Oanda should stop offering MT4 unless they can make the platform operate in a way that is not deliberately misleading it's clients.
I had some small funds ($96) in an old oanda account that I decided to trade for a bit to check out Oanda's MT4 solution.
I was less than impressed.
It started out ok. I was getting quotes, set up the charts how I like them, opened a couple of market orders and it was all ok for a few days.
Today I was checking the market and saw an opportunity in aud/usd. Seeing that I had $32 free margin in the platform and that about $20 was needed for an aud/usd trade, I tried to open a market order to buy.
>Off Quotes<
Tried again..
>Off Quotes<
This normally indicates a feed error or a rejection of the order by the dealer because it was on a non market price due to an error.
I connected to Oanda's live chat and a representative told me that the off quotes error was due to insufficient margin! That is strange because the error in MT4 for insufficient margin is actually "Not enough Money"
I already had orders open in USD/SGD, NZD/JPY and USDCAD and I was then told that exotic pairs have a leverage of only 1:20 which is why I had insufficient margin. My free margin is really $2.40 which is not reflected in the platform because apparently Oanda's MT4 expects 1:50 leverage on all pairs.
So I say to you Oanda, stop offering MT4 to your clients unless you can get it to operate in a way that is not deliberately misleading your clients!
I had some small funds ($96) in an old oanda account that I decided to trade for a bit to check out Oanda's MT4 solution.
I was less than impressed.
It started out ok. I was getting quotes, set up the charts how I like them, opened a couple of market orders and it was all ok for a few days.
Today I was checking the market and saw an opportunity in aud/usd. Seeing that I had $32 free margin in the platform and that about $20 was needed for an aud/usd trade, I tried to open a market order to buy.
>Off Quotes<
Tried again..
>Off Quotes<
This normally indicates a feed error or a rejection of the order by the dealer because it was on a non market price due to an error.
I connected to Oanda's live chat and a representative told me that the off quotes error was due to insufficient margin! That is strange because the error in MT4 for insufficient margin is actually "Not enough Money"
I already had orders open in USD/SGD, NZD/JPY and USDCAD and I was then told that exotic pairs have a leverage of only 1:20 which is why I had insufficient margin. My free margin is really $2.40 which is not reflected in the platform because apparently Oanda's MT4 expects 1:50 leverage on all pairs.
So I say to you Oanda, stop offering MT4 to your clients unless you can get it to operate in a way that is not deliberately misleading your clients!