How to learn Forex trading in Singapore

This article was created in partnership with OANDA. The views and opinions expressed are Beansprout's objective and professional opinions.

What happened?

Foreign exchange (FX) rates have been volatile recently.

For example, the Japanese Yen hit a 30-year low against the US Dollar in October last year. 

The Yen then rallied after the US Federal Reserve signalled potential rate cuts in 2024. 

It was hence not a surprise that the Yen trading volume hit a 2023 high in December last year. 

This led some traders to ask – where can we learn more about forex trading? 

We decided to explore the tools and resources offered by OANDA, a brokerage platform which offers trading in over 70 FX pairs CFDs.

Let us dive deeper to find out more!

What is OANDA?

OANDA has been offering traders online access to speculate on price movements in the currency market since 2001. 

In Singapore, OANDA Asia Pacific Pte. Ltd. is a CFD broker regulated by the Monetary Authority of Singapore and holds a Capital Markets Services License.

OANDA Asia Pacific Pte. Ltd. provides CFDs on a broad range of underlying assets, such as forex, metals, indices, commodities and bonds, that clients can trade on OANDA’s award-winning trading platform with its smart trading tools and competitive pricing. 

As with choosing a brokerage account, it is important to choose a reliable and trusted platform.

Also, OANDA offers many tools and resources to help you become a smarter trader. 

What are the tools and resources offered by OANDA?

#1 - TradingView Integration

OANDA aims to provide clients with an advanced yet intuitive trading experience with a suite of powerful tools.

With their TradingView integration, you can access charting tools, over 100 technical indicators and 12+ chart types directly allowing for detailed market analysis and backtesting of trading strategies.

You also get the ability to create alerts, synchronise up to 8 chart windows, and harness TradingView's extensive custom indicators shared online and flexibility to customise workflows and monitor multiple assets or time frames at once.

If you are a TradingView member, you can also place trades from your OANDA account while on TradingView’s trading platform.

#2 -  Technical analysis with automatic chart pattern recognition

Besides TradingView integration, OANDA offers unique automatic chart pattern recognition and pattern quality indicators.

Traders can use this feature to continuously scan and analyse the intraday markets, identify support and resistance levels automatically and flag trading opportunities when support/resistance levels coincide with chart pattern projections.

What’s also powerful is that you can receive automated alerts for specified patterns and execute trades directly inside the interface - ensuring you don’t miss the trade.

#3 - Multiple trading platforms for trading flexibility

OANDA also stands out for its multi-platform integration and flexibility.

You can choose from a range of trading solutions optimised for your different needs - whether accessing global markets via mobile, utilising advanced charting tools through the browser, or leveraging a more customised MT4 interface.

With its mobile apps for both iOS and Android, you can still benefit from OANDA’s rich charting capabilities, a customizable layout, and full order execution functions comparable to the desktop experience. 

Those seeking more detailed technical analysis can trade on their OANDA web platform, which provides an extensive suite of charting tools, indicators and drawing capabilities powered by TradingView.

For added customization, clients can access OANDA pricing and liquidity directly through the popular MT4 platform. 

This allows clients to harness MT4's charting and analysis features, backtest strategies, build algorithms and install specialized add-ons while still benefiting from OANDA's competitive spreads and execution quality.

Here’s a summary of the differences between OANDA’s platforms:

#4 - Free educational resources with OANDA Learn

For those of us who are still learning the ropes of Forex trading, OANDA has numerous tools and resources that can help with your journey. 

As a start, OANDA Learn offers a wide range of trading guides, e-books, online courses, how-to videos, analysis, webinars and more.

The Learn page covers a variety of topics such as introduction to leveraged trading, technical/fundamental analysis, and how to use indicators & oscillators to help you along your journey.

#5 - Detailed webinars to improve your trading skills

If you need more guidance on advanced trading topics, you can register for their upcoming webinars and trading workshops where they will cover trading topics at every level, for beginners, advanced and proficient traders. 

For example, their Live market review with OANDA webinar will cover a live market update and analysis on the recent price movements of the major currency pair, providing you with the insights you need to trade in the forex markets strategically.

These webinars are held on a regular basis so you will be able to learn frequently from the expert speakers.

For example, there was a pipeline of weekly upcoming webinars when we checked the schedule recently. 

Do these tools and resources on OANDA come at a cost?

The good news is that these educational content and tools are all free for you to use as an OANDA client. 

OANDA does not charge any fees for account opening, and no minimum deposits are required. 

OANDA also offers competitive fees for forex CFDs, and you can trade the EUR/USD and USD/JPY pairs from 0.6 pips. 

If you are worried about market gapping and slippage, OANDA also offers Guaranteed stop loss orders (GSLOs) to provide you with margin relief on your forex CFDs by reducing your risk exposure. 

What would Beansprout do?

As a pioneer in online CFD trading, OANDA stands out for its suite of resources and tools to help clients become smarter traders. 

We will be utilising more of its advanced charting features, free educational content and webinars to learn more about Forex trading.

If you are keen to take advantage of these tools too, you can now get a red packet bonus of up to S$888* when you join OANDA. 

As a new user on OANDA, you’ll get S$288 when you deposit S$3,000 or S$888 when you deposit S$10,000 and meet minimum trade volumes. 

The promotion will end on 29 February 2024.

Sign up for an OANDA account and claim your sign-up rewards here. 

*T&Cs apply. Please refer to full T&Cs here.

Disclaimer

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Any information provided in this article is meant purely for informational and investor education purposes, and should not be relied upon as financial or investment advice, or advice on corporate finance.

The information provided in this article are on an “as is” and “as available” basis without warranty of any kind, whether express or implied. Beansprout does not recommend any particular course of action in relation to any investment product or class of investment products. No information is presented with the intention to induce any person to buy, sell, or hold a particular investment product or class of investment products.

You may wish to seek advice from a financial adviser before making a commitment to purchase the product; and in the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you.

Contracts for Difference (CFDs) are leveraged products and carry a high level of risk. It may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than your deposits. invest. Information on this website is general in nature. It should not be construed as investment or financial advice. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks. 

Please refer to the OANDA’s website for more information on the full T&Cs and disclaimers.