Oanda just lower their spreads!! | Forex Factory

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Oanda just lower their spreads!!

  • #1
  • First Post: May 15, 2007 11:33am May 15, 2007 11:33am
GBP/JPY: 6 -> 4
EUR/JPY: 2.3 -> 2
GBP/USD: 2.8 -> 2.5
USD/JPY: 1.8 -> 1.6

These rates are incredible, especially for someone who trade smaller time frames. I make about 10-20 trades per day so this would add up to about 3-6 pips saving per day. This is great!
  • #2
  • May 15, 2007 11:49am May 15, 2007 11:49am
They do appear down though I still show a 6.5 spread on GBP/JPY. Here's a link to the 0anda spread comparison page. Not updated yet for new spreads:
http://fxtrade.oanda.com/spreads/com..._spreads.shtml
In trading, there is no bullshit. You either make money or you don't.
  • #3
  • May 15, 2007 12:14pm May 15, 2007 12:14pm
i like oanda and there spreads but the problem with them is they disconect to much during news, im always in my trades at least 4 hours before news comes out so i like to watch my trades when the news comes out and i just can't do that with oanda.
If I Go Broke Trying Then I Will die happy.
  • #4
  • May 15, 2007 12:16pm May 15, 2007 12:16pm
i love oanda. It's like once you go oanda, you never go back
  • #5
  • May 15, 2007 2:35pm May 15, 2007 2:35pm
Quoting Moe
i like oanda and there spreads but the problem with them is they disconect to much during news, im always in my trades at least 4 hours before news comes out so i like to watch my trades when the news comes out and i just can't do that with oanda.
My biggest irk with them is that they seem to manually spike their spreads by 20 pips(during news) instead of letting the "real" prices through...their "oops we put in 200 instead of 20 manually" glitch still is well remembered by me.


Also for pretending to love the small time traders, asking 35 EURO for a single money wire outside of the USA while basically allowing free withdrawals inside of the USA isn't very foreigner friendly... ;P

No idea why they won't allow Paypal transfers for low fees outside of the USA as well...


I'm considering them vs Fastbrokersfx currently :/
Trust price. Know yourself.
  • #6
  • May 15, 2007 3:09pm May 15, 2007 3:09pm
Quoting SeekingLight
Also for pretending to love the small time traders, asking 35 EURO for a single money wire outside of the USA while basically allowing free withdrawals inside of the USA isn't very foreigner friendly... ;P
That's only 3 pips or so on a full lot trade, isn't it.
(Never been good at maths, so don't shout if I'm wrong)
Don't forget, they are 'commission free', you can't have it all LOL
  • #7
  • May 15, 2007 3:39pm May 15, 2007 3:39pm
Quoting SeekingLight
My biggest irk with them is that they seem to manually spike their spreads by 20 pips(during news) instead of letting the "real" prices through...their "oops we put in 200 instead of 20 manually" glitch still is well remembered by me.
Who doesn't? Try a few different brokers. You'll find out real quick that Oanda owns the retail space.
Mr. Trend
  • #8
  • May 15, 2007 3:49pm May 15, 2007 3:49pm
Quoting hilmy83
i love oanda. It's like once you go oanda, you never go back
Sooooooooooooo true!
  • #9
  • Edited 4:28pm May 15, 2007 3:52pm | Edited 4:28pm
I have a stupid question which I would like all of you to email/ask your Oanda support, too:

They say and do offer the most precise position size / unit size.
They immediately show you the calculated amount per pip traded / risked, yes?
So, er, simple question:

Why can't I just put in how many dollars / cents I want to trade per pip?????

Why do I need to use units, which are then recalculated in the interface? Why can't the interface let me put in "1.33 USD per pip" and then calculate Units accordingly, making it transparent for ME?

Why do _I_ even have to bother with units?

I've no idea why nobody has ever asked him/herself that...

(It's common practice in spreadbetting and 100 times more transparent than lots and leverage...)

Edit: I just chatted with their support, seems it was understood and they'll pass the suggestion along. =)
Coolies. Maybe it'll happen sometime this year
Odd that nobody else ever seemed to have brought this up...saves time, makes sizing easier...


As for the spread widening, so far Fastbrokers seems to keep it below 13 pips, which would at least shave it a bit closer than Oanda..

I just absolutely do not like the idea of someone typing in a spread when at the same time the advertisement reads "true reflection of the FX market" + their spread on top of it or rather words to that effect.

("The right to trade real spot")

I am aware that they do list "During periods of high volatility such as a news event spreads can be temporarily widened to reflect liquidity issues in the market."
I just for one would prefer the market widening them, not the admin sitting at the Oanda desk.

--> the 200 pip spread slip made a mockery of "OANDAs trade platform is 100% automated from market-making through trade execution"

I am however also aware this is all a question of choosing the lesser of evils, I'm just trying to find the smallest one...
Trust price. Know yourself.
  • #10
  • May 15, 2007 4:04pm May 15, 2007 4:04pm
Quoting SeekingLight
My biggest irk with them is that they seem to manually spike their spreads by 20 pips(during news) instead of letting the "real" prices through...their "oops we put in 200 instead of 20 manually" glitch still is well remembered by me.


Also for pretending to love the small time traders, asking 35 EURO for a single money wire outside of the USA while basically allowing free withdrawals inside of the USA isn't very foreigner friendly... ;P

No idea why they won't allow Paypal transfers for low fees outside of the USA as well...


I'm considering them vs Fastbrokersfx currently :/
From my understaning they widen there spreads to offset there position's much easy, see oanda holds your trade's first then they offset it with there banks at a better price so it's not stp-straight thru process to there banks, so they hold first then offset your trades with there banks, what they can due during news is just give there traders there banks feed's in just let there traders trade directly with there bank's during news release.
If I Go Broke Trying Then I Will die happy.
  • #11
  • May 15, 2007 4:56pm May 15, 2007 4:56pm
Okay, just ended a chat session with Oanda.

Seems

-trailing stops are being developed
-finding new funding methods for non USD accounts are a priority
-the position sizing "idea" is being passed on (simply putting in the dollar/cent i.e. money amount per pip you want to use. Oddly, nobody had thought of this rather obvious and simple thing before it would seem...)

Also I'm getting an email regarding the funding stuff tomorrow/this week.

Well, at least the support staff is friendly, seems eager and if they do come through, they will get closer to checking all my wishlist items in no time

Now, to get rid of that ghastly news spread stuff
Trust price. Know yourself.
  • #12
  • May 15, 2007 5:10pm May 15, 2007 5:10pm
Quoting SeekingLight
I just for one would prefer the market widening them, not the admin sitting at the Oanda desk.
Aside from that one incident, brokers are here to make money. They have to protect their positions. Be happy this isn't a dealing desk model where the market maker tells you that hey, they have to make the market, and when you put in a market order during news and get filled late (i.e. requoted), be happy because you could've gotten a much worse fill if there were no requotes, then you'll be happy that Oanda doesn't follow the same model.

Banks pull their orders, dealers have to make the market. Nothing they can do about it.

You would have a hissy fit if you traded equities where every single order there is slippage depending on size of instrument volume...
Mr. Trend
  • #13
  • May 15, 2007 5:24pm May 15, 2007 5:24pm
Quoting Mr Trend
You would have a hissy fit if you traded equities where every single order there is slippage depending on size of instrument volume...
No kidding, plus the gaps, the disobedience towards PA (much more than in FX) and and and

Nah, I like FX just fine and the Oanda promises sound pretty sweet so far.

As I said, torn between them and Fastbrokers. I'd still use MT4 for charting either way, so Oanda would mean still having to juggle, but I'm used to it..
Trust price. Know yourself.
  • #14
  • May 15, 2007 5:26pm May 15, 2007 5:26pm
Quoting SeekingLight
No kidding, plus the gaps, the disobedience towards PA (much more than in FX) and and and

Nah, I like FX just fine and the Oanda promises sound pretty sweet so far.

As I said, torn between them and Fastbrokers. I'd still use MT4 for charting either way, so Oanda would mean still having to juggle, but I'm used to it..
When in doubt, go with the guys who have the most operating capital...
Mr. Trend
  • #15
  • May 15, 2007 9:36pm May 15, 2007 9:36pm
I agreed. With usually 1 - 2 major announcement for any particular currencies everyday, if you are a frequent trader (or always hold positions), from time to time it's unavoidable (unless you are so good) that you will find your stop loss just sitting 5 -9 pips away from the market price just before news announcments. Then the spreads is being manually widened to 20 pips with the push of a button and your stop loss is hit, although no real market action is trading through your stop loss yet (hey! the news is yet to be announced). I found this is very annoying (on their demo). For those who trade live with them, is this the case as well?

Do you know which brokers have less of a spread widening during news announcement or at least, the spreads won't hit your stop loss if no real market action is trading through your stop loss? So, I mean, if EUR/USD market price is at 1.3600/1.3603, your long position stop loss is at 1.3595, and bang, spread is being widened to 20 pips just before news to 1.3590/1.3610 and your stop loss is hit. I mean, why don't brokers just widen the spreads to prevent potential traders from entering new positions (because the spreads is not favourable now and as a measure to protect the broker's own interests is understandable), but not hitting stop loss for those who already has positions in hand as these traders are not trying to just enter and take advantage of a news spike, etc. Anyone know if it is feasible for brokers to do the above (not hitting the stop loss of someone's position just beacuse of a widening of spreads and no real market action trade through your stop loss yet) or some brokers are already doing this out there (would be interested to know)? Thanks.
  • #16
  • May 15, 2007 9:45pm May 15, 2007 9:45pm
check out odl mt-4, spreads or damn good and spreads don't widen during news unless there some major shit going down
If I Go Broke Trying Then I Will die happy.
  • #17
  • May 15, 2007 10:28pm May 15, 2007 10:28pm
Quoting Moe
check out odl mt-4, spreads or damn good and spreads don't widen during news unless there some major shit going down
Quote from their site:
Quote
Services: We offer transparent competitive two-way pricing in over 50 currency pairs. You can take advantage of spreads from 2 pips on the following 8 major currency pairs for minimum opening balances of $5,000; EURUSD, USDJPY, GBPUSD, USDCHF, EURJPY, EURGBP, EURCHF, AUDUSD.
does this mean 2pips spreads only offer for account >=5K?
  • #18
  • May 15, 2007 10:42pm May 15, 2007 10:42pm
Quoting amenlo9
Quote from their site:

does this mean 2pips spreads only offer for account >=5K?
i have a bigger account and i only get 3 pips spread for gbp/usd, usd/chf. mabe i need to talk to them,
If I Go Broke Trying Then I Will die happy.
  • #19
  • May 15, 2007 11:31pm May 15, 2007 11:31pm
can anyone give me the defintion of what Bucketshop is?
  • #20
  • May 16, 2007 1:11am May 16, 2007 1:11am
Quoting SeekingLight
I am however also aware this is all a question of choosing the lesser of evils, I'm just trying to find the smallest one...
Ah, the essence of the broker debate.

I've been using Oanda for years and I've never been screwed by them. I did get caught a couple of times in the spread widening, but that was my fault and I won't let it happen anymore (assuming they don't do the 200 pip spread again). For me, the ability to precisely calculate position size is a massive advantage.
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