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OANDA Discussion

Quoting auricforecas
{quote} I do not know what LEVERAGE are you after.. but if you are between 10-50... then you could get "play" with very little money... for example at 10:1.. the minimum amount you should have in order to open 1 UNIT is 10 cents... Ok... I tried to show the point, but I guess I failed... But if you are not after between 10-50:1.. then I do not even see a reason why bother with Oanda at all, real or practice... The point is, that OANDA is one of the cheapest brokers in terms of minimal money requirement in the market, to play... Brokers that require...
If you are trading 1 and 2 cent positions, why are you going through the stress of trading at all?
Quoting pipmaster77
{quote} If you are trading 1 and 2 cent positions, why are you going through the stress of trading at all?
Exactly!

Please READ the context of the issue.. it started with member's complaint that PRACTICE account of OANDA not being good so therefore I suggested using the LIVE account of OANDA only.. and before they would start to jump about the costs.. I explained that it can be done basically for free.. with cents... And then further gave example..

  1. Started here: https://www.energyexch.com/showthrea...7#post12929797
  2. Then: https://www.energyexch.com/showthrea...6#post12932836, https://www.energyexch.com/showthrea...9#post12932849
  3. And now: https://www.energyexch.com/showthrea...9#post12937809

I cannot believe I couldn't explain ONE simple THING... If some do not like OANDA, do not use it, if some DO like it but complain about their PRACTICE (fxTrade), I would suggest they use their fxTrade LIVE (fxTrade)... and if they worry about being to EXPENSIVE to test the market with LIVE... I provided examples that this is not true since you can play with CENTS in fxTrade LIVE (something that could not be possible in MT4 accounts), and in this racket "only" PERCENTAGES count... If someone sees that he/she "has it".. he/she can immediately upgrade the balance... SIMPLE

So if you like their (fxTrade) for example.. to be BINDING... since there were some issues apparently in their PRACTICE account/servers.... I suggested that one could ALWAYS use their LIVE (fxTrade) since it is MUCH more reliable and binding... and it costs basically NOTHING... - few CENTS..
If that would be the argument, that LIVE is to expensive...

So if someone would like to TEST the REAL market with OANDA (LIVE account) and test their strategy (using 10-50:1) - to see what RETURN/DD can they acieve, then I think they could do so for free (since cents) and be SURE then if their strategy works on REAL account or not...

And if 1-2 cent positions represents STRESS of trading... I would suggest rethinking the racket. If I was not CLEAR by now, then I am sorry. Hope someone got what I was trying to say and can explain it further, better. Thanks!

Can you afford to take that chance?
Quoting auricforecas
{quote} I do not know what LEVERAGE are you after.. but if you are between 10-50... then you could get "play" with very little money... for example at 10:1.. the minimum amount you should have in order to open 1 UNIT is 10 cents... Ok... I tried to show the point, but I guess I failed... But if you are not after between 10-50:1.. then I do not even see a reason why bother with Oanda at all, real or practice... The point is, that OANDA is one of the cheapest brokers in terms of minimal money requirement in the market, to play... Brokers that require...
Your long reply is completely misplaced and doesn't got anything to do with what i was replying to you.
Maybe you should also work on your comprehension skill.
Im getting following error when i try to put a buy order on TRYJPY in mt4. Does anyone know what it means?...
cancellation reason: INSTRUMENT_ASK_REDUCE_ONLY
Quoting xy100
{quote} Your long reply is completely misplaced and doesn't got anything to do with what i was replying to you. Maybe you should also work on your comprehension skill.
Let me remind you how it went... I was replying (quoting) someone else here. And then you got in the middle with your "conclusion" here that you think I do not know how the leverage works... And then I tried to (further) explain INTIAL post here, that you don't seem to get (and still don't), but you already forgot about it and didn't see the connection to your original (misplaced) "remark"... Or do you want me to breakdown what the leverage is... It is BORROWING the money from the broker and you PAY interests on that.. Am I wrong? The quote that triggered you was just about that... why use LEVERAGE at all...for certain strategies, why pay interests... And I was talking about that 10:1 is the lowest Oanda has and why this might not be suitable for certain strategies... Again, I was arguing that 10:1 might not be needed if one can fill the FULL position (without the leverage) or maybe with lower leverage than 10:1.

I do not know exactly what part of this thread (to someone else) "triggered" you, but I assume that it is this one below:
Quoting auricforecas
Yeah one can artificially adjust the leverage by going with smaller positions but why pay interest if you have enough capital to fill full position at lower leverage?
Meaning artificially adjusting total leverage (position vs balance). And lower leverage would mean, bellow 10:1 in this above quote/example...

You sure you get what you said below? You sing fxTrade? Please demonstrate this to us.. If you select anything 10-50:1 and open position in fxTrade... you are not paying anything?
Quoting xy100
{quote} I dont think you understand how leverage works. You are not paying anything if you are not using leverage, no matter what is selected (10:1 30:1...) in your account settings. That option only serves to give you maximum leverage that is selected. So like you said, you just have to: "artificially adjust the leverage by going with smaller positions".

It is same story with some people, if I reply in short, there are complaints, if I invest time to explain further, they complain about the length (and/or forget their original "argument")... Some just don't get it. So why waste time... Until you change your attitude/gratitude... please bother someone else with such tone (on both of you replies there are insults. Anyway, do you even trade LIVE at Oanda? I have been doing so for the past 11+ years, using different leverage/positions, traded insane amounts of volume (you won't even believe) and still have profitable account, and then you come with "one liner" that I do not know how leverage works? Come on. And some people would like to be profitable... We can not get pass the basics of basics even (that might not be even important to develop the real skill/drill even)... and on top of it, they insult the fellow traders that would like to help. Trading has no place for EGO.. at least if you want to be profitable.

If you have any other questions (only one by one please), please let me know.. Therefore we would avoid the confusion... I would much rather talk about trading instead of some almost irrelevant beraucracy... Like some time ago, a guy was messaging me with tax concerns (for FX profits) and everything while he hasn't seen any considerable profit yet, since the day he started trading.. So I advised him to come back with the "problem" of taxed profits.. when he will have them.. haven't heard from him since... And then there are people that worry about VOLUME limit... like they will seriously have problem with that... in FX/Energies/Metals... I mean.... what a joke. At certain level you UP the game, switch brokers/banks or go to INTER.. or become... (let me stop right there, not to trigger some peoplle further that would like to talk/argue about this endlessly)...
Can you afford to take that chance?
Quoting auricforecas
{quote} And I was talking about that 10:1 is the lowest Oanda has and why this might not be suitable for certain strategies...
Quote above that you repeated "triggered me" accompanied with your next quote:
"one can artificially adjust the leverage by going with smaller positions but why pay interest"

I thought you dont understand how leverage works because why would you care what is the lowest leverage broker is offering?
And why would you pay interest if you "artificially adjust " leverage to 1:1 ?

Only explanation that i come up is that you think it is costing you money if you cant select 1:1 leverage even you are using 1:1 leverage.
So my reply to you was that 10:1 is only max leverage you are allow and nothing to do with interest you are paying.
Quoting xy100
{quote} Quote above that you repeated "triggered me" accompanied with your next quote: "one can artificially adjust the leverage by going with smaller positions but why pay interest" I thought you dont understand how leverage works because why would you care what is the lowest leverage broker is offering? And why would you pay interest if you "artificially adjust " leverage to 1:1 ? Only explanation that i come up is that you think it is costing you money if you cant select 1:1 leverage even you are using 1:1 leverage. So my reply to you was that...
Ok, nice, I like the tone now See my answers below.

Quoting xy100
And why would you pay interest if you "artificially adjust " leverage to 1:1 ? Only explanation that i come up is that you think it is costing you money if you cant select 1:1 leverage even you are using 1:1 leverage. So my reply to you was that 10:1 is only max leverage you are allow and nothing to do with interest you are paying.
Well it was POSITION size vs balance... So if one would have 10k UNITS in balance and would like to open 10k POSITION.. and since OANDA does not provide 1:1, one would have to then choose (their minimum leverage) 10:1 (in account settings since this is how Oanda operates vs some other brokers where you can set leverage per/in trade/order (box))... therefore would have to artificial use only 10% of their balance... so 1k.. to then open 10k POSITION (equal to his balance) - and than having "artificial" leverage of 1:1 (position vs balance) and of course PAY interest on this.. since it is how OANDA operates...

Quoting xy100
Only explanation that i come up is that you think it is costing you money if you cant select 1:1 leverage even you are using 1:1 leverage. So my reply to you was that 10:1 is only max leverage you are allow and nothing to do with interest you are paying.
Well the problem is that OANDA does not provide 1:1, therefore would have to operate within 10:1.. therefore would cost me... And yeah, I really wanted to stick with OANDA with as much of my strategies as possible... But it seems for 1:1, would have to check elsewhere.. or do a "workaround" as explained.

I already had to open accounts at different brokers for some of my strategies that use higher than 50:1.. but I keep trading at OANDA for LEVERAGES between 10-50.. but now below 10.. I guess I might look at other/current brokers also...

Will think about how to deal with 1:1 (balance vs position)... Maybe I might swallow the interest rates even.. since Oanda has been top notch to me deposit/withdrawals/platform wise.. for the last 11+ years... I received all my profits.. Will also see if maybe I might even up the leverage to 10:1 even... but was thinking about up to 5:1 for one of my "most" conservative strategies.. and LARGest account... But will see... "Worst" case, I might park some money/profits to other broker/bank at 1:1. Will see.. Awaiting how market goes, what the MAX MAX (PIP) "error" is estimated etc...
Can you afford to take that chance?
Quoting auricforecas
{quote} Ok, nice, I like the tone now See my answers below. {quote} Well it was POSITION size vs balance... So if one would have 10k UNITS in balance and would like to open 10k POSITION.. and since OANDA does not provide 1:1, one would have to then choose (their minimum leverage) 10:1 (in account settings since this is how Oanda operates vs some other brokers where you can set leverage per/in trade/order (box))... therefore would have to artificial use only 10% of their balance...
Ok so now finally we find the root of our misunderstanding or lack of knowledge.
If what you are saying is true then maybe i dont know how leverage works .
I never heard about this and it sounds to me completely illogical that this is how Oanda or forex world in general operates.
Admittedly i`m not much into holding overnight and dont have much experience with paying interest but this is completely unbelievable to me.
If i have 10k and i open 10k worth of position in my mind i dont pay any interest no matter what leverage is selected for my account.
Somebody else please chime in so i make sure i am not losing my mind .
Quoting xy100
{quote} Ok so now finally we find the root of our misunderstanding or lack of knowledge. If what you are saying is true then maybe i dont know how leverage works . I never heard about this and it sounds to me completely illogical that this is how Oanda or forex world in general operates. Admittedly i`m not much into holding overnight and dont have much experience with paying interest but this is completely unbelievable to me. If i have 10k and i open 10k worth of position in my mind i dont pay any interest no matter what leverage is selected...
Yeah, I understand... Basically imagine my experience.. I started with OANDA (in fxTrade), 11+ years ago, and thought all the brokers operate the same.. and then I opened account at IG.. and was confused AF... . IG has/had some unique way also... They calculated the margin/leverage based on your SL level... at least back then.. I do not have IG account atm (anymore)...

I have just checked at their (OANDA's) support before replying you today and they confirmed.. It is not possible to open 1:1 positions .
But please check yourself, just in case I got it wrong

Their response (today): "There is always leverage in all OANDA trades. We do not have 1:1."

https://www1.oanda.com/account/login
Click "LIVE CHAT" ton the right...

Quoting xy100
If i have 10k and i open 10k worth of position in my mind i dont pay any interest no matter what leverage is selected for my account. Somebody else please chime in so i make sure i am not losing my mind .
That is the thing... If you have 10k.. you can open 10k worth of position (at OANDA at 10:1 for example) but they will take only 1k and borrow you 9k that you will have to pay for. I have some other accounts at brokers that provide 1:1 also but haven't tested it there... What broker/bank are you using for 1:1?

That is why I always test each broker fully.. from DEPOSIT to WITHDRAWAl... just in case.. Some for example claim "ZERO SPRAED" but then you pay it elsewhere.. either comission, some fees, or even deposit/withdrawal fees.. They have to get money somewhere... That is why it takes me a long time to fully test a broker... and I do not want to change them at all unless absolutely necessary... In fact OANDA is one of the few that I would trust my balance/deposits even for years... For some others, specially high-leveraged ones and not fully regulated (at all relevant authorities).. I wouldn't trust only with relatively smaller accounts and/for not for long... Just deposit, trade, withdrawing profits... With Oanda, I am more confident.. Also they are insured somewhat... But haven't tested that one, yet
Can you afford to take that chance?
Mind blown if this is true.
You would be better of then instead of buying EURUSD with you USD account just transfer(exchange) money to EUR subaccount.
Quoting xy100
Mind blown if this is true.
Well I want that someone verifies this with LIVE chat, just in case (I am a man of TRUST but VERIFY saying)..
LIVE CHAT - North America section (Fees) responded immediately...

And also this change (to charge for SWAPS only) is rather recent (see their message/email below).. They used to charge interests (financing) for EVERY trade.

  1. On November 11th, 2019, we will be changing our financing costs on all our trading instruments for OANDA Corporation clients. Our current second-by-second cost structure will be replaced with a new end of day financing cost structure. Under the new financing cost structure, you will only be charged or credited if you hold a position at the close of trading each day, 5pm New York time, rather than the current structure which can also charge you for intraday trades.

They do provide a lot for free, like practice accounts, live account, support, low spread etc.. but they have to earn it somewhere right

Quoting xy100
You would be better of then instead of buying EURUSD with you USD account just transfer(exchange) money to EUR subaccount.
Holly F.. Haven't though about that one, seriously! Well was thinking more about 1:3, 1:5... but yeah, for 1:1 (and if TP and SL would not be needed or you could pull/time it off manually, by transferring between (SUB)accounts, you might found a way to "trade" at 1:1 with OANDA... Nice... Might test it.. just when I see what would be the "LEAST" risky LEV for one of my most conservative/largest accounts... Maybe 1:1 would be too low but hey, 200PIPS is still 1,86% at current rate

In fact this is how I got into the racket in the first place.. 5x 200PIP hit, in sequence.. took almost 2months but I got there Will see... Well to tell you the truth...
I have been withdrawing money/profits and then put in the bank but was thinking (for quite some time but lately very strongly).. since all the prices hit eventually (but with delays and some with "unfavourable RR for most - at least in shortterm", in the last 11 years.. why not just leave it (in parallel account) at broker at 1:1 and WAIT... still better than interest rates... specially at this slammed/hammered rates.. now both... eur and usd are DEAD interest wise And Imagine how many people thought about leaving from interest rates at old age.. Now they are desperately trying to invest it somewhere, true story

  1. https://www.ecb.europa.eu/stats/poli.../index.en.html
  2. https://www.federalreserve.gov/monet...openmarket.htm

Can you afford to take that chance?
Very interesting:

"Under the new financing cost structure, you will only be charged or credited if you hold a position at the close of trading each day"

But I think there is no crediting only charging!
Do you guys use this from OANDA?
I mean, granted only Open Orders from Oanda clients:

Inserted Video
Quoting cuchuflito
Very interesting: "Under the new financing cost structure, you will only be charged or credited if you hold a position at the close of trading each day" But I think there is no crediting only charging!
At the time of email, you did get credited if you were in SHORT position, in EURUSD for example... because SHORT rollovers. You also get paid for some other positions, still, I believe.. check Forex Rollover Rates (interest rates have changed as you know). In fact I got quite some money from holding SHORTs overnight(s) at the time.

Quoting cuchuflito
Do you guys use this from OANDA? I mean, granted only Open Orders from Oanda clients: https://www.youtube.com/watch?v=Idp2xVFjMGI
Yeah, I have used it (OrderBook is also available in fxTrade Mobile - for REAL accounts only, practice doesn't have that), and it looked to be super good tool at times, as any indicator/tool (usually they work very nice, for some time, but then disappointments at others)... Haven't used it that much though, it helped me but then it also costed me. This order positions can be changed FAST.. In fact this is what HFs (comps) "found out" a long time ago... that you can influence people's minds by putting certain trading orders and then cancel them . So it could be used as a "bait" and I decided to not focus on it atm/anymore... Might check some correlations later, but not atm... You are welcome to report how it helped you...
Can you afford to take that chance?
I've had WTI trades (among others) with Oanda for some time now. With the recent price volatility and contango I've been paying much closer attention to my trades and I've noticed a couple of things I'm struggling to figure out with Oanda.

1. Why does their WTI CFD spot price not match the current spot price I can see elsewhere? Everywhere bar Oanda has WTI spot sitting about $32/33 as of May 22 (eg. oilprice.com, eia.gov, FXCM). Oanda's CFD is currently priced at $26. They say they calculate their CFD spot price based on the price of the next 2 futures contracts, which are sitting at $33-$34. I don't understand how Oanda (and only Oanda) can say current WTI spot is $26? Even on the 20th when the June futures contracts expired there was a discrepancy between their spot price and the June futures price, when, in theory the spot and futures prices should be very close.

2. I can't figure out how they calculate their rollover fees. They're pretty eye-watering at the moment, as you'd expect in a severe contango. I applied known formulas for calculating rollovers and I just cannot figure out how they get to the numbers they charge me. I want to understand this so I can figure out how they may go in the future to work out the cost/benefit of keeping trades open, but I just can't based on the information they publish on their website.

If anyone can help with this, it would be MOST appreciated!
I have just looked at an Oanda demo account again after years. Is the 0.6 - 0.8 pip spread in EUR/USD commission based pricing, or do they offer such a tight spread for everyone now?
Quoting TheAviator
I've had WTI trades (among others) with Oanda for some time now. With the recent price volatility and contango I've been paying much closer attention to my trades and I've noticed a couple of things I'm struggling to figure out with Oanda. 1. Why does their WTI CFD spot price not match the current spot price I can see elsewhere? Everywhere bar Oanda has WTI spot sitting about $32/33 as of May 22 (eg. oilprice.com, eia.gov, FXCM). Oanda's CFD is currently priced at $26. They say they calculate their CFD spot price based on the price of the next 2...
I have been trading using OANDA for over 10 years stopped trading oil because of the totally insane swaps.
Attached Image (click to enlarge)
Click to Enlarge Name: Swap.jpg Size: 68 KB
Quoting shrike
I have just looked at an Oanda demo account again after years. Is the 0.6 - 0.8 pip spread in EUR/USD commission based pricing, or do they offer such a tight spread for everyone now?
Are you sure you were checking the right market, spread? Because I have rarely seen anything bellow 1.0 for quite some time... 10+ year ago, the lowest it was was around 0.9... Not it is basically always above 1.0... On specially occasion I have seen it even 0.9, I think... Here is their LIVE data about historical Spreads...
https://www1.oanda.com/forex-trading/markets/recent

So I'm very curious which chart/pair (account type) have you checked for 0.6-0.8 spread...

Here is their link on their core pricing vs spread...
https://www.oanda.com/us-en/trading/our-pricing/
Can you afford to take that chance?
Quoting auricforecas
{quote} Are you sure you were checking the right market, spread? Because I have rarely seen anything bellow 1.0 for quite some time... 10+ year ago, the lowest it was was around 0.9... Not it is basically always above 1.0... On specially occasion I have seen it even 0.9, I think... Here is their LIVE data about historical Spreads... https://www1.oanda.com/forex-trading/markets/recent So I'm very curious which chart/pair (account type) have you checked for 0.6-0.8 spread... Here is their link on their core pricing vs spread... https://www.oanda.com/us-en/trading/our-pricing/...


I am confused, isnt most EURUSD spread between 0-3 points (0-0.3 pips) during active market nowadays? or are you guys putting comission in the spread calculation as well?
Quoting loopd
{quote} I am confused, isnt most EURUSD spread between 0-3 points (0-0.3 pips) during active market nowadays? or are you guys putting comission in the spread calculation as well?
You mean at Oanda or in general? Well the brokers that I am using have at least 1.0PIP spread for EURUSD... Not sure which broker are you using, but I haven't seen those kind of spreads... ever (unless they got money elsewhere - commission etc)! No I haven't priced-in the commission in above numbers, it was just for accounts when broker gets paid by spread...

Again, please check the links that I provided... REAL/historical SPREADS:
https://www1.oanda.com/forex-trading/markets/recent

Spreds vs spreads+comission option:
https://www.oanda.com/us-en/trading/our-pricing/
Can you afford to take that chance?
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