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Rate / Review Oanda Please!

  • Poll

  • Rating for Oanda Foreign Exchange Services
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  • #1
  • First Post: Feb 12, 2008 5:11am Feb 12, 2008 5:11am
Hi!

I am already a customer with Oanda. I love all the tighty tight spreads and ability to scalp and running all micro lots without limitations or over trading.

But I would like everyone's else rating / review too, because I was considering to move for the sake of higher leverage than 50:1. However, I can't find any suitable broker yet.

What are you doing with Oanda? Good? Bad?.. Poor?

Let me begin.

I like:
tight spreads
ability to scalp
no limitations on trading or lot size

I do not like:
sudden spikes in news and platform hanging
volatile markets
withdrawal fees
50:1 max leverage
  • #2
  • Feb 23, 2008 8:00pm Feb 23, 2008 8:00pm
Varying opinions, let us share more opinions. It's neutral right now.

  • #3
  • Feb 23, 2008 8:48pm Feb 23, 2008 8:48pm
I love Oanda!!! Actually is the only broker I have ever used...anyway, what I like about them is:

- tight spreads, 0.9 on EURUSD is unbeatable and perfect for scalping.
- no restrictions on trading styles
- You can trade from the charts
- fast execution
- flexibility with position size
- platform is really easy to use and it's java based [no need for Windows OS].
- Customer service is good and they have always responded fast to my questions even when I wasn't a client yet, and even when I'm a client with a small/insignificant account.

Things I don't like:

- Withdrawals are expensive

Things I don't care:

- 50:1 leverage, this doesn't make any difference at all to me.
- spread widening, I'm glad to accept the spread widening few times a day in exchange for very low spreads during most of the day.
- platform hanging, I have to say that the longest platform disconnection I ever experienced was something like 2 minutes... [I have a low quality internet connection and i usually watch a big part of the London session where important news are released very often].

Have a nice weekend everybody!
"I say high, You say low, You say why, and I say I don't know..."
  • #4
  • Feb 23, 2008 9:48pm Feb 23, 2008 9:48pm
Overall,they are pretty good but still got some room to improve

I like:
Their tight spread
5 sec chart :
Low deposit and micro lot

I don't like:
Their java platform
Frequently disconnect during news of active trading hours
Slippage
  • #5
  • Feb 23, 2008 10:10pm Feb 23, 2008 10:10pm
Yes, sometimes I get re-quotes on manual execution of orders or exitting a trade. But when markets are ultra volatile.

Anyway, during volatime times you cant scalp oanda.

But i love, i really love how i can scalp say in ny close or early asia without conditions.

The position thing is neat too, i can put any number of units, add anytime i want or close any part.. its good feature.

In total (insight of your votes) almost 65% of voters agree its a tradable broker and fair one.
Let us more votes
  • #6
  • Feb 23, 2008 10:12pm Feb 23, 2008 10:12pm
4/5 stars.

Pros
good execution
customer service
general low spreads

Cons
lack of chart features (only up to daily)
no trailing stop
  • #7
  • Feb 23, 2008 10:18pm Feb 23, 2008 10:18pm
Quoting hilmy83
4/5 stars.

Pros
good execution
customer service
general low spreads

Cons
lack of chart features (only up to daily)
no trailing stop
Yup trailing stops!! important one.. to protect your good trade. They do not also have normal stops like buy/sell stops.. maybe not meant to trade news or breaks.

But i agree. chart part also is premature.
  • #8
  • Feb 23, 2008 10:33pm Feb 23, 2008 10:33pm
What do you mean sudden spikes in news times...??? You think someone else does not have sudden spikes at news times...??? Where have you been...???
My Oanda platform never hangs ro freezes... to the contrary... it far out performs any other broker I have ever tried...

Withdrawal fees.... eh.... well.. I'll give you something there... but ti's a part of doing business....

50:1 leverage is more than enough to make huge amounts of money...!!

Quoting CounterTrend
Hi!

I am already a customer with Oanda. I love all the tighty tight spreads and ability to scalp and running all micro lots without limitations or over trading.

But I would like everyone's else rating / review too, because I was considering to move for the sake of higher leverage than 50:1. However, I can't find any suitable broker yet.

What are you doing with Oanda? Good? Bad?.. Poor?

Let me begin.

I like:
tight spreads
ability to scalp
no limitations on trading or lot size

I do not like:
sudden spikes in news and platform hanging
volatile markets
withdrawal fees
50:1 max leverage
  • #9
  • Feb 23, 2008 10:37pm Feb 23, 2008 10:37pm
Spread widening... once again... Oanda pulls no unfair punches... they widen their spreades at news time for a few seconds... at least it is all there right on the screen... honest as it can be... you don't have to worry about slippage or not getting in when you want.... they say when their spreads are wider... it's right there in front of you... you pull the trigger... the trade goes off... there just never any problem... !!

Quoting Ricardo.
I love Oanda!!! Actually is the only broker I have ever used...anyway, what I like about them is:

- tight spreads, 0.9 on EURUSD is unbeatable and perfect for scalping.
- no restrictions on trading styles
- You can trade from the charts
- fast execution
- flexibility with position size
- platform is really easy to use and it's java based [no need for Windows OS].
- Customer service is good and they have always responded fast to my questions even when I wasn't a client yet, and even when I'm a client with a small/insignificant account.

Things I don't like:

- Withdrawals are expensive

Things I don't care:

- 50:1 leverage, this doesn't make any difference at all to me.
- spread widening, I'm glad to accept the spread widening few times a day in exchange for very low spreads during most of the day.
- platform hanging, I have to say that the longest platform disconnection I ever experienced was something like 2 minutes... [I have a low quality internet connection and i usually watch a big part of the London session where important news are released very often].

Have a nice weekend everybody!
  • #10
  • Feb 23, 2008 11:08pm Feb 23, 2008 11:08pm
  •  007
  • | Joined Jun 2007 | Status: "Undisciplined Trader" | 49 Posts
Their service is fairly good except for their trading platform which lack of so many essential feature such as advanced order type, performance report, historical data....... so I'd give them 4 stars only.
  • #11
  • Feb 23, 2008 11:38pm Feb 23, 2008 11:38pm
Quoting CounterTrend
Hi!

I am already a customer with Oanda. I love all the tighty tight spreads and ability to scalp and running all micro lots without limitations or over trading.

But I would like everyone's else rating / review too, because I was considering to move for the sake of higher leverage than 50:1. However, I can't find any suitable broker yet.

What are you doing with Oanda? Good? Bad?.. Poor?

Let me begin.

I like:
tight spreads
ability to scalp
no limitations on trading or lot size

I do not like:
sudden spikes in news and platform hanging
volatile markets
withdrawal fees
50:1 max leverage
Hey I traded with them for almost 2-Year's ... I never find any problem ever...The only thing I hate is it's Leverage 50:1... That's why I quite with them... Never Mind if they charge some withdrawal fee... But giving excellent service and serving as a honest broker... Though im not a new's trader or scalper... But I must say my 5-Star rating is with them..
  • #12
  • Feb 23, 2008 11:46pm Feb 23, 2008 11:46pm
That's really positive since I am trading with them for a while now.
Keep them coming
  • #13
  • Feb 24, 2008 8:17am Feb 24, 2008 8:17am
I love Oanda, I think they are great. One improvement I would like to see though is longer term timeframes on the chart - it would be nice to be able to see the weekly and monthy.
  • #14
  • Feb 24, 2008 8:55am Feb 24, 2008 8:55am
Kidding? Only 2 persons are not happy with Oanda according to the poll. I think it's the best broker around now despite the minor glitches in platform and high transaction fees.
  • #15
  • Feb 24, 2008 8:59am Feb 24, 2008 8:59am
Quoting 007
Their service is fairly good except for their trading platform which lack of so many essential feature such as advanced order type, performance report, historical data....... so I'd give them 4 stars only.
Yes, I WISH they had a performance report. They could include in that info in our monthly beta statments. Things like %monthly return, drawdown, ratios (sharpe,etc.).
  • #16
  • Feb 24, 2008 9:29am Feb 24, 2008 9:29am
A great broker and 9/10ths of a pip on the EUR/USD except at newstime. And you can trade on the weekends IF you can stand 10 pip spreads (some prs have more.) Not a lot of bells and whistles but I go with K.I.S.S. anyway. p.
  • #17
  • Feb 24, 2008 3:59pm Feb 24, 2008 3:59pm
A good broker if you got less than 50k. You get competitive spreads compared to other retail brokers and good position sizing flexibility. Just make sure you don't try news trading with them as the widened spreads can stay around for many minutes after a news release.
Private message me for a link to my order flow website.
  • #18
  • Feb 25, 2008 7:12am Feb 25, 2008 7:12am
Oanda has lowered its spread in the EUR/USD to 0.5 pips now! At the moment this seams to be not stable yet as it's only sometimes 0.5, but anyway, it's great.
  • #19
  • Feb 25, 2008 7:59am Feb 25, 2008 7:59am
Seem's Lot Of Oanda Fan's here ... Seem's soon beat FXCM... As it's customer's are increasing day by day...
Lowest Spread...
--Best Customer Service...
--No Problem's during widrawal's...
--Efficient webbased Platform...
& Much More...
  • #20
  • Feb 25, 2008 9:31am Feb 25, 2008 9:31am
I only have demo from Oanda but can anyone explain the spread?

USD/JPY 107.881 107.865

Does this mean it is 16 pip spread? Or is it 1.6 pip spread?
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