Comparing Forex Platforms, Part 1 - The Oanda Experience

Since beginning my admittedly brief forex career I've played around with a number of trading systems, and currently use a few different platforms for various analytical and trading tasks, since the features I want seem to be spread out between different brokers. My long-term goal, however, is to consolidate down to just a couple key tools in order to simplify my trading.

If you're looking for ratings and reviews of the major forex brokers and their trading platforms, you'll want to check out this poll at GoForex. Note that Oanda is far and away the winner, and based on my experience with their software I'd definitely have to agree. Key advantages I've found using Oanda include:

An entirely web-based interface - no software to download, just a javascript-powered trading window that will open from your web browser.

Lower spreads than just about every other broker I've seen. For instance, 1.5 to 2 pips on the EUR/USD pair.

It works on a Mac! I've been able to use Oanda on a Mac G5, something I haven't been able to do with software like DealBook and MetaTrader.

The ability to trade incredibly tiny amounts, if you're just getting started - as low as a single dollar, if that's all you can stomach.

A good demo system that allows you to practice on the trading platform using play money. Essentially, it's currency trading as a video game (no wonder they call it FXGame).

No price slippage (that I've seen) between your order and the final purchase or sales price.

Low minimum deposit requirements - only $500 to open a trading account.

Oanda is probably your best bet for a good, reliable, low-cost forex broker. But I've actually spent the bulk of my time on another platform, Global Forex Trading's DealBook system, which I'll discuss in my next post. Stay tuned!