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OANDA Discussion

Quoting auricforecas
{quote} 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...
I signed up for a practice account last week, and it shows 0.6 to 0.9 pip spread in EUR/USD. Its higher than commission based pricing but lower than their standard pricing displayed on their website. Not sure whats going on there. Live chat just said that the spreads form the website are the real ones, but couldnt explain why my demo account is displaying thighter spreads.
Quoting shrike
{quote} I signed up for a practice account last week, and it shows 0.6 to 0.9 pip spread in EUR/USD. Its higher than commission based pricing but lower than their standard pricing displayed on their website. Not sure whats going on there. Live chat just said that the spreads form the website are the real ones, but couldnt explain why my demo account is displaying thighter spreads.
Can you do a screenshot please. Also, which OANDA division are you using (for DEMO)?
Can you afford to take that chance?
Then again it displays EUR/USD as 0.6 to 0.9 pip wide here: https://www.oanda.com/rw-en/trading/
Its UK division (i think)
auric: https://imgur.com/a/aFnJ7QL

It has depth of market too.
Quoting auricforecas
{quote} 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/...

I think it may because it is US pricing all bokers such as pepperstone/icmarket/roboforex/axitrader have 0-0.3 pip spread on EURUSD USDJPY and AUDUSD...I think it is becuase there is not much competition in US so the broker can mark up whatever they want....
Quoting shrike
Then again it displays EUR/USD as 0.6 to 0.9 pip wide here: https://www.oanda.com/rw-en/trading/
I have checked at the support... And they say this is the correct spread, here: https://www.oanda.com/ca-en/trading/spreads-margin/ (as you see about 1.3 atm)
I have asked about the https://www.oanda.com/rw-en/trading/ and they said they will check...

Also, I found this overall website... https://www1.oanda.com/forex-trading/markets/live
If there is different spread for different division then it might not be clearly stated.

Quoting loopd
{quote} I think it may because it is US pricing all bokers such as pepperstone/icmarket/roboforex/axitrader have 0-0.3 pip spread on EURUSD USDJPY and AUDUSD...I think it is becuase there is not much competition in US so the broker can mark up whatever they want....
I would have to check... because usually you pay elsewhere (commission, transaction costs - at withdrawal/deposits etc..). Broker just have to earn it somehow... Have you checked those that you mentioned, specially the ones on the 0.0 part from deposit to withdrawal (so complete picture of what you are paying for)... where are you paying... Because if this 0.0-0.3 is really the only thing one pay... then I might give it a try since I pay a lot but usually I am suspicious since I am usually charged more than 1.0 (if spread is the only pricing)...
Can you afford to take that chance?
Quoting auricforecas
{quote} I have checked at the support... And they say this is the correct spread, here: https://www.oanda.com/ca-en/trading/spreads-margin/ (as you see about 1.3 atm) I have asked about the https://www.oanda.com/rw-en/trading/ and they said they will check... {quote} I would have to check... because usually you pay elsewhere (commission, transaction costs - at withdrawal/deposits etc..). Broker just have to earn it somehow... Have you checked those that you mentioned, specially the ones on the 0.0 part from deposit to withdrawal...

https://pepperstone.com/en-au/tradin...s-commissions/

https://www.icmarkets.com/sc/en/trading-markets/forex

The commision is also industry standard $7-8 per round lot for major pairs
roboforex is even lower like $4 per round lot.
The show stopper is they do not take US customer thanks to NFA
Oanda execution, I m not very fond of either. due to whatever engine issue they repeated my EA order 5 times and took me 6 months to get my money back.
I have no issues running many EA on other brokers so far
Quoting Hutch
{quote} I have been trading using OANDA for over 10 years stopped trading oil because of the totally insane swaps.
But Short position for wti works great in our favor. good positive swap, but who knows for how long.
I just received this in my email inbox. That seems like a high cost. Does anyone have a good broker to recommend?

Conversion To Home Currency

Beginning 29 May 2020, we will be changing the way in which currency conversions of realised profits/ losses and trading costs take place on the OANDA Trade platforms.

This means that realized P&L, fees and/or commissions related to trading instruments which have a different quote currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%.
Quoting nathaniel
I just received this in my email inbox. That seems like a high cost. Does anyone have a good broker to recommend? Conversion To Home Currency Beginning 29 May 2020, we will be changing the way in which currency conversions of realised profits/ losses and trading costs take place on the OANDA Trade platforms. This means that realized P&L, fees and/or commissions related to trading instruments which have a different quote currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable...
I traded with Oanda 2007-2011 and then left when they cheated me during Silver Bubble.They were and are Bucket shop.They have no excuse to charge this currency conversions during trading operations.
To all customers of Oanda:Run!!!
Quoting Jugoslavija
{quote} I traded with Oanda 2007-2011 and then left when they cheated me during Silver Bubble.They were and are Bucket shop.They have no excuse to charge this currency conversions during trading operations. To all customers of Oanda:Run!!!
Where you trade now, IB ? it's the best broker i know. I just don't like the platform
Quoting Jugoslavija
{quote} I traded with Oanda 2007-2011 and then left when they cheated me during Silver Bubble.They were and are Bucket shop.They have no excuse to charge this currency conversions during trading operations. To all customers of Oanda:Run!!!
Very few options here in Singapore. Which broker are you trading with?
Quoting nathaniel
{quote} Very few options here in Singapore. Which broker are you trading with?
I am in Europe,plenty of options here.I would like to keep my financial things private.
[quote = Jugoslavija; 12968365] {quote} Estou na Europa, com muitas opções aqui. Gostaria de manter minhas coisas financeiras em sigilo. [/ quote]

I'm in Latin America, and I also think about secrecy. What do you think to do?
Been following this discussion for some time and I guess it's time for me to finally weigh in.

I've been trying to give Oanda the benefit of the doubt for almost 3 years now, but I'm running out of reasons to keep trading with them. They are a market maker and I've caught them "greatly" widening the spread on some instruments to trigger entries and stop losses miles away from where I drew them. I know this is a common practice for these brokerages on important news and the like, so I've learned to be extra cautious on account of that. Fool me once...

I agree that the charge for currency conversions is a blatant money grab. It's really no skin off their backs which currency pair you're trading, but win or lose they have come up with an excuse to dip into your account. They're constantly changing the margin requirements on different instruments. Lately, they've raised the margin requirement on WTI to double (or maybe triple) what it was, making it that much more difficult with a smaller account size to recover any incurred losses.

I don't know enough about other brokers, so I can't really give an objective opinion, but I'm starting to feel like I'm in a casino where the table is constantly being shifted more and more to scalp from us. Is this a common brokerage practice or is it only reserved for those of us who are trading with Oanda?

In the end, it's their brokerage and they can do whatever they want ...or can legally get away with. Desperate times call for desperate measures, I guess? ...and COVID-19 is just as good an excuse as any.

The "Market Maker" model is unethical by nature. Needless to say, I'm certainly on the lookout for a better brokerage where they don't keep changing the rules on such a frequent basis. I'm actually looking for a market provider here in Canada. I also understand it's a delicate topic, because people like to keep their financials private, but maybe someone could PM me a suggestion.

Happy trading!
...Update to my earlier post

Anyone trading with Oanda. Just have a look at your "financing" fees. We're being robbed. I'm out!!!!!!!
Quoting etrader65
Been following this discussion for some time and I guess it's time for me to finally weigh in. I've been trying to give Oanda the benefit of the doubt for almost 3 years now, but I'm running out of reasons to keep trading with them. They are a market maker and I've caught them "greatly" widening the spread on some instruments to trigger entries and stop losses miles away from where I drew them. I know this is a common practice for these brokerages on important news and the like, so I've learned to be extra cautious on account of that. Fool me once......

Just to be clear, when you say it's a delicate topic are you refering what broker ppl use? why is that a sensitive topic? I did see some other comment about ppl private about there financials, to me how much in ur account is private but what broker you use, why is that private or are ppl just paranoid?

About Oanda, I think for north america there is no much option for retail FX brokers, Oanda is much better than forex.com already. they rip u off with no bottomline
Is OANDA down?

I'm not getting price updates through either my desktop OANDA application or on their web application.

Anyone else experiencing something similar?
Student of the Markets
Looks like someone was/is asleep at the switch...
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