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OANDA Discussion

Quoting FX2Life
Forget about Oanda. They are not worth it. Read my thread if you are looking for a broker: https://www.forexfactory.com/showthread.php?t=987254
I read your thread and I agree with you for the most part. I have been with OANDA Canada since 2006 and never had any problem. The spread is a little high but most brokers that have very low spreads or offer bonuses are bucket shops. You seem to forget that brokers need to make money in order to stay in business so I don't mind OANDA's spreads since spreads are irrelevant when a trader make good money. What I like about OANDA Canada is that there is a guarantee of $1 million CAD per account in case of bankruptcy. I started trading forex in 2004 and my unregulated broker went bust in 2006 so I lost $46,000 so believe me account protection is my number one priority when choosing a broker. You stated that you prefer IB. I traded with IB before and although it has great spreads their platform is awful. Another point is that it states that it has a protection of $500,000 per account in case of bankruptcy. This looks great also but if you read the fine prints you will find out that the protection limit for all the accounts is $150 million so if it goes bust traders will get pennies on the dollar. Canadian IB accounts are better since they also have a $1 million CAD protection per account.
Oanda Canada just increased Brent oil long position financing from +2% to -97%...this is insanity. How is that even legal to do over night. That's some loan sharking move...
I live in Panama and oanda doesn't let me register an account, why is that?
Quoting Redbaron81
Oanda Canada just increased Brent oil long position financing from +2% to -97%...this is insanity. How is that even legal to do over night. That's some loan sharking move...
I just noticed the same, WTF with -97% rate?: how can they actually do that to charge almost 100% rate? Is it legal? Can we complain them somewhere?
Hi,

I have a question regarding withdrawing PROFITS from Oanda. From what I understand/read on their site, you can only withdraw your capital via same way you deposited it. As for profits, this has to be withdrawn via bank transfers only and will incur a fee unless you have the Premium account ($ 20k) which gives you free bank wire. Can someone please clarify this? I used to trade with forex.com and they have free withdrawal of profit if withdrawing by check (at least that's what they say on their website). I am based in the US. Thanks.
Quoting doxfom
{quote} I just noticed the same, WTF with -97% rate?: how can they actually do that to charge almost 100% rate? Is it legal? Can we complain them somewhere?
I don't know but i'm closing my account with them...I had to close my Brent oil long position at a loss since its costing me insane money to keep them open. They know oil will go up eventually and they want to make people close their long positions since there a market maker and would lose mad money once oil bounces. I'm done with them. I will complain to iiroc canada. It would cost me 19k a year to keep a position open, does this sound sane to anyone...and its not even a huge position? pure scammers.
Quoting Redbaron81
{quote} I don't know but i'm closing my account with them...I had to close my Brent oil long position at a loss since its costing me insane money to keep them open. They know oil will go up eventually and they want to make people close their long positions since there a market maker and would lose mad money once oil bounces. I'm done with them. I will complain to iiroc canada. It would cost me 19k a year to keep a position open, does this sound sane to anyone...and its not even a huge position? pure scammers.

Hi Redbaron
No pun intended, but its time for you to take that double winger & fly far away from that situation. Unless your connected to a bank & have deep pockets Forex for the retail trader has become legalized fleecing. In the USA retailers are limited to very few to trade through. I started with FXCM the week they opened for business & never had an issued with them until I departed for the Futures Market shortly before FXCM was forced out of the US. Give the Future Market a try. I have been well satisfied. Many refuses to trade futures because of many reasons, but one is the capital required & some just love MQ4 & all the shinny indicators that accompany MQ4, but there is always MQ5 for the future side of trading. If one can find a forex broker that want fleece them, then by all mean stay with forex. I still have a vey small forex account, but trade maybe 3 times a week & at such a small size I probably never bleep their radar. Now not all is milk & honey in the land of futures, but much better than forex....for me anyway. There was no better broker than FXCM in its beginning years, but as usual ALL THINGS MUST CHANGE & so did FXCM. The 2 founders use to answer the phone in the beginning, but that changed too.

This post is in no way meant to make light of your situation, but only giving you my view from my many years of trading. Not sure what is avail to you in your great country, but if you can't find a better one research the option of trading futures.

I hope this helps you. I wish you the best my friend. Peace out.
Quoting MJac2020
Hi, I have a question regarding withdrawing PROFITS from Oanda. From what I understand/read on their site, you can only withdraw your capital via same way you deposited it. As for profits, this has to be withdrawn via bank transfers only and will incur a fee unless you have the Premium account ($ 20k) which gives you free bank wire. Can someone please clarify this? I used to trade with forex.com and they have free withdrawal of profit if withdrawing by check (at least that's what they say on their website). I am based in the US. Thanks.
I have been withdrawing profits for a long time and never had any problem. Here is my first one
Attached Image (click to enlarge)
Click to Enlarge Name: First profit withdrawal.png Size: 30 KB
Today im seeing a big jump in spreads on gold and silver. Are you guys also experiencing this?
Quoting nda
Today im seeing a big jump in spreads on gold and silver. Are you guys also experiencing this?
Last week I had spreads as low as $0.60 for gold but today it was worse for my two brokers one of which is OANDA.
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  • Edited Mar 31, 2020 2:42am Mar 30, 2020 5:41pm | Edited Mar 31, 2020 2:42am
Quoting Hutch
{quote} Last week I had spreads as low as $0.60 for gold but today it was worse for my two brokers one of which is OANDA. {image} {image}
One hour into the Asian session:
EURGBP spread 14.6 !!!!! (normal is 1,6)
EURUSD:9.5 !!!!!!!!!!!!!!! (normal, below 2)
USDJPY: 10 !!!!!!!!!!!!!!


Never seen this before, are they going crazy, or they just want all clients to flee from them?
No news spike, just a constant brutal increase.
They just published the swaps for Tuesday and again all pairs with negative swaps on both sides.Long or short you pay swaps on every pair.This is going on since december.All the clients will leave soon if they dont fix it.
Even a clock that doesnt work is right twice a day
Quoting ridge
They just published the swaps for Tuesday and again all pairs with negative swaps on both sides.Long or short you pay swaps on every pair.This is going on since december.All the clients will leave soon if they dont fix it.
It is weird, I cannot imagine their Asian traders get the same spreads as in Europe, they would close their accounts right away. So most likely, they manipulate the spreads according to the regions. Which is at best, "shady".
I own a small business, I would never dream of treating my customers so roughly. Wonder what happened to these people at OANDA, brokers are one of the few industries that should be still alive and well in this crisis.
Again today !!!!!!!!!!!!!!!!! this must be a joke !!! I have to laugh because it has to be a joke.

For today the swaps are negative again in all pairs and in all directions (long or short)But today the percentages are simply ridiculous.

Long usdjpy minus 2% can you believe it? everybody has this swap positive
Long cad jpy munus 3,24 % yes its true .Some may believe i am lying because its incredible.You can check it at

https://www.oanda.com/uk-en/trading/financing-costs/

They simply decide to crush it no matter what you do
Even a clock that doesnt work is right twice a day
Quoting cuchuflito
{quote} It is weird, I cannot imagine their Asian traders get the same spreads as in Europe, they would close their accounts right away. So most likely, they manipulate the spreads according to the regions. Which is at best, "shady". I own a small business, I would never dream of treating my customers so roughly. Wonder what happened to these people at OANDA, brokers are one of the few industries that should be still alive and well in this crisis.
I don't think any of the original principals of the company are still running things, and it shows. The current crew are a bunch of half-witted rent seekers. Why care for your reputation when there is literally no competition?

Every policy change by Oanda since Dodd-Frank went into effect has been negative for customers. Every email I get from Oanda seems to be bad news, so now I dread getting them. Since competition evaporated (over a hundred fx brokers in U.S. down to 3-5) there is no incentive for anything other than pillaging the customers.
Quoting FXEZ
{quote} I don't think any of the original principals of the company are still running things, and it shows. The current crew are a bunch of half-witted rent seekers. Why care for your reputation when there is literally no competition? Every policy change by Oanda since Dodd-Frank went into effect has been negative for customers. Every email I get from Oanda seems to be bad news, so now I dread getting them. Since competition evaporated (over a hundred fx brokers in U.S. down to 3-5) there is no incentive for anything other than pillaging the customers....

100% correct & that is why I moved over to the futures side. Dow & FX. Dump those fleecers, or just pass your money out to the homeless on the street. At least you may get a blessing that way. Best trades to you!
Quoting FXEZ
{quote} I don't think any of the original principals of the company are still running things, and it shows. The current crew are a bunch of half-witted rent seekers. Why care for your reputation when there is literally no competition? Every policy change by Oanda since Dodd-Frank went into effect has been negative for customers. Every email I get from Oanda seems to be bad news, so now I dread getting them. Since competition evaporated (over a hundred fx brokers in U.S. down to 3-5) there is no incentive for anything other than pillaging the customers....
I'm a big fan of OANDA because I always made profit using it and never had major problems. I agree that the quality of OANDA has gone down over the 15 years I have been trading with it but it's hard to find a better broker. The biggest problem is that there are lots of bucket shops and brokers that offer "incentives" to traders but the so called incentives are traps. If you find a better broker please tell us all.
Quoting Hutch
{quote} I'm a big fan of OANDA because I always made profit using it and never had major problems. I agree that the quality of OANDA has gone down over the 15 years I have been trading with it but it's hard to find a better broker. The biggest problem is that there are lots of bucket shops and brokers that offer "incentives" to traders but the so called incentives are traps. If you find a better broker please tell us all.
Iīm staying with them mainly because they are the only ones offering "lot free", unit trading.
But for my system, that adds positions aggressively, it is either Daily or Weekly charts, or what Iīm doing which is day trading 30 Min. charts on 4 majours, with "half-decent spreads."
You need to be so careful these days, everything is against the retail trader. Germany put that new law, that virtually destroyed the options traderīs business. Oanda "assured" me on an e-mail, that the currency trading they offer will not apply, being direct currencies, and not CFDs.
We will see next year. Germany is already looking desperately for new taxes, somehow they need to finance the massive new debt.
SPD wantīs to tax the rich right away..Then more in the future, welcome to "State Rule". They will bail out big companies, and then partly own them.
The only ones benefiting (worldwide), from the crisis are the good old "state employees", salary is safe, retirement is early, benefits, untouched, just stay home and watch movies.
Btw. be very careful trading stocks, thereīs talk about closing the markets for 2 weeks. Can you imagine the gap at reopening?
Guess they want to "protect" the retail trader.
Quoting cuchuflito
Btw. be very careful trading stocks, thereīs talk about closing the markets for 2 weeks. Can you imagine the gap at reopening? Guess they want to "protect" the retail trader.
Of course all governments want to protect us against making money
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