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OANDA Discussion

  • #3,501
  • Edited 4:59pm Apr 30, 2013 4:28pm | Edited 4:59pm
Hey there,

I think it's kinda curious that Oanda just blew up the spreads in NZD pairs. The spread in NZD/USD has gone to 30 and AUD/NZD to a ridiculous 60 pips! This at a time, when according to Oanda's own public stats, their traders are pretty heavily short and underwater NZD and long AUD.

Any Oanda reps here?

(The screenshot is from Fxintel.)

Edit:

It happened between 20:00-21:00 GMT (the screenshot is GMT+2). If you look at the 1 min chart, NZD was selling off (or AUD/NZD rising) and after the spread widening happened NZD has been bought up. Stop loss buying due to wide spreads or only a coincidence? Hope it's coincidence, cause the buying supported the price level while the majority is betting on a fall!
Attached Image
  • #3,502
  • Apr 30, 2013 6:10pm Apr 30, 2013 6:10pm
spread was fluctuating between 5 and 7! pips early at around 6 pm est on USD/JPY.

What a shame because i really liked Oanda's interface.
  • #3,503
  • Apr 30, 2013 7:13pm Apr 30, 2013 7:13pm
Hi everyone,

Has anyone encountered the problem on oanda where the spread just shoots all the way up during market open?

Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD.png Size: 51 KB


I had a trade opened overnight with a stop loss of 30 pips or so and was stopped out at 54 pips.

I had two concerns when this happened. The data feed from Metatrader and fxtrade was different and wasnt reflected on Metatrader.

Second, the spread when the market opened for the pair was close to 20 pips or even more.

Can any1 assist me with this? Thanks in advance!
  • #3,504
  • May 1, 2013 4:25am May 1, 2013 4:25am
Quoting Plofkip
{quote} Oanda is not good for longer term trades because, where other brokers offer positive (or zero) rollover, Oanda charges net interest to hold a position open. I suspect that this is an important element of Oanda's revenue model. Below are the current bid/ask (annual) interest rates applied by Oanda for five majors. Note that every Ask rate is higher than all the Bid rates. This means that with Oanda every pair among these majors, whether you hold it long or short, costs daily interest (negative rollover). Believe me, this is not the way to...
Where did you find those numbers? Are they also available for the exotic currencies? One of my main strategies is long term carry trades on stable currencies, since Oanda has a lot of exotic they seemed like a good choice.

I held AUD / CHF overnight (lot size 1) earning me 1 USD (should have been 10 USD). You make it sound as if a positive roll over is not possible. I can't imagine that shorting USD / INR can makes you LOSE money due to interest rates!
  • #3,505
  • May 1, 2013 4:50am May 1, 2013 4:50am
Quoting TraderXav
Where did you find those numbers? Are they also available for the exotic currencies? One of my main strategies is long term carry trades on stable currencies, since Oanda has a lot of exotic they seemed like a good choice. I held AUD / CHF overnight (lot size 1) earning me 1 USD (should have been 10 USD). You make it sound as if a positive roll over is not possible. I can't imagine that shorting USD / INR can makes you LOSE money due to interest rates!
Current and historical bid/ask interest rates for everything you can trade with Oanda Europe are available here: http://fxtrade.oanda.co.uk/analysis/historical-rates

My table was only a comparison amongst the list of major currencies which I trade. Indeed, if you hold AUD or IND long against any currency on my list you will earn positive interest from Oanda.

I would be very surprised if they had calculated the roll on your open AUD/CHF position incorrectly. More likely your expectation/calculation was wrong. Did you realise, for example, that interest is applied per second? So that if you open a position towards the end of the day then the first day's roll will be a fraction of a full day's roll. The next (full) day, you will see a full day's roll applied.

Interest is also applied per second to every trade that is open and closed within one trading day. Given that net interest is negative on all major currency pairs (long or short), I imagine that this is an important revenue stream for Oanda.

PK
  • #3,506
  • May 1, 2013 8:21am May 1, 2013 8:21am
Average spread for last two london sessions was 1.05 and 1.13. I have been watching the average spread here http://www.myfxbook.com/forex-broker...l-spread/676,1 since they went dynamic and the last month or so they seem to have been steadily coming in. Lets hope oanda becomes one of the top brokers again, I have traded many years with them and have always been satisfied. Dynamic spread was a bit of a shock and they really weren't even competitive in that sense for smaller traders (remember they offer 10mill at the quote so if you are trading large volumes they have still been competitive).

And by the way, for all you people saying average spread is 1.6 etc, etc, I am pretty sure I haven't witnessed this at all since the change. 1.4 every now and then, but generally around the 1.3 mark. Unless you are talking outside of london and US when spreads are high across all brokers.
  • #3,507
  • May 1, 2013 3:13pm May 1, 2013 3:13pm
Quoting Agro
Average spread for last two london sessions was 1.05 and 1.13. I have been watching the average spread here http://www.myfxbook.com/forex-broker...l-spread/676,1 since they went dynamic and the last month or so they seem to have been steadily coming in. Lets hope oanda becomes one of the top brokers again, I have traded many years with them and have always been satisfied. Dynamic spread was a bit of a shock and they really weren't even competitive in that sense for smaller traders (remember they offer 10mill at the...
.2 of a point and the BS that goes on there, let's just say I never looked back as I sped sped from the scene. Not to say I won't be back but only when they look upon accounts as their livelihood instead of Piggy Bank.
  • #3,508
  • May 1, 2013 3:16pm May 1, 2013 3:16pm
Quoting tgxworld
Hi everyone, Has anyone encountered the problem on oanda where the spread just shoots all the way up during market open? {image} I had a trade opened overnight with a stop loss of 30 pips or so and was stopped out at 54 pips. I had two concerns when this happened. The data feed from Metatrader and fxtrade was different and wasnt reflected on Metatrader. Second, the spread when the market opened for the pair was close to 20 pips or even more. Can any1 assist me with this? Thanks in advance!
Make sure you use lots of lube when dealing with O.
  • #3,509
  • May 1, 2013 3:18pm May 1, 2013 3:18pm
Quoting orabi
Oanda is the best trusted broker i have ever used from 2003 but unfortunately they dont offer Islamic free interest accounts .although i dont believe in the free interest accounts because you can not have it in a market which is so liquid like forex and i dont believe in brokers that offer free interest accounts as from credibility side if they place your trade in real market they will have to pay the interest so how they can wave it out but i have no choice i am Muslim and i should follow my religion although i will go to hell
Trust but verify!
  • #3,510
  • May 1, 2013 7:25pm May 1, 2013 7:25pm
Quoting dforant1
{quote} Make sure you use lots of lube when dealing with O.
Yup! I did a little research and found out that for AUD or NZD pairs, they are prone to such ridiculous spreads.

I think Oanda is trying not to pay swap for those pairs.

Other than that the other pairs seem fine.
  • #3,511
  • May 7, 2013 1:26pm May 7, 2013 1:26pm
Hi guys,

I entered a trade yesterday and today I woke up and wanted to see on MT4 how it went. It went pretty good... on MT4! But it was a completely different story on the Trading Platform. Pictures describe it the best...

First thing:
Why are there those abnormal spreads for a short period of time on ALL pairs?
EDIT: Not during news but during the Asian session

Second thing:
How does this huge difference in price feed happen?
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  • #3,512
  • May 7, 2013 2:27pm May 7, 2013 2:27pm
because most fx brokers are bucket shops....
  • #3,513
  • May 7, 2013 3:14pm May 7, 2013 3:14pm
Quoting savingpig
Hi guys, I entered a trade yesterday and today I woke up and wanted to see on MT4 how it went. It went pretty good... on MT4! But it was a completely different story on the Trading Platform. Pictures describe it the best... First thing: Why are there those abnormal spreads for a short period of time on ALL pairs? EDIT: Not during news but during the Asian session Second thing: How does this huge difference in price feed happen? {image} {image} {image}
Monday was a holiday in UK so very little liquidity in GBP/USD. Same happened Sunday when brokers started opening - holiday in Japan and markets were really flat. Its as simple as that.
  • #3,514
  • Edited 3:42pm May 7, 2013 3:27pm | Edited 3:42pm
Yes maybe.

http://fxtrade.oanda.com/lang/de/why/spreads/recent

But all happenend at the same time: 16:15 GMT-5
Even on some exotics like CHF/ZAR you see the behaviour.



EDIT: And it doesn't explain the huge difference of MT4 and fxTrade
  • #3,515
  • May 7, 2013 4:49pm May 7, 2013 4:49pm
Quoting TraderPablo
because most fx brokers are bucket shops....
It's 4:30pm and I'm sitting here watching the EUR/USD spread bounce around between 2.5 and 3.5, no news on the calendar. I can't help but say this is bullsh*t when I see UK and AUS brokers offering .9 right now.

It's unfortunate all the new regs to "protect" us traders has taken away the ability to use foreign brokers (I'm in the US).
  • #3,516
  • May 7, 2013 5:02pm May 7, 2013 5:02pm
x- MBT .7 to 1.2 now
  • #3,517
  • May 7, 2013 5:05pm May 7, 2013 5:05pm
Quoting TheGrind
{quote} It's 4:30pm and I'm sitting here watching the EUR/USD spread bounce around between 2.5 and 3.5, no news on the calendar. I can't help but say this is bullsh*t when I see UK and AUS brokers offering .9 right now. It's unfortunate all the new regs to "protect" us traders has taken away the ability to use foreign brokers (I'm in the US).
.8-1.4 now
  • #3,518
  • May 7, 2013 5:05pm May 7, 2013 5:05pm
Quoting TraderPablo
{quote} .8-1.4 now
at MBT sorry
  • #3,519
  • May 7, 2013 5:07pm May 7, 2013 5:07pm
generally spreads are not an issue at MBT i use payforlimit......
  • #3,520
  • May 7, 2013 5:12pm May 7, 2013 5:12pm
Quoting TraderPablo
generally spreads are not an issue at MBT i use payforlimit......
I've looked at MBT, spreads look good, but I've read some posts where people were having problems getting filled. It also appears they have two liquidity pools, one for pay for limit and one for free exn. Those are just my concerns from reading posts on FF.

Believe me, I've searched and searched for a better broker, our choices in the US are just so limited.
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