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Oanda or Alpari?

  • #1
  • First Post: Edited 2:08pm Sep 28, 2007 1:32pm | Edited 2:08pm
Hi
I'd like to open a live account to test my strategy.
My fixed points to choose a broker are:

Euro account
200/400USD account minimum
Smallest amount to trade

Oanda has better spreads but Alpari has MT4.

Which one you suggest?
If you know another broker better than these two please tell me.
  • #2
  • Sep 29, 2007 10:19am Sep 29, 2007 10:19am
First I have to say that I have live accounts at Oanda and Alpari UK.

So I know the differences.

Oanda has a max. leverage of 50:1, Alpari has normally a leverage of 100:1. If you write an eMail to them, you get up to 500:1 if you need it.

Oanda has better spreads. 0.9 pips in EUR/USD where Alpari has 2.0. Oanda has usually instant fills for limit, stop and market orders. Alpari is a dealing desk broker. You will have some slippage of around 2 pips almost the time.

Oanda pays interest to your free margin where Alpari don't.

Oanda allows lesser position sizes (down to 1 unit which is 0.00001 lots, where Alpari only has micro lots: 1,000 units = 0.01 lots)

The only reason I'd prefer Alpari is because of Metatrader and using expert advisors (automated trading systems). If you don't use any automatization, you don't need them. You could use Metatrader as a chart tool and Oanda for the orders.

Spread widening happens both at Oanda (20 pips @ GBP/USD during news) and Alpari (20 pips @ GBP/USD as well).

There is one thing: As Alpari UK is an european broker they have insured funds up to 20k, where Oanda doesn't have something like this. But that's not that important as it sounds.

If you want to scalp, forget Alpari. If you want to use expert advisors you have to use Alpari.
I'd always prefer Oanda.

Regards - Xaron
  • #3
  • Sep 29, 2007 2:39pm Sep 29, 2007 2:39pm
Thanks for the great explication, i'm going to open an account with Oanda.
  • #4
  • Sep 29, 2007 6:06pm Sep 29, 2007 6:06pm
Does Oanda not have a dealing desk ?
  • #5
  • Sep 29, 2007 6:25pm Sep 29, 2007 6:25pm
Can you trust oanda with $100,000 accounts? Or should you no longer be trading with retail brokers?
  • #6
  • Sep 29, 2007 6:32pm Sep 29, 2007 6:32pm
Quoting peterM
Does Oanda not have a dealing desk ?
Oanda is a dealing desk broker
  • #7
  • Sep 29, 2007 6:36pm Sep 29, 2007 6:36pm
Quoting Xenaga03
Can you trust oanda with $100,000 accounts? Or should you no longer be trading with retail brokers?
I personally wouldn't trust any bucketshop broker with 100k. If you plan on investing that much, go with a real broker that passes your trades through a real marketplace. There's no reason to put that kind of money in a bucketshop.
  • #8
  • Sep 30, 2007 12:23am Sep 30, 2007 12:23am
Quoting PrivateFX
I personally wouldn't trust any bucketshop broker with 100k. If you plan on investing that much, go with a real broker that passes your trades through a real marketplace. There's no reason to put that kind of money in a bucketshop.
exactly. you wouldn't even be considering forex, trade futures.
{Promotion Removed}
  • #9
  • Sep 30, 2007 2:39am Sep 30, 2007 2:39am
Yep, I won't use Oanda or any other retail broker with $100k. I'd use a "real" broker then, not a market maker.

Oanda is not a dealing desk broker! Oanda doesn't trade against you, that's for sure.

Regards - Xaron
  • #10
  • Sep 30, 2007 5:07am Sep 30, 2007 5:07am
Quoting PrivateFX
Oanda is a dealing desk broker
Thanks for clearing that up
  • #11
  • Sep 30, 2007 6:34am Sep 30, 2007 6:34am
Xaron,

too bad Oanda has no trailstop though.......

i've been recommended Alpari by a friend but worried about how reliable they are since they're rather new ?

they do accept a/c in euros , right ? by the way, is it possible to use trailstop at Alpari on their server without having my PC on ?

i heard FXCM has that function ?
  • #12
  • Sep 30, 2007 6:43am Sep 30, 2007 6:43am
Three things about Oanda.

1. They do take the other side of your trades. They are not an ECN, they've never claimed to be. They may pass off trades and hedge their positions, but they're taking the other side of most. The thing that makes them a bit different is they don't screw around TOO much, but they've had their moments in the not so distant past.

2. They're trustworthy for over 100k. And for those who say you should be trading futures simply because of account size, I say, get a clue. It's a pretty stupid thing to say.

3. Oanda's max leverage TO OPEN a position is 50:1. Once it is opened, it then goes to 100:1 to MAINTAIN the position. I never ceased to be amazed after 4 years of reading about Oanda's leverage to see this overlooked. How the hell does one overlook this?
  • #13
  • Sep 30, 2007 7:36am Sep 30, 2007 7:36am
Quoting Dopey
Three things about Oanda.

1. They do take the other side of your trades. They are not an ECN, they've never claimed to be. They may pass off trades and hedge their positions, but they're taking the other side of most. The thing that makes them a bit different is they don't screw around TOO much, but they've had their moments in the not so distant past.

2. They're trustworthy for over 100k. And for those who say you should be trading futures simply because of account size, I say, get a clue. It's a pretty stupid thing to say.

3. Oanda's max leverage TO OPEN a position is 50:1. Once it is opened, it then goes to 100:1 to MAINTAIN the position. I never ceased to be amazed after 4 years of reading about Oanda's leverage to see this overlooked. How the hell does one overlook this?
sorry, but i can't quite understand no.3 about 100:1 to maintain position. does it mean clients uses less margin ?

sorry to sound so stupid.......
  • #14
  • Sep 30, 2007 8:31am Sep 30, 2007 8:31am
@peterM: Oanda is NOT a dealing desk broker.

And yes, Oanda is very trustworthy. The only thing I'd never put $100k to them is because of the missing funds insurance. I just mention Refco. You remember?

@Dopey: What do you mean with "they do take the other side of a trade"? If that means they trade against you, it's wrong.

They simply have a pool of client's positions and hedge the overall outcome (of all clients) though the interbank market. This is done automatically.

I don't understand your 100:1 statement either. Please note, that Oanda has a max leverage of 25:1 for all exotic pairs!

@findcount: Alpari hasn't a trailing stop. You have to use Metatrader for this, so you have to be online. I can recommend Alpari even if they are new to the market. Alpari is FSA regulated and have a funds insurance.

Regards - Xaron
  • #15
  • Sep 30, 2007 8:32am Sep 30, 2007 8:32am
They dont have a dealing desk (do you really think all of the 200 to 300 thousand transactions they do per day go through human dealers?), but they are a marketmaker.
  • #16
  • Sep 30, 2007 8:36am Sep 30, 2007 8:36am
Yes, Oanda is a market maker. In my opinion one of the best and very reliable. They don't want to rip off their clients, they get their income from spread and interest.

Regards - Xaron
  • #17
  • Oct 1, 2007 8:20am Oct 1, 2007 8:20am
Quoting Xaron
@peterM: Oanda is NOT a dealing desk broker.

And yes, Oanda is very trustworthy. The only thing I'd never put $100k to them is because of the missing funds insurance. I just mention Refco. You remember?

@Dopey: What do you mean with "they do take the other side of a trade"? If that means they trade against you, it's wrong.

They simply have a pool of client's positions and hedge the overall outcome (of all clients) though the interbank market. This is done automatically.

I don't understand your 100:1 statement either. Please note, that Oanda has a max leverage of 25:1 for all exotic pairs!

@findcount: Alpari hasn't a trailing stop. You have to use Metatrader for this, so you have to be online. I can recommend Alpari even if they are new to the market. Alpari is FSA regulated and have a funds insurance.

Regards - Xaron
thanks for useful info.........hmmmm, don't tell me FXCM is the only broker that has trailstop on their server ???

i don't fancy having my PC on all the time..........between the additional electricity cost and the spread.......i'm not making anything......
  • #18
  • Oct 1, 2007 8:35am Oct 1, 2007 8:35am
Just to clear up some potential confusion, OANDA does not have a dealing desk.
Andres OANDA Corporation
  • #19
  • Oct 2, 2007 2:23am Oct 2, 2007 2:23am
Quoting Xaron
@peterM: Oanda is NOT a dealing desk broker.

And yes, Oanda is very trustworthy. The only thing I'd never put $100k to them is because of the missing funds insurance. I just mention Refco. You remember?

@Dopey: What do you mean with "they do take the other side of a trade"? If that means they trade against you, it's wrong.

They simply have a pool of client's positions and hedge the overall outcome (of all clients) though the interbank market. This is done automatically.

I don't understand your 100:1 statement either. Please note, that Oanda has a max leverage of 25:1 for all exotic pairs!

@findcount: Alpari hasn't a trailing stop. You have to use Metatrader for this, so you have to be online. I can recommend Alpari even if they are new to the market. Alpari is FSA regulated and have a funds insurance.

Regards - Xaron

Oandas max leverage is 50:1, 100:1 is the margin call rule!

if you use 100% of your account as margin for a trade, it has to drop down to 50% till a margin call takes place.
  • #20
  • Oct 3, 2007 3:14pm Oct 3, 2007 3:14pm
Quoting PrivateFX
I personally wouldn't trust any bucketshop broker with 100k. If you plan on investing that much, go with a real broker that passes your trades through a real marketplace. There's no reason to put that kind of money in a bucketshop.
So what is everyones' opinion then...
100K....who would you use as your broker?
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