Canadian retail FX firm OANDA has just announced that it is partnering with multi-asset trading platform MultiCharts, thus increasing potential trading opportunities for its clients.
The two companies are currently beta-testing an OANDA plug-in for MultiCharts, with the test being open to all those wishing to take part in it. If everything goes as planned, OANDA will have its data feed connected to the platform, thus joining a group of 27 such providers. OANDA joining the list of MultiCharts’ supported brokers may also be imminent, a move which would list the firm among 32 existing names.
The team-up marks a very important step in the relations of OANDA and MultiCharts: there have been pushes for the tie-up since the end of 2010 but for a couple of years OANDA was reluctant to give the partnership a go, with the focus being on FX services provided via fxTrade and later on – via MetaTrader 4.
The idea of the partnership resurfaced in the summer of 2014 and has materialized into the beta-testing phase now.
The tie-up reiterates OANDA’s commitment to keep integrating with industry leaders (like MT4) and to provide top-class analysis capabilities. The broker made this commitment on announcing its parting ways with social trading platform Currensee, which it had purchased just a year ago.
Partnering with MultiCharts is a way to offer its clients access to a unique platform. MultiCharts is interesting mainly for its independence – it has supported brokers but traders can easily switch between various options or select more than one broker to use. Subsequently, a trader can also opt for one or multiple data feeds which to tap. This is very useful for software developers who wish to test their indicators or automated trading strategies using data feeds from different brokers. The platform is know also for its technical analysis capabilities, backtesting functionalities and, most recently, real-time portfolio trading.
For quite some time NinjaTrader was considered as the better alternative to MultiCharts – however, after in the summer of 2014 the software company that develops NT bought Mirus Futures and announced plans to launch its own brokerage, the broker-neutral status of NT has been questioned. This may work in favor of MultiCharts’ business case, as now more brokers will probably reassess the chance of offering their services through this multi-asset, multilingual platform with rich tech capabilities.
To learn more and participate in the testing of OANDA’s plug-in for MC, visit MultiCharts’ Blog, and as far as providing feedback to OANDA is concerned, the broker’s forum offers exactly that facility and can be viewed by clicking here.