Canada-based forex brokerage group Oanda has updated its fxTrade mobile application for Android devices.
The main update are improved trading from chart capabilities, which show more details about the trade. There are other upgrades, including data updates while the app runs in the background, required confirmation when reducing or reversing a position, funding and other bug fixes.
The fxTrade app provides access to a tradable portfolio of more than 120 instruments, including currency pairs, precious metals, and CFDs for global markets, indices, commodities, and bonds. It features risk management options like take profits, stop losses, and trailing stops, as well as market news feed and market analysis.
The mobile chart trading allows placing orders directly on the chart, managing trading opportunities and risk exposure, order editing. There are more than 50 technical tools, including 32 overlay indicators, 11 drawing tools, and 9 charts with customizable sizes.
Clients can also fund their accounts through the mobile app and access automated custom notifications on price alerts, order expiry, upcoming economic calendar events.
fxTrade is available as a desktop and mobile application. Its main aim is to reduce trading costs and speed up execution. In late September last year, Ed Eger, the broker’s head, announced Oanda seeked to reposition the trading platform to a data and payment platform as this would eventually boost Oanda’s revenue from data and payment services, while still focusing on forex trading.
In addition to fxTrade, Oanda also offers MetaTrader 4 (MT4), the most widely used forex trading platform. Last year the broker also integrated TradingView’s charting and trading solutions to fxTrade, making available to its clients some 60 pre-built technical indicators.
Oanda offers forex, contracts for difference (CFDs), and precious metals. The broker operates through offices in San Francisco, Toronto, New York, London, Singapore, Tokyo, and Sydney. The group is regulated by the relevant authorities in the US, Singapore, Canada, the UK, Japan, and Australia.