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Rate / Review Oanda Please!

  • #21
  • Feb 25, 2008 10:07am Feb 25, 2008 10:07am
Quoting Qwert
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?
Yes it is 1.6 pips. Oanda has fractional pips which you could turn off in the user preferences if you dont want to see them. It is in Misc Tab---> show pipettes check box

A 16 pip spread would be more like 107.86/108.02
Private message me for a link to my order flow website.
  • #22
  • Feb 25, 2008 5:12pm Feb 25, 2008 5:12pm
I have been using their demo and seems like they have very nice spreads. Only issue to me is the trading platform. I use MT4 and tradestation and both are great. Do Oanda people here know if a better platform is in the future?
  • #23
  • Feb 25, 2008 11:57pm Feb 25, 2008 11:57pm
Thanks Grkfx.
  • #24
  • Feb 26, 2008 12:00am Feb 26, 2008 12:00am
Quoting flavor
I have been using their demo and seems like they have very nice spreads. Only issue to me is the trading platform. I use MT4 and tradestation and both are great. Do Oanda people here know if a better platform is in the future?
I think their trading platform is batter than that funny forex.com's... and seem's much efficient also...Though im not right now Oanda's customer but my past experience with them was superb... (Coz of 50:1 Leverage I quite with them) ... The only distrubing thing is that if your connection is DC your chart's will be gone......
  • #25
  • Feb 26, 2008 1:34am Feb 26, 2008 1:34am
Oanda's problem is that they're fairly unresponsive to their customer's requests. If you go to their forums you'll find everything mentioned here and more that has been requested for years. Yet, Oanda doesn't do any of them. They spend their time farting around with other shit that really doesn't matter.

Imo, trailing stops would be a huge improvement.The charts suck, that's all there is to it.

As for the leverage, 50:1 is more than anyone really needs. I know lots of folks start with small accounts and want to leverage them up and that's fine, it's your money. But once you get to a certain point, you don't even need 20:1, much less 50:1.
  • #26
  • Feb 26, 2008 5:03am Feb 26, 2008 5:03am
I'm seriously thinking of transferring somewhere else. Just today, I got disconnected again and it took longer than just a few minutes. I'm sure it wasn't my internet connection because I could access other sites. There are other glitches as well like the trading window disappearing or the order box malfunctioning.
Amor Fati--F. Nietzsche
  • #27
  • Feb 26, 2008 7:12pm Feb 26, 2008 7:12pm
Overall I would rate them high with one big exception. They charge 600 dollars for their API. And it is 600 bucks a month if you don't trade frequently with them. Not good if your system is a position trading system.

Quote
OANDA will charge a license fee of USD $600 for the Library, after which the customer is entitled to two free months of use. Monthly fees of USD $600 will commence following this two month period, discounted by USD $50 for each USD $1M in trading volume generated on the account. Note that a monthly volume of USD $12M would entitle the customer to free API use.
  • #28
  • Feb 26, 2008 7:21pm Feb 26, 2008 7:21pm
Quoting Umairs2004
I think their trading platform is batter than that funny forex.com's... and seem's much efficient also...Though im not right now Oanda's customer but my past experience with them was superb... (Coz of 50:1 Leverage I quite with them) ... The only distrubing thing is that if your connection is DC your chart's will be gone......
I used forex.com's demo also, well maybe a bit better.

But neither can be compared with MT4. The company seems to have a nice capital, 150 Mil, well above many others. They need to invest a little on a decent platform
  • #29
  • Feb 26, 2008 10:09pm Feb 26, 2008 10:09pm
I will tell you what anoys me the most about Oanda. They boast the fantastic spreads etc...but I see this sort of thing far too often with them (see pic below). Are you really getting the spreads they boast with then? This is enough for me to want to leave them.

Note that both prices are bid prices.
Attached Image (click to enlarge)
Click to Enlarge Name: oandacrap.png Size: 21 KB
  • #30
  • Feb 27, 2008 1:31am Feb 27, 2008 1:31am
Quoting Oromis
I will tell you what anoys me the most about Oanda. They boast the fantastic spreads etc...but I see this sort of thing far too often with them (see pic below). Are you really getting the spreads they boast with then? This is enough for me to want to leave them.

Note that both prices are bid prices.
Hmm... I'm not clear what you want to say. If the spread it tighter, the bid is of course higher. But you are right, Oanda is a market maker, they make their own prices like every MT4 bucket shop.

Regards - Xaron
  • #31
  • Feb 27, 2008 8:35pm Feb 27, 2008 8:35pm
Quoting CounterTrend

50:1 max leverage
OANDA have a 50:1 leverage for the purchase. they margin call is effectively @ 100:1 leverage however from how I understand it.

http://fxtrade.oanda.com/fxtrade/margin_rules.shtml

This means that you will not see your margin call closing your trades leaving the market to rally while you have to refund your account.

Sure, that's still only a 50:1 ratio at purchase, but youre going to have to do really poorly to get margin called and your positions closed from there.
  • #32
  • Mar 4, 2008 4:05am Mar 4, 2008 4:05am
Can anyone connect to Oanda now? I need to get a position closed.
  • #33
  • Mar 6, 2008 3:37pm Mar 6, 2008 3:37pm
Hi,

Is there a withdrawal charge from oanda account? I can't seem to find any specific info about their fee structures at their website. Can someone shed some light on this?

thanks,
xg
  • #34
  • Mar 6, 2008 4:04pm Mar 6, 2008 4:04pm
Quoting xgxg
Hi,

Is there a withdrawal charge from oanda account? I can't seem to find any specific info about their fee structures at their website. Can someone shed some light on this?

thanks,
xg
$40 for bank wire withdrawals
  • #35
  • Last Post: Mar 6, 2008 5:34pm Mar 6, 2008 5:34pm
Thanks for the info!
Finally I found out from their website that the 1st withdrawal each month is free via check if it's a USD account.

https://www.fxtrade.com/your_account...aw_funds.shtml

they just redesigned their web page - it takes a bit of getting used to...

cheers!
xg
Quoting pippero
$40 for bank wire withdrawals
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