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Oanda users - Oanda widening spreads 62 replies

OANDA Canada vs OANDA Corp. 4 replies

Oanda Forcing Customers To Hold Trades? 20 replies

Question- Oanda closed - weekend trading ? 14 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

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oanda vs. ?

Oanda is a very good broker and I don't see why so many traders knock them as bad. The decent platform that runs on any OS and Java enabled mobile phone. The smallest spread in the industry. Totally automated trading platform, giving traders the ability to do what they please, most of the time. Try scalping on Oanda's platform, you won't hear much from the people of Oanda. Now try scalping using an MT broker; you will not only get "requoted" multiple times, you may even get a notice from a Rep within the Broker. One of only a handful of brokers offering Spot Silver and Gold for a reasonable deal.

Now, Oanda isn't perfect by any means. Their platform does have hangups at times. Spreads can be "out-of-control" at times. Oanda doesn't offer a Credit Card option for deposits/withdrawals.

All in all, Oanda could be seen as a professional platform and broker to experienced and noob traders alike. Trust me, there are a lot worst brokers out there; dare you to try your luck?
Quoting Jhig
Oanda doesn't offer a Credit Card option for deposits/withdrawals.
Being that they offer Paypal, using a Credit Card shouldn't be an issue either way.
i'll shortly be going live with oanda, only quib i have is that i wish they would improve their java platform to something a little more functional and stable.
Quoting dkmb92
furthermore, i have not found a better website than this one. i dont feel the need to go anywhere else. i really appreciate your guys' contribution to this thread so far. i really want to get something going here. for me, the biggest single decision that a trader makes is....who they trade with. from what ive seen some brokers are better than others & then some you have to wonder how they sleep at night. i do want to give a shout out to mb trading. i like their platform, low spreads, great execution, and good business philosophy. but i only want...
as i said the main problem is funds protection , because of this i trade with IG and other UK firms , the gov offer some protection on funds .
And this 170 million it is really nothing really , IG make 100 M $ annual net profit .

the other problem is wide spreads on news time thats mean for me no scalping at news ....
Quoting doblece
Being that they offer Paypal, using a Credit Card shouldn't be an issue either way.
Wow, they offer Paypal? Shows how much I use Oanda these days. GFT has spoiled me in the past 2 1/2 years. I still have my Oanda account (my first fx account) but I don't use it all that often, let alone deposit/withdrawal funds. Ok, so now Oanda offers a Credit Card option, chalk that one off the list of negatives.
thx guys. lets keep filling this thread full of knowledge and experience of the best broker in the biz. i really appreciate all those who are posting their personal experiences. lets keep it up.
Quoting Jhig
Wow, they offer Paypal? Shows how much I use Oanda these days. GFT has spoiled me in the past 2 1/2 years. I still have my Oanda account (my first fx account) but I don't use it all that often, let alone deposit/withdrawal funds. Ok, so now Oanda offers a Credit Card option, chalk that one off the list of negatives.
not really what you think, deposit charges and withdraw charges from paypal, total about 3-4% and no upper limit. still expensive than checks and wire.
Quoting dkmb92
one thing i would really like to do here is open up a discussion about whether at this point oanda truly is the best retail spot fx broker to trade w/. i mean seriously....who is/would be better?
right now I will only have 3, oanda for scalping practice and E/U and carry trade, mbt-f for scalping that closes in a day and great amount or if wanna do non-EU cross/pairs, and fxsol-aus for CFD. there are things that each one cannot substitute for the other and
maybe skip mbt-f is okey if not do scalping (too time consuming to watch..). if you trade H1 or Day time frame according to james I don't think you have go to mbt-f from oanda.
hi xaron:
the point is to read the sum of statistics of traders with them and develop strategy to protect yourself, ... it is mostly true though avoidable.
you don't have to have 10 lots running and platform freeze and stop/loss hit when you just want to cancel it...

for each working broker there is a list of problems one need to learn, and better to learn from other people than learn in live trading by self...
for all of the claimed issues the support is not going to compensate the loss so idea is protection has to be done by trader himself.

for slippage use a limit order to open position, and t/p or s/l to close will be fine... if not using that, I guess 1pip loss on open, 1 pip loss on close and 1-2pip loss on delayed quote is possible.

Quoting Xaron
Im mean, just read "reviews" like this:

"I cannot recommend Oanda because after trading for 3 years I can tell you that 98% of the trades you open will go immediately 10-20 pips in the red. If you have entered at a good place, you can overcome this and profit but if you enter at a bad place in the trend/movement you will lose. I tested the theory many times and it is fact."

ok i made my mind i will not fund my account i was hesitated but i found another issue here , i was searching oanda's forums and i found 3 stories about oanda holding wire deposits untill the client provide bank statments to show the net worth update . it is not a big deal but it is annoying , 2 stories of the 3 were talking about 500-1000 $ deposit only ! .
Quoting tar
ok i made my mind i will not fund my account i was hesitated but i found another issue here , i was searching oanda's forums and i found 3 stories about oanda holding wire deposits untill the client provide bank statments to show the net worth update . it is not a big deal but it is annoying , 2 stories of the 3 were talking about 500-1000 $ deposit only ! .
This can be an issue with any broker in the US. If you under state your net worth. Maybe this will help explain why they require the info.

http://www.cftc.gov/newsroom/enforce...pr5354-07.html

Interactive Brokers LLC Sanctioned for Failing to Supervise Its Compliance Staff


CFTC Orders Online Broker to Give Up $175,000 in Commissions It Earned Handling a Customer Account Used to Defraud Commodity Pool Investors

Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the issuance of an order filing and simultaneously settling charges against Interactive Brokers LLC (IBL), a discount direct access brokerage firm and registered futures commission merchant (FCM) headquartered in Greenwich, Connecticut. IBL offers online trading of futures, options, forex, and stock and has just concluded an initial public offering under the name Interactive Brokers Group, Inc.

The CFTC order finds that IBL failed to supervise diligently its compliance employees’ handling of a commodity futures trading account maintained in the name of Kevin J. Steele, a Canadian who used the account to defraud more than 200 Canadian, German, and United States citizens of approximately $8.1 million in a commodity pool fraud that was the subject of an earlier CFTC enforcement action (see CFTC News Release 5139-05, Nov. 28, 2005.) The July 17, 2007, order requires IBL to disgorge $175,000 in commissions it earned from Steele’s account and to remit those funds to the Clerk of the Provincial Court of British Columbia, which will distribute the funds to the defrauded investors.

The CFTC order finds that, from February 2003 through May 2005, IBL accepted 135 third-party deposits in the form of wire transfers and checks totaling $7.7 million into Steele’s personal account, but did not have procedures reasonably designed to detect the deposit of third-party funds in an individual trading account. The frequency and magnitude of deposits and withdrawals to Steele’s account, relative to his stated liquid net worth, and the pattern of deposits followed by withdrawals suggested that Steele might be operating as an unregistered commodity pool operator. IBL compliance staff telephoned Steele on at least three occasions to inquire about the trading activity in his account. Each time, IBL compliance staff accepted Steele’s explanations as reasonable without conducting any additional or independent inquiries.

As noted in the CFTC order, an FCM’s ability to determine if funds in customer accounts are coming from someone other than the accountholder is a necessary part of an adequate supervisory system. If an FCM fails to monitor the source of funds being deposited into customer accounts at the time such funds are received, its ability to detect illegal activity such as pool fraud or money laundering is impaired. The order finds that, during the relevant time period, IBL’s procedures for determining the source of funds received through wire transfers were inadequate to meet its supervisory responsibilities.

In a parallel action resulting from a settlement, on May 29, 2007, the National Futures Association (NFA), a registered futures association in which IBL is a member firm, fined IBL $125,000 for doing business with Steele and failing to maintain adequate books and records. The NFA also ordered IBL to create a restitution fund to pay up to $325,000 for the benefit of individuals who invested with Steele.

The following CFTC Division of Enforcement staff were responsible for this case: Diane M. Romaniuk, Ava M. Gould, Mary E. Spear, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.

The CFTC also appreciates the assistance it has received from the NFA, the Integrated Market Enforcement Branch of the Royal Canadian Mounted Police’s Federal and International Operations Directorate, and the British Columbia Securities Commission.
Quoting Fx_Genius
This can be an issue with any broker in the US. If you under state your net worth. Maybe this will help explain why they require the info.

http://www.cftc.gov/newsroom/enforce...pr5354-07.html

Interactive Brokers LLC Sanctioned for Failing to Supervise Its Compliance Staff...
True, but Interactive Brokers and Oanda are not exactly in the same league. IB deals with, what is know as Accredited Investors (High Net Worth). Oanda deals with small retail investors and traders. In order to open a fx account with IB, one will need a minimum deposit of $10K; to be honest, that is not enough to trade with so IB will usually decline those new client applications unless the client is able to put up a lot more funds. Just to trade stocks daily, a trader will need to have over $25K in the brokerage account. That goes for any stock brokerage house. IB is not only regulated by the NFA and actively investigated, but by many other Financial/Banking authority in the US and other counties

Oanda on the other hand, offers clients to open accounts with $1. Allowing traders to bet penny moves. Oanda is also regulated by the NFA, but the NFA does not actively review individual retail brokers until a complaint is filed.

IB and others have to walk on "egg shells" while small fx brokerage houses get away with a lot. It's evident because how many traders have been screwed over by large investment houses, such as IB? Now tell me how many traders have been screwed by small retail brokerage houses? That alone tells you that small brokers are not actively investigated ... until a complaint is file. In fact, most of the small brokerage houses know this and knows the client they screwed over will not report them. Instead that client comes here to FF and complain about it to a bunch of "faceless" people that have no authority over the problem.
Quoting Jhig
True, but Interactive Brokers and Oanda are not exactly in the same league. IB deals with, what is know as Accredited Investors (High Net Worth). Oanda deals with small retail investors and traders. In order to open a fx account with IB, one will need a minimum deposit of $10K; to be honest, that is not enough to trade with so IB will usually decline those new client applications unless the client is able to put up a lot more funds. Just to trade stocks daily, a trader will need to have over $25K in the brokerage account. That goes for any...
True, not quite apples to apples, but it does show why they are asking.

They are actually regulated by more than just the NFA.
~~
OANDA is registered in the state of Delaware, and is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association.

OANDA Asia Pacific - Monetary Authority of Singapore (MAS) regulated with Capital Markets and Services (CMS) License CMS100122-1~~~

I have read a whole bunch of the complaints against many brokers/market makers while researching to select a broker. Most are traders who complained had their account killed by bad trading practices (Assuming reputable broker, not the fly by night scams).

Check this thread in their forum about correcting a spike.
http://www2.oanda.com/cgi-bin/msgboa...;f=17;t=003680
I haven't heard of other brokers doing this.
how does everyone feel about the 50:1 max leverage? positive, negative, or non-issue? thx.
question about Oanda FXTrade..
under the profit column does anyone know how to make it show profit in $ like it use to?
it seems they changed it a couple of weeks ago to show profit in pips now.
Quoting dengzhi
question about Oanda FXTrade..
under the profit column does anyone know how to make it show profit in $ like it use to?
it seems they changed it a couple of weeks ago to show profit in pips now.
See Image.
Attached Image
Quoting Fx_Genius
True, not quite apples to apples, but it does show why they are asking.

They are actually regulated by more than just the NFA.
~~
OANDA is registered in the state of Delaware, and is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association.

OANDA Asia Pacific - Monetary Authority of Singapore (MAS) regulated with Capital Markets and Services (CMS) License CMS100122-1~~~

I have read a whole bunch of the complaints against many brokers/market makers...
every broker correct such spikes in prices
Quoting dkmb92
how does everyone feel about the 50:1 max leverage? positive, negative, or non-issue? thx.
u dont need more
Quoting dkmb92
oanda is headquartered in toronto, but not listed as a member on the cipf (candian investor protection fund) website. does anyone know why or have any information in regards to this? thanku.
You skipped one step in this. You should be looking for a dealer that does business in Canada to be registered with IIROC.

All IIROC (former IDA) firms are automatically members of CIPF, which insures client accounts up to $1 million.

Oanda is not a member of either. It operates within its comfort zone. Who knows what the future holds, though.
----- I live in the land of Trading Metro.
Quoting dkmb92
how does everyone feel about the 50:1 max leverage? positive, negative, or non-issue? thx.
It's a good thing. High minimum deposit ($10K +), lower leverage, etc., are good things for traders.

Why the hell would anyone NEED 200 or 400:1?

Granted I have a couple of higher leveraged accounts but that's just because I think I can fly to the moon with the jet pack in my closet.
----- I live in the land of Trading Metro.
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