Is Oanda Broker reliable enough to send quite a big money? | Forex Factory

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Is Oanda Broker reliable enough to send quite a big money?

  • #1
  • First Post: Sep 8, 2008 5:08am Sep 8, 2008 5:08am
Dear all my friends in this forum,
During my undergraduate period, I saved some money, over $10,000. I'm sure to most of people it's not a really big money, but to me, it's all of my asset that I had to use all of my effort to earn. I also want to invest it at Oanda broker to get some small interest rates. However, I'm not sure if Oanda broker is big enough, reliable enough to send money and waiting for some small profit from interest rates. Could all of my friends in this forum give me advice about that broker? I would appreciate all of your advice. One more time, thank you a lot.
P/S: Is there any big and reliable out of Oanda giving interest rates on the balance account?
  • #2
  • Sep 8, 2008 8:29am Sep 8, 2008 8:29am
Quoting chemi
Dear all my friends in this forum,
During my undergraduate period, I saved some money, over $10,000. I'm sure to most of people it's not a really big money, but to me, it's all of my asset that I had to use all of my effort to earn. I also want to invest it at Oanda broker to get some small interest rates. However, I'm not sure if Oanda broker is big enough, reliable enough to send money and waiting for some small profit from interest rates. Could all of my friends in this forum give me advice about that broker? I would appreciate all of your advice. One more time, thank you a lot.
P/S: Is there any big and reliable out of Oanda giving interest rates on the balance account?
10k is a lot of money to you and you are going to do with it what complete strangers tell you to do? Do your own DD!
  • #3
  • Sep 9, 2008 12:58am Sep 9, 2008 12:58am
Quoting macfan
In either event you would want to look elsewhere.
Perfectly agreed, there are much safer ways of investing for small interests than a FX broker...

--PG
"Boy, do I hate being right all the time!"
  • #4
  • Last Post: Sep 9, 2008 2:27pm Sep 9, 2008 2:27pm
Quoting chemi
Dear all my friends in this forum,
During my undergraduate period, I saved some money, over $10,000. I'm sure to most of people it's not a really big money, but to me, it's all of my asset that I had to use all of my effort to earn. I also want to invest it at Oanda broker to get some small interest rates. However, I'm not sure if Oanda broker is big enough, reliable enough to send money and waiting for some small profit from interest rates. Could all of my friends in this forum give me advice about that broker? I would appreciate all of your advice. One more time, thank you a lot.
P/S: Is there any big and reliable out of Oanda giving interest rates on the balance account?
Ok, lets say with 10k you want to trade up to 1lot at a time. Let's say that your leverage will require you to have $1000 to make the trade. So with $2,000 you could open up a 1lot position and that would give you about $1000 (or 100pips) cushion. Aka, you have $2k, go long Eur/USD, you will get a margin call when the account breaks below $1,000. 100 pips to be exact.

My advice? Never put more than you need to in a retail FX account. If you are going to only make 1 lot trades, do NOT put all $10,000 into an account. There is no reason to risk your entire bankroll on the off chance that the firm goes under and takes all of your money. Besides, having extra cash in the account that you aren't utilizing doesn't make sense when you consider that you could at least be earning interest on the funds in your regular bank savings account.

I made the mistake of leaving too much money in a Refco account I had and I lost a nice 5 figues when Refco went belly up.

Out of all of the advice you will ever hear on a forum, this is probably the best you could ever follow. I can't imagine anyone disagreeing with me on this.

Feel free to PM me any questions you may have!!!
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