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I think Oanda FXTrade is unreliable

  • #321
  • May 18, 2010 6:16am May 18, 2010 6:16am
Quoting jimbil
Another issue with oanda is their interest on open positions methods. Sure, it is good they charge/calculate interest by the second. But, their interest rates are not very good at all. They charge around 8 times what they pay you for eurusd, depending on whether you're long or short. I bet you could find plenty of brokers who offer more competitive margin financing than oanda.
Just call one, instead of betting.
I'd like to know!
  • #322
  • May 18, 2010 6:18am May 18, 2010 6:18am
Quoting pescador
Just call one, instead of betting.
I'd like to know!
I havent looked into it recently, & done the sums. WHen i did, the brokers i looked at, their wasnt an 8 times difference between what is paid and what is charged. But this was a couple of years ago & i cannot remember. But to charge 8 times what is paid, seems quite SHOCKING!!!!!!
  • #323
  • May 18, 2010 6:38am May 18, 2010 6:38am
Has anyone told a better alternative to Oanda or are we still in bashing mode?
  • #324
  • May 18, 2010 6:42am May 18, 2010 6:42am
Jimbal: how many brokers have you traded with live may i ask?

@ everyone: is is possible that oanda could manipulate price on an individual account basis ? I mean for example with fxtrade, if the real price actually goes 0.1 pips form your SL, the FXtrade platform for that account just pushes if 0.1 pips further so you get stopped out. or if price actually hits your TP, the FXtrade platform holds it back by 0.1 pips until their actual price breaks through the TP level by a pip or so. I guess the only way would be to compare two live accounts where price is close to orders.

What do you think?
  • #325
  • May 18, 2010 6:43am May 18, 2010 6:43am
Quoting jimbil
I havent looked into it recently, & done the sums. WHen i did, the brokers i looked at, their wasnt an 8 times difference between what is paid and what is charged. But this was a couple of years ago & i cannot remember. But to charge 8 times what is paid, seems quite SHOCKING!!!!!!
Well, all I have seen until now offer even worse conditions.
It is actually very difficult to find a broker that pays interest both on unused margin and open trades, as Oanda does..
Sure, the interest rates and carry trade are not what they used to be, but this is because of the central banks and the economic situation, not Oanda.

So if you can show us a broker who gives better swaps, + better spreads than Oanda - that means with a better overall cost of trading -- and with at least equal speed of execution without requotes, I definitely would like to hear.
I would be interested in them.

What I do not understand, is if you percieved these SHOCKING!!!!!! conditions a couple of years ago as you say; and you are a real trader,
where have you been trading all these years? I assume it is with a broker with much better conditions than Oanda.
Please reveal it to us.

Or have you not traded all these years at all?
Or have you just continued trading with a SHOCKING!!!!!! broker?
  • #326
  • May 18, 2010 6:50am May 18, 2010 6:50am
Quoting Xaron
Has anyone told a better alternative to Oanda or are we still in bashing mode?
I trade with Dukascopy and Oanda live, IMHO Dukascopy are a far superior broker all aspects except one: trading costs for small accounts.

I personally would definitely recommend dukascopy over oanda unless you are trading ~< 5K, below 5K trading costs become a bit expensive with dukas 1 because of commissions, and 2 because they have very limited liquidity for small orders so you get more slippage
  • #327
  • May 18, 2010 6:52am May 18, 2010 6:52am
Thanks rooicol!
  • #328
  • May 18, 2010 7:50am May 18, 2010 7:50am
Quoting pescador
Well, all I have seen until now offer even worse conditions.
It is actually very difficult to find a broker that pays interest both on unused margin and open trades, as Oanda does..
Sure, the interest rates and carry trade are not what they used to be, but this is because of the central banks and the economic situation, not Oanda.

So if you can show us a broker who gives better swaps, + better spreads than Oanda - that means with a better overall cost of trading -- and with at least equal speed of execution without requotes, I definitely would...
I find it SHOCKING!!!!!! that I am being called into doubt.

All i have done is report some simple facts about my experience of trading with oanda.

It doesn ot matter how successful i have or havent been, or how many brokers i have traded with, or have i found a better broker.

The SHOCKING!!!!!! truth is - Oanda isnt all that!
Sure there may be no magic broker. Oanda may still be one of the best. But this does not inherently make oanda good. I have shown you how oanda is bad. I do suspect oanda is better than a lot of brokers. But please do not expect a perfect trouble free experience with oanda.

Dont believe the myth of tightest 0.9 pip oanda spreads inparticular. More like 2 pip spread, based on an averagely splipped round turn entry + exit price.

What i find even more SHOCKING!!!!!! is that it is now 9 years after 9/11, and the masses are still nonearer realising they were lied to - Big Time!!!
Down with the New World Order!!! Investigate those controlled demolitions!!

  • #329
  • May 18, 2010 7:54am May 18, 2010 7:54am
Quoting Xaron
Has anyone told a better alternative to Oanda or are we still in bashing mode?
22 pages of posts and no one has come up with any better options, so.....
  • #330
  • May 18, 2010 7:58am May 18, 2010 7:58am
Quoting jimbil
What i find even more SHOCKING!!!!!! is that it is now 9 years after 9/11, and the masses are still nonearer realising they were lied to - Big Time!!!

Down with the New World Order!!! Investigate those controlled demolitions!!

With this one I have to agree

Nevertheless, it would be useful if you shared your experience with better brokers.

I have already mentioned one: IB.

But they are not perfect either. Some things are better at IB, others with Oanda. Especially swaps, interest payment and scalability (small lots) are better with Oanda.
  • #331
  • Edited 10:21am May 18, 2010 9:51am | Edited 10:21am
Quoting pescador
With this one I have to agree

Nevertheless, it would be useful if you shared your experience with better brokers.

I have already mentioned one: IB.

But they are not perfect either. Some things are better at Interactive Brokers, others with Oanda. Especially swaps, interest payment and scalability (small lots) are better with Oanda.
I cnanot suggest a better broker than oanda. Oanda are the best i know, but they are not as good as they like to think - as i have illustrated.

What are the costs of trading with IB? (spread + commission per lot,per round turn?)

What is liquidity like with IB? Will 50 lots (5,000,000 units) usually get through alright at one price? what about 100 lots ($1000 per pip?)?

Have a look at prospreads. If you live in a country where financial spreadbetting is available, profits can be tax free.

Cheers.
  • #332
  • May 18, 2010 10:24am May 18, 2010 10:24am
Quoting Xaron
Has anyone told a better alternative to Oanda or are we still in bashing mode?
Oanda bashing/defending is to become an Olympic sport

I don't believe there is any one bróker who will suit every trader or every trading style, there are so many variables and each broker has it's pros and cons.


Anyway, how's things with you M, still on target for that million? You know that if you make it we're expecting a big party over at your place, right?
  • #333
  • May 18, 2010 10:24am May 18, 2010 10:24am
Quoting jimbil
Another issue with oanda is their interest on open positions methods. Sure, it is good they charge/calculate interest by the second. But, their interest rates are not very good at all. They charge around 8 times what they pay you for eurusd, depending on whether you're long or short. I bet you could find plenty of brokers who offer more competitive margin financing than oanda.

Have you even compared interest at Oanda with over major market players?
Look at Interactive Brokers one of the few real competitors.

Here are IAB interest rates compared to Oanda's rates. IAB is offering different rates for different tiers whereas Oanda offers same rates to all balances.

Oanda http://is.gd/ceGGD
IAB http://is.gd/ceJXA

Pescador could eventually tell if the rates for IAB are correct or not.
  • #334
  • May 18, 2010 10:56am May 18, 2010 10:56am
The best thing about oanda, is that they are not a "big brother state" broker. Little or no visible interference from them in my acount (requotes, referred to dealer etc. type issues), leaving the client to just get on with running their account. As it should be.

Make availablre some decent free charting package like MT4, & cut out the 1+ pip average sliappage per round turn, which is possibly due to lagging servers, or biased quotes, and i would be happy with oanda. The only remaining issue for them to correct would be "safety of clients funds"/segregation of clients funds.

It seems to me that Oanda have just sat still for a number of years, not wanting to continually keep improving their service - which is quite arrogant. Sure, they have provided the illusion of tighter spreads (that really arent that tight at all), but everything else seems to have been left as it is for 5+ years. Not good.

Kaizen - continually look to improve, and to not assume that no further improvements can be made, or lessons learned!
  • #335
  • May 18, 2010 11:25am May 18, 2010 11:25am
Quoting mistersimple
ye OANDA are thieves because they allow you to profit from sunday gaps..like this week....LOL ...

OANDA IS FAR WAY BETTER THAN common crap multiplatform brokers...
+1

Quoting Xaron
Has anyone told a better alternative to Oanda or are we still in bashing mode?
I'd love to find an alternative to the autotrader $200 monthly fee but I have yet to find a more interesting broker. I thought Jimbil could help me but it looks like he just want to trash Oanda for no reason that I experienced.

Quoting Price
22 pages of posts and no one has come up with any better options, so.....
Maybe there isn't any better option. Anyway, I'm very happy with Oanda and I have yet to find an interesting alternative.
  • #336
  • May 18, 2010 11:27am May 18, 2010 11:27am
Dear Oanda,

It's fine the way it is. Please don't FIX it.
  • #337
  • May 18, 2010 11:41am May 18, 2010 11:41am
Am I the only who have a HUGE >= 4 pips spread on EURJPY since this morning ?
What's going on ?
Earlier today it was <= 2.5
They did that during the huge crash and there was a good reason but there is nothing happening right now.
  • #338
  • May 18, 2010 11:48am May 18, 2010 11:48am
Quoting Intensity
Am I the only who have a HUGE >= 4 pips spread on EURJPY since this morning ?
What's going on ?
Earlier today it was <= 2.5
They did that during the huge crash and there was a good reason but there is nothing happening right now.
I also have 4 pips on EURJPY
  • #339
  • May 18, 2010 11:51am May 18, 2010 11:51am
Quoting jimbil

Dont believe the myth of tightest 0.9 pip oanda spreads inparticular. More like 2 pip spread, based on an averagely splipped round turn entry + exit price.
I get my .9 when I scalp..., my entry is usually .9 over 80% of the time i would say, and since i exit pretty soon after in most cases at a stall, i usually get .9 on the exit too, but if there is more slippage I'd say it's on the exit side while scalping, and sometimes I get slipped in a good way on the exit.

2 pips your crazy, or you're just entering on some crazy spikes...
  • #340
  • May 18, 2010 2:59pm May 18, 2010 2:59pm
Quoting Monroe
I get my .9 when I scalp..., my entry is usually .9 over 80% of the time i would say, and since i exit pretty soon after in most cases at a stall, i usually get .9 on the exit too, but if there is more slippage I'd say it's on the exit side while scalping, and sometimes I get slipped in a good way on the exit.

2 pips your crazy, or you're just entering on some crazy spikes...
When you add it all up, slippage of x tenths of a pip in and out and sometimes more, slow quotes, interest, widened spreads, spikes, etc it's not too hard to see how it could end up 2 pips on average, and probably more in the long run. You're concentrating solely on the headline spread and perhaps missing the hidden overhead.

I 'scalped' for years on their platform using another data feed as comparison and I would guess on average on every trade I lost a potential 2 pips of profit, at least. That equated to anywhere between 20 and 70% of my profit gone in 'Oanda Tax'. Sure, I made money, but that's not really the point.

I don't know what size you're trading but come back and report when you're scalping with some volume, you'll see a big difference in the execution of market orders (assuming you're nett profitable of course). Another thing you'll notice is slippage on orders resting on their server, now that's just plain criminal in a session like the Asian!

I don't know what algos Oanda run but it's probably safe to assume the more size one trades - the more apparent these issues become.

That's just my own personal experience, and from reading their forums and speaking to other traders it seems I'm not alone.
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