Several clients have emailed me regarding the changes at TradeStation FX. TradeStation is no longer going to offer brokerage services for spot forex (currency futures are still available). Instead, although they will continue to offer the FX data feed, they are suggesting that clients transfer their fx accounts to Oanda, which is not surprising because TradeStation is known for futures and options but was never a powerhouse for fx trading. I used Oanda years ago but quite often was frustrated with the complexity of their platform. With this upcoming change I figured I would look and see what has changed.
TradeStation FX to Oanda FX Comparison
I was quite impressed with the changes. Very small lightweight platform that simply gets the job done. I really liked how responsive the platform was, everything was accessible within just a few clicks. One issue that traders will need to adjust to is with the FX order entry on the Oanda platform is there are no minimums for entry. This means that if you want to trade a micro, you have to type in 1000 units or mini for 10000 units or a full contract for 100000 units. Apart from that, I was quite impressed with them. All of their execution times are listed on their site and seem to be quite reasonable.
Although I use the currency futures for any of the majors that I trade, for those currencies that are not available as a future contract, I see no issues with trading via Oanda.