Would Oanda Cancel My Account if I Doubled it Every Month? | Forex Factory

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Would Oanda Cancel My Account if I Doubled it Every Month?

  • #1
  • First Post: Mar 9, 2015 12:38am Mar 9, 2015 12:38am
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?
  • #2
  • Mar 9, 2015 12:49am Mar 9, 2015 12:49am
Quoting Forexpcb
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?
Balance is never a problem for any broker ... Some unscrupulous brokers are more worrying about the profits made.

Do it on demo first ... then and only then, it will be time to find out the right broker accepting your trading.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Mar 10, 2015 2:21am Mar 10, 2015 2:21am
you'll never know untill you're trying, but better to ask them directly, for such account most brokers would offer additional advantage.
but to have those amount in single account would put our investment in one basket, diveristy among other potential brokers would be another option to take.
  • #4
  • Mar 10, 2015 3:47am Mar 10, 2015 3:47am
i bet the broker will monitor your account and make some spike if u use sl
FXerha
  • #5
  • Mar 10, 2015 4:00am Mar 10, 2015 4:00am
Quoting FXerha
i bet the broker will monitor your account and make some spike if u use sl
Stop hunting myth !
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Mar 10, 2015 4:25am Mar 10, 2015 4:25am
I think with Oanda small trades are balanced internally, whereas the big ones are hedged through an external bank. They earn on spread, to the best of my knowledge, and in this case, they will like you to trade as much as possible, even though you are winning... I don't think with them you will find unusual spikes that are not there in other brokers.

k
  • #7
  • Mar 10, 2015 9:47am Mar 10, 2015 9:47am
They have no rights to cancel any balances or profits. If they ever do that to me i'll sue them

1 million should be nothing for a broker, as they know most retailers lose money
COT: The precious data ignored
  • #8
  • Mar 10, 2015 3:21pm Mar 10, 2015 3:21pm
Got question to you guys:

Let's assume that you could bet if Forexpcb makes 100% every month for the next 12 months.

If he makes it, you lose your money. If he does not make it, you will get your money doubled.

How much would you bet?

Personally I would bet between 20 and 30k
Forex is a losers game.
  • #9
  • Mar 10, 2015 4:05pm Mar 10, 2015 4:05pm
Best way to answer your own question, Forexpcb, is to double your account for a few months and see if they give you a call. Then you will know for sure!
  • #10
  • Mar 10, 2015 4:26pm Mar 10, 2015 4:26pm
Quoting Forexpcb
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?


No, crapturbo wont double your account every month as advertised. lol
  • #11
  • Mar 13, 2015 7:49am Mar 13, 2015 7:49am
Quoting Forexpcb
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?
Hi Forexpcb

It is good to be confident and I am not going to question your intention on making that type of return.

I have worked at a broker and I can assure you that if you double your account in the first month they will set an alert on your account. If you double it in the second they will start to monitor every action. If you double it in the third then they will take action as to how best to manage you.

Do not take my word for it but it is unlikely that they will close your account because if you do double your account each month they will see you as having no longevity or sustainability as a trader because of the leverage you will be using.

Good luck!!!
  • #12
  • Mar 13, 2015 3:32pm Mar 13, 2015 3:32pm
Quoting Forexpcb
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?
I think that the question of what would happen to his account if he would double his monthly during the year, is the most recent thing that should worry trader about.
Doubling monthly account 12 times in a row is absolutely unreal.
  • #13
  • Mar 13, 2015 8:13pm Mar 13, 2015 8:13pm
Quoting Forexpcb
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?
I know nothing about Oanda. But every broker's review I found on the review sites has, at some point, some scam complains. People complaining that their money disappeared, accounts got blocked, unusual spikes and so on.
I guess it is better to ask them, save the email or phone conversation just in case they will do it (so you can later sue them) and... try.
I'm curious, however, about how you'll do it. Starting with 400$ and ending with 1700000 after only 12 month sounds unreal.
Good luck.
Using the RobotFX EAs for a while https://www.robotfx.org/
  • #14
  • Mar 13, 2015 8:50pm Mar 13, 2015 8:50pm
Quoting richieforex
{quote} Hi Forexpcb It is good to be confident and I am not going to question your intention on making that type of return. I have worked at a broker and I can assure you that if you double your account in the first month they will set an alert on your account. If you double it in the second they will start to monitor every action. If you double it in the third then they will take action as to how best to manage you. Do not take my word for it but it is unlikely that they will close your account because if you do double your account each month they...
Hi richieforex,

Would you mind saying what type of broker you worked at? Was it a market maker?

Thanks
  • #15
  • Mar 14, 2015 7:28am Mar 14, 2015 7:28am
Quoting Forexpcb
If I double my account every month for the next 12 months I will have 1.7 million in my account. I know I am being very confident, however, would Oanda cancel my account if it got that high or do they prefer a balance like that?
Say you did get to 1.7 why on earth would be using Oanda?
  • #16
  • Mar 14, 2015 7:52am Mar 14, 2015 7:52am
Well I can tell you what I saw back a few years when the EU was on a run to the sky. A bloke and his brother started an account at O with 60K GBP and about 18 months later he posted the withdraw screen for over 3M GBP, he was an active participant in trade calls through the period and was pretty much spot on with calls and I believe there was even confirmation from O with the traders approval that the screen shot of the account information was genuine.
  • #17
  • Mar 14, 2015 8:25am Mar 14, 2015 8:25am
Quoting claudia1
{quote} Say you did get to 1.7 why on earth would be using Oanda?

Claudia

Are there any reason(s) in your books as to why not do this with Oanda and if you were to be the one trading it to 1.7 at which broker would you place your acc?

I have been thinking a lot about money safety and the amount of brokers offering accounts nowadays.
The internet is full of scammers (brokers) who runs away with clients monies.

Isn't the safest place to open a trading acc at one of the big banks?

G
Never Ever Give Up!
  • #18
  • Mar 14, 2015 8:56am Mar 14, 2015 8:56am
Quoting Cobra
{quote} Claudia Are there any reason(s) in your books as to why not do this with Oanda and if you were to be the one trading it to 1.7 at which broker would you place your acc? I have been thinking a lot about money safety and the amount of brokers offering accounts nowadays. The internet is full of scammers (brokers) who runs away with clients monies. Isn't the safest place to open a trading acc at one of the big banks? G
With that size of acccount you would spread your risk across the big guys - DB, Citi, UBS, JPM etc. Unfortunately most retail traders don't have sufficient funds to open accounts.
  • #19
  • Mar 14, 2015 3:29pm Mar 14, 2015 3:29pm
Brokers like losers. My broker was much more friendly with me when I was losing than when I started winning regularly. Now they don't have the time of day for me when I call whereas before my phone rang constantly.

Anyway, in the unlikely event that you double your account every month up to 1 million plus dollars they'd probably lose money on you at first and then start taking actions to hedge your orders. They probably won't make much money off you as a customer so don't expect great treatment. Ultimately the bucket shop will limit you by limiting the size you can trade. I think a lot of brokers use 10 million as a max. So $1000 per pip.
  • #20
  • Mar 14, 2015 7:34pm Mar 14, 2015 7:34pm
Do it and you will get your awnser.
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