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Tags: did oanda just drop its spread for eurusd to 1 pip?
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did oanda just drop its spread for eurusd to 1 pip?

  • Post #1
  • Quote
  • First Post: Dec 2, 2004 9:15pm Dec 2, 2004 9:15pm
  •  zackyat
  • | Joined Jul 2004 | Status: Member | 20 Posts
i know that oanda spread is not fixed but this is the first time i saw eurusd spread on oanda drops to 1 pip! even spread on usdjpy drops to 2 pips!
any comment?
  • Post #2
  • Quote
  • Apr 8, 2007 10:06am Apr 8, 2007 10:06am
  •  johnedoe
  • | Membership Revoked | Joined Dec 2005 | 2,298 Posts
I have seen EUR/USD as low as .75
and for the USD/JPY 1.8 regularly.
Same Whore .... Different Dress
 
 
  • Post #3
  • Quote
  • Apr 8, 2007 11:58am Apr 8, 2007 11:58am
  •  dunningduke
  • | Joined May 2006 | Status: Member | 381 Posts
The thing is, Oanda charges you a spread of 1.5 pips for EURUSD but also quotes you a different price than market, thus charging you more pips.
 
 
  • Post #4
  • Quote
  • Apr 9, 2007 12:29am Apr 9, 2007 12:29am
  •  johnedoe
  • | Membership Revoked | Joined Dec 2005 | 2,298 Posts
Quoting dunningduke
Disliked
The thing is, Oanda charges you a spread of 1.5 pips for EURUSD but also quotes you a different price than market, thus charging you more pips.
Ignored
how do you figgure that?
If you trade at oanda you are trading at their prices.
Same Whore .... Different Dress
 
 
  • Post #5
  • Quote
  • Apr 9, 2007 4:37am Apr 9, 2007 4:37am
  •  SeekingLight
  • Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
I'm still highly distrustful of OANDA after it turned out their 200 pip spread spike on NFP was - and this is the scary part - a mistake entering A MANUALLY MANIPULATED SPREAD. It would appear the guy entered 200 instead of 20 - which in turn just means they manually widen their spread artificially on news as opposed to their "we're just mirroring the market" claims.
If you're trading at any time on a news day this basically amounts to just another type of stop hunting by simply widening the "bashing radius" of the spread if you ask me.
This practice has made me highly distrustful of Oanda. Now I know it isn't fun to have 80% of your customers abuse your system with newstrading, but if what you do also means stopping out position or intraday traders for no good reason (i.e. artificially made prices) then I can't endorse that either.

I mean, christ, "we made a mistake ENTERING the spread"...that alone...

Also I've looked at their spread history on cable, is it normal that the average spread is 4-8 pips during any given day? And by far worse on news days it would appear, and not just DURING news, but simply during the day with 3-4 red news items.

I really like a lot of interface features they have (although I don't know why they have to use 3 instead of 4 hours) like the units or % defaults, but I believe they don't have TS and those spread tinkerings leave one with a very sour taste...anyone with deeper info on all this?

And am I the only one who thinks it's deeply cynical to claim 1$ trading and then charge 40 for withdrawals?
Bit like "Yea you can trade with small money with us, you just won't ever see it again. Think of it like paying to go see the movies!"
Trust price. Know yourself.
 
 
  • Post #6
  • Quote
  • Apr 9, 2007 9:54pm Apr 9, 2007 9:54pm
  •  Pipex
  • | Joined Feb 2006 | Status: Pip Lover | 135 Posts
I’ll give some positive comments about Oanda. I’ve been trading live with Oanda since March 2006. Because of the way I trade, stop hunting and/or spread widening does not affect me, so I’m very happy with Oanda. On the other hand, I don’t care for their charts, so I use MetaTrader. I would also like to see more features added to help analyze my trading performance. I’ve also never been charged for withdrawals. I guess it’s because I request withdrawals by check every last Sunday of each month so I’ll have the check by the end of week. Hopefully someone is listening and things will improve for everyone.

Happy Trading …
If it is not broken, fix it until it is!
 
 
  • Post #7
  • Quote
  • Edited 9:58am Apr 10, 2007 9:50am | Edited 9:58am
  •  Sympatico
  • | Joined Mar 2007 | Status: Member of the World | 29 Posts
Quoting SeekingLight
Disliked
I'm still highly distrustful of OANDA after it turned out their 200 pip spread spike on NFP was - and this is the scary part - a mistake entering A MANUALLY MANIPULATED SPREAD. It would appear the guy entered 200 instead of 20 - which in turn just means they manually widen their spread artificially on news as opposed to their "we're just mirroring the market" claims.
Ignored
Quoting SeekingLight
Disliked
If you're trading at any time on a news day this basically amounts to just another type of stop hunting by simply widening the "bashing radius" of the spread if you ask me.
This practice has made me highly distrustful of Oanda. Now I know it isn't fun to have 80% of your customers abuse your system with newstrading, but if what you do also means stopping out position or intraday traders for no good reason (i.e. artificially made prices) then I can't endorse that either.

I mean, christ, "we made a mistake ENTERING the spread"...that alone...

Also I've looked at their spread history on cable, is it normal that the average spread is 4-8 pips during any given day? And by far worse on news days it would appear, and not just DURING news, but simply during the day with 3-4 red news items.

I really like a lot of interface features they have (although I don't know why they have to use 3 instead of 4 hours) like the units or % defaults, but I believe they don't have TS and those spread tinkerings leave one with a very sour taste...anyone with deeper info on all this?

And am I the only one who thinks it's deeply cynical to claim 1$ trading and then charge 40 for withdrawals?
Bit like "Yea you can trade with small money with us, you just won't ever see it again. Think of it like paying to go see the movies!"
Ignored
The 200 pip spread on GBPUSD was perhaps the final straw for me...

The claim at Oanda is that everything is 100% automated, which would presumably include the transactions and rates with their partner banks. But it was always suspect to me how they could raise the spreads to exactly 20 pips on GBPUSD during news releases and sometimes for 10 minutes still after the release! Now, those spread increases rarely affected me (except a few with AUDUSD and of course, the famous 200 pip GBPUSD spread), but it clashes so obviously with the claims Stumm would make after these events and he finally deigned answer the complaints.

So, you add the manual super-spreads Oanda institutes during news PLUS the slippage, and you get a picture that’s far from the one they paint. In fact, I actually had a EURUSD trade exact a loss when the TP was set to 20 pip profit due to slippage! The funny thing is there are many posters who claim to never experience any slippage. So, either they are shills or accounts are processed differently, which again, supposes someone is intervening with some kind of flag on individual accounts…
 
 
  • Post #8
  • Quote
  • Apr 10, 2007 10:32am Apr 10, 2007 10:32am
  •  SeekingLight
  • Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Quoting Pipex
Disliked
I’ve also never been charged for withdrawals. I guess it’s because I request withdrawals by check every last Sunday of each month so I’ll have the check by the end of week. Hopefully someone is listening and things will improve for everyone.
Ignored
This is my biggest quarrel with them just after the spread thing.
I'm located in Germany and they don't seem to have anything decent to offer for transferring money outside of the USA besides international wires.

Their MINIMUM fee is 40 Euros for the first withdrawal, and those 40 PLUS another 25 (I believe it was) for any additional withdrawal inside the same month.
What sort of logic is that? The more of your own money you want back, the more you have to pay? I'm sorry? And here I was thinking it was MY money.
And don't tell my money transfers require some sort of management or intervention power, money transfers are by now automateable thanks to the electronic age as long as all the proper information is given.

Inside of the European Union standard money transfers are not allowed to cost more than those inside the same country.

There is no cheque option for outside of the USA or any other alternative that is more cost effective.
Getting money out of my account at any time and without incurring too much "friction" along the way is very important to me. Not only do I want to be able to be flexible and choose freely (it's effectively a ball and chain if your account is small and the brokers know this - oddly, DEPOSITING money never incurs ANY fee..) between brokers, but I also like to feel like I actually still own the money which I have in my account...and don't have to pay (too much) to use my own money. Call me silly.

Currently still facing the dilemma of a "too small" account (basically anything under 5-10k) simply not being very efficient on any broker, anywhere.
Might look into IBFX, they seem to be mildly more reasonable on fees, but not sure about my location yet.

Considering Germany and Switzerland are some of the bigger financial centers it's a bit odd there isn't better logistical support here...

Has Oanda ever offered an opinion towards allowing trailing stops at some point by the way?
Trust price. Know yourself.
 
 
  • Post #9
  • Quote
  • Apr 10, 2007 12:51pm Apr 10, 2007 12:51pm
  •  dunningduke
  • | Joined May 2006 | Status: Member | 381 Posts
Quoting johnedoe
Disliked
how do you figgure that?
If you trade at oanda you are trading at their prices.
Ignored
Open the order window and compare what they quote you to the bid/ask they advertise underneath your account summary.
 
 
  • Post #10
  • Quote
  • Apr 10, 2007 1:00pm Apr 10, 2007 1:00pm
  •  soso_beton
  • | Joined Feb 2006 | Status: Geometric Trader | 322 Posts
Very good points SeekingLight, I've always been an Oanda advocate but its current development makes me cautious recommending them anymore.
Although I have to say they're still hard to beat when one is in need of micro management, this is the main reason I'm with them. I was not affected (yet?) by spread widening mainly because I trade higher timeframes and I disregard the news, but I will start looking for a replacement if things get even more messy.
-soso
 
 
  • Post #11
  • Quote
  • Edited Apr 11, 2007 4:39pm Apr 10, 2007 5:04pm | Edited Apr 11, 2007 4:39pm
  •  Sassa
  • | Membership Revoked | Joined Aug 2006 | 1 Post
Hi!

Yes, Oanda does charge 1,5 pips for eur/usd, but very often you don't get the price you see.
There's a significant delay sometimes....and as dunningduke said:
Open the order window and compare what they quote you to the bid/ask they advertise underneath your account summary.

Greetings,

Sassa
{link removed, see rule #3}(german)
 
 
  • Post #12
  • Quote
  • Last Post: Apr 10, 2007 6:36pm Apr 10, 2007 6:36pm
  •  technamental
  • | Joined Dec 2006 | Status: Member | 25 Posts
Quoting dunningduke
Disliked
Open the order window and compare what they quote you to the bid/ask they advertise underneath your account summary.
Ignored
Mine matches right down to the 'pipette'.
 
 
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