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OANDA Discussion

Better be careful before clicking orders away...wonder if it applies to the desktop app.
Quoting cuchuflito
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...
I received the stupid email last night. Already OANDA reduced my leverage from 100:1 to 30:1 because I live in Cyprus so I had to trade smaller lots unless I increased my account by 3.33 times. I like to trade WTI with 10 lots at a time because the value of 1 WTI tick is $1. This compares favourably to trading 1 lot of EURUSD with a pip value of $10. WTI is a CFD but not a stock index CFD like the DAX or DJ30 so I hope the trade size will not be reduced.
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anyone know what Markup disclosure is? Onada Canada...
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Quoting Hutch
{quote} I received the stupid email last night. Already OANDA reduced my leverage from 100:1 to 30:1 because I live in Cyprus so I had to trade smaller lots unless I increased my account by 3.33 times. I like to trade WTI with 10 lots at a time because the value of 1 WTI tick is $1. This compares favourably to trading 1 lot of EURUSD with a pip value of $10. WTI is a CFD but not a stock index CFD like the DAX or DJ30 so I hope the trade size will not be reduced. {image}
Hutch you are confusing me
Why would it matter what eurusd lot pip value is compared to WTI.
This is an empty argument since you can adjust position to whatever pip size you want.

Furthermore why is reducing trade size have any impact on your trading?
Everything will stay absolutely the same and additionally you will have an option to enter DAX trade with sub 1 unit position.
This is particularly useful if your SL is far away and you dont want to risk 500-1000 euros with 1 DAX unit, so now you can risk only 50-100 with 0.1 unit.
Quoting xy100
{quote} Hutch you are confusing me Why would it matter what eurusd lot pip value is compared to WTI. This is an empty argument since you can adjust position to whatever pip size you want. Furthermore why is reducing trade size have any impact on your trading? Everything will stay absolutely the same and additionally you will have an option to enter DAX trade with sub 1 unit position. This is particularly useful if your SL is far away and you dont want to risk 500-1000 euros with 1 DAX unit, so now you can risk only 50-100 with 0.1 unit.
Absolutely, Why reducing trade size have any impact on anybodys trading? Its an additional option, which you can use only if you want to.
BTW, XY100....have you received such email already?
Not yet, but emails like this are usually going out in waves.
Quoting xy100
{quote} Hutch you are confusing me Why would it matter what eurusd lot pip value is compared to WTI. This is an empty argument since you can adjust position to whatever pip size you want. Furthermore why is reducing trade size have any impact on your trading? Everything will stay absolutely the same and additionally you will have an option to enter DAX trade with sub 1 unit position. This is particularly useful if your SL is far away and you dont want to risk 500-1000 euros with 1 DAX unit, so now you can risk only 50-100 with 0.1 unit.
Sorry but comparing EURUSD to WTI is not an empty argument. With OANDA the pip value of EURUSD is $10 while the pip value of WTI is $1. So if you want to have a pip value for WTI similar to EURUSD you have to trade 10 lots of WTI. If you trade WTI you will find out that the margin cost for 1 lot of EURUSD is higher than the margin for 10 lots of WTI. Maybe this doesn't matter to you but it matters to me. More importantly the current ATR for WTI is 175 while the current ATR for EURUSD is 63. Why would you want to pay more to trade EURUSD with a lesser chance to make profits compared to trading WTI?

Regarding DAX nothing prevents you now to trade only 1 unit if you put your lot size at 0.01. My biggest complaint is that before I needed a margin of around $15,000 to trade 1 lot of DAX and now the margin needed is around $50,000. I don't like OANDA's higher margins but I'm not stupid enough to go to a bucket shop that offers low margins with no chance of recovering funds in case it goes bust.
Why you even use Oanda i read their spreads are horrific and 50:1 and 30/20:1 leverage also living in Cyprus you can use a Aussie broker ECN on their offshore offices and have 500:1 leverage.....

EDIT:ICM,FP Markets;Vantage ore AXI...
Insanityoing same ting over expecting different results..Einstein
Quoting FXsniper111
Why you even use Oanda i read their spreads are horrific and 50:1 and 30/20:1 leverage also living in Cyprus you can use a Aussie broker ECN on their offshore offices and have 500:1 leverage..... EDIT:ICM,FP Markets;Vantage ore AXI...
Spreads and leverage are a lot less important than safety of funds. Over the last 16 years I had 5 forex brokers that went bust on me. I fully recovered the funds from 2 Cyprus brokers and the UK broker. The other 2 is the cost paid learning not to trust forex brokers. In case you didn't know there is no fund protection at all for Australian brokers. Here is a copy of my biggest lesson about a month before the broker went bust.
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Quoting Hutch
{quote} Sorry but comparing EURUSD to WTI is not an empty argument. With OANDA the pip value of EURUSD is $10 while the pip value of WTI is $1. So if you want to have a pip value for WTI similar to EURUSD you have to trade 10 lots of WTI. If you trade WTI you will find out that the margin cost for 1 lot of EURUSD is higher than the margin for 10 lots of WTI. Maybe this doesn't matter to you but it matters to me. More importantly the current ATR for WTI is 175 while the current ATR for EURUSD is 63. Why would you want to pay more to trade EURUSD...
Ok i dont want to get into which pair is better to trade, but what makes you think DAX margin
will change when Oanda introduces reduced minimum trade size?
And what do you mean by "Regarding DAX nothing prevents you now to trade only 1 unit if you put your lot size at 0.01"
We are talking about 0.1 unit not 1 unit, and that is not possible now. Do you even fully understand what oanda is changing ?
Quoting Hutch
{quote} Spreads and leverage are a lot less important than safety of funds. Over the last 16 years I had 5 forex brokers that went bust on me. I fully recovered the funds from 2 Cyprus brokers and the UK broker. The other 2 is the cost paid learning not to trust forex brokers. In case you didn't know there is no fund protection at all for Australian brokers. Here is a copy of my biggest lesson about a month before the broker went bust. {image}
Hutch,
Could you please name the 2 brokers which went bust on you? Were they regulated brokers.....which agency regulated them?
Quoting sarvesh2509
{quote} Hutch, Could you please name the 2 brokers which went bust on you? Were they regulated brokers.....which agency regulated them?
I cannot remember the first one but it was an unregulated forex broker. The second one was an unregulated forex broker and believe me there are still forex brokers in the US and UK that choose "not to be regulated". There are brokers in the US that are regulated by the City of New York Financial Authority which means that they are not regulated at all. The $46k was lost with this broker that has a great rating of 1.9 out of 10.

https://pforex.com/review/brokers/fx...bates-cashback
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...
An update about this issue,

It was HSBC Bank fault, OANDA sent the money but the bank lost it.

Now I have my $5,000 USD on my bank account (after 5 months)
Quoting zOrO2kX
{quote} An update about this issue, It was HSBC Bank fault, OANDA sent the money but the bank lost it. Now I have my $5,000 USD on my bank account (after 5 months)
Thanks for the update.
Quoting zOrO2kX
{quote} An update about this issue, It was HSBC Bank fault, OANDA sent the money but the bank lost it. Now I have my $5,000 USD on my bank account (after 5 months)
Thank you for reminding us not to bank with HSBC.
Quoting zOrO2kX
{quote} An update about this issue, It was HSBC Bank fault, OANDA sent the money but the bank lost it. Now I have my $5,000 USD on my bank account (after 5 months)
This is a very serious accusation. It doesn't make any sense. Banks transfer money to many many different parties everyday.

On a different note, is Oanda good for trading silver?

Thanks.
Quoting WetBlanket
{quote} This is a very serious accusation. It doesn't make any sense. Banks transfer money to many many different parties everyday. On a different note, is Oanda good for trading silver? Thanks.
Fine for day trading, but if you carry it through the night the "swap" cost is outrageous.
Quoting cuchuflito
{quote} Fine for day trading, but if you carry it through the night the "swap" cost is outrageous.
The atrocious swap rates is the reason why I quit trading on D1 charts and reverted to my previous love Renko charts
Quoting Hutch
{quote} The atrocious swap rates is the reason why I quit trading on D1 charts and reverted to my previous love Renko charts
You are right Hutch, I have a simple profitable system for D1, BUT if you take into consideration the swap, plus the weekend spread spike, any chance of profitability goes down the drain.
These days, living in Germany, almost everything is against a retail trader, between Brokers and taxes...
Correct me if I´m wrong, but under these OANDA conditions, it is either a W1 or else Day Trading and closing all positions before the Asian open. It is otherwise not a viable business anymore.
NZDCAD has a 20 pip weekend spread right now, meaning, your stop has to take that into consideration, and of course, next weekend it will vary!!
It is an effective way of "washing retailers" either on Friday or Sunday at the opening. It is worse than news.
Quoting cuchuflito
{quote} You are right Hutch, I have a simple profitable system for D1, BUT if you take into consideration the swap, plus the weekend spread spike, any chance of profitability goes down the drain. These days, living in Germany, almost everything is against a retail trader, between Brokers and taxes... Correct me if I´m wrong, but under these OANDA conditions, it is either a W1 or else Day Trading and closing all positions before the Asian open. It is otherwise not a viable business anymore. NZDCAD has a 20 pip weekend spread...
I no longer keep any trade opened after the US session closed but I wish I could still trade GBPNZD on D1 charts.
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