I have come to my own conclusion that Oanda fxtrade is a scam.
1. They do not offer charts of a satisfactory standard, which makes it doubly hard to prove where their price was in any given moment.
2. They sell the 0.9 pips spread as some sort of mega deal but the reality is -
3. I have found i am experiencing non-beneficial slippage a hell of a lot when it comes to market orders. Slippage should work both ways - 50/50 for & against. But i only ever seem to experience loss making slippage with Oanda - coming out of a trade with less profit/more loss than i should have - based on the fact that the price i got filled at was NOT the price i clicked on.
4. The deal tickets text is so small, it makes it difficult to read what the price is anyway, even with a super large magnifying glass.
5. When the 2nd bubble bursts within the coming months, & we experience the 2nd wave of the financial crisis - that is much more severe than this first wave. If Oanda become bankrupt, your own personal trading funds are NOT protected, as they are NOT held in segregated accounts with another bank. You will join the back of a long queue of Creditors, looking to claim back what is yours from the Administrators. Which may well be impossible.
My advice, based on my experience with Oanda is - Brilliant Marketing. On the surface, the package they offer appears really competitive.
In reality, the package does not live up to expectations & they have all sorts of ways of getting back pips from the client to make up for their low spreads.
Id much rather be with a broker that is honest & reliable, so that you know exactly where you stand in all eventualities. With Oanda this is not the case.
I closed my account yesterday & withdrew all my funds.
STAY CLEAR of this bucket shop! Thats my advice!
1. They do not offer charts of a satisfactory standard, which makes it doubly hard to prove where their price was in any given moment.
2. They sell the 0.9 pips spread as some sort of mega deal but the reality is -
3. I have found i am experiencing non-beneficial slippage a hell of a lot when it comes to market orders. Slippage should work both ways - 50/50 for & against. But i only ever seem to experience loss making slippage with Oanda - coming out of a trade with less profit/more loss than i should have - based on the fact that the price i got filled at was NOT the price i clicked on.
4. The deal tickets text is so small, it makes it difficult to read what the price is anyway, even with a super large magnifying glass.
5. When the 2nd bubble bursts within the coming months, & we experience the 2nd wave of the financial crisis - that is much more severe than this first wave. If Oanda become bankrupt, your own personal trading funds are NOT protected, as they are NOT held in segregated accounts with another bank. You will join the back of a long queue of Creditors, looking to claim back what is yours from the Administrators. Which may well be impossible.
My advice, based on my experience with Oanda is - Brilliant Marketing. On the surface, the package they offer appears really competitive.
In reality, the package does not live up to expectations & they have all sorts of ways of getting back pips from the client to make up for their low spreads.
Id much rather be with a broker that is honest & reliable, so that you know exactly where you stand in all eventualities. With Oanda this is not the case.
I closed my account yesterday & withdrew all my funds.
STAY CLEAR of this bucket shop! Thats my advice!
