Oanda is a popular online forex broker that has become a preferred choice for many traders around the world. They offer a wide range of trading instruments and excellent customer support. One of the most important aspects of trading forex is understanding the trading hours of the market. Knowing when the markets open and close can help traders plan their trades and avoid any unexpected market movements. In this article, we will discuss when the Oanda forex markets close on Fridays.
Oanda operates in different time zones, depending on the region. The market hours for Oanda are based on the Eastern Standard Time (EST) in North America. This is the time zone for New York, which is the financial capital of the world. The Oanda forex markets operate 24 hours a day, 5 days a week, from Sunday at 5 pm EST to Friday at 5 pm EST. This means that traders can access the market and trade at any time during the week.
However, there are some important factors to consider when trading forex with Oanda. The forex markets are closed on weekends, which means that traders cannot place trades or access their accounts during this time. Additionally, there are times when the market may be closed due to holidays or other unforeseen events. It is important to keep track of these events to avoid any disruptions to your trading activities.
When it comes to Fridays, the Oanda forex markets close at 5 pm EST. This means that traders should ensure that all their open positions are closed before this time. Any open trades at this time will be rolled over to the following week, and traders will be charged a rollover fee. The rollover fee is an interest rate that is applied to the value of the open position, and it is charged for holding the position overnight.
Traders should also be aware of the market volatility that can occur at the end of the trading week. The Oanda forex markets close at the same time as other major markets around the world, including London and Tokyo. This can lead to increased market volatility as traders rush to close their positions before the weekend. As a result, traders should be cautious and avoid making any impulsive trades at this time.
In conclusion, the Oanda forex markets close on Friday at 5 pm EST. Traders should ensure that all their open positions are closed before this time to avoid any rollover fees. Additionally, traders should be aware of the increased market volatility that can occur at the end of the trading week and avoid making any impulsive trades. By understanding the trading hours of the market, traders can plan their trades effectively and maximize their profits.