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Oanda users - Oanda widening spreads 62 replies

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Quoting Hutch
{quote} I stopped trading USDDKK with OANDA because of too many spikes but OANDA is great for CFDs.
You're welcome
Quoting Wizzlebizzle
{quote} The short trade was entered at 07:06:04 GMT 13.01.21 @ 126.620. Take profit was set at 125.620. Once the trade had moved down I changed the stop loss to 126.386 at 01/14/2021 05:11:53 PM GMT. The stop was hit at 01/14/2021 09:59:56 PM GMT. As you can see on the above chart there clearly was a spike. None of the other broker charts I have looked at show a spike round that time. Any clues ? Cheers W
Simple answer....classic market maker bullshit, that they have been getting away with for years. It's one of the advantages of being with a "regulated" broker. The other big advantage is the frozen platform for several minutes to sometimes over an hour where you can't enter or exit a trade. Of course, there is also ridiculous spreads and fabricated swap, or as Oanda calls them "financing" costs. The regulators reduced the leverage, created FIFO, banned hedging, ran all but 3 brokers out of the US but they allow shit like this to continue. They disguise this regulation as "protecting" the trader.
Quoting pipmaster77
{quote} Simple answer....classic market maker bullshit, that they have been getting away with for years. It's one of the advantages of being with a "regulated" broker. The other big advantage is the frozen platform for several minutes to sometimes over an hour where you can't enter or exit a trade. Of course, there is also ridiculous spreads and fabricated swap, or as Oanda calls them "financing" costs. The regulators reduced the leverage, created FIFO, banned hedging, ran all but 3 brokers out of the US but they allow shit like this to continue....
I thought as much, guess I will have to swap brokers again..

Thank your for your thoughts.

W
Quoting Wizzlebizzle
{quote} The short trade was entered at 07:06:04 GMT 13.01.21 @ 126.620. Take profit was set at 125.620. Once the trade had moved down I changed the stop loss to 126.386 at 01/14/2021 05:11:53 PM GMT. The stop was hit at 01/14/2021 09:59:56 PM GMT. As you can see on the above chart there clearly was a spike. None of the other broker charts I have looked at show a spike round that time. Any clues ? Cheers W
Hey Wizzlebizzle,

What happened was you were a victim of Oandas end of day spread widening. Every day Monday through Friday, Oandas spreads widen between about 10 pm GMT and 11 pm GMT which is end of day New York. The Eur/Jpy widens by up to 15 pips. You can check it here: Oanda Spread History

Feel free to change brokers, each one will get you some how. It is more of us working around them. You can go offshore like pipmaster77 keeps saying but I would definitely do some due diligence if you are going offshore. I have asked pipmaster77 on several occasions to help out with some companies/brokers, but he just flat out refuses.

Good luck

- Ric
Be humble or get humbled
Quoting riclater211
{quote} Hey Wizzlebizzle, What happened was you were a victim of Oandas end of day spread widening. Every day Monday through Friday, Oandas spreads widen between about 10 pm GMT and 11 pm GMT which is end of day New York. The Eur/Jpy widens by up to 15 pips. You can check it here: Oanda Spread History Feel free to change brokers, each one will get you some how. It is more of us working around them. You can go offshore like pipmaster77 keeps saying but I would definitely do some due...
Hi Ric,

Thanks again.

I guess there is always a compromise somewhere. To be fair, this has not ever happened before, so it is not the end of the world. But will definitely have a try with another broker.

Would u say it is júst spread widening? This would, as far as I understand it, indicate a spread widening of around 19 pips, despite their max spread at the time was 15 pips. Just asking out of interest by now, not to wound up by it anymore ; )

W
You will experience widened spreads at NY close with pretty much every broker. The market is thin at this time of the day, liquidity dries up, hence larger spreads.
Quoting Wizzlebizzle
{quote} Hi Ric, Thanks again. I guess there is always a compromise somewhere. To be fair, this has not ever happened before, so it is not the end of the world. But will definitely have a try with another broker. Would u say it is júst spread widening? This would, as far as I understand it, indicate a spread widening of around 19 pips, despite their max spread at the time was 15 pips. Just asking out of interest by now, not to wound up by it anymore ; ) W
It is an average widening due to low liquidity. I have seen it has high as 25 on Yen pairs. All I can say is I have been with Oanda for over 10 years and have never had any kind of issues other than platform disconnection every so often. I do trade higher time-frames (4 Hour and Daily). Also, they were one of only a handful of brokers to honor stops and return funds when CHF was unpegged and many traders and brokers were destroyed. Full disclosure, I no longer trade Forex with Oanda as of this year. In fact I know longer trade spot forex but futures through CME group. I will say my transfer from Oanda to Interactive brokers was hastened by OANDA being acquired by CVC Capital Partners in the last few years. Small changes and an increase in finance charges for overnight trades. Add to that the commission structure as well as spread and it has become rather expensive to trade forex with spot. It is much cheaper through futures and since I trade longer time-frames it is a fit.

Good luck and let me which brokers you find to your liking.

- Ric
Be humble or get humbled
Anybody having connection problems with OANDA this morning? Mine keeps disconnecting both on the Desktop app. and Browser.
Been OK here (UK, Android app)
Quoting cuchuflito
Anybody having connection problems with OANDA this morning? Mine keeps disconnecting both on the Desktop app. and Browser.
I had problems before but it was due to my connection now that I have a decent connection everything works fine.
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Quoting zOrO2kX
I want to share my experience and request for advice. On December 20 I withdraw $5,000 USD from my Oanda account (have never withdrawn from them in the past and I've been using their platform for more than 10 years) since I needed this money for christmas. They split the withdrawal amount of $5,000 in 19 transactions, each of a different amount, and marked all of them as "completed". To this day "January 6" I have just received 5 of those 19 transactions, for the total amount of $350 ($4,650 are still missing) For this "slight delay" (as they called...
Just wanted to follow up on this.

It's been 35 days and I still don't have my $4,650 USD, and it looks like Oanda doesn't care about it.
Quoting zOrO2kX
{quote} Just wanted to follow up on this. It's been 35 days and I still don't have my $4,650 USD, and it looks like Oanda doesn't care about it.
i was thinking on adding more money to my account; I am changing my mind. As a matter of fact, I might close the account. It seems they have lost their integrity. Thanks, for posting your experience. By the way, Oanda is not expert advisor friendly either.
Have you guys seen this in Australia? I thought only Germany was clamping down on traders!

Here´s the link: https://financefeeds.com/oanda-plays...1100-leverage/


"From 29 March 2021, ASIC’s product intervention order will:

 

  1. restrict CFD leverage offered to retail clients to a maximum ratio of:

    1. 30:1 for CFDs referencing an exchange rate for a major currency pair
    2. 20:1 for CFDs referencing an exchange rate for a minor currency pair, gold or a major stock market index
    3. 10:1 for CFDs referencing a commodity (other than gold) or a minor stock market index
    4. 2:1 for CFDs referencing crypto-assets
    5. 5:1 for CFDs referencing shares or other assets



  2. standardise CFD issuers’ margin close-out arrangements that act as a circuit breaker to close-out one or more a retail client’s CFD positions before all or most of the client’s investment is lost
  3. protect against negative account balances by limiting a retail client’s CFD losses to the funds in their CFD trading account, and.."

Quoting zOrO2kX
{quote} Just wanted to follow up on this. It's been 35 days and I still don't have my $4,650 USD, and it looks like Oanda doesn't care about it.
Hi, did you get your $? thx
Quoting cuchuflito
Have you guys seen this in Australia? I thought only Germany was clamping down on traders! Here´s the link: https://financefeeds.com/oanda-plays...1100-leverage/ "From 29 March 2021, ASIC’s product intervention order will: restrict CFD leverage offered to retail clients to a maximum ratio of: 30:1 for CFDs referencing an exchange rate for a major currency pair 20:1 for CFDs referencing an exchange rate for a minor currency...
I could trade one lot of the DJ30 using a $30k margin as shown in the chart at post #6,377. Now the margin is $150k. Looking for a new broker.
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Quoting Hutch
{quote} I could trade one lot of the DJ30 using a $30k margin as shown in the chart at post #6,377. Now the margin is $150k. Looking for a new broker. {image}
The valuations are out of touch with reality and brokers are afraid of a major market correction so they are covering their asses
Quoting Hutch
{quote} I could trade one lot of the DJ30 using a $30k margin as shown in the chart at post #6,377. Now the margin is $150k. Looking for a new broker. {image}
But you do have a Pro Account at Oanda right Hutch?
Quoting cuchuflito
{quote} But you do have a Pro Account at Oanda right Hutch?
I did but I was told that their policies changed and all pro traders need need to reapply and meet more stringent requirements.
Quoting Hutch
{quote} I did but I was told that their policies changed and all pro traders need need to reapply and meet more stringent requirements.
Really? That is such a bummer...it is getting harder and harder all around. Wonder how many pages of "requirements".
"Regulators," think traders are either stupid or like in Germany, that traders are "immorally" making millions just pushing buttons on their keyboards.
OANDA removed the spread stats page they used to offer. How cute.
Congrats. on the transparency policies!

https://www1.oanda.com/eu-en//fxgui/...reads%2Frecent
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