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Quoting Fml
{quote} You've missed the point. It's a red flag when a registered broker misses net capital requirement.
I have been trading with Oanda since 2005 and this is the first time it was fined in any of the six countries that it is regulated. A red flag is when a broker cheats traders and this happens frequently in unregulated firms.
Have you seen the last letter from OANDA, asking to "confirm personal data"?
Again, on top with a weird "quizz", and added threat of cancelling my trading!


I´m fed up, just add all these:

-Ridiculous weekend spread spikes (EURUSD 15 pips!)
-Ridiculous overnight spread spikes (EURUSD 8 pips!)
-Overnight swaps that make commodity trading impossible.

Their only "advantage" for me so far, the unit trading, but the balance is now clearly negative for this broker.
I will finally move somewhere else.
Quoting cuchuflito
Have you seen the last letter from OANDA, asking to "confirm personal data"? Again, on top with a weird "quizz", and added threat of cancelling my trading! I´m fed up, just add all these: -Ridiculous weekend spread spikes (EURUSD 15 pips!) -Ridiculous overnight spread spikes (EURUSD 8 pips!) -Overnight swaps that make commodity trading impossible. Their only "advantage" for me so far, the unit trading, but the balance is now clearly negative for this broker. I will finally move somewhere else.
Actually I have no clue why they asked traders to answer the quiz although it was quite easy. High weekend spreads are the norm for all brokers that offer those but it's very dangerous because unscheduled news can kill a trade or make a mint. You are right to complain about swaps but Oanda is not the worst. Try trading crypto with eToro and you will see. The Asian session always has the highest spreads nothing new here. I wish you good luck finding a better broker.
I have been trading with Oanda for a couple of months. So far I find it good. I have found out an important fact in Oanda. In Oanda, different lot trades are considered different trade. So I can open multiple trades in a single pair and close last trade first. In this way we can bypass FIFO rule a bit . That is why I prefer Oanda to other brokers.
Quoting Hutch
{quote} I have been trading with Oanda since 2005 and this is the first time it was fined in any of the six countries that it is regulated. A red flag is when a broker cheats traders and this happens frequently in unregulated firms.
It was breached rules of conduct that resulted in not meeting net capital requirement three times in 2019 under the new ownership. Do you know what insolvency is?

It's amazing all is good with you people as long as you can click buy and sell up to the given day.
Quoting Fml
{quote} It was breached rules of conduct that resulted in not meeting net capital requirement three times in 2019 under the new ownership. Do you know what insolvency is? It's amazing all is good with you people as long as you can click buy and sell up to the given day.
It doesn't look like Oanda is currently running out of money. It looks like they were lax / derelict in their accounting, but the negative "Adjusted Net" and "Excess Net" capital in June-July 2019 are concerning:

https://www1.oanda.com/resources/leg...ic-disclosures

It bears keeping a closer eye on the excess net captial.
Quoting Fml
{quote} It was breached rules of conduct that resulted in not meeting net capital requirement three times in 2019 under the new ownership. Do you know what insolvency is? It's amazing all is good with you people as long as you can click buy and sell up to the given day.
I honestly don't care at all if Oanda becomes insolvent since it's one of the reason why I trade with Oanda Canada that is regulated by IIROC. By the way 3 brokers went bust on me. I lost money with FXCBS because it didn't have a fund to protect traders in case of bankruptcy. I did not lose money with SkyFx because it was regulated by CySec and it took me 3 months to get my money back. I did not lose money with Alpari UK because it was regulated by FCA but it took me 16 months to get my money back. If you trade with a broker that doesn't have a fund to protect traders in case of bankruptcy you are putting your money at risk.
here is the link
https://www.nfa.futures.org/BasicNet...w0VT6Nt%2F8%3D
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Once A Trader Always A Trader.
Quoting doxfom
Anyone noticed oanda 500,000 penalty? Does it impact us as retail traders? CFTC Orders Toronto-Based Firm to Pay $500,000 for Violating Capital, Reporting, and Supervision Rules https://www.cftc.gov/PressRoom/PressReleases/8224-20
The link shows that about 70% of traders lose money trading with Oanda. This is an improvement from a study conducted last year showing that 77% of Oanda traders lost money.
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Quoting Hutch
{quote} I have been trading with Oanda since 2005 and this is the first time it was fined in any of the six countries that it is regulated. A red flag is when a broker cheats traders and this happens frequently in unregulated firms.
Been trading offshore with "unregulated" brokers for 6+ years. I do not experience any cheating, tricks, ridiculous spreads, admin fees or anything OANDA customers experience. Not trying to be argumentative, but put down the OANDA Kool-aid for a minute, they are one of the biggest scam brokers I've seen. They just hide it behind "regulation"
Quoting pipmaster77
{quote} Been trading offshore with "unregulated" brokers for 6+ years. I do not experience any cheating, tricks, ridiculous spreads, admin fees or anything OANDA customers experience. Not trying to be argumentative, but put down the OANDA Kool-aid for a minute, they are one of the biggest scam brokers I've seen. They just hide it behind "regulation"
which offshore broker you use?
Quoting pipmaster77
{quote} Been trading offshore with "unregulated" brokers for 6+ years. I do not experience any cheating, tricks, ridiculous spreads, admin fees or anything OANDA customers experience. Not trying to be argumentative, but put down the OANDA Kool-aid for a minute, they are one of the biggest scam brokers I've seen. They just hide it behind "regulation"
I agree with you that regulations means nothing but having lost $46,000 with an unregulated broker I will never trade a big account with an unregulated broker. I guess your main broker is still Trader's way but, like you, I'm now trying Coinexx and I must admit that it has better spreads than OANDA.
Quoting Hutch
{quote} I agree with you that regulations means nothing but having lost $46,000 with an unregulated broker I will never trade a big account with an unregulated broker. I guess your main broker is still Trader's way but, like you, I'm now trying Coinexx and I must admit that it has better spreads than OANDA.
Yes, much better conditions offshore and being in the US, I have no protection regardless. They tout the CFTC/NFA as the best regulation in the world, but no protection of funds whatsoever. The key offshore is spread the risk among 4-5 brokers, this way you mitigate the risk. I'm also dabbling into prop firms, which will allow me to trade much larger capital without risking any of my own $$$ other than initial fee(s). You obviously are a profitable trader and been around awhile, it's a shame here in North America, they really have us by the balls.
Quoting Hutch
{quote} Actually I have no clue why they asked traders to answer the quiz although it was quite easy. High weekend spreads are the norm for all brokers that offer those but it's very dangerous because unscheduled news can kill a trade or make a mint. You are right to complain about swaps but Oanda is not the worst. Try trading crypto with eToro and you will see. The Asian session always has the highest spreads nothing new here. I wish you good luck finding a better broker.

Opened an account with XTB
Spreads are worse than OANDA, except for overnight swaps.
Many commodities are 0
So I will keep both accounts for the moment, we will see..
Take care Hutch and stay healthy
  • Post #6,295
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  • Edited Sep 2, 2020 12:32am Sep 1, 2020 8:48pm | Edited Sep 2, 2020 12:32am
OandA called and said they will set up a no spread commission account if i email them and fund my account .. why not just offer it as a standard account like others do? odd.
grist for the mill
Quoting JackJones
OandA called and said they will set up a no spread commission account if i email them and fund my account .. why not just offer it as a standard account like others do? odd.
No broker offers something for free. The commission that you will pay will compensate for the spread.
oanda always good
Quoting Hutch
{quote} No broker offers something for free. The commission that you will pay will compensate for the spread.
true but the oanda spread machine was wide 5 pips at times when other brokers show it as one or even zero, when you trade A LOT of times that spread difference adds up quickly and just because oanda isnt connected to good feeds why should I pay? plus the oanda spread machines flicks +3 pips back and forth by the minute at some points and is extremely good at MISSING certain prices! heh heh.. when the spread is 0 it's almost impossible to miss a tick!

2 pips times 24000 trades adds up, OK!

anyhow.. so they are saying they offer no-spread fixed cost but it's not a standard account, i just don't see why not when so many other brokers offer it without 'the strings'.. oanda need something else like they had back in the day, something different. other brokers now have forex options , they are THE BEST, oanda basically invented them and then they are gone... whats going on oanda? did someone exploit you?? hehe, bring back custom boxes! just something else, anything.. you then went to great lengths to drive short term traders away and now you are reaching out?? and i'm not even half a short termer these days, pfft.
grist for the mill
I'm looking for a solution to retrieve the full transaction history of my account (longer than the current 3 month) into CSV (including comments/magic number). Is there anyone who made something via the V20 REST API?
Oanda is closing Chinese clients' account now, what will be the next?
Forex, my love!
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