Oanda vs. EFX Group - "ding ding ding" | Forex Factory

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Oanda vs. EFX Group - "ding ding ding"

  • #1
  • First Post: Edited 1:00am Nov 8, 2007 12:24am | Edited 1:00am
Hey Everyone,

I've been looking at Oanda and EFX Group for some time now. I feel that they are the best brokers around at the moment.

I'm looking for any experiences good, bad or ugly from these two brokers in order to help my decide which is king. I'm not looking for an MT4 broker so if you know one that is awesome - don't bother - I'm not interested.

Let the mud slinging begin. Any ideas, experiences, etc are greatly appreciated.
  • #2
  • Nov 8, 2007 12:50am Nov 8, 2007 12:50am
Been with Oanda for about 3 years.... no real complaints, rapid accurate fills, intrest paid on your account balance and intrest paid by the second on positions.
No trailing stops but that is not that big a deal for the strategy I use.
Also they have been around longer than EFX.
Same Whore .... Different Dress
  • #3
  • Nov 8, 2007 2:23am Nov 8, 2007 2:23am
I don't know EFX only Oanda and I like them.

BTW: They aren't brokers but market makers, that's a difference.

I have no real complaints with Oanda, almost every limit and stop was filled exactly where I set it, slippage is very rare and in most cases during news events. I had only once a misfill - an order that was filled even though the price did not reach the limit. But Oanda credited my account with the loss, very fair.

Regards - Xaron
  • #4
  • Nov 8, 2007 2:43am Nov 8, 2007 2:43am
Quoting lonespruce
Hey Everyone,

I've been looking at Oanda and EFX Group for some time now. I feel that they are the best brokers around at the moment.

I'm looking for any experiences good, bad or ugly from these two brokers in order to help my decide which is king. I'm not looking for an MT4 broker so if you know one that is awesome - don't bother - I'm not interested.

Let the mud slinging begin. Any ideas, experiences, etc are greatly appreciated.
I wouldn't go with EFX or MBTrading for the moment for 2 reasons:
- swaps are bad
- accounts in $ only (in live in Europe and don't want to lose all profits because of the $) but it may change soon !
  • #5
  • Nov 8, 2007 3:19am Nov 8, 2007 3:19am
oanda seems fine i cant even use EFX if i wanted to i'm banned cuz of where i live vancouver,BC
  • #6
  • Nov 8, 2007 8:51pm Nov 8, 2007 8:51pm
I have being using Oanda for paper trading, and I am impressed. I don't know if it will work as smoothly or as consitantly with real money on the line, but from what I have heard about Oanda, it will be just fine.

I do have a question about Oanda. I am planning on starting my account with $5,000. Is this too much for a Market Maker? Do I have to go up to an ECN if I want to trade with this amount of money?

Let me know and thanks!
  • #7
  • Nov 8, 2007 9:25pm Nov 8, 2007 9:25pm
Quoting unlv_tj
I do have a question about Oanda. I am planning on starting my account with $5,000. Is this too much for a Market Maker? Do I have to go up to an ECN if I want to trade with this amount of money?
Don't worry, $ 5000 is a very small account, I'm sure there are many professionals and institutions with 5 or 6 figures accounts trading with Oanda.
"I say high, You say low, You say why, and I say I don't know..."
  • #8
  • Nov 8, 2007 10:46pm Nov 8, 2007 10:46pm
Quoting lonespruce
Hey Everyone,

I've been looking at Oanda and EFX Group for some time now. I feel that they are the best brokers around at the moment.

I'm looking for any experiences good, bad or ugly from these two brokers in order to help my decide which is king. I'm not looking for an MT4 broker so if you know one that is awesome - don't bother - I'm not interested.

Let the mud slinging begin. Any ideas, experiences, etc are greatly appreciated.
Those are the two brokers that I use. Easiest thing to do is open accounts with both, use Oanda for carry trades because EFX/MBTF swap rates suck, and do your more active trading with EFX/MBTF. I have no complaints about either based on the style of trades that I send to both. How you trade would matter.
FXChant Singing the World of Forex
  • #9
  • Nov 9, 2007 1:57am Nov 9, 2007 1:57am
Quoting unlv_tj
I have being using Oanda for paper trading, and I am impressed. I don't know if it will work as smoothly or as consitantly with real money on the line, but from what I have heard about Oanda, it will be just fine.

I do have a question about Oanda. I am planning on starting my account with $5,000. Is this too much for a Market Maker? Do I have to go up to an ECN if I want to trade with this amount of money?

Let me know and thanks!
Oanda is one of the market markers where the demo account is a real demo account not like the demo accounts for many MT4 market makers where you get instant fills...

$5,000 is ok for Oanda, I'd even trust them $50,000. Forget about ECN if you only have $5,000.

Regards - Xaron
  • #10
  • Nov 9, 2007 1:59am Nov 9, 2007 1:59am
Hi guys,

iīm searching also for a new broker, because CMC sucks, as you all know :-)
Got demo accts. with MBTrading and Oanda.
Iīm from Germany, so iīm interested in the security of my deposits.
Whatīs in case of a bancruptcy ?
Can you help me there ?
And how long does a withdrawal take ?
Donīt live for working, but work for living.
  • #11
  • Nov 9, 2007 2:11am Nov 9, 2007 2:11am
so guys, how do u deal with the widening spread in Oanda?
it's the only thing that aches
Enter Signature
  • #12
  • Nov 9, 2007 2:46am Nov 9, 2007 2:46am
@matsf: Check out ABN Amro MarketIndex, they use the same Oanda platform, the spreads are a little bit higher but they offer indices like the DAX and commodities. Your account there is insured up to 20k Euros.

Oanda doesn't offer an account insurance but I trust them anyway.

@CHFJunkie: That depends on your strategy. For my strategy spread widening during news doesn't scare me as I'm more a long time trader with a fundamental bias. I don't trade the news and won't recommend anyone to do it.

Regards - Xaron
  • #13
  • Nov 9, 2007 5:38am Nov 9, 2007 5:38am
Hey Everyone,

Thanks for the replies so far - I appreciate you taking the time to throw in some personal experiences.

Looks like I'm on the right track.
  • #14
  • Nov 9, 2007 5:40am Nov 9, 2007 5:40am
Its seems that Oanda is a very good broker/market maker, however Oandaīs maximal leverage is 1:50.

I choose for MBTrading/EFX Group because they offer leverage 1:100. That is the laverage that works for me and I think they are a real ECN.

I have an account with them for 1,5 years and have no problems.
Trainee at UBS Investment Banking
  • #15
  • Nov 9, 2007 6:00am Nov 9, 2007 6:00am
Quoting th_ngue21
Its seems that Oanda is a very good broker/market maker, however Oandaīs maximal leverage is 1:50.
That's one of the reasons I like them.

Regards - Xaron
  • #16
  • Nov 9, 2007 6:14am Nov 9, 2007 6:14am
@ Xaron:
Thank you for your answer and your information.
I have also a demo acct. with ABN. The spreads are higher, youīre right,
but with 2 pips on 5 majors and 3 pips on GBPUSD theyīre acceptable for me.
I also feel good with the platform of ABN, so i think i made my decision. Thanks a lot.
Donīt live for working, but work for living.
  • #17
  • Nov 10, 2007 1:02am Nov 10, 2007 1:02am
What a pity that abn-marketindex is not for all,
this is the answer that i received :

currently marketindex is available in the live-version for clients with their main residence in Germany, Switzerland, Austria or permanent residence in the United Kingdom.

so' rest of the world is nothing........F.U.
  • #18
  • Nov 10, 2007 3:19am Nov 10, 2007 3:19am
That's because of the indices and commodities, I guess.

Regards - Xaron
  • #19
  • Nov 10, 2007 9:27am Nov 10, 2007 9:27am
Why German yes and for example France and Italy or Spain no ????
Are European community or not ?????
  • #20
  • Last Post: Nov 11, 2007 3:53am Nov 11, 2007 3:53am
ABN is not the only broker out there....
Maybe they will expand and try their service with the Germans ?
I donīt know.
Donīt live for working, but work for living.
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