Broker to Trading

MetaTrader 4 (MT4) is a popular online trading platform supporting different kinds of traders. Oanda is a long established broker, which has been offering MT4 since 1996. Oanda has a number of different branches which can have different offerings, this is about Oanda Global, based in and regulated in the British Virgin Islands.

MT4 is a third party platform which is offered by online brokers. MT4 supports different types of trading. With reference to Oanda desktop vs MT4, Oanda Global offers MT4 as a desktop download, as a mobile app and as a web trader. The desktop downoad has full features, while the web trader has reduced features (i.e. no EAs). Traders who execute their own trades can find the usual range of tools such as technical indicators and other charting tools on all the platforms.

Traders who want to use robots (computer programs) to execute trades on their behalf can find Expert Advisors (EAs) on MT4. As EAs are programs, they can also do other tasks. EAs may be downloaded, typically for a fee, but can also be configured or built by the trader (though some may be provided by the broker).

EAs typically use some kind of signal such as an indicator signal to automatically enter, manage and exit a trade, the way a trader might, but without trader imposed errors (for example from fatigue).

To ensure that there are no connection errors, the trader can host their EAs on a Virtual Private Server (VPS) which can execute them 24/7, if desired. To build EAs, the trader needs to learn how to program them in MQL4. Traders may also add to the technical indicators already on the platform by downloading them or building them in MQL4.

The Oanda Group (which includes Oanda Global) has been established since 1996. Oanda Global offers MT4 and enables all the features described above, but also provides extra tools. Oanda offers MT4 Premium Tools, which despite their name are provided free to all traders. These include 15 technical indicators and 9 (free) Expert Advisors as well as additional chart price types and other tools. The traders can also find free EAs and indicators at Oanda without having to download the MT4 Premium Tools. Oanda also includes tools for creating indicators and EAs in MQL4, for the trader who wants to do it themselves.

Oanda additionally offers technical analysis powered by AutoChartist. This can be run as an Expert Advisor or as a web based app through MT4. Technical analysis is a mainstay of trading and seeks to provide signals about how a market might move, based on past performance. Traders can trade this way on their own behalf, following signals as they wish, or automate this process via an EA. The potential downside is that the EA cannot exercise discretion about following the indicator rules. Oanda offers VPS services via VPS providers.

The other offerings in the MT4 Premium Tools include tools for traders who execute their own trades, such as a Dow Jones news feed, Chasing Returns, which is a way to analyse traders' performance, market news sentiment and two calendars. The calendars can be used by news traders, who seek to speculate on the direction a market will move around the release of economic data affecting the market (calendars show when the news is being released, what markets might be affected and what the effect might be). Even if the trader does not trade news, calendars can be important to show what news might affect a market they are trading or planning to trade.

For more advanced traders, Depth of Market information is also provided, which shows the range of prices at different price levels (e.g. for those placing large orders). Oanda has a relatively wide range of market to trade on MT4, covering Forex, Metals, Indices, Soft Commodities, Cryptocurrency and Stocks CFDs. There is no minimum deposit to trade at Oanda.

So with Oanda, the trader can trade with a broker which has been providing this platform for a relatively long time and has evolved a large offering of tools to support all the kinds of trader who might want to use MT4 and its wide range of features. Additonally Oanda global also offers MT5, the successor to MT4, which has a number of enhancements. Oanda Global allows the trader to deposit up to $9,000 and trade without needing to supply verification documents. Finally, Oanda Global offers a Welcome Bonus of up to 3 Tesla Shares CFDs: T&Cs apply.