Review of the Oanda.com Currency Converter

What is the URL to go directly to it?

The Oanda home page can be found at www.oanda.com.  But if you need the direct link to take you straight to the converter, make sure you go to http://www.oanda.com/convert/classic.

What is it like?

This is a well established site, so as you would expect the currency converter is easily and professionally laid out.  It is stated as being an FX Converter, which refers to Forex or foreign exchange trading, but you can make use of it to get exchange rates for whatever reason you wish.

There is also a comprehensive set of instructions you may wish to follow if this is your first time of using this converter.  Unlike some sites which just give you a standard exchange rate, this one provides a number of different rates that you can use to get different figures according to your needs.

Is it easy to use?

Yes it is - the instructions help enormously but to get a standard conversion at the Interbank rate you won’t have any problems at all.

You’ll see a small date box on the converter, right next to the amount box.  This is automatically set to today’s date, but you can change it to get historical rates if you need them.  Some websites provide completely separate converters for historical rates, so the fact that Oanda rolls it all into one makes it very user friendly if you need both.

Once you have entered the required amount, you can choose your currencies from the scrolling boxes provided.  These are in alphabetical order, but you can speed the process by clicking in the box and then hitting the first letter of the country your currency is used by.  So for example the US dollar will be found under the letter U.

If you know the currency codes of your two currencies then it is even faster to use.  All you need to do is enter the codes in the boxes provided and hit the ‘convert now’ button.

Your results are displayed on the next screen, with the amounts appearing in red and the currencies appearing in blue.  This makes it easy to read the relevant figures.  You will get the basic exchange rate, plus data which refers to the Forex markets if you are interested in them.

Are there any particular features worth noting?

Perhaps the most useful feature that Oanda offers is the chance to personalize your currency converter.  This is ideal if you constantly want to know the exchange rate between two specific currencies.  You can click on the ‘personalize’ button and set all the required information to your own default settings.

This can save you lots of time in future if you have plenty of conversions to do and you are constantly coming back to the website.

The drop down box which contains a selection of eleven different rates to convert by is also useful to some people.  Some won’t find any use for it, but it is useful to have it there.

You can also choose from seven different languages while using your converter, and again you can personalize it so it will always appear in your chosen language.

These few extra services will make all the difference to many people, and they will push Oanda.com to the top of the list when it comes to finding a user friendly currency converter with a lot of different features.

In conclusion

If you are looking for a more comprehensive currency converter then the Oanda.com offering is definitely the one for you.  It doesn’t just provide a standard conversion - it has all the extra information that Forex traders will like, and the customizable features make it stand out from the rest.

At first glance it does seem a little more involved but when you take a proper look at it you will see that this is a real benefit.  And if you do get stuck or you need a little more clarification, you will soon notice the link right at the bottom of the converter that takes you to the comprehensive help section.

In short, this is a well thought out and very useful addition to the Oanda.com website.