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FXCM or Oanda?

  • #1
  • First Post: Dec 16, 2007 12:21am Dec 16, 2007 12:21am
I have narrowed down my broker choice to two which are Oanda and FXCM. Please I was just wondering if anyone can tell me the best forex broker. I like Oanda because of low minimum deposit. I also like FXCM because of the Forex trading system selector. FXCM required a minimum deposit of $300. If you have any forex broker better than these two, please advise.
  • #2
  • Dec 16, 2007 12:54am Dec 16, 2007 12:54am
If you're only choosing among those 2 dealing desks, Oanda is the lessor of two evils. FXCM gets a bad rap here and elsewhere.
  • #3
  • Dec 16, 2007 3:53pm Dec 16, 2007 3:53pm
again im skeptical of all such reviews because usually its

a) someone who lost their money
b) someone who is quick to blame others over their own mistakes
c) yes, the broker really is crap.

how can u narrow those reviews?

you wont no for certain unless u try it out urself.

fxcm, i am getting mixed reviews since there are some successful ppl making lot of money with them.
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  • #4
  • Dec 16, 2007 4:41pm Dec 16, 2007 4:41pm
I suggest going for an ECN, such as MB Trading or if you have the cash Dukascopy. You'll find the spreads to be very good, though Oanda also has decent spreads.
  • #5
  • Dec 16, 2007 4:53pm Dec 16, 2007 4:53pm
Tradestation is supposed to be providing forex as well, with commission $2.67 on each side. They have excess cap of $70m according to cftc. Their forex platform is relatively new and clears through gain.

How is mbtrading's excess capital?


Quoting 24HourTrader
I suggest going for an ECN, such as MB Trading or if you have the cash Dukascopy. You'll find the spreads to be very good, though Oanda also has decent spreads.
  • #6
  • Edited 5:40pm Dec 16, 2007 5:09pm | Edited 5:40pm
Quoting forexedge
Tradestation is supposed to be providing forex as well, with commission $2.67 on each side. They have excess cap of $70m according to cftc. Their forex platform is relatively new and clears through gain.
I would strongly advise against Tradestation. They add a half pip to Gain's spreads, which already aren't competitive with ECNs to begin with (yet they charge a similar commission). I just spent two months testing their platform and was really let down.

I will second the Dukascopy recommendation. I'm testing a live account with them currently. They are however, outdone by IB in terms of spreads. IB is really hard to beat these days. They are by far the best in retail FX (but definitely not for beginners).
  • #7
  • Dec 16, 2007 9:29pm Dec 16, 2007 9:29pm
Quoting Trader KGB
I would strongly advise against Tradestation. They add a half pip to Gain's spreads, which already aren't competitive with ECNs to begin with (yet they charge a similar commission). I just spent two months testing their platform and was really let down.

I will second the Dukascopy recommendation. I'm testing a live account with them currently. They are however, outdone by IB in terms of spreads. IB is really hard to beat these days. They are by far the best in retail FX (but definitely not for beginners).
whats the max you can trade with ib?
If I Go Broke Trying Then I Will die happy.
  • #8
  • Dec 16, 2007 11:31pm Dec 16, 2007 11:31pm
Quoting Trader KGB
I would strongly advise against Tradestation. They add a half pip to Gain's spreads, which already aren't competitive with ECNs to begin with (yet they charge a similar commission). I just spent two months testing their platform and was really let down.

I will second the Dukascopy recommendation. I'm testing a live account with them currently. They are however, outdone by IB in terms of spreads. IB is really hard to beat these days. They are by far the best in retail FX (but definitely not for beginners).
So you like IB better after all? What's up KGB? I was checking my PM's and realized that we did not continue the discussion we started a few months ago. Juste PM'ed you. A couple of the traders that we're getting funded are starting on the CAX this month. Check your PM's.
  • #9
  • Dec 17, 2007 2:24am Dec 17, 2007 2:24am
Quoting Moe
whats the max you can trade with ib?
Leverage? 50:1 direct, 25:1 on crosses. Per order? It was $5MM back last spring, but they've since removed any per-trade size limitation.

They typically have 40-50MM in the book at all times for the majors (5 levels deep at 0.5 pip increments). Dukascopy beats them in this regard, typically with 100-300MM in each book (you can track that right on their homepage). I imagine IB's partner banks can readily handle far more than the size they're showing if need be.
  • #10
  • Dec 17, 2007 10:36am Dec 17, 2007 10:36am
I like IBFX
  • #11
  • Dec 17, 2007 2:29pm Dec 17, 2007 2:29pm
Another thing I found out about these two forex brokers is that FXCM has the automated trading system while Oanda does not have this feature. With automated trading system, the trading can be conducted on your behalf based on your selected criteria. With automated trading system, you don't have to sit on your screen monitoring and conducting trade.


Quoting anopueme
I have narrowed down my broker choice to two which are Oanda and FXCM. Please I was just wondering if anyone can tell me the best forex broker. I like Oanda because of low minimum deposit. I also like FXCM because of the Forex trading system selector. FXCM required a minimum deposit of $300. If you have any forex broker better than these two, please advise.
  • #12
  • Jun 13, 2008 10:49am Jun 13, 2008 10:49am
I would take Oanda based on their eur/usd spread. but I have to say Java really sucks!
  • #13
  • Jun 13, 2008 11:49am Jun 13, 2008 11:49am
Quoting anopueme
I have narrowed down my broker choice to two which are Oanda and FXCM. Please I was just wondering if anyone can tell me the best forex broker. I like Oanda because of low minimum deposit. I also like FXCM because of the Forex trading system selector. FXCM required a minimum deposit of $300. If you have any forex broker better than these two, please advise.
I have traded live with both of them ... Both are good.
Fxcm may not a good choice for you if you are a news trader coz of slippage problem Otherwise so far i found them fine. Oanda is a honest borker with tight spread's. But their platform is Web Based. If you lose your connection, you will lose your chart's. Otherwise very good. Choice is your's but i think you go with Oanda
  • #14
  • Jun 13, 2008 12:54pm Jun 13, 2008 12:54pm
My votes for Oanda. I currently use both.
  • #15
  • Jun 23, 2008 11:07am Jun 23, 2008 11:07am
I remove my vote (above) for Oanda because they do not let you hedge your trades using the same account.

They make you open a sub-account to hedge and will deduct your useable margin for opening a hedged trade when you really are not exposing yourself more to the market.

For anyone who needs to hedge as part of their strategy, then Oanda is not a good choice.
  • #16
  • Jun 24, 2008 12:18pm Jun 24, 2008 12:18pm
Quoting FrankTheTank
I remove my vote (above) for Oanda because they do not let you hedge your trades using the same account.

They make you open a sub-account to hedge and will deduct your useable margin for opening a hedged trade when you really are not exposing yourself more to the market.

For anyone who needs to hedge as part of their strategy, then Oanda is not a good choice.
Honest question here, not being sarcastic or demeaning in any way, just truly curious, Why would you want to hedge in a speculative market unless your a big business or a bank? besides the obvious want to go to bed and not pay attention.
  • #17
  • Jun 24, 2008 3:02pm Jun 24, 2008 3:02pm
Its not really the hedging that Im interested in, but, the ability to open both long and shorts at different times with different amounts and close them at different times, etc.

There are several profitable strategies out there that require this this key feature and Oanda does not offer it.
  • #18
  • Jun 24, 2008 3:37pm Jun 24, 2008 3:37pm
So you are looking for a position based system and not a net based system, right?
  • #19
  • Jun 27, 2008 5:45pm Jun 27, 2008 5:45pm
I trade with MB, and have developed my own app to their API. They're pretty good, but their demo servers are also their test servers, or so it seems. Sometimes you get really flakey behavior from them after the midnight reset. I haven't had any problems with the live server though.

Dan
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  • #20
  • Dec 4, 2010 6:54pm Dec 4, 2010 6:54pm
There is a way you can compare both Oanda and FXCM side by side. You can use the FxSpyder Oanda version and the FxSpyder FXCM version and run a script that will place trades and record the following:

- order execution speed
- slippage
- spread comparison

There may be some more you can compare, like rate manipulation suspicions etc. There is a ready made script that compares them floating around somewhere. I will try to find it if anyone is interested.
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