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oanda vs. ?

  • #1
  • First Post: Apr 16, 2009 10:20pm Apr 16, 2009 10:20pm
i have started this thread b/c i would like everyone who has an acct w/ oanda to say what they like & dont like about them compared to other brokers. and for those who trade w/ other brokers to say why they chose to go w/ their broker over oanda. thanku.
  • #2
  • Apr 17, 2009 10:54am Apr 17, 2009 10:54am
one question i do have is why isnt oanda a preferred broker here?
  • #3
  • Apr 17, 2009 11:08am Apr 17, 2009 11:08am
Quoting dkmb92
one question i do have is why isnt oanda a preferred broker here?
LOL, did you find any affiliate program at Oanda ?
  • #4
  • Apr 17, 2009 11:09am Apr 17, 2009 11:09am
Oanda does not do any sort of advertising, online or otherwise. Its my understanding that you have to sponsor this site in order to become a preferred broker, so that sort of rules it out.
  • #5
  • Apr 17, 2009 12:04pm Apr 17, 2009 12:04pm
hope everyone who reads this thread understands my purpose for it. with all the negative feedback we all read about all fx brokers i just want to find the best one to trade w/. i am not a day or news trader. i only look at the weekly and daily charts and only look to make 5-6 trades a month. my main concern is safety of funds & the lowest spreads would be nice too. my goal is to build up my acct to a nice size and i dont want to have to worry about who i am keeping that acct bal w/. citifxpro has fdic until the end of the year. i hope they continue w/ it afterwards and that as many others as possible start to participate in it as well. can you imagine the feeling of security we would all have if that became standard in the industry?
  • #6
  • Apr 17, 2009 1:19pm Apr 17, 2009 1:19pm
oanda is headquartered in toronto, but not listed as a member on the cipf (candian investor protection fund) website. does anyone know why or have any information in regards to this? thanku.
  • #7
  • Apr 17, 2009 3:57pm Apr 17, 2009 3:57pm
Quoting dkmb92
i have started this thread b/c i would like everyone who has an acct w/ oanda to say what they like & dont like about them compared to other brokers. and for those who trade w/ other brokers to say why they chose to go w/ their broker over oanda. thanku.
you can read some user feedbacks here. I haven't found a way to deposit for free except small amount via paypal... maybe need mail a check
http://www.forexpeacearmy.com/public.../www.oanda.com
  • #8
  • Apr 17, 2009 4:43pm Apr 17, 2009 4:43pm
most of the negative reviews i find about them is that spreads widen around major news releases....doesnt that happen w/ every broker? i will never even attempt to make a "news" trade. that strategy will only ultimately ruin you. so since those guys dont know what theyre doing then i can only assume that they dont know what theyre talking about.
  • #9
  • Apr 17, 2009 4:44pm Apr 17, 2009 4:44pm
Quoting billye
you can read some user feedbacks here. I haven't found a way to deposit for free except small amount via paypal... maybe need mail a check
http://www.forexpeacearmy.com/public.../www.oanda.com
i take feedback from that website w/ a grain of salt...
  • #10
  • Apr 17, 2009 6:25pm Apr 17, 2009 6:25pm
Quoting dkmb92
i take feedback from that website w/ a grain of salt...
I'm in the process of opening a live account with them... no problems yet... have traded on their demo platform for a little over a month with no problems. Spreads have been reasonable too... a little wider during Asia and Sundays (in US) but nothing crazy...

Josh
  • #11
  • Apr 17, 2009 7:21pm Apr 17, 2009 7:21pm
I am Live (1+ yr) and Demo with Oanda.

Pros:
Low spread most of the time (0.9 on E$)
Runs on Windows, Mac & Linux. Probably Unix also.
Easy to use.
For basic charts & big time frames trading is good.
No slippage on orders unless your order gets hit with big news and movement. (See Below**)
No "gaps" from weekend, If you get a wild hare and want to open a trade on Saturday or Sunday morning, go right ahead and pay the weekend spread price.
Trade any size, buy or sell 1 Euro if you want. Want to trade 12,150 size order, no problem.

Cons:
Crappy charts. (Only go to daily, no weekly or higher)
Connection issues during news.
Variable spreads during news & weekends (Up to 20, usually 10 spread on E$)
Big spreads on exotic pairs
**Have had slippage of 70+ on order - the pair moved 300+ in 10 minutes! Big news movement - Wasn't trading news just got caught in the mix. Was in with the move so I still made money.
No "EA", custom programming can be done but it will cost $600/month.

Other notes:
They are testing trailing stops in the demo and should make its way to the live platform. The best part of the trailing stops with Oanda is they are server side based. That means that if you have a trade open with a trailing stop and you turn off your computer and go out, then the price moves the direction you predicted the stop follows the price. MT4 platforms require that the software be open and connected for trailing stop to follow. I run MT4 demo for other time (location of closing times) and a few EA's.

I also run an MT4 demo on my phone because their mobile platform is... well.... very basic. No charts, no changing stop positions. Just open & close order.
  • #12
  • Apr 17, 2009 8:42pm Apr 17, 2009 8:42pm
Quoting Fx_Genius
I am Live (1+ yr) and Demo with Oanda.

Pros:
Low spread most of the time (0.9 on E$)
Runs on Windows, Mac & Linux. Probably Unix also.
Easy to use.
For basic charts & big time frames trading is good.
No slippage on orders unless your order gets hit with big news and movement. (See Below**)
No "gaps" from weekend, If you get a wild hare and want to open a trade on Saturday or Sunday morning, go right ahead and pay the weekend spread price.
Trade any size, buy or sell 1 Euro if you want. Want to trade 12,150 size order, no problem.

Cons:
Crappy...
Where do you see information about trail stops bieng tested? I have not seen any mention in the forums other than the post stating "NO". and there is no other statements made by any oanda reps nor is there any mention in fxlabs. please post a link to verify.
  • #13
  • Apr 17, 2009 8:48pm Apr 17, 2009 8:48pm
Quoting dracozny
Where do you see information about trail stops bieng tested? I have not seen any mention in the forums other than the post stating "NO". and there is no other statements made by any oanda reps nor is there any mention in fxlabs. please post a link to verify.
Here ya go, been using it for about a month.

http://fxtrade.oanda.com/forex_tradi...a_tstest.shtml
  • #14
  • Apr 17, 2009 8:55pm Apr 17, 2009 8:55pm
Quoting dracozny
Where do you see information about trail stops bieng tested? I have not seen any mention in the forums other than the post stating "NO". and there is no other statements made by any oanda reps nor is there any mention in fxlabs. please post a link to verify.
Open a FxGame account and you'll see the option there, it was first issued as beta testing in a separate instance but it is now active in every FxGame account.

On the other hand, as it has been said above, no weekly charts and a limited backwards data... but on daily charts might be enough to work with.

I like Oanda for their very small period charts (from 5 seconds up) and very fast execution, no limitations as to stop/target distance in pips. Small spreads as well. And mobile option, though very basic, allows to take care of open positions in case of an emergency. Very versatile and precise to program position size and other details of the trades, and the individual tickets as well as the possibility of leaving both a buy and sell order window open and ready to click on, add to the fast execution. This from the point of view of an extreme scalper, which is not your case but anyway good to know.
  • #15
  • Apr 18, 2009 7:05am Apr 18, 2009 7:05am
thx for the replies guys, i appreciate it. it seems to me that none of these cons really affect me or my style of trading. i stay out of the market before nfp & int rate decsisions. in my 2 yrs of following fx i dont understand these small-time retail news traders who try and jump in right when a big announcement is made. seriously, do any of these guys make money in the long-run that way? now waiting until afterwards is another story, but one must still keep in mind the s&r levels & overall trend direction.
as far as charts go i do my chart analysis thru mt4 w/ demo accts from ibfx, fxpro, alpari uk, & i like those lfx's from lite-forex. but when it comes down to the actual trade, i want to trade where i feel my capital is the most safest. & i like lowest spreads too. i am starting out small, but w/in a year or two i will build up a nice acct. maybe at that point i will move on to a more big-time broker or maybe ill just stay w/ oanda. i would really like to see some form of sipc, fscs, cipc or fdic in the usa in retail spot fx w/in the next couple/few years. & again one thing i want to find out is why oanda is hq'd in toronto but not listed as a member on the cipc website. i will call them and find out. if i could open a canadian acct w/ them & get cipc ins, then i dont think there's a better way for us yanks. then i could happily trade to my little hearts content.
at this point i have to give all credit to where it is due and that is the james16 thread. that is where i truly learned how to trade. over there it is more than just a thread. it is a global community that has come together to help each other succeed in these shark-infested waters. as far as i am concerned it is the "holy-grail."
one thing i would really like to do here is open up a discussion about whether at this point oanda truly is the best retail spot fx broker to trade w/. i mean seriously....who is/would be better?
  • #16
  • Apr 18, 2009 8:31am Apr 18, 2009 8:31am
Oanda is one of the best and most reliable out there. Period.

Quoting billye
I haven't found a way to deposit for free except small amount via paypal... maybe need mail a check
Deposits don't cost anything for me, I use wire transfer.

What's really nice: The interest rates are very comparable and you can scale your position size down to 1 single unit (1 lot = 100,000 units). That's really I nice thing if you trade longer term and can't use a stop of a few hundred pips because of a possibly small account size.

edit: And the reviews over there at Felix' PeaceArmyPage are just a joke. All those guys that cry because of stop hunting, spread widening and other sh1t...
  • #17
  • Apr 18, 2009 8:48am Apr 18, 2009 8:48am
i didnt fund my account w oanda untill now because of the "funds protection " issue ... maybe i will take risk and i deposit some money , but i will withdraw in a monthly basis ...
  • #18
  • Apr 18, 2009 10:17am Apr 18, 2009 10:17am
Im mean, just read "reviews" like this:

"I cannot recommend Oanda because after trading for 3 years I can tell you that 98% of the trades you open will go immediately 10-20 pips in the red. If you have entered at a good place, you can overcome this and profit but if you enter at a bad place in the trend/movement you will lose. I tested the theory many times and it is fact."

  • #19
  • Apr 18, 2009 11:24am Apr 18, 2009 11:24am
Quoting Xaron
Im mean, just read "reviews" like this:

"I cannot recommend Oanda because after trading for 3 years I can tell you that 98% of the trades you open will go immediately 10-20 pips in the red. If you have entered at a good place, you can overcome this and profit but if you enter at a bad place in the trend/movement you will lose. I tested the theory many times and it is fact."

All I can say is... DUH!!
  • #20
  • Apr 18, 2009 2:32pm Apr 18, 2009 2:32pm
furthermore, i have not found a better website than this one. i dont feel the need to go anywhere else. i really appreciate your guys' contribution to this thread so far. i really want to get something going here. for me, the biggest single decision that a trader makes is....who they trade with. from what ive seen some brokers are better than others & then some you have to wonder how they sleep at night. i do want to give a shout out to mb trading. i like their platform, low spreads, great execution, and good business philosophy. but i only want to start out trading w/ one broker at first, so between them & oanda i feel like i should go w/ oanda. & if it turns out that they are truly the best among all the low-down shady hustlers out there in this retail spot market, then it needs to be made known. they deserve the credit for running a sound honest operation and their reward should be all the business that they can get. and we should try and take away as much of that from all the others as possible. another thing i like about them is how much they are capitalized. feb's figures had them at ~$170 million. the only other spot fx broker bigger than them is interactivebrokers. so i guess that makes oanda by far the biggest spot fx broker that only deals in fx. one thing i am going to do this week is see how much financial information about the company as a whole i can get. does anyone know if they are publicly traded? i also want to see if i can find out what their debt ratios are.
so what is everyone's feelings about some kind of sipc, fscs, cipc, or fdic in the fx retail spot market? good thing? bad thing? could it ever happen? will it definitely happen at some point?
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