E2%80%99s-ecn-mt4/
Ash,
MB Trading does not use the MT4 virtual dealer plug-in and never has. We have made this very clear from the start and is also demonstrated in our YouTube videos about MT4 that have been up for a while.
http://site13.miydim.com/an-overview-of-mb-trading%E2%80%99s-ecn-mt4/
“Of course, you may go ahead and open an MT4 demo Oanda account straight away”
not yet
“Of course, you may go ahead and open an MT4 demo Oanda account straight away”
not yet
I have to say that I like the existing OANDA platform, I like the way they represent positions and orders and other than the charting package which is a little lacking I feel that they overall have a good platform.
Knowing a little about how shaky and technologically challenged the back end of MT4 I am afraid that some things will get lost in translation and that traders would not get the highest level of execution quality they have been getting on the native platform.
I hope the OANDA development team have addressed these issues.
— Asaf.
I have to say that I like the existing OANDA platform, I like the way they represent positions and orders and other than the charting package which is a little lacking I feel that they overall have a good platform.
Knowing a little about how shaky and technologically challenged the back end of MT4 I am afraid that some things will get lost in translation and that traders would not get the highest level of execution quality they have been getting on the native platform.
I hope the OANDA development team have addressed these issues.
— Asaf.
Justin, thanks for the clarification. I’m glad to hear this.
Joov, officially it might be two weeks away yet (not exactly sure), but you can actually open an Oanda MT4 account if you wanted to be part of the testing phase.
Justin, thanks for the clarification. I’m glad to hear this.
Joov, officially it might be two weeks away yet (not exactly sure), but you can actually open an Oanda MT4 account if you wanted to be part of the testing phase.
I ve just opened the MT4 demo Sub-Account (you need to create a new sub account, go advanced options, then check use with MT4)
But I don’t see a link to download the Oanda MT client.
@DJ – thanks for the comment but do you mind being a little more clear in what exactly is ‘rubbish’ . The main conclusion is that the ICAP’s of the world have a symbiotic relationship with their LPs. If they are happy, they will continue to promote their ECNs, etc.
In addition, HFT is going to go somewhere – its just a matter of where.
@DJ – thanks for the comment but do you mind being a little more clear in what exactly is ‘rubbish’ . The main conclusion is that the ICAP’s of the world have a symbiotic relationship with their LPs. If they are happy, they will continue to promote their ECNs, etc.
In addition, HFT is going to go somewhere – its just a matter of where.
I ve just opened the MT4 demo Sub-Account (you need to create a new sub account, go advanced options, then check use with MT4)
But I don’t see a link to download the Oanda MT client.
Hi ReaM,
My understanding is that public beta testing is still a little way off. If you’re already an OANDA client possibly you’ve received an invitation to beta test MT4 already? If not a bit more patience might be required.
Jim
Hi ReaM,
My understanding is that public beta testing is still a little way off. If you’re already an OANDA client possibly you’ve received an invitation to beta test MT4 already? If not a bit more patience might be required.
Jim
The download link can be found in the first post here:
http://fxtrade.oanda.com/community/fxmessage/ultimatebb.cgi?ubb=get_topic;f=17;t=005687
The download link can be found in the first post here:
http://fxtrade.oanda.com/community/fxmessage/ultimatebb.cgi?ubb=get_topic;f=17;t=005687
I guess right after 31 Jan. Cos the Myfxbook say they will not support oanda after that . But as MT4….
I guess right after 31 Jan. Cos the Myfxbook say they will not support oanda after that . But as MT4….
That’s a very exiting news.
I’ve been using myfxbook as they were the only choice untill they have stoped the service. Now I can use fxstat as I’ve been looking to test them out as well as myfxbook and other Stat providers. When there is MT4, your options are open. But onada on MT4, is all what i wanted 🙂
Thank you again for this info.
That’s a very exiting news.
I’ve been using myfxbook as they were the only choice untill they have stoped the service. Now I can use fxstat as I’ve been looking to test them out as well as myfxbook and other Stat providers. When there is MT4, your options are open. But onada on MT4, is all what i wanted 🙂
Thank you again for this info.
Well that sure was about time! I contacted them to hear when it will be possible to get a real account for MT4 and could not give me any fixed date at this moment, so I guess we still have to wait a while..
they aren’t as they show insane spreads like 0.2pip on dollar yen etc, they just live on very low income from insanely huge volume
they aren’t as they show insane spreads like 0.2pip on dollar yen etc, they just live on very low income from insanely huge volume
Well that sure was about time! I contacted them to hear when it will be possible to get a real account for MT4 and could not give me any fixed date at this moment, so I guess we still have to wait a while..
A few things worry me about this One is their Online Fxtrade it would be Dumb if they discontinue it but it may affect their original format.Also I have used Oanda for 2 Years half of my Trading lifetime and i have never (knock On word ) had a slippage but when i was with alpari it was place your trade and cross your finger whose to say this wont happen even if not intended.
A few things worry me about this One is their Online Fxtrade it would be Dumb if they discontinue it but it may affect their original format.Also I have used Oanda for 2 Years half of my Trading lifetime and i have never (knock On word ) had a slippage but when i was with alpari it was place your trade and cross your finger whose to say this wont happen even if not intended.