OSystems FX/CFD Trading Platform Review

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Did you notice that almost all brokers and platform providers are “unique” and “leaders” of the Forex and CFD trading industry? Or at least that’s how they see themselves. The majority talk about “… our new, innovative and unique feature brings you the power to…“. Yea… all unique as ham and eggs for breakfast. Oh, today I’m gonna eat something unique and innovative: ham and eggs! I’m such a leader in the food industry.

Ok, by now you may be wondering what the connection is between my yapping and a FOREX and CFD platform review. Well, OSYSTEMS new Forex platform may just be that real innovator we’ve all been waiting for. Why? Keep reading.



 

OSystems Platform Ratings

Platform functionality (8/10)

Platform efficiency (8/10)

Ease of use (8.5/10)

Social trading (9/10)

Additional information (8/10)

Average number of assets: 200

Trading tools available – trading indicators, full MT4 integrated, all plugins/integrations supported

Trading orders available – Stop, Market, Limit, Trailing

Prices and Rates: Multiple Providers supported via OSYSTEMS Smart Feed



 
 

Why OSystems Platform Sucks?

Unfortunately, the technical analysis tool options are limited to this platform and traders can only basic charting features. This makes it difficult if not impossible to deploy some advanced strategies and reduces trading to the basics.

Lacking advanced charting and limits on indicators offered, traders have to make doe with the basics. This can be expected from a web-based platform, however, being a market leading and innovative platform as OSYSTEMS suggest, we’d expect them to integrate more advanced charting and technical analysis tools.

 
 

Why OSystems Platform Doesn’t Suck?

Remember the innovation I talked about at the beginning of this review? OSYSTEMS brings a true innovation into the Forex and CFD trading platform industry: the Limit Order. Commonly known in the Forex market as a Pending Order, this tool allows the trader to specify a certain level and when price touches it, a trade is automatically opened. For example, if current EUR/USD quote is 1.3700 but I would like to trade Put on it only if it reaches 1.3720, I can set a Limit Order for the price of 1.3720 and when/if the pair touches that level, my trade is automatically triggered. Although new traders may not be very familiar with this type of trading, I can assure you that it opens the door for a lot of advanced strategies.

 

OSYSTEMS – FOREX & CFD Platform Technology

The platform interface is pretty simplistic but all the basic information is made available in an easy to see manner (your position statuses, Traders’ Sentiment bar, etc). What this platform lacks is advanced technical analysis tools; they have the basics but this is how most web-based platforms are built so it’s not something out of the ordinary.
Moving on to price feeds, OSYSTEMS uses a proprietary system called Smart Feed in order to provide an accurate rate. Various sources provide the price feed and Smart Feed combines them using a “sophisticated algorithm” (according to OSYSTEMS’s website) to calculate the most accurate price.

Although the platform is visually more pleasing than before and all features are easily accessible, the trader still doesn’t have any advanced technical tools at his disposal.

 

Special Features

The ability to use Limit Orders is definitely a special feature and adding to that is Social Trading. Next, to the trading window, traders will see a “social trading wall” where information about newly opened trades is published. Everybody can easily copy the trades of others and profit or lose together. The social trading feature can be disabled so others don’t see your trades.

Since our latest visit, the OSYSTEMS platform added and improved the extra feature of Social Trading but this type of trading is still underdeveloped in the industry and I believe there is a lot more room for improvement (this applies to all platforms not only OSYSTEMS).

 
 

My Trading Experience with OSystems

In my opinion, the most exciting feature is the Limit Order so I wanted to use it. The way of doing it is not too complicated, although at first, new traders might have minor difficulties; however, it gets easier pretty soon. I chose EUR/USD for my test and I placed a Put Limit Order 30 pips above current price because the pair was showing a down trend but was oversold and I wanted to join that trend only if price retraced higher. After a brief period of consolidation, price started to move upwards, reaching my Limit Order and triggering it. Now I had a Put trade opened in a downtrend, after a retracement – perfect setup if you ask me. Price resumed its movement south and an hour later my trade expired In the Money. Thanks to the limit order, I didn’t have to watch price as my trade was opened automatically once price reached my predetermined level.

Update: Just like last time I visited this platform, this time I made use of their Limit Order. I placed two of them and both were opened at the specified rate, under the parameters I’ve chosen. Functionality was almost flawless. Overall the platform works as it should and the new visuals are pleasing.

 
 

Pros

  • 100% web-based
  • The possibility to place Limit Orders
  • Mobile platform is available
  • Social trading

 

Cons

  • Not visually impressive although improvements have been made
Lacks advanced technical analysis tools
Charts are basic

 

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