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  • #6,461
  • Mar 10, 2021 8:25am Mar 10, 2021 8:25am
Quoting cuchuflito
SUMMARIZING: OANDA is a Market Maker (although they will deny it with sweet words), and they do trade against you, meaning they win when you lose. They will hunt your stops at the news, overnight spread spikes, etc. If you survive those, beware of the double weekend spike. If you survive cause you kept your stop at a prudent distance, great, but that adds big to your costs! Why do I still use their platform? Only broker free of lots, I adjust my position size, stop- risk, to the cent. They are not clean, but there are worse brokers out there. Can...
To my knowledge OANDA never denied that it's a market maker. I firmly believe that it doesn't trade against traders otherwise they quickly would not have any trader using OANDA. I talked to my Premium Relationship Manager that explained how trades work. As a market maker OANDA must accept all trades no matter how big they are. What OANDA does is matching all sell trades with all buy trades and when this matching is exhausted it has to take the other side of these non matching trades to balance its book. What most traders don't know is that whether they trade with OANDA Malta, OANDA UK, OANDA Canada, OANDA US, OANDA Australia, OANDA Singapore or OANDA Japan all trades are amalgamated and processed at the same server location in the US. Since I have been trading with OANDA since 2005 I really don't know about any trick OANDA uses against traders. To trick traders OANDA would need an army of personnel to look at transactions and this would cost a lot more than what OANDA would gain by doing this. The only thing I don't like at all is the latency of the OANDA servers since I have experienced delays between ticks of up to 5 seconds although this is very rare. You may try other brokers but I doubt that you can find a better one.
  • #6,462
  • Mar 10, 2021 9:17am Mar 10, 2021 9:17am
Hutch, did your Premium Relationship Manager explain why have you been banned from trading the BTC?
  • #6,463
  • Mar 10, 2021 1:32pm Mar 10, 2021 1:32pm
Quoting xy100
Hutch, did your Premium Relationship Manager explain why have you been banned from trading the BTC?
Yes it's because I live in the EU. In any case the margin for trading Bitcoin is now 2:1 a far cry from the 100:1 that I previously had.
  • #6,464
  • Mar 10, 2021 3:24pm Mar 10, 2021 3:24pm
Quoting Hutch
{quote} To my knowledge OANDA never denied that it's a market maker. I firmly believe that it doesn't trade against traders otherwise they quickly would not have any trader using OANDA. I talked to my Premium Relationship Manager that explained how trades work. As a market maker OANDA must accept all trades no matter how big they are. What OANDA does is matching all sell trades with all buy trades and when this matching is exhausted it has to take the other side of these non matching trades to balance its book. What most traders don't know is that...
Sorry Hutch but you almost sound like an Oanda rep. You must have noticed that Oandaīs clients mentioned a whole bunch of "irregularities", in this and other threads.
Still "the only thing you donīt like is their "server latency"?
You sound like an experienced trader to me.
Granted, the whole industry is full of it. And I hope you are right considering them as the best, or having doubts there could be better ones.
  • #6,465
  • Mar 10, 2021 5:35pm Mar 10, 2021 5:35pm
Quoting cuchuflito
{quote} Sorry Hutch but you almost sound like an Oanda rep. You must have noticed that Oandaīs clients mentioned a whole bunch of "irregularities", in this and other threads. Still "the only thing you donīt like is their "server latency"? You sound like an experienced trader to me. Granted, the whole industry is full of it. And I hope you are right considering them as the best, or having doubts there could be better ones.
After losing $46,000 when my first broker went bankrupt I found OANDA and opened an account in Canada because of the protection in case OANDA goes bust. At that time Americans could trade using Canadian brokers without the need of a Canadian bank account but now it's required. I have been trading with OANDA for 15+ years and like all traders I have been frustrated at times. I had a few secondary brokers and 2 of them went bankrupt on me. Took 16 months to get my money back from a FCA regulated broker and 3 months with a CYSEC regulated broker. OANDA is not perfect. Last year it was fined $500,000 by CFTC for violating capital requirements. The great majority of forex brokers are not or not well regulated and only a minority have account protection in case of bankruptcy. This protection is my number 1 priority when choosing a broker. I'm sure that all OANDA country offices are not equal and some are much better than others. Traders who had problems with OANDA probably dealt with a bad apple probably in a lesser competent office.
  • #6,466
  • Mar 11, 2021 1:42am Mar 11, 2021 1:42am
Quoting Hutch
{quote} After losing $46,000 when my first broker went bankrupt I found OANDA and opened an account in Canada because of the protection in case OANDA goes bust. At that time Americans could trade using Canadian brokers without the need of a Canadian bank account but now it's required. I have been trading with OANDA for 15+ years and like all traders I have been frustrated at times. I had a few secondary brokers and 2 of them went bankrupt on me. Took 16 months to get my money back from a FCA regulated broker and 3 months with a CYSEC regulated broker....

Understand Hutch. I am with them probably for more than 15 years too. Remember those times they used to pay interest on half of the pairs? (They also payed you a little interest on your sitting capital). Traders were only picking those to make the extra buck in the long run. They didnīt have those ridiculous weekend gaps either.

My problem is they refuse to deliver my account statement for 2020. Worse, they sent me a fake one (yes, believe me). Like I mentioned, with zero trades for the whole year????!!!!
If I send that to the german Finanzamt, I literally run the risk of being charged with tax evasion, and document forgery !!
This is no joke, I wonder what they were thinking, I know they are dealing with the Brexit mess...my gut feeling is they simply deleted my account and now they find nothing.

Below is what they promised at the end of December:

"Regarding your old OEL account, the annual statement is produced in late February. Please contact us late February to request an electronic copy of your 2020 annual statement and we will be more than happy to send one for each of your forex sub-accounts."
  • #6,467
  • Mar 11, 2021 2:50am Mar 11, 2021 2:50am
UPDATE:
Finally, they gave me a 24-hour window to log-in and download my Statement. Fair enough.
It took a lot of unnecessary work and headaches from my part though.
  • #6,468
  • Mar 11, 2021 11:08am Mar 11, 2021 11:08am
Quoting cuchuflito
{quote} Understand Hutch. I am with them probably for more than 15 years too. Remember those times they used to pay interest on half of the pairs? (They also payed you a little interest on your sitting capital). Traders were only picking those to make the extra buck in the long run. They didnīt have those ridiculous weekend gaps either. My problem is they refuse to deliver my account statement for 2020. Worse, they sent me a fake one (yes, believe me). Like I mentioned, with zero trades for the whole year????!!!! If I send that to the german...
I sure remember the high interest paid on trades. My favorite pairs before the recession of 2008 were short GBPAUD and long AUDJPY because the interest rates in Australia were super high so I had no problem keeping winning trades opened overnight. Since CVC partners acquired OANDA everything went down the tube. For example wire transfers were free and now it cost $25. There was no inactivity fees and the swap rates were never as high as they are now given the current interest rates. The only thing CVC partners want to do is to make money no matter what. I'm a taxpayer in the US and in Cyprus and use the trade statement from my MT4 account history as proof of income. In the US short-term capital gains are taxed as normal income but the first $106k is exempt for non-resident. Luckily capital gains are not taxed in Cyprus except on profits made from the sale of real properties like houses and land. I hope your "best friend" Olaf Scholz will be happy with your 2020 statement
  • #6,469
  • Mar 11, 2021 4:04pm Mar 11, 2021 4:04pm
Sheeple, Oanda is in heat again with the NFA. The ownership is on thin ice. You uninformed might want to know.
  • #6,470
  • Mar 11, 2021 4:43pm Mar 11, 2021 4:43pm
Quoting Fml
Sheeple, Oanda is in heat again with the NFA. The ownership is on thin ice. You uninformed might want to know.
This is what happens when a broker is taken over by a firm that has no clue of the business.
  • #6,471
  • Mar 12, 2021 12:59am Mar 12, 2021 12:59am
Quoting Hutch
{quote} I sure remember the high interest paid on trades. My favorite pairs before the recession of 2008 were short GBPAUD and long AUDJPY because the interest rates in Australia were super high so I had no problem keeping winning trades opened overnight. Since CVC partners acquired OANDA everything went down the tube. For example wire transfers were free and now it cost $25. There was no inactivity fees and the swap rates were never as high as they are now given the current interest rates. The only thing CVC partners want to do is to make money...
Olaf is the worst!
Question: ever considered creating a company, and trading as an "institution"? In Germany (GMBh), it is the best way of avoiding the "Olaf Tax", on top of that, you pay much less for your profits. It is a bit of a hassle creating it, and it costs some money. The biggest problem seems to be finding a broker that accepts opening an account in the name of a company/institution though. The German traders posted tons of youtube videos from specialized tax attornies explaining the procedure.
Right now, almost every professional traderīs existence in Germany is threatened by Olaf. Either leave the country or trade as a company.
  • #6,472
  • Mar 12, 2021 7:40am Mar 12, 2021 7:40am
Quoting cuchuflito
{quote} Olaf is the worst! Question: ever considered creating a company, and trading as an "institution"? In Germany (GMBh), it is the best way of avoiding the "Olaf Tax", on top of that, you pay much less for your profits. It is a bit of a hassle creating it, and it costs some money. The biggest problem seems to be finding a broker that accepts opening an account in the name of a company/institution though. The German traders posted tons of youtube videos from specialized tax attornies explaining the procedure. Right now, almost every...
I live very well and pay a reasonable amount of income tax so I never considered creating a company since it would mean much more work with probably no gain at all. I think that Olaf is a "closet" ultra socialist who wants Germans to live with the same standard of living by lowering the income of successful individuals including traders, by increasing the taxes they pay. Before moving to a different country please make sure that Germany is not like the US and doesn't tax people on their world income. This is the worst type of tax since I pay tax while receiving zero benefit. One of my friend was so upset that he cancelled his US citizenship after he received a New Zealand citizenship having lived there long enough and married a New Zealander.
  • #6,473
  • Mar 14, 2021 11:22am Mar 14, 2021 11:22am
Quoting cuchuflito
{quote} Olaf is the worst! Question: ever considered creating a company, and trading as an "institution"? In Germany (GMBh), it is the best way of avoiding the "Olaf Tax", on top of that, you pay much less for your profits. It is a bit of a hassle creating it, and it costs some money. The biggest problem seems to be finding a broker that accepts opening an account in the name of a company/institution though. The German traders posted tons of youtube videos from specialized tax attornies explaining the procedure. Right now, almost every...
Wrong question! You should not ask if one ever considered trading via a company structure, but if one ever has run any business via a german limited liability company. Its a hell of administrative declarative reporting dues and work - all affirmed by penalties and additional legal and fiscal risks.

Any advice offered by german tax advisors via YT is advice on rather insecure grounds. These guys lack the proper experience! There is a saying: There are young traders and there are bold traders, but hardly bold and old traders! With tax advisory firms you might apply the very same rule: Has any of them gone through the 5-8 years dispute at german higher courts? I doubt it.

Also there advice, obviously beneficial at first glance tax wise, is often bad advice from the legal/common law perception of proper firm management - thus increasing risks and personal liability of owner and CEO.
  • #6,474
  • Edited 3:55pm Mar 14, 2021 1:36pm | Edited 3:55pm
Quoting Forex37
{quote} Wrong question! You should not ask if one ever considered trading via a company structure, but if one ever has run any business via a german limited liability company. Its a hell of administrative declarative reporting dues and work - all affirmed by penalties and additional legal and fiscal risks. Any advice offered by german tax advisors via YT is advice on rather insecure grounds. These guys lack the proper experience! There is a saying: There are young traders and there are bold traders, but hardly bold and old traders! With tax advisory...
Maybe
  • #6,475
  • Mar 21, 2021 4:53am Mar 21, 2021 4:53am
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.
Thats why I left brother. Retail FX is going straight to hell in the USA...

- Ric
Be humble or get humbled
  • #6,476
  • Apr 20, 2021 10:16pm Apr 20, 2021 10:16pm
Oand_a clients should read these

https://fxnewsgroup.com/forex-news/r...-gain-capital/

https://fxnewsgroup.com/forex-news/r...#comment-32147

It can seem a bit opaque. All the tiny off shore fx brokers wish they had their resources. Treat Oand_a as Sun Tzu would.
  • #6,477
  • Apr 28, 2021 12:54pm Apr 28, 2021 12:54pm
Hope OANDA is able to withstand such waves:

https://fxnewsgroup.com/forex-news/i...it-is-not-you/
  • #6,478
  • Apr 28, 2021 1:46pm Apr 28, 2021 1:46pm
Quoting cuchuflito
Hope OANDA is able to withstand such waves: https://fxnewsgroup.com/forex-news/i...it-is-not-you/
I'm not worried about OANDA but if I were a shareholder of Credit Suisse I would worry a lot since it lost $5.5 B on the Archegos demise.

https://www.wsj.com/articles/credit-...ns-11619070830
  • #6,479
  • Apr 28, 2021 2:06pm Apr 28, 2021 2:06pm
Quoting cuchuflito
Hope OANDA is able to withstand such waves: https://fxnewsgroup.com/forex-news/i...it-is-not-you/
The fxnewsgroup.com is either incompetent or it lies intentionally. One of their statement was: "Additionally, clients of British brokers are automatically covered by the Financial Services Compensation Scheme, which backs customer funds up to Ģ85,000 should a firm become insolvent. That is the highest level of protection in the world by far.". This is by far a total lie since Canadian Fx brokers registered with CIPF, including my broker OANDA Canada, has a CAD 1 million protection.
The last time I looked CAD 1M is a lot higher than GBP 85K
  • #6,480
  • May 1, 2021 2:14am May 1, 2021 2:14am
Did u get this?








Beginning after trading closes on Friday, 14 May 2021 we are making changes to our minimum trade sizes for index CFDs. This change will impact your index CFD trading across all our platforms:


Impacts to fxTrade platforms (mobile, web, desktop and API):


We will allow a minimum trade size and increments of 0.1 units. For example, you will be able to place an index CFD trade of 0.1 or 0.9 units.


Impacts to the MT4 platform:


Changing the minimum trade sizes for our index CFDs from 1 to 0.1 in our backend systems will change how your MT4 platform operates for index CFDs. Currently on the MT4 platform, when you open a CFD trade with a volume of 1 lot, this is equivalent to 100 CFDs. After this change, as of 14 May 2021 a volume of 1 lot on the MT4 platform will be equal to 1 CFD.

Your margin requirement will remain the same; and the notional value of the position will be the same, only the volume within your MT4 platform will change.

To ensure this change results in as little disruption to your trading as possible, OANDA will adjust your open positions and any pending orders you may have when this change occurs. After this change comes into effect however, there is an expectation that clients will be aware of the new minimum trade size and adjust their trade volumes accordingly.

Important things to note:
The only orders in your platform that will change will be your open positions and any pending orders. Any historical trades: i.e., those that were closed prior to May 14, 2021 that you have will remain unaltered.
Should you trade using Expert Advisors then you should ensure that the above is taken into consideration when it comes to closing any open positions.

If you have any questions about this change, you can contact our Client Experience team whenever markets are open.

Kind regards,
The OANDA team



Changing the minimum trade sizes for our index CFDs from 1 to 0.1 in our backend systems will change how your MT4 platform operates for index CFDs. Currently on the MT4 platform, when you open a CFD trade with a volume of 1 lot, this is equivalent to 100 CFDs. After this change, as of 14 May 2021 a volume of 1 lot on the MT4 platform will be equal to 1 CFD.
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