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I think Oanda FXTrade is unreliable

  • #241
  • May 15, 2010 7:54pm May 15, 2010 7:54pm
ahh no need for me to worry about this now, I don't yet have 25k to invest, but, they come very highly recommended, and I was told they are without question one of, if not the best around for under 100k. I was also told they are not a counterparty, but I cannot say i know for sure, this is just what I was told. by the way I think they have around 13-15 banks they deal with.

but yes, I hear what you're saying.
  • #242
  • May 15, 2010 8:02pm May 15, 2010 8:02pm
Quoting Monroe
ahh no need for me to worry about this now, I don't yet have 25k to invest, but, they come very highly recommended, and I was told they are without question one of, if not the best around for under 100k. I was also told they are not a counterparty, but I cannot say i know for sure, this is just what I was told. by the way I think they have around 13-15 banks they deal with.

but yes, I hear what you're saying.
But the thing is even if you did have the entry minimum, is executuon any better? I hear lots of people saying they want to trade in the 'real' market because they suspect foul play by their counterparty but as I'm sure you know yourself these shops have their benefits, the idea is to find ways to exploit.

A good exercise is to get hold of a Reuters trial and watch prices.....I prefer sugar-coated smoothed prices over that shit any day! I wish I could find the videos I did when I had access to 3000 xtra, they really were something to see!

Call LCG up on Monday, let us know what they say......
  • #243
  • Edited May 16, 2010 12:50am May 15, 2010 8:18pm | Edited May 16, 2010 12:50am
yes, I know what you mean... definitely. Also... with anything like LCG and the true ECN brokers that require hefty deposits and are really straight thru outgoing AND incoming with real market liquidity, execution is great, but you're also liable to see lots of partial fills because they are not guaranteeing you 3M or 10M fills like oanda can, as oanda makes the market and provides the liquidity, so when the market is too thin for those size orders, at oanda, you would get filled with no problem.

and like you say, smoothed prices is definitely not necessarily a bad thing.

I just spoke to someone who uses them and I am told they are not a counterparty (trade wise) as in they don't take the opposite side of your trade. Financially they are a counterparty to you, risk wise, but that has nothing to do with your orders. All those banks that stream their prices to LCG's CNX trust JP, JP trusts LCG, which in turn allows you to trade at that level with no bullshit, as a client. LCG is a prime of a prime, truly straight through to the interbank as I know. It might even be 50k startup with possible negotiations. I know I could get it for 25k though.

but hey... I'll call them up anyway and tell you exactly what they say because i want to know as well.

Shops like FXDD, pfgbest, etc use CNX viking, the market maker model...They are not tier 2 PB's... they are counterparty to your trades and not true STP ECN's in that sense. You will see padded spreads there and incoming data can easily be manipulated on viking CNX.

also, CNX is not EBS or Reuters, those two are 4th decimal, CNX (3rd best) is 5th decimal. The real market is 4th decimal.
  • #244
  • May 16, 2010 3:13am May 16, 2010 3:13am
Quoting Monroe
as oanda makes the market and provides the liquidity, so when the market is too thin for those size orders, at oanda, you would get filled with no problem.
We've come full circle. You say 'filled with no problem', sure most of the time, but Oanda aren't stupid, they stream quotes loosely based on their liquidity provider(s) quotes, the underlying market, and their book. At times like extreme volatility they're not going to allow themselves to be exposed to unlimited risk and that's when the problems described in this thread become most apparent. In the past it was as blatant as just freezing the platform, almost guaranteed across every NFP!



Quoting Monroe
I just spoke to someone who uses them and I am told they are not a counterparty (trade wise) as in they don't take the opposite side of your trade. Financially they are a counterparty to you, risk wise, but that has nothing to do with your orders.
So we've gone from definitely not counterparty to "financially counterparty risk wise"? Like I said in this post that doesn't automatically mean it's a bad thing, it's a necessity, but the potential for abuse is there.

Ask the person you're speaking to for a copy of their agreement and terms and conditions, it will be in there I expect. We're never going to know any of these firms business models or algos in intricate detail because it's not something they'd share but we'll get an idea of the options they're leaving open for themselves.
  • #245
  • May 16, 2010 3:34am May 16, 2010 3:34am
Quoting pipmutt
Why not spreadbet, there are some 'risk-free' offers on at the moment, they cover your losses up to a couple of hundred quid! It's free money, why not take advantage!

But there's nothing to worry about with Oanda, just as long as you're astute and know the potential pitfalls then you'll be fine.
what spread betting company do you use?
  • #246
  • May 16, 2010 3:58am May 16, 2010 3:58am
Quoting swano
what spread betting company do you use?
I've used a few, they're all the same pretty much. ETX (£250 and min 50p a point) and Spreadex (£200 and min £1 a point) seem to be the simplest deals going, others are offering £500 but read the terms and conditions.

It's risk-free trading, I've blown quite a few accounts now, lol
  • #247
  • May 16, 2010 11:48am May 16, 2010 11:48am
Quoting pipmutt
We've come full circle. You say 'filled with no problem', sure most of the time, but Oanda aren't stupid, they stream quotes loosely based on their liquidity provider(s) quotes, the underlying market, and their book. At times like extreme volatility they're not going to allow themselves to be exposed to unlimited risk and that's when the problems described in this thread become most apparent. In the past it was as blatant as just freezing the platform, almost guaranteed across every NFP!
Yes I agreed with that, also a reason why I would never trade the news. I guess I should restate, "filled with no problem, in most cases, but not all cases."



Quoting pipmutt
So we've gone from definitely not counterparty to "financially counterparty risk wise"? Like I said in this post that doesn't automatically mean it's a bad thing, it's a necessity, but the potential for abuse is there.
Well I don't think I ever said "definitely" not a counterparty (I don't think), however I did say they are definitely not a liquidity provider themselves. And I did say they definitely don't take the opposite side of your trades. I am not sure really what you meant by counterparty, so technically you were right in saying they are a counterparty, but potential for abuse, and the same issues exist... I don't know about all that.

I'll try and get more information on it.
  • #248
  • May 16, 2010 1:38pm May 16, 2010 1:38pm
Quoting Monroe

I'll try and get more information on it.
Ok, thanks, particularly their terms and conditions rather than a sales reps spiel
  • #249
  • May 16, 2010 1:57pm May 16, 2010 1:57pm
yes, of course. will do...
  • #250
  • May 16, 2010 3:43pm May 16, 2010 3:43pm
Quoting Monroe
they are not guaranteeing you 3M or 10M fills like oanda can, as oanda makes the market and provides the liquidity, so when the market is too thin for those size orders, at oanda, you would get filled with no problem.
Unless you're trading 3M-10M, your claim is completely unsubstantiated (aside from what Oanda states on their website, which is worth a grain of salt). When the market is trading thin, I highly doubt Oanda is going to fill a 10M market order w/o massive slippage.
  • #251
  • May 16, 2010 3:45pm May 16, 2010 3:45pm
never said anything about slippage did I? Don't plan on being with oanda when I am scalping over 400k size. The 3M was towards the lower grade ECN brokers I was referring to. I *think* they guarantee something around that size as they also provide liquidity, don't care though because I wont be using them.
  • #252
  • May 16, 2010 4:38pm May 16, 2010 4:38pm
Quoting Monroe
never said anything about slippage did I?
Ok not exactly slippage per se, but you did say "get filled with no problem", and depending one's definition of a "problem", I think there could be the potential of a major problem. But I'm not willing to find out.

Quote
The 3M was towards the lower grade ECN brokers I was referring to. I *think* they guarantee something around that size as they also provide liquidity
No guarantees in the ECN world. Most LPs don't quote less than 1M, so that could be seen as a minimum of sorts.
  • #253
  • May 16, 2010 4:45pm May 16, 2010 4:45pm
lol fair enough. could be potential for a major problem for sure. I guess what I meant overall was, on the real market you have to deal with more partial fills and such depending on real market depth, compared to oanda.
  • #254
  • May 17, 2010 7:22am May 17, 2010 7:22am
I will repeat what i said in my OP.


Oanda is a scamming bucket shop.


Their advertised 0.9 pip spreads are a joke. Because with the negative slippage that you will experience the majority of the time (90%+), the actual spread that you will pay per round trip, will be 1.5 pips - 4 pips on eurusd. Far from their advertised 0.9 pips.


Oanda has by far the quickest datafeed of any broker.


Oanda doesn't offer satisfactory charting package, as it is in their best interests to not offer a satisfactory charting package, let alone a good charting package.


Oandas own crappy charts, lag their ticket prices all the time. Sometimes by seconds!!!!

Stay well clear of this forex scam artist. That is my opinion.

You will be far better of with a broker who has wide fixed 2 pip eurusd spreads, the occassional requote, & good charting facilities.
  • #255
  • May 17, 2010 7:29am May 17, 2010 7:29am
Quoting jimbil
I will repeat what i said in my OP.


Oanda is a scamming bucket shop.
You can repeat it as often as you like but that doesn't mean that it becomes true.
  • #256
  • May 17, 2010 7:34am May 17, 2010 7:34am
Quoting Xaron
You can repeat it as often as you like but that doesn't mean that it becomes true.
My opinions are based on my factual experience with oanda. Therefore the views that i express are true. I post them here to warn fellow traders. And in the hope that my disatisfaction will lead to oanda 1. vastly improving what they offer. Or 2. if they dont improve, deservedly losing customers.

Unless you are an oanda rep, what is in it for you to defend oanda by trying to discredit the views & personal experience of a fellow trader & forex factory member?
  • #257
  • May 17, 2010 7:41am May 17, 2010 7:41am
Quoting jimbil
Unless you are an oanda rep, what is in it for you to defend oanda by trying to discredit the views & personal experience of a fellow trader & forex factory member?
The reasons are simple: I did not have those issues yet.
  • #258
  • May 17, 2010 7:54am May 17, 2010 7:54am
Quoting jimbil
My opinions are based on my factual experience with oanda. Therefore the views that i express are true. I post them here to warn fellow traders. And in the hope that my disatisfaction will lead to oanda 1. vastly improving what they offer. Or 2. if they dont improve, deservedly losing customers.

Unless you are an oanda rep, what is in it for you to defend oanda by trying to discredit the views & personal experience of a fellow trader & forex factory member?
What an impotent loser you are!!!
I suggest next time you WRITE YOUR LIES IN RED, BOLD, CAPITAL LETTERS. THEY WILL MAKE THEM MORE TRUE..
  • #259
  • May 17, 2010 8:02am May 17, 2010 8:02am
Quoting pescador
What an impotent loser you are!!!
I suggest next time you WRITE YOUR LIES IN RED, BOLD, CAPITAL LETTERS. THEY WILL MAKE THEM MORE TRUE..
I used Oanda and was pleased with them !
  • #260
  • May 17, 2010 8:05am May 17, 2010 8:05am
Quoting pescador
What an impotent loser you are!!!
I suggest next time you WRITE YOUR LIES IN RED, BOLD, CAPITAL LETTERS. THEY WILL MAKE THEM MORE TRUE..
Just another boring profitable morning for me with Oanda.
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