Australians using Oanda? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Best broker for Australians 59 replies

Oanda users - Oanda widening spreads 62 replies

OANDA Canada vs OANDA Corp. 4 replies

Any Successful trader here using Oanda? 38 replies

Using Oanda FXBoxOptions Profitably 24 replies

Australians using Oanda?

  • #1
  • First Post: Jan 14, 2009 3:11pm Jan 14, 2009 3:11pm
Hi, just wondering how many oz traders are using oanda, and what your experience has been like with them, pro, cons, hassles depositing money or withdrawing?
I have been using them for demo since october without any problems, but am a little apprhensive about sending money overseas?
just on that what has been the easiest way to transfer the money to fund your account?
I would really appreciate any and all experiences.
cheers
Geoff
  • #2
  • Jan 15, 2009 3:28am Jan 15, 2009 3:28am
Quoting geoffrod
Hi, just wondering how many oz traders are using oanda, and what your experience has been like with them, pro, cons, hassles depositing money or withdrawing?
I have been using them for demo since october without any problems, but am a little apprhensive about sending money overseas?
just on that what has been the easiest way to transfer the money to fund your account?
I would really appreciate any and all experiences.
cheers
Geoff
I constantly have problems with oanda slipping my limit orders, and there customer service is terrible. I havent taken any money out yet, but i had no problem in transferring to them. I hear they'[re quite good in withdrawels.

I'm moving my account to an ecn though. I've had enough of oanda cheating me on a pip here and there. They've cost me many pips.
  • #3
  • Jan 15, 2009 3:37am Jan 15, 2009 3:37am
Hi Demitrius,
thanks for your reply, i appreciate it.
is ecn in australia or overseas as well,
are you using lmit orders ??? or market orders?
can you vary the units per trade like you can in oanda?
cheers
geoff
  • #4
  • Jan 15, 2009 6:08am Jan 15, 2009 6:08am
Quoting geoffrod
Hi Demitrius,
thanks for your reply, i appreciate it.
is ecn in australia or overseas as well,
are you using lmit orders ??? or market orders?
can you vary the units per trade like you can in oanda?
cheers
geoff

I only use limit orders. Limit orders should ALWAYS be executed at your designated price, but not so with Oanda.
An ECN is an electronic communications network that is supposed to route you to a large pool of liquidity where the big players trade. Prime brokers fall into this category, as far as i'm aware. Anyone can feel free to correct me on this.
You would just need to do a search on this forum for ecn brokers to give you info. The only broker I would go with in Aus is MFGlobal. But even they are not ecn. They are the counterparty, and charge a minimum of 2 pips on the major usd crosses.
good luck with your search. At the end of the day, it looks like the only way you can be sure you won't get screwed by a broker/mm is by going through a prime broker with a +$500k account. Or so it seems to me.
  • #5
  • Jan 15, 2009 1:09pm Jan 15, 2009 1:09pm
Quoting dimitrius
I constantly have problems with oanda slipping my limit orders, and there customer service is terrible.
I have exactly the opposite experience.
  • #6
  • Jan 15, 2009 1:10pm Jan 15, 2009 1:10pm
Quoting dimitrius
Limit orders should ALWAYS be executed at your designated price, but not so with Oanda.
Wrong. Limit orders should ALWAYS be executed at the designated Price with an ECN but not with any market maker as you are NOT a liquidity provider.
  • #7
  • Jan 15, 2009 3:56pm Jan 15, 2009 3:56pm
Quoting Xaron
Wrong. Limit orders should ALWAYS be executed at the designated Price with an ECN but not with any market maker as you are NOT a liquidity provider.
Well I guess that I should be moving my account to an ECN then. When I trade index futures, my limit orders are filled at the price I specify, unless I put in a market order. I guess that being an unregulated market, I take the risk with a bucketshop like oanda. I tried to find out who the liquidity providers for oanda are a few days ago, and I got the run around from their rep who refused to tell me because it's their policy to not divulge information on their trading practices. That to me is bullshit and a red flag. Why would they want to hide this information if they are not a bucketshop.

Point taken anyway. I'll be expediting my move from oanda to an ECN.
  • #8
  • Jan 16, 2009 12:43am Jan 16, 2009 12:43am
Yes, go for an ECN. Oanda ist the best choice for small accounts. With a real large one I'd go for an ECN as well I think.
  • #9
  • Jan 16, 2009 1:34am Jan 16, 2009 1:34am
I'm based in Melbourne and have two accounts, one with Alpari (UK) and the second with MBTrading, being the ECN. I have had no problems with either organisation and do like to have both platforms open at the same time to compare quoted prices. I rarely see any difference between the two quote boards and even then, its never more than a pip. MB Trading tend to update their quotes slightly faster than Alpari, usually by a second or two but I dont usually scalp so thats fine with me.
If there is ever any doubt then there is no doubt.
  • #10
  • Jan 19, 2009 12:12pm Jan 19, 2009 12:12pm
I have to agree with dimistrius. Oanda slipped me on one of my limit order too. Talking to the customer service is useless because they will always tell you any slippage is normal and justify the way they want. During the maintenance, the price engine determines that was erroneous and so they finally refunded me.

I am planning to put in a large capital soon. So I am in the midst of finding a broker that I can really trust. I think MBT is good, too bad they do not pay interest on account balance and it can't support odd lot. Anyone please give some good suggestions?
  • #11
  • Jan 21, 2009 1:49am Jan 21, 2009 1:49am
IB is solid, so is MB Trading, IB allows forex,stocks, and futures and options under one account. Both real brokers. Funds are partly insured with IB as well.
IB is interactive brokers.
  • #12
  • Jan 22, 2009 6:27pm Jan 22, 2009 6:27pm
((((_I am planning to put in a large capital soon. So I am in the midst of finding a broker that I can really trust. I think MBT is good, too bad they do not pay interest on account balance and it can't support odd lot. Anyone please give some good suggestions?_________))))))


Just in my own experience- Oanda is not good anymore-
ike there is a dragline on me everytime I take a position -
===

From all the research I have done Dukascopy is by far the best but you need $50,000 to start-
  • #13
  • Jan 22, 2009 6:44pm Jan 22, 2009 6:44pm
Quoting bidie
From all the research I have done Dukascopy is by far the best but you need $50,000 to start-
would be good if they had mt4 aswell, think MBT is my next step
Grabbing the bull by the horns!
  • #14
  • Jan 23, 2009 10:35am Jan 23, 2009 10:35am
Quoting bidie
From all the research I have done Dukascopy is by far the best but you need $50,000 to start-
From what I have seen, Dukascopy is not responsive in customer service. Furthermore they are in the midst of getting a banking license, or as they claim. If they do not get the license, they will just close shop. And a small capital paid up of the company doesn't sound very encouraging to me.
  • #15
  • Mar 9, 2009 8:12am Mar 9, 2009 8:12am
i live in perth and been with oanda since mid 06, never had a problem with them up until about 2 weeks ago. now my platform keeps crashing through europe an us session, works fine during asain session but that good for f all..... been on fxcm demo and doesnt seem to bad, compared to last time i had acc with them in 05
  • #16
  • Mar 9, 2009 8:29am Mar 9, 2009 8:29am
I tried using a fxdesktop they provide, which can launch in 10-15 seconds without going to web, which is okey.

usually you have t/p and s/l by default...

but when I want to change limit order price while market moving toward it... and platform suddenly dead then it's disturbing...

Quoting dworld
i live in perth and been with oanda since mid 06, never had a problem with them up until about 2 weeks ago. now my platform keeps crashing through europe an us session, works fine during asain session but that good for f all..... been on fxcm demo and doesnt seem to bad, compared to last time i had acc with them in 05
  • #17
  • Mar 9, 2009 11:05pm Mar 9, 2009 11:05pm
Hi Geoffrod,

I am based in Sydney and have been using OANDA for a few years now and have never had any issues with them.
I have a small amount of capital with them and trade small volumes.
I only trade off the longer charts so i am not too concerned with slippage as i am not going for scalps.
I have never had any issues with money in or money out.
I know some may find this strange but i quite like the platform,its simple and easy to use.It has what i need.Each to their own though.It does at times get a little unstable,but that could be my connection half the time,who knows.
I cannot complain as they have provided me with a service to exploit currency moves.No point carrying on like a pork chop over little things.lol
Take it easy.

Cheers
Steve
  • #18
  • Mar 10, 2009 1:15am Mar 10, 2009 1:15am
Quoting skfx
Hi Geoffrod,

I am based in Sydney and have been using OANDA for a few years now and have never had any issues with them.
I have a small amount of capital with them and trade small volumes.
I only trade off the longer charts so i am not too concerned with slippage as i am not going for scalps.
I have never had any issues with money in or money out.
I know some may find this strange but i quite like the platform,its simple and easy to use.It has what i need.Each to their own though.It does at times get a little unstable,but that could be my connection...
Hey Steve,
thanks for the reply, appreciate it.
i am just up the road at newcastle, btw i have just opened my live trading account with oanda, all went well with the transaction, so hopefully it will continue like this.
cheers mate
  • #19
  • Mar 10, 2009 1:34am Mar 10, 2009 1:34am
Hello

I just noticed this thread.....and couldn't resist.

I have been trading an OANDA account from Australia for years, and this is how I see this broker:


Good Things

- Simple intuitive platform
- Java based platform makes for easy access to your account
- First withdrawal of the month does not generate a fee


Bad Things

- No trailing stop
- You will see slippage if you get into the scalping game, I have seen this personally and I have seen a brilliant 'experiment' done that suggests OANDA (like all of the other brokers) will slip you once you are identified as profitable
- Obviously you pay to convert when withdrawing USD and sending it to an Australian bank


Every broker (including OANDA, despite what people might tell you) will divide up the clients into two groups:

"B Traders" - About 95-98% of the traders are in this group. These guys don't make money. The broker doesn't care what these guys do, so the broker will take the other side of the trade. Everyone starts out in this group.

"A Traders" - About 2-5% of the traders have made the jump to this group. The broker will hedge the trades that this group makes in order to insure that the brokerage can survive the profits that these traders make.

Obviously it is easier for a broker to make it difficult for the profitable scalper - slipping the entry a few pips can be much more devastating when you are looking for a few pips in profit. This is why I have chosen to look at longer term trades.
  • #20
  • Mar 10, 2009 1:52am Mar 10, 2009 1:52am
I have been with Oanda for a while and have had no problems with them.

Not long ago they were looking for beta testers for a trailing stop so I think they will implement it in due course.

I also have an account with GoMarkets based in Melb....mt4 plat. No complaints but tis early days.
0 traders viewing now