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OANDA Discussion

Quoting imwim
{quote} So, after 11pm 31st December 2020, we can trade further in the current Oanda account or not ???
As far as I understand if you do nothing you have the same account, but without "EU regulations protection".
It seems to me they would rather have me "move to the Malta one"...
It needs more investigation, there´s a few days left.
Some more on teh subject:

https://www.financemagnates.com/fore...nt-to-migrate/
Just contacted them, you can keep the old account and open a new one in the Malta subsidiary (Europe).
Or stay in the old one, UK based.
You can keep both, "for a while"!
It is a completely new account, you have to follow the whole process of crating a new account, including paying for the money transfers. For example, take the money out to your Bank, (pay the fees), and transfer to the new account, pay again...
Quoting cuchuflito
Some more on teh subject: https://www.financemagnates.com/fore...nt-to-migrate/
Reading the article the only conclusion is that it's best to stay with OANDA UK because of the £85,000 account protection in the unlikely eventuality that OANDA goes bust. Malta has no such protection. The UK will surely lose financial firms that will move to the mainland because of Brexit. As a result, it will never force EU customers to close their accounts with any of their brokers unless the UK government becomes stupid
Quoting Hutch
{quote} Reading the article the only conclusion is that it's best to stay with OANDA UK because of the £85,000 account protection in the unlikely eventuality that OANDA goes bust. Malta has no such protection. The UK will surely lose financial firms that will move to the mainland because of Brexit. As a result, it will never force EU customers to close their accounts with any of their brokers unless the UK government becomes stupid
The leverage for OANDA UK will remain 30:1 or it can be bigger after 11pm 31st December 2020 ?
I am who I am
Quoting Hutch
{quote} Reading the article the only conclusion is that it's best to stay with OANDA UK because of the £85,000 account protection in the unlikely eventuality that OANDA goes bust. Malta has no such protection. The UK will surely lose financial firms that will move to the mainland because of Brexit. As a result, it will never force EU customers to close their accounts with any of their brokers unless the UK government becomes stupid
Understand Hutch, but from the tone of my chat with customer support, it sounded like , being a EU citizen, I will be allowed to keep my UK account "for now".
I guess there´s simply tons of uncertainty with Brexit. I mean, they calculate 2 years, untill they can work out the rules of flying with pets between UK and EU.
Till then your pet will have to stay at home!
Quoting imwim
{quote} The leverage for OANDA UK will remain 30:1 or it can be bigger after 11pm 31st December 2020 ?
I asked them exactly that and representative said that for now, no updates on the mater were given and if anything changes we will be notified.
Quoting xy100
{quote} I asked them exactly that and representative said that for now, no updates on the mater were given and if anything changes we will be notified.
Indeed, FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers:
https://www.fca.org.uk/news/press-re...tail-consumers
I am who I am
Quoting imwim
{quote} The leverage for OANDA UK will remain 30:1 or it can be bigger after 11pm 31st December 2020 ?
I don't know but as long as Canada allows trading for non-Canadians living in other counties I will remain happy.
It looks like the UK will force FCA to shoot itself in the foot and lose lots of financial customers.
So finally decided to take advantage of the end of the year, withdrew all my funds, and created a new "Oanda Malta/Eu" account.
So far so good.Waiting for my money to reach my bank safely before I fund the new account.
Now the options are: Bank transfer, credit card or Paypal.
Question, after what happened to people having troubles withdrawing, on the basis of having changed their original private account (which is completely unacceptable from Oanda).
In my opinion when I want to withdraw, It is my money, so I am the one telling them where to send it, they charge for it mostly anyway.I have never ever seen a similar procedure from a Bank, broker or the like!!!
Back to my question to you guys and girls: Which funding method would you recommend?
Thanks in advance.
Quoting cuchuflito
So finally decided to take advantage of the end of the year, withdrew all my funds, and created a new "Oanda Malta/Eu" account. So far so good.Waiting for my money to reach my bank safely before I fund the new account. Now the options are: Bank transfer, credit card or Paypal. Question, after what happened to people having troubles withdrawing, on the basis of having changed their original private account (which is completely unacceptable from Oanda). In my opinion when I want to withdraw, It is my money, so I am the one telling them where to send...
If a trader changed his/her original account one trick that I used before was to deposit funds using the new bank account that way Oanda recognizes that bank account. I no longer trust Paypal since it always wants people to link our Paypal account with a bank account and and I don't want to take a risk. For me the best method is to use a bank transfer.
  • #6,392
  • Quote
  • Edited 2:53pm Dec 21, 2020 5:33am | Edited 2:53pm
  • #6,393
  • Quote
  • Edited 2:54pm Dec 21, 2020 5:52am | Edited 2:54pm
It's simple :
- withdrawal using a debit card can be made in the same amount like the total amount used to deposit fund using this debit card still valid
- else withdrawal using a bank transfer (SWIFT code) for any funds related or not related to a previous deposit by a debit card
I am who I am
Some more bad news.
I just talked on the phone to a German employee from OANDA in the UK.
Asked him if OANDA´s forex trades are CFD trades!
Yes, they are!!!
Meaning, day- trading "CFD Forex", in Germany, is for the moment, finished. Unless of course you love the Finanzamt and want to work for them!
The new law was passed on Friday!
The next question is: what about "spot Forex" (leveraged), with a non-market maker, ECN broker?
  • #6,396
  • Quote
  • Dec 21, 2020 10:21am Dec 21, 2020 10:21am
Apparently they're opening (moving?) offices to Malta ahead of Brexit. The FCA regulation is better than the Maltese one though. :/
Finally made it to withdraw all my funds .
They charged me 60 Euros for 2 Bank Wires.

That´s what I call a friendly Market-Maker.
Quoting cuchuflito
Finally made it to withdraw all my funds . They charged me 60 Euros for 2 Bank Wires. That´s what I call a friendly Market-Maker.
In the good old days there were no fees because you could withdraw using a check. Now brokers like wires or bebit cards.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Costs.jpg Size: 141 KB
Anyone know why all ready retarded high Oanda swaps were 10x today?
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