Is Oanda the best for execution and spreads?

I have been a lurker here for quite some time.

Having held a couple different accounts, I am wondering if it's time to give Oanda a shot. I hear a lot of very positive things but is it really the best for spreads and execution versus what they offer?

Depends on the currecny pair and time of day that you trade. If you trade at NON news times, then Oanda is best for EURUSD and some major pairs.

Execution is good because they are not an ECN broker.

Some drawbacks are that you can not hedge your trades, and they do not allow scalping.

I noticed today on the FXCM micro account they had spreads less then 1 pip on EURUSD so that might be better then Oanda for that pair.

That's a bit contradictory.

Wrong, of course they do allow it.

No Doubt Oanda is Best in all the aspect's ...

Oanda's execution is fine as long as the connection doesn't drop out - which does happen fairly often. Spreads are OK, but not the greatest.

The best thing for me about Oanda is their flexible lot sizes, which allows for really precise money management. If you're more of a position trader than a short-term trader then they are a really good option.

If you're trading below 1H range, expect to be stop hunted.

I watch the 5m time frame and have seen countless times where my metatrader feed hits a resistance and stops where oanda keeps going 5 to 10 pips.

An example is last week, oct 22 at 9:00 where oanda went down to 1.2798. My metatrader feed only shows it going to 1.2814.

Perhaps you could have hit the offer?

Oanda is the best during normal hours but they can widen the spread to ten pips every day it seems near 10 minutes before stock market close.