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Oanda keeps bugging me about net worth/employment updates

  • Post #1
  • Quote
  • First Post: Jun 3, 2013 6:19am Jun 3, 2013 6:19am
They said if I don't provide them with an update they will close all my open trades. I'm not working and my net worth isn't as much as the funds that I'm trading with because I have a joint account and my partner has substantially more net worth than I do. Are they trying to close my account because I'm a profitable trader?
Before Forex I was tall, and clean shaven. Now I am an Ewok.
Oh and so what is my net worth is zero (i'm unemployed) but I'm trading with 500k because of a joint account with my trading partner?

As far as I know that's all legal so I don't see what their problem is.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
Why are you posting that matter here in this Forum? It's your fault, not OANDA's fault.

We can't help you here regarding this matter. You really should resolve this with oanda, not with us.
Forex is a losers game.
Quoting trader121
Why are you posting that matter here in this Forum? It's your fault, not OANDA's fault. We can't help you here regarding this matter. You really should resolve this with oanda, not with us.
because I want information before I talk to them.. If you don't have anything to say please don't crash my question.. grow up! You really sound like you don't belong in an investment forum.

fault? There's no fault... I already gave them that information earlier this year.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
This is regulation - not something Oanda is arbitrarily making up. Its to protect retail clients who try to gamble away their last bit of cash.
Quoting shrike
This is regulation - not something Oanda is arbitrarily making up. Its to protect retail clients who try to gamble away their last bit of cash.
that is soooo cute
Quoting shrike
This is regulation - not something Oanda is arbitrarily making up. Its to protect retail clients who try to gamble away their last bit of cash.
according to my trade report nearly 90% of my trades have been profitable. It seems the more i win the more I get nagged. Well see if they close my account. I will sue if they do.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • Post #8
  • Quote
  • Edited 10:50am Jun 3, 2013 9:57am | Edited 10:50am
Quoting england33
They said if I don't provide them with an update they will close all my open trades. I'm not working and my net worth isn't as much as the funds that I'm trading with because I have a joint account and my partner has substantially more net worth than I do. Are they trying to close my account because I'm a profitable trader?
England,

I think this has to do with money laundering regulation.
As far as you deposit money in an Oanda account they must be sure it comes from a trusted source.
You said you deposit big money, but you have no income and this account is a joint acc. with your partner (which I presume give you the money to trade), how can they allow this?
Quoting england33
{quote} according to my trade report nearly 90% of my trades have been profitable. It seems the more i win the more I get nagged. Well see if they close my account. I will sue if they do.
Don't you get it into your small head.. Oanda and every other US FX broker are obliged by US regulators to ask for that info.
I know Oanda has suspended accounts because of this, and also declined larger deposits. They need to make sure the amount a client deposits with them is inline with what they have on record as net-worth and/or income. Just tell them what they want to hear - you can make numbers up if you want to, email them that you want to restate your networth, they will not check and they dont have to check to comply with regs.

Im 99% sure that would solve that problem. If you should put money at risk that you cant really afford to lose is an entirely other question.
  • Post #11
  • Quote
  • Edited 12:26pm Jun 3, 2013 10:50am | Edited 12:26pm
Annual Income can be changed under "Update My Account Information", but also says "To update your Net Worth, please contact Customer Service." Does that mean when you change Net Worth you will have to provide some evidence? Or they don't check that?
Another question, if you want deposit 10 000 usd; is net worth 25 000 - 50 000 enough that you don't have any problem with account?

btw. England33 if you are with Oanda Canada division, i think they are more strict with regulation than US.
Quoting Panurgo
{quote} England, I think this has to do with money laundering regulation. As far as you deposit money in an Oanda account they must be sure it comes from a trusted source. You said you deposit big money, but you have no income and this account is a joint acc. with your partner (which I presume give you the money to trade), how can they allow this?
He deposited the money to the joint account.. You assume I deposited the money... also the money came from banks 1st Vanguard (I"m sure you heard of them) and 2ndly Chase Bank (I'm sure you heard of them)... This wasn't a problem at the time of deposit but now that I have proven to be profitable all the sudden this is an issue? According to my trade report 92.31 % of my trades are profitable. Tell that isn't the real reason?
Before Forex I was tall, and clean shaven. Now I am an Ewok.
Quoting fx111
Annual Income can be changed under "Update My Account Information", but also says "To update your Net Worth, please contact Customer Service." Does that mean when you change Net Worth you will have to provide some evidence? Or they don't check that? Another question, if you want deposit 10 000 usd; is net worth 25 000 - 50 000 enough that you don't have any problem with account? btw. England33 if you are with Oanda Canada division, i think they are more strict with regulation than US.
no I'm in the US..
Before Forex I was tall, and clean shaven. Now I am an Ewok.
Quoting shrike
I know Oanda has suspended accounts because of this, and also declined larger deposits. They need to make sure the amount a client deposits with them is inline with what they have on record as net-worth and/or income. Just tell them what they want to hear - you can make numbers up if you want to, email them that you want to restate your networth, they will not check and they dont have to check to comply with regs. Im 99% sure that would solve that problem. If you should put money at risk that you cant really afford to lose is an entirely other question....
I did I'll let you know the outcome..

*also they never did this to me in all my years at GFT but then again I was not profitable.

We'll see - I'll be suing them if they close my open trades because this is part of a longer term trading plan. The whole reason people trade forex is to become profitable - rarely you hear of them restricting the losers.. I'll be able to prove in court I'm a competent trader and that the funds are legal / legitimate. We were actually thinking of increasing the account size but maybe I should be looking for another broker.. so hard to find a good one.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • Post #15
  • Quote
  • Edited 5:14pm Jun 3, 2013 5:03pm | Edited 5:14pm
Quoting england33
{quote} I did I'll let you know the outcome.. *also they never did this to me in all my years at GFT but then again I was not profitable. We'll see - I'll be suing them if they close my open trades because this is part of a longer term trading plan. The whole reason people trade forex is to become profitable - rarely you hear of them restricting the losers.. I'll be able to prove in court I'm a competent trader and that the funds are legal / legitimate. We were actually thinking of increasing the account size but maybe I should be looking for another...
Thank you for providing an update to your information.

Your account has now been updated. I thank you for your understanding and patience while this update was made.

**that was their response --- I have a feeling it will pop up again... I know forex brokers hate winners. anyway I'm prepared to go to court if they mess with my open trades. I was actually thinking of expanding this account with greater funds but now I'm considering another broker. I'll have to weigh my options. I never went through this with GFT -- had to leave them too because of other reasons and they don't service US clients anymore anyhow. Dukascopy perhaps or just stay with Oanda and if push comes to shove I'll bring to court. Obviously, I would just rather trade, since I know what to do. If all goes well this is the last you'll hear about this. PM me if you have any questions about my Oanda. I've only been with them since December.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
you seem to hold longerterm position.

Broker does not matter for this type of trading except of course security. I would go with multiple.

when serious winnings come, then one tests the broker : will he pay ?!?!?

So large debt free ones should be on your list.
Quoting england33
{quote} Thank you for providing an update to your information. Your account has now been updated. I thank you for your understanding and patience while this update was made. **that was their response ---
So they didn't ask you any proof of net worth update?
  • Post #18
  • Quote
  • Last Post: Jun 9, 2013 10:12pm Jun 9, 2013 10:12pm
US regulations require them to ask for the name of your employer, your salary and your net worth. It's such BS, but that's the law. I don't understand why the government cares if I gamble away my money. It's my money!

On the flip side, they might be looking for laundered money. If you make 50k a year and deposit $5 million, it might be laundered money.
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