What a nightmare depositing funds | Forex Factory

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What a nightmare depositing funds

  • #1
  • First Post: Aug 9, 2011 9:37pm Aug 9, 2011 9:37pm
So I have been trading forex off my stock broker(TDA:TOS) for the past few months but decided to look at Oanda. I have held an account there for a few months with all the identification sent in but never funded it.

So I go to use my debit card tonight and fund the account and the transaction was declined. I go to my banking statement and lo and behold the transaction was taken out into "limbo" processing mode.

So after talking to live help at Oanda they said they never got it and bank of america live support says I will have to wait for the merchant to process it or not which does not make sense since Oanda says they never saw it.

So who knows how many days it will take for them to post the money back into my bank account not a big deal but rather disappointing, Oanda really did not do anything wrong but this entire process was frustrating. I remember FXCM(lol) was much easier to deposit at....
  • #2
  • Aug 10, 2011 8:34am Aug 10, 2011 8:34am
Quoting Bigvick991
So I have been trading forex off my stock broker(TDA:TOS) for the past few months but decided to look at Oanda. I have held an account there for a few months with all the identification sent in but never funded it.

So I go to use my debit card tonight and fund the account and the transaction was declined. I go to my banking statement and lo and behold the transaction was taken out into "limbo" processing mode.

So after talking to live help at Oanda they said they never got it and bank of america live support says I will have to wait for...
You are a shill for FXCM I think. With Oanda hardly anybody has deposit or withdraw issues.
  • #3
  • Aug 11, 2011 6:03pm Aug 11, 2011 6:03pm
looks like a shill for oanda


Quoting StephanusR
With Oanda hardly anybody has deposit or withdraw issues.
  • #4
  • Aug 11, 2011 8:38pm Aug 11, 2011 8:38pm
Quoting Bigvick991
So I have been trading forex off my stock broker(TDA:TOS) for the past few months but decided to look at Oanda. I have held an account there for a few months with all the identification sent in but never funded it.

So I go to use my debit card tonight and fund the account and the transaction was declined. I go to my banking statement and lo and behold the transaction was taken out into "limbo" processing mode.

So after talking to live help at Oanda they said they never got it and bank of america live support says I will have to wait for...
The problem is that oanda does not take "debit" just "credit" cards. If you try to fund your account with "debit" it will show on your bank account money withdrawn but it will never be credited to your oanda account.

Eventually your bank will credit you back the transaction but it can take a while.

Best thing to do is to write oanda a check. In 3 to 5 days you will have the money.

I find oanda to be a decent brokers but they do have this kind of glitches. As the market gets more competitive among institutions they should get more user friendly to avoid a exodus of clients.
  • #5
  • Aug 11, 2011 9:48pm Aug 11, 2011 9:48pm
Quoting StephanusR
You are a shill for FXCM I think. With Oanda hardly anybody has deposit or withdraw issues.
Whats a shill?
FF = Forex Faggots
  • #6
  • Edited 11:17am Aug 12, 2011 11:07am | Edited 11:17am
Let me share my experience and whatever I know, and deductions from what i read here.

My deduction: in august 2011, something major must have happen, it might be oanda, or visa

Heres my experience. On 31 July 2011 , i fund my account using a debit card. the amount is withdrawn from my debit card and the amount show up at oanda.

this gives me confidence at using debit card. and since i am also an It administrator, i understand how online purchase using debit card works. debit card is no difference from credit card in the aspect of purchasing.

12 August 2011 19pm, again i fund using credit card. this time, the amount is on hold by the bank, and the BAD news , it doesnt show up at oanda!!!!!

this gonna be a very long messy issue....and a sad experience.....
  • #7
  • Aug 12, 2011 11:21am Aug 12, 2011 11:21am
Without knowing much about the context here, if you are having problems SENDING your broker money, you might be a redne... uhh you might have a problem!

Usually it's getting money from the brokers that I've seen traders have. (Personally never had problems, other than confusion over wire instructions < classic one)

Good luck with the process though, hope it works out for you.
  • #8
  • Aug 15, 2011 6:02am Aug 15, 2011 6:02am
i began to worry, what i gonna do if oanda say they didnt see or receive the money....

its not a big amount, but its enough for me to buy pizza hut every day for 3 months

kinda regret a bit, shoulda spend it all on pizza
  • #9
  • Aug 19, 2011 3:29am Aug 19, 2011 3:29am
how long it will take?

already a 4 working day
  • #10
  • Nov 2, 2011 2:48pm Nov 2, 2011 2:48pm
I just had this same problem. I used my debit card (with Visa logo) and Oanda declined the card but my bank said they approved and sent the money.

I contacted Live Help at Oanda and learned that they use a 3rd party to transfer money via credit card and likely the problem was that Oanda has my middle initial on the account and my bank does not.

After 5 days the money was put back in my bank account, I changed the name on my bank account so it matched my name on the Oanda account perfectly and tried again.

Card still declined, but this time they didn't take my money from the bank.

Now going to try PayPal.

Never thought it would be this frustrating to deposit money!
  • #11
  • Nov 2, 2011 11:31pm Nov 2, 2011 11:31pm
Why not send a wire to Oanda guys?
  • #12
  • Last Post: Nov 3, 2011 2:19pm Nov 3, 2011 2:19pm
This is my first live account and I wasn't sure if there would be extra fees for the wire. Since I'm starting with such a small amount I don't want to pay extra fees to transfer money.
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