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  • #2,241
  • Jul 5, 2011 4:40am Jul 5, 2011 4:40am
Quoting pennies

those 'high' spreads you speak of are very rare
Which f#$%ing planet are you living on?
  • #2,242
  • Jul 5, 2011 4:50am Jul 5, 2011 4:50am
Quoting Dopey
Which f#$%ing planet are you living on?
I've never seen a 30 pip on the eurusd 15 Once but that was when this whole Greek debt default was in it infancy. A 10 pip is Normal for news trading and only Newbies would cry about spread hikes During news events. If your not ready for Friday's Nfp you need not be trading Fridays Nfp. it's like going to war without a map of the country your invading.
Best Regards Moneymike
  • #2,243
  • Jul 8, 2011 8:47am Jul 8, 2011 8:47am
I am trying to open a live account with Oanda, but their fees on deposit and withdrawals are turning me off and are confusing.

I live in the U.S., what is the cheapest way to deposit and withdrawal funds from Oanda?
  • #2,244
  • Jul 8, 2011 10:08am Jul 8, 2011 10:08am
You can withdraw once per month for no fee. You planning to withdraw more than that?

The fastest way to move funds in and out of an Oanda account is PayPal.
You are in a maze of twisty little passages, all alike.
  • #2,245
  • Jul 8, 2011 10:54am Jul 8, 2011 10:54am
Quoting stevegee58
The fastest way to move funds in and out of an Oanda account is PayPal.
To hell with "fast" when they charge a % fee when you deposit and a % fee when you withdraw. That's ridiculous considering that % fees are the worst. I wouldn't use Paypal.

Credit card looks like the best option to me, it's really nice that Oanda allows this now. Deposit instantly from the card and when you withdraw, it goes right back to the card. Don't withdraw more than once a month and it will be free!
  • #2,246
  • Edited 11:08am Jul 8, 2011 10:57am | Edited 11:08am
Damn, I didn't notice that before.

I used to be an Oanda customer but switched to another br0ker a few years ago. I was thinking of funding my account again and was going to use PayPal cuz it looked most convenient but hadn't done it yet.

I do have a PayPal debit card. I wonder if that would work like a credit card? Same pot of money, but no fees.
You are in a maze of twisty little passages, all alike.
  • #2,247
  • Edited 11:21am Jul 8, 2011 11:09am | Edited 11:21am
Quoting stevegee58
Damn, I didn't notice that before.
Yeah it's 2.8% per transfer, in or out. (1.8% if you're a US citizen, I'm not)

Say you add 1k to your account and then decide to withdraw it. For this you get charged $56 just for a stupid in/out transfer.

Quoting stevegee58
I do have a PayPal debit card. I wonder if that would work like a credit card? Same pot of money, but no fees.
yes I believe you can skip Paypal and use that like a credit card (do verify though).

Funding your account using a credit/debit card is equivalent to making a purchase from a merchant. So do check your credit/debit card's fees for that (mine is 0 fees for internet purchases and therefore 0 fees for depositing to Oanda).
  • #2,248
  • Edited 11:57am Jul 8, 2011 11:24am | Edited 11:57am
Quoting Marv
Yeah it's 2.8% per transfer, in or out. (1.8% if you're a US citizen, I'm not)

Say you add 1k to your account and then decide to withdraw it. For this you get charged $56 just for a stupid in/out transfer.



yes I believe you can skip Paypal and use that like a credit card (do verify though).

Funding your account using a credit/debit card is equivalent to making a purchase from a merchant. So do check your credit/debit card's fees for that (mine is 0 fees for internet purchases and therefore 0 fees for depositing to Oanda).
I'm US but I'm also used to not paying fees for financial transactions.

I'll do an experiment by adding some test funds to my Oanda account from PayPal via the PayPal debit card and see what happens.

*later*
I did a deposit using my PayPal debit card into my old Oanda account and it went through instaneously with no fees.
I just clicked the "credit card" button and treated the debit card like it was a credit card and it worked fine.
You are in a maze of twisty little passages, all alike.
  • #2,249
  • Jul 8, 2011 12:15pm Jul 8, 2011 12:15pm
Quoting stevegee58
You can withdraw once per month for no fee. You planning to withdraw more than that?

The fastest way to move funds in and out of an Oanda account is PayPal.
Let's say you make $5,000/day, but want to withdraw half profit each time to not increase your lot size too fast.

That would mean said person needs to withdraw once a day. That is A LOT of fees.
  • #2,250
  • Jul 8, 2011 12:30pm Jul 8, 2011 12:30pm
There are no fees if you do it the way I just demonstrated, through a PayPal debit card transaction.

That said, there are fees no matter what method, if you withdraw more than once per month. Withdrawing once per day seems excessive to me, fees or not.

I don't understand how withdrawing some of your money keeps you from increasing your lot size too fast. Wouldn't you just use smaller lot sizes? Or am I missing something?
You are in a maze of twisty little passages, all alike.
  • #2,251
  • Jul 8, 2011 12:36pm Jul 8, 2011 12:36pm
"Note: Credit card withdrawals are subject to credit card company rules that stipulate you may only withdraw 125% of the amount you originally deposited into your OANDA account using a credit card."
  • #2,252
  • Jul 8, 2011 1:04pm Jul 8, 2011 1:04pm
Quoting stevegee58
There are no fees if you do it the way I just demonstrated, through a PayPal debit card transaction.

That said, there are fees no matter what method, if you withdraw more than once per month. Withdrawing once per day seems excessive to me, fees or not.

I don't understand how withdrawing some of your money keeps you from increasing your lot size too fast. Wouldn't you just use smaller lot sizes? Or am I missing something?
Using risk-based trading (ie. 2% of your equity goes into a trade which determines your lot size).
  • #2,253
  • Jul 8, 2011 1:05pm Jul 8, 2011 1:05pm
Quoting stevegee58
I just clicked the "credit card" button and treated the debit card like it was a credit card and it worked fine.
Great.

Quoting JusticeFX
Let's say you make $5,000/day, but want to withdraw half profit each time to not increase your lot size too fast.

That would mean said person needs to withdraw once a day. That is A LOT of fees.
Quoting JusticeFX
Using risk-based trading (ie. 2% of your equity goes into a trade which determines your lot size).
lol. Think harder.
  • #2,254
  • Edited 6:07pm Jul 8, 2011 1:25pm | Edited 6:07pm
Quoting JusticeFX
Using risk-based trading (ie. 2% of your equity goes into a trade which determines your lot size).
You could still use risk-based sizing but only on a defined portion of your equity, but modifying your EA.

Also, you can transfer funds among sub-accounts at Oanda with no fees.
You are in a maze of twisty little passages, all alike.
  • #2,255
  • Jul 11, 2011 8:48am Jul 11, 2011 8:48am
Thanks for the replies. I deposited $100 via credit card and it went through instantaneously without fees on their end. But yeah it says you can only withdraw 125% via credit card.

Now what is confusing is that it says "Funds must be withdrawn by the same method used to deposit money into your OANDA account. " I guess they don't abide by this really.

So how do you guys withdraw once per month free, what method do you use, a bank wire?
  • #2,256
  • Jul 11, 2011 8:58am Jul 11, 2011 8:58am
Quoting stevegee58
You could still use risk-based sizing but only on a defined portion of your equity, but modifying your EA.

Also, you can transfer funds among sub-accounts at Oanda with no fees.
1. I don't rely on EA's as much as other people do. They are mostly stupid and useless and distract a trader from actually trading and looking at the charts.
2. The only EA that I use doesn't allow me to define a set portion of my equity to put in a trade. It just takes the whole balance and based on what risk I set, trades that specific number of lots. I don't need anything more complicated than that.
  • #2,257
  • Jul 11, 2011 9:35am Jul 11, 2011 9:35am
Well like I said if you use Oanda's very easy, flexible and free subaccount system you can move some funds out of the subaccount to another to achieve what you want. According to Oanda there's a limit of 20 subaccount transfers per day.

Once a month you can move funds entirely out of your trading account into a bank account or whatever.
You are in a maze of twisty little passages, all alike.
  • #2,258
  • Jul 11, 2011 10:36am Jul 11, 2011 10:36am
Quoting stevegee58
Once a month you can move funds entirely out of your trading account into a bank account or whatever.
There is no free withdrawal by bank wire ....
  • #2,259
  • Jul 11, 2011 10:45am Jul 11, 2011 10:45am
Quoting tar
There is no free withdrawal by bank wire ....
Why is everyone so hung up on free? If you're really successful and managing a large amount of money a $20 bank transfer fee is nothing.

If you want free you can always request a check.
You are in a maze of twisty little passages, all alike.
  • #2,260
  • Jul 11, 2011 11:10am Jul 11, 2011 11:10am
Quoting stevegee58
Why is everyone so hung up on free? If you're really successful and managing a large amount of money a $20 bank transfer fee is nothing.

If you want free you can always request a check.
no i just thought u said there is a monthly free withdrawal by bank wire , just wanted to correct your statement ...
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