Broker is Closing Down

Oanda Europe aka "OANDA Europe Markets Ltd" based in Malta is closing business and reopening in Poland under the name: OANDA TMS Brokers S.A. registered in Warsaw.
But now comes the brutal truth: In order to make the transfer to Poland , Oanda will close all clients positions .... ON THE CLIENT EXPENSE !!!!!! This means .... I have an open position of -1000$ on a 10.000$ account .... Oanda will close your position and the 1000$ negative will be for the client to swallow ! Even though we learned from the Jan. 15, 2015 Swiss Frank Shock that Oanda is a bucket shop style broker. So it basically means Oanda Europe is closing and simply taking our money on all negative open positions !
In the case of the Swiss Frank Shock, Canada-based foreign exchange broker OANDA said in a statement it “will pardon our clients’ negative account balances associated with this market event” and would not “re-quote or amend” clients’ trades on the Swiss currency. This was a public confirmation of their "Bucket Shop Broker model".
What ever the technical financial complications of the move from Malta to Poland may implicate, it is extremely UNETHICAL and UNCORRECT to make the client pay for the move.
Who else is a client of Oanda Europe "OANDA Europe Markets Ltd" here on Forex Factory ? Please comment here .

Hi CatMan,

I'm sorry if this sounds harsh but perhaps I can help you with a paradigm shift.

There is a errouneous belief out there that closing a losing trade "crystallizes" your loses. That is absolute nonsense and is a theory that people use to make themselves feel better about their drawdown. When you have a $1 000 losing trade on a $10k account, thinking that you actually have $10 000 is incorrect.

All that matters is equity - balance is irrelevant. When you close a losing position, you do not lose any money(you have already lost your $1 000) and you can quite comfortably open a new position at a new broker and the cost to you will be spread + commission, not the P/L on your trade.

When you have a $10 000 account with a drawdown of $1 000, you have $9 000 - period. You do not have $10 000 with the broker taking $1 000 off you. You can take your $9 000 and open the exact same position at a new broker and you will be in the same position that you were at your previous broker.

If your trade ever recovers, at Oanda, you will have a $10 000 account and at the new broker you will have a $9 000 account with $1 000 profit - either way, you will have $10 000.

Did you read their ToS? If they have respective provision then it's your fault than your didn't read it carefully, otherwise yes they are bucketshops that can act on their own discretion in certain situations which is red flag.

Agea is also closing down
got this email a few day ago

quote begins
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We are writing to let you know that, after a careful consideration and in coordination with our regulator, we have decided to voluntarily dissolve AGEA International AD.

As an immediate step, we have stopped opening new accounts and stopped accepting new deposits and positions. If you currently hold open positions on any of our platforms, we kindly ask you to close them as soon as possible. On March 20, 2023 we will close all remaining open positions and then stop our trading servers altogether.

After closing open positions, we urge you to withdraw funds from your accounts at AGEA. Please note that our financial position is very strong and there is no risk to any of your deposits.

We thank you for your understanding and please let us know if you have any questions.

Sincerely,

AGEA International AD

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quote ends

That makes sence too Kenny. Only ... it locks in the loss in stead of the profit. And that is indeed a "paradigm shift". However in this case it might be a solution. Thanks for thinking with me.

I just opened tradingview and all my oanda money is gone lol. Hope its back at 11 pm.

Here the same ... locked out

Shocker...

Oanda is numero uno as far as sneaky shitt in the US realm. This doesn't surprise me.

Just a word to the wise...ALL fx brokers are bucket-shops. You guys have no idea what they do behind the scenes while you cling to the idea that they are "regulated".

When I read this kinda stuff on this website I really do want to blow the lid off the industry, but just don't want to deal with all the know-it-all forexfactory junkies so it's really too much headache.