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.
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).