Oanda Review

Oanda styles itself as ‘the currency site’, and when you arrive on the home page you will see why.  Alongside the handful of live currency rates that are prominently displayed on the home page, you will see that there are a huge number of other features this site can boast as well.

If you haven’t found this site before now, be prepared as it may soon become one of your clear favourites!  It is one of the better known websites in this area, and you will see why when you get a look at the number of different tools it has in store for you.

Take me to the site!  How do I get there?

It’s a quick and easy journey to get to www.oanda.com.  And from that page you will be able to explore using the well thought out design.

What does the site offer?

An awful lot, as you will see from the home page.  The various categories it has to offer are listed clearly on the left hand side of the page, but there are other links and tools situated elsewhere on the page to enable you to make the most of the site.

Oanda has a powerful currency conversion calculator that offers more than one hundred and sixty currencies, plus a few metals.  Oanda have taken the smart choice of allowing users to choose their language, since it stands to reason that if you want to deal in international currency, there is a chance that your first language may not be English.

This site has been offering online currency services for a long time. They were publishing exchange rates on the World Wide Web in 1995 – which is remarkable in itself.  Over the years the services offered by Oanda have grown to include advice on how to trade in Forex, data information services, Forex history charts and much more besides.

What is their currency converter like?

Converting currencies using the Oanda currency converter is very simple.  If there is a specific amount that you want to convert from one currency to another then you can start by entering the amount in the box on the top left labelled “Convert amount”.  Don’t enter that currency's symbol though; so for example you cannot enter $400 as an amount.  Entering this will result in an error, but entering 400 is fine.

You do not have to select an amount to convert if you just want to see the exchange rate.  Even if you do want to convert a specific amount you can elect to do so at a later stage if you just want to see the rate of exchange first.

To perform a simple conversion you choose a start currency, such as the American dollar, or USD to give it its international three letter currency code, from the left selection box.  Then you choose the destination currency – for example the Japanese Yen (JPY) - in the right selection box and click on the button below that says “convert now”.

The results page gives you the current real-time exchange/cross rates.  In this example they give you a $1 USD = X JPY and 1 JPY = X USD.  Beneath the median/max and minimum bid/ask spreads for the currencies is a “get exchange rates with amount” box.  This allows you to convert a specific volume of currency.  Oanda does not discriminate - you just put a figure in this box (without any currency symbol) and it will convert that amount of each currency into the other currency for you.  This means that if you type in 1257 into the box, it will return $1257 USD = X JPY and 1257 JPY = X USD.

There are a vast number of currencies you can convert from and to, so the chances of you not finding what you need are pretty remote.

Supposing I need some help and advice – can they help me with that?

You bet they can.  For starters there is a lot of help available for those who are new to the Forex trading world and want to find out more about it.  Check out the section headed ‘Forex trading’ for all the details.

But of course there are other useful links as well that will give you the support you need.  You can search the site using the link at the bottom, and you will also find at the foot of the page a site map that can be accessed to discover more about where everything is located.

Right at the bottom of the site map there are a number of crucial links that will help you out if you have questions or queries that need answering.  The FAQ and help sections are particularly useful in this respect, especially since the FAQ section is primarily aimed at using their currency converter.  As such the website is very good at making things easy for you to understand and use, so bear these links in mind should you get stuck at any point.

In conclusion

Oanda estimates that 20% of the global online spot and Forex trading takes place on its servers.  That is quite an impressive statistic when it comes to foreign exchange trading.

All in all it is an impressively featured site with a highly useful conversion tool.  But perhaps it is the overall range of advice, information and tools that makes this a site well worth visiting.  It doesn’t talk down to you; it simply makes things easier to understand and makes sure that everything you would need if you want to get involved in trading the Forex markets is right there at your fingertips.

That’s why so many people love Oanda, and why it is one of those names that is more familiar to you among these types of sites online.

Rating (out of five stars)

There is really only one answer to the star rating – particularly if you are interested in Forex trading.  We have to give this site five out of five, without a second thought.

- 5 Stars

Link: http://www.oanda.com/convert/classic