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  • #4,221
  • Feb 13, 2015 10:58am Feb 13, 2015 10:58am
My stops have been hit by Oanda several times due to widening of their spreads. Here's what I've experienced:
1. The spread on GBP/USD going from 3 pips to 300+ pips around GBP news.
2. Spreads widening 5-6 times during daily session rollover (e.g. GBP/NZD spread increasing from 10 pips to 60 pips)
3. Spreads widening upto 15 times during news times in pairs unrelated to the news (e.g. GBP/NZD spread going from 10 pips to 150+ pips for 1 second on US news .. when interestingly the spread on USD pairs such as EUR/USD. USD/CAD and GBP/USD didn't widen much).

I will be leaving Oanda shortly. This post is simply to warn other naive traders (like myself). If you email Oanda demanding the trade be reverted, you will get a reply like one below (that I received today):
------------------------------------
Dear xxx,
Thank you very much for your e-mail.
The widen of the spread was totally within boundaries, even if there were no major news announcements for GBP or NZD; there were major announcement for USD which reflects on a big liquidity drop in the market. Due to the liquidity change in the market we are forced to widen the spreads on all our currency pairs, some might be wider than others.
Thank you very much for your understanding.
If you have any further questions or concerns please do not hesitate to contact us again.
Regards,
Our client experience team is here to help 24 hours a day from Sunday at 1 p.m. EST to Friday at 6 p.m. EST. If you have any questions, please do not hesitate to contact us.
It is my pleasure to assist you,
------------------------------------

Good luck in your trading! Trade safe ..
  • #4,222
  • Feb 13, 2015 1:01pm Feb 13, 2015 1:01pm
Quoting herenow0
My stops have been hit by Oanda several times due to widening of their spreads. Here's what I've experienced: 1. The spread on GBP/USD going from 3 pips to 300+ pips around GBP news. 2. Spreads widening 5-6 times during daily session rollover (e.g. GBP/NZD spread increasing from 10 pips to 60 pips) 3. Spreads widening upto 15 times during news times in pairs unrelated to the news (e.g. GBP/NZD spread going from 10 pips to 150+ pips for 1 second on US news .. when interestingly the spread on USD pairs such as EUR/USD. USD/CAD and GBP/USD didn't widen...
NFA lowers our leverage, creates FIFO and no hedging, but bullshit like this is allowed. Of course they can forgive negative balances, they ripoff their customers every day.
  • #4,223
  • Feb 13, 2015 2:22pm Feb 13, 2015 2:22pm
Quoting herenow0
My stops have been hit by Oanda several times due to widening of their spreads. Here's what I've experienced: 1. The spread on GBP/USD going from 3 pips to 300+ pips around GBP news. 2. Spreads widening 5-6 times during daily session rollover (e.g. GBP/NZD spread increasing from 10 pips to 60 pips) 3. Spreads widening upto 15 times during news times in pairs unrelated to the news (e.g. GBP/NZD spread going from 10 pips to 150+ pips for 1 second on US news .. when interestingly the spread on USD pairs such as EUR/USD. USD/CAD and GBP/USD didn't widen...
When you have spreads * 300 on Gbp/Usd ?
  • #4,224
  • Feb 13, 2015 2:24pm Feb 13, 2015 2:24pm
Quoting Profit Daily
{quote} I use 4 of them. There is an entire thread on the subject.
4 Name?
  • #4,225
  • Feb 15, 2015 8:54am Feb 15, 2015 8:54am
Quoting herenow0
My stops have been hit by Oanda several times due to widening of their spreads. Here's what I've experienced: 1. The spread on GBP/USD going from 3 pips to 300+ pips around GBP news. 2. Spreads widening 5-6 times during daily session rollover (e.g. GBP/NZD spread increasing from 10 pips to 60 pips) 3. Spreads widening upto 15 times during news times in pairs unrelated to the news (e.g. GBP/NZD spread going from 10 pips to 150+ pips for 1 second on US news .. when interestingly the spread on USD pairs such as EUR/USD. USD/CAD and GBP/USD didn't widen...
Hi

I have looked at the historocal spreads on GBP/USD

http://fxtrade.oanda.co.uk/why/spreads/recent

and can only see a maximum of around 8 .When did it go up to 300 pips. (date?) I am a new OANDA customer and would be concerned if this was the case
  • #4,226
  • Feb 15, 2015 10:32am Feb 15, 2015 10:32am
Quoting Tim_isoara
{quote} 4 Name?
I've asked him several times to name brokers that he uses, or other brokers which he would consider using. At no time has he answered.

He's just a bs'er
  • #4,227
  • Feb 15, 2015 10:50am Feb 15, 2015 10:50am
Quoting verv
{quote} I've asked him several times to name brokers that he uses, or other brokers which he would consider using. At no time has he answered. He's just a bs'er
Profit Daily= Wasted Time Daily
  • #4,228
  • Feb 15, 2015 1:10pm Feb 15, 2015 1:10pm
Quoting Tim_isoara
{quote} Profit Daily= Wasted Time Daily
lol. There are only 15 offshore brokers who still accept US citizens. It's not hard to figure out. I use ForexBrokerInc, Profiforex, just recently opened accounts with FX Choice, Assets Fx, Tallinex and Traders Way. In the offshore environment, I believe it's best to use multiple brokers to diversify capital. As I've explained numerous times, the key to keeping your money safe is leave it in your own bank account and only have with the broker the margin required for your open trades, which is 5-10% of what is required in the US. This is the number one reason I trade offshore. I still only risk 2-3% of my forex funds on any individual trade, however. that amount may be up to 40% or higher of what is on deposit with broker. Real basic example is if I want to trade a standard lot of USDJPY with a 40 pip s/l, I will transfer $400 to broker, although only $200 is required for margin. This same trade with an NFA broker requires $3,030 in margin. Since funds are not protected or insured in either case, if something happens with broker, I have way less risk offshore. I have never had any issues with widened spreads, freezing platforms (which all US brokers are notorious for) and my withdrawals are in my bank next business day.
  • #4,229
  • Feb 15, 2015 1:14pm Feb 15, 2015 1:14pm
Quoting Profit Daily
{quote} lol. There are only 15 offshore brokers who still accept US citizens. It's not hard to figure out. I use ForexBrokerInc, Profiforex, just recently opened accounts with FX Choice, Assets Fx, Tallinex and Traders Way. In the offshore environment, I believe it's best to use multiple brokers to diversify capital. As I've explained numerous times, the key to keeping your money safe is leave it in your own bank account and only have with the broker the margin required for your open trades, which is 5-10% of what is required in the US. This is...
thx
  • #4,230
  • Feb 15, 2015 7:53pm Feb 15, 2015 7:53pm
Hmmm. I received notification in my e-mail regarding a post to this thread about 50 minutes ago. Poster was explaining how his stops were hit on Oanda, but not with his offshore brokers. Same thing I've been stating all along. Mysteriously, the post has disappeared.
  • #4,231
  • Edited 11:09pm Feb 15, 2015 10:12pm | Edited 11:09pm
Quoting Deskpro
{quote} Hi I have looked at the historocal spreads on GBP/USD http://fxtrade.oanda.co.uk/why/spreads/recent and can only see a maximum of around 8 .When did it go up to 300 pips. (date?) I am a new OANDA customer and would be concerned if this was the case
It happened a number of years ago and reportedly due to an error by one of their eFx risk managers . He/She entered 300 instead of 30 over high vol news event . . OANDA re-closed all negatively effected trades so no one was out of pocket. . . These days they've eliminated the need for manual intervention via dynamic spreads which I believe are capped at 20 pips on Cable.
  • #4,232
  • Feb 16, 2015 12:16am Feb 16, 2015 12:16am
Spiboy123 - you are right that it occurred a few years ago. But you're incorrect in stating that they reverted the trades. I know because my stop was hit to literally *the* pip .. and Oanda did *not* reverse the trade even after I called their support line. It was the 1st time I experienced this .. all I can say is that I was very naive.

I'm attaching another snapshot that shows the GBP/USD spread increasing to 130+ pips for a quick minute. I took this snapshot because both my entry and exit stop orders got hit the same minute. Notice the price did go up. But if you had an entry stop order above the pivot high and an exit stop order below the pivot low, they both got hit the same minute. Prices did go up, but I was shortchanged with a loss. Another thing I've noticed is that when the spreads widen, the order arrows / circles don't display on Oanda charts like they normally do.

I think we should trade with brokers that charge a commission rather than playing games with the spreads. Trade safe ..
Attached Image (click to enlarge)
Click to Enlarge Name: oanda_gbpusd_130pips_spread.JPG Size: 107 KB
  • #4,233
  • Edited 1:44am Feb 16, 2015 1:01am | Edited 1:44am
Quoting herenow0
Spiboy123 - you are right that it occurred a few years ago. But you're incorrect in stating that they reverted the trades. I know because my stop was hit to literally *the* pip .. and Oanda did *not* reverse the trade even after I called their support line. It was the 1st time I experienced this .. .. {image}
Perhaps different errors . I was referring to this one

 

  1. Root
  2. Platform Issues & Technical Support
  3. GBP/USD Spread Error https://fxtrade.oanda.com/forum-medi...icon-small.png

#1 Feb. 2, 2007 09:56:00
AndresS
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GBP/USD Spread Error
Hello,

As most of you are already aware, during this mornings NFP announcement the spread on GBP/USD rose to 300 pips.

This increase was an operator error. OANDA is very sorry that this occurred.

We are in the process of reversing and fixing trades that were incorrectly filled due to this error and we hope to have corrected all the errors by the end of business today, there may be some cases that take longer to correct as the market continues to move.

Again, we are extremely sorry about this error.
Andres



As for the Chart.. I do not use OANDA charting so I could be wrong , but what you posted is a The Min/Max chartwhich I assume displays the minimum and maximum price for the currency pair for the interval chosen and not the spread. You could have experienced a knee jerk lower on the mid point around a 20 pips spread followed by a 90 pip move higher on the Cable mid also around a 20 pip spread .. That would have accounted for the min/max 130 pip . BTW not disagreeing that the News spreads are less than desirable..

  • #4,234
  • Feb 16, 2015 1:06am Feb 16, 2015 1:06am
Quoting Profit Daily
{quote}.. I still only risk 2-3% of my forex funds on any individual trade, however. that amount may be up to 40% or higher of what is on deposit with broker. Real basic example is if I want to trade a standard lot of USDJPY with a 40 pip s/l, I will transfer $400 to broker, although only $200 is required for margin. This same trade with an NFA broker requires $3,030 in margin. Since funds are not protected or insured in either case, if something happens with broker, I have way less risk offshore. .
You are a idiot/liar in trading.
On a standard lot of usd/jpy 40pips is 338$ that is a risk of 84.5%. because you have 400$.
Your loss is 84,5% every time when your SL is hit.
.
  • #4,235
  • Feb 16, 2015 1:08am Feb 16, 2015 1:08am
Quoting herenow0
Spiboy123 - you are right that it occurred a few years ago. But you're incorrect in stating that they reverted the trades. I know because my stop was hit to literally *the* pip .. and Oanda did *not* reverse the trade even after I called their support line. It was the 1st time I experienced this .. all I can say is that I was very naive. I'm attaching another snapshot that shows the GBP/USD spread increasing to 130+ pips for a quick minute. I took this snapshot because both my entry and exit stop orders got hit the same minute. Notice the price...

When was this? What is the GBP economic calendar/news event that caused the spike?
  • #4,236
  • Feb 16, 2015 2:15am Feb 16, 2015 2:15am
DeskPro, I think we've just caught Oanda *LYING* on their website.

According to their website, their maximum spread on GBP/NZD has been approx 45 pips that occurred in late Dec 2014 (I've attached a snapshot from their website below).

Attached Image (click to enlarge)
Click to Enlarge Name: oanda_gbpnzd_spread_lies.JPG Size: 91 KB


Well, last week I witnessed their spreads on GBP/NZD increase to 60+ pips just around the daily rollover time (4:30-5:15 pm EST). Fyi, the blue arrows in the chart below show my orders getting hit.

Attached Image (click to enlarge)
Click to Enlarge Name: oanda_gbpnzd_60pipSpread_021015.png Size: 110 KB


On Thursday Feb 12, 2015 (i.e. 4 days ago), their spread in GBP/NZD increased by 150+ pips on US news - not GBP or NZD news. I've attached the 5 second min-max chart that shows their 150+ pip bid-ask spread that lasted for about 1 second below. You can refer to Post # 4215 to view their response explaining why they feel they are justified in increasing their spreads drastically (e.g. from 10 to 150 pips in GBP/NZD) for *all* their pairs even if the news is not directly linked to the pair.

Attached Image (click to enlarge)
Click to Enlarge Name: oanda_gbpnzd_150pip_Spread_021215_0830am.png Size: 46 KB


Are they posting the spreads that they're receiving from their liquidity providers? Because those most definitely are *not* the spreads they are passing on to their clients. According to their spread chart, their spread on GBP/NZD stayed below 30 pips on Feb 12, 2015. WOW!!!!!!!!!!!!!!!!
  • #4,237
  • Feb 16, 2015 2:22am Feb 16, 2015 2:22am
Quoting herenow0
DeskPro, I think we've just caught Oanda *LYING* on their website. According to their website, their maximum spread on GBP/NZD has been approx 45 pips that occurred in late Dec 2014 (I've attached a snapshot from their website below). {image} Well, last week I witnessed their spreads on GBP/NZD increase to 60+ pips just around the daily rollover time (4:30-5:15 pm EST). Fyi, the blue arrows in the chart below show my orders getting hit. {image} On Thursday Feb 12, 2015 (i.e. 4 days ago), their spread in GBP/NZD increased by 150+ pips on US news...

http://fxtrade.oanda.com/help/advanc...graph-features


Minimum/Maximum Chart
The Min/Max chart plots the minimum and maximum prices for the interval chosen. The upper boundary represents the maximum ask price, while the lower boundary represents the minimum bid price.
The Min/Max chart is different from the Closing Price chart because minimum and maximum prices may not be the opening and closing prices for that interval.
http://fxtrade.oanda.com/wandacache/...3be2076bb9.gif
  • #4,238
  • Feb 16, 2015 2:48am Feb 16, 2015 2:48am
Spiboy123 -> the charts are *5 second interval* min-max price bars. That is the *shortest* interval that Oanda makes available on their charting package. This is their *ask* and *bid* price within *5 seconds* i.e. 1/12 th of a minute. As you can see from the chart (and as I experienced with my stop order), the spread was 150+ pips during that 5 second interval. Look at their response email in post # 4215 affirming their right to jack spreads up on all pairs even if there is no news linked to that pair.

Fyi, a friend compared their spread to TradeStation and InterActive Brokers at this time and showed me that I'd been ripped off. Yeah, this is the last time I'll let Oanda make a chump of me by jacking up their spreads. And to me, they are *clearly* lying on their website with incorrect spreads. According to their site, their spread in GBP/NZD on Feb 12 @ 8:30 am was 10.5 pips. I am posting their website chart and their trading chart below (again) for you to see.

Attached Image (click to enlarge)
Click to Enlarge Name: oanda_website_spread_021215.JPG Size: 83 KB

Attached Image (click to enlarge)
Click to Enlarge Name: oanda_gbpnzd_150pip_Spread_021215_0830am.png Size: 46 KB


Btw, I just re-read your post # 4231. This is info that only an insider at Oanda (I think) can have. I also noticed that all (except 1 of your post) is in the Oanda thread, deftly defending Oanda. Makes me curious ..
  • #4,239
  • Edited 3:15am Feb 16, 2015 2:55am | Edited 3:15am
Quoting herenow0
DeskPro, I think we've just caught Oanda *LYING* on their website. According to their website, their maximum spread on GBP/NZD has been approx 45 pips that occurred in late Dec 2014 (I've attached a snapshot from their website below). {image} Well, last week I witnessed their spreads on GBP/NZD increase to 60+ pips just around the daily rollover time (4:30-5:15 pm EST). Fyi, the blue arrows in the chart below show my orders getting hit. {image} On Thursday Feb 12, 2015 (i.e. 4 days ago), their spread in GBP/NZD increased by 150+ pips on US news...
You are wrong.
You attach a chart with min and max of price in 5 sec. That not spread.
Don't trade news, if not know how
  • #4,240
  • Edited 3:21am Feb 16, 2015 3:08am | Edited 3:21am
If I'm wrong - prove it!

Oanda does not make a Bid-Ask chart available. And I can't press Ctrl+Alt+PrintScreen the very nano-second they jump their spreads up to show you their spread. The *5 second* min-max chart is the closest proxy possible to a 1 nano-second Bid Ask Oanda chart.

I have no problems if you choose to believe their website indicating they had a 10.5 pip spread at 8:30 am on Feb 12th. All the best ..
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