[lonespruce]

Hey Everyone,

I've been looking at Oanda and EFX Group for some time now. I feel that they are the best brokers around at the moment.

I'm looking for any experiences good, bad or ugly from these two brokers in order to help my decide which is king. I'm not looking for an MT4 broker so if you know one that is awesome - don't bother - I'm not interested.

Let the mud slinging begin. Any ideas, experiences, etc are greatly appreciated.

[johnedoe]

Been with Oanda for about 3 years.... no real complaints, rapid accurate fills, intrest paid on your account balance and intrest paid by the second on positions.
No trailing stops but that is not that big a deal for the strategy I use.
Also they have been around longer than EFX.

[Xaron]

I don't know EFX only Oanda and I like them.

BTW: They aren't brokers but market makers, that's a difference.

I have no real complaints with Oanda, almost every limit and stop was filled exactly where I set it, slippage is very rare and in most cases during news events. I had only once a misfill - an order that was filled even though the price did not reach the limit. But Oanda credited my account with the loss, very fair.

Regards - Xaron

[jlpi]

Originally Posted by lonespruce

Hey Everyone,

I've been looking at Oanda and EFX Group for some time now. I feel that they are the best brokers around at the moment.

I'm looking for any experiences good, bad or ugly from these two brokers in order to help my decide which is king. I'm not looking for an MT4 broker so if you know one that is awesome - don't bother - I'm not interested.

Let the mud slinging begin. Any ideas, experiences, etc are greatly appreciated.

I wouldn't go with EFX or MBTrading for the moment for 2 reasons:
- swaps are bad
- accounts in $ only (in live in Europe and don't want to lose all profits because of the $) but it may change soon !

[Mk4x]

oanda seems fine i cant even use EFX if i wanted to i'm banned cuz of where i live vancouver,BC

[unlv_tj]

I have being using Oanda for paper trading, and I am impressed. I don't know if it will work as smoothly or as consitantly with real money on the line, but from what I have heard about Oanda, it will be just fine.

I do have a question about Oanda. I am planning on starting my account with $5,000. Is this too much for a Market Maker? Do I have to go up to an ECN if I want to trade with this amount of money?

Let me know and thanks!

[Ricardo.]

Originally Posted by unlv_tj

I do have a question about Oanda. I am planning on starting my account with $5,000. Is this too much for a Market Maker? Do I have to go up to an ECN if I want to trade with this amount of money?

Don't worry, $ 5000 is a very small account, I'm sure there are many professionals and institutions with 5 or 6 figures accounts trading with Oanda.

[fxchant]

Originally Posted by lonespruce

Hey Everyone,

I've been looking at Oanda and EFX Group for some time now. I feel that they are the best brokers around at the moment.

I'm looking for any experiences good, bad or ugly from these two brokers in order to help my decide which is king. I'm not looking for an MT4 broker so if you know one that is awesome - don't bother - I'm not interested.

Let the mud slinging begin. Any ideas, experiences, etc are greatly appreciated.

Those are the two brokers that I use. Easiest thing to do is open accounts with both, use Oanda for carry trades because EFX/MBTF swap rates suck, and do your more active trading with EFX/MBTF. I have no complaints about either based on the style of trades that I send to both. How you trade would matter.

[Xaron]

Originally Posted by unlv_tj

I have being using Oanda for paper trading, and I am impressed. I don't know if it will work as smoothly or as consitantly with real money on the line, but from what I have heard about Oanda, it will be just fine.

I do have a question about Oanda. I am planning on starting my account with $5,000. Is this too much for a Market Maker? Do I have to go up to an ECN if I want to trade with this amount of money?

Let me know and thanks!

Oanda is one of the market markers where the demo account is a real demo account not like the demo accounts for many MT4 market makers where you get instant fills...

$5,000 is ok for Oanda, I'd even trust them $50,000. Forget about ECN if you only have $5,000.

Regards - Xaron

[matsf]

Hi guys,

i´m searching also for a new broker, because CMC sucks, as you all know :-)
Got demo accts. with MBTrading and Oanda.
I´m from Germany, so i´m interested in the security of my deposits.
What´s in case of a bancruptcy ?
Can you help me there ?
And how long does a withdrawal take ?

[CHFJunkie]

so guys, how do u deal with the widening spread in Oanda?
it's the only thing that aches

[Xaron]

@matsf: Check out ABN Amro MarketIndex, they use the same Oanda platform, the spreads are a little bit higher but they offer indices like the DAX and commodities. Your account there is insured up to 20k Euros.

Oanda doesn't offer an account insurance but I trust them anyway.

@CHFJunkie: That depends on your strategy. For my strategy spread widening during news doesn't scare me as I'm more a long time trader with a fundamental bias. I don't trade the news and won't recommend anyone to do it.

Regards - Xaron

[lonespruce]

Hey Everyone,

Thanks for the replies so far - I appreciate you taking the time to throw in some personal experiences.

Looks like I'm on the right track.

[th_ngue21]

Its seems that Oanda is a very good broker/market maker, however Oanda´s maximal leverage is 1:50.

I choose for MBTrading/EFX Group because they offer leverage 1:100. That is the laverage that works for me and I think they are a real ECN.

I have an account with them for 1,5 years and have no problems.

[Xaron]

Originally Posted by th_ngue21

Its seems that Oanda is a very good broker/market maker, however Oanda´s maximal leverage is 1:50.

That's one of the reasons I like them.

Regards - Xaron