Oanda wrong? : The customer pays.
Oanda has priced out of the market? the customer pays.
The wrong price hits a stop loss, cause financial losses to the customer? the customer pays.
Oanda uses the money of the customer, bad investments? the customer pays
etc. etc.
The "customer" smacks of a cow to be milked and eventually lead to the slaughter ..
Dear ...............,
Please be advised that OANDA Corporation has made changes to our fxTrade Customer Agreement effective June 12, 2015. These changes are designed to provide all clients with clear and transparent details pertaining to opening and maintaining an OANDA fxTrade account.
The material changes made in our client agreement are:
4. Interest. Interest rates are variable and are set by OANDA in its sole discretion. All interest shall be calculated at such rates, and paid or charged, as the case may be, in such manner as OANDA shall publish from time to time on OANDA’s Web site at http://fxtrade.oanda.com/help/policies/interest-rate-calculation
11(e). Special Handling for Large Transactions. If a Margin Closeout occurs or one or more Transactions in your Account result in the immediate closure of a Trade or series of Trades, in either case with an aggregate notional value that exceeds $100,000,000 USD equivalent in any major currency pair (e.g., a pair comprised of any two of AUD, CAD, CHF, EUR, GBP, JPY, USD), or $30,000,000 USD equivalent in any other instrument, then OANDA will execute your trade automatically and may subsequently debit or credit your Account for the difference between the price shown in fxTrade at the time of your Trades and an amount equal to 1.0-pip above OANDA’s actual volume-weighted cost of clearing those Trades.
12. Invalid Price Account Adjustments.
(a) In the event OANDA quotes an Invalid Price, then Market Orders, Limit Orders and Margin Closeouts in your Account may be executed based on such Invalid Price. Any Trailing Stops executed by an Invalid Price will not be reset. Additionally, any unexecuted Limit Orders will remain open. OANDA will promptly credit your Account for any immediate losses incurred directly as a result of trading activity involving such Invalid Price quote. OANDA will promptly notify you of such Invalid Price quote and either (i) that a credit will be applied to your Account in the event you have incurred a trading loss from such Invalid Price quote or (ii) that you are entitled to keep a profit if one results from trading activity related to such Invalid Price quote. OANDA will make no price adjustments, reversals or amendments of Trades in your Account as a result of any trading activity involving an Invalid Price quote. Any positions that are opened or closed due to an Invalid Price quote WILL REMAIN OPEN OR CLOSED in your Account. Therefore you should immediately examine your Account upon receiving notice of an Invalid Price quote, review the positions and Orders in your Account and take corrective action, if necessary. Regardless of the actions taken by OANDA with respect to an Invalid Price quote, you assume full responsibility for managing your Account following notice of an Invalid Price quote, including, without limitation, closing open positions or reinstating Orders, at your sole discretion and without liability to OANDA.
(b) Notwithstanding anything to the contrary in this Agreement and to the maximum extent permitted by law, OANDA will not be liable to you for any loss or damage you may suffer or incur as a result of:
i) OANDA’s refusal to execute any Transaction;
ii) any Account Adjustment;
iii) any failure, delay or error in executing or confirming any Transaction;
iv) OANDA exercising or failing to exercise its rights under this Agreement; or
v) any failure to manage open or closed positions resulting from an Invalid Price.
14(d). Risk Acknowledgement. You acknowledge and understand that there are risks involved in trading foreign exchange contracts, including: (i) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the underlying currency to which the Trade relates remains unchanged; (ii) you may sustain a total loss of the Margin Requirement in respect of your Account that you deposit with or pay to OANDA to establish or maintain a position and, if the market moves against you, you may be required to pay substantial additional funds at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account.
--------------------
OANDA Corporation has also made changes to our Risk Disclosure Statement to clarify handling of customer funds, as per the CFTC Regulation 1.55(b):
Customer Funds
The funds that you deposit are comingled with other customer funds and held with banks; they are not held in segregated accounts at such banks. OANDA may invest customer funds in Commodity Futures Trading Commission Regulation 1.25 permitted investments. Customer funds are not protected by the Securities Investor Protection Corporation, and are not covered by insurance or insured by a derivatives clearing organization in the event of the bankruptcy or insolvency of OANDA, or the misappropriation of such funds. Customer funds will be administered according to United States bankruptcy law in the event of the bankruptcy or insolvency of OANDA.
Please find the revised fxTrade Customer Agreement and Risk Disclosure Statement on the web site for full details regarding the changes.
You will have 10 business days effective from the 12th of June 2015, to reject the changes under the revised agreement. If you do reject the terms of the revised fxTrade Customer Agreement you can do so by contacting our Customer Support Team. OANDA Corporation will complete all transactions under the existing terms of the Agreement and will permit you, the customer, to close your account without detriment or raising any charges for closure of the fxTrade account. If such notification is not received, you are deemed to accept the changes under the revised fxTrade Customer Agreement.
Thank you for trading with us.
Kind Regards,
The OANDA Client Experience Team
Oanda has priced out of the market? the customer pays.
The wrong price hits a stop loss, cause financial losses to the customer? the customer pays.
Oanda uses the money of the customer, bad investments? the customer pays
etc. etc.
The "customer" smacks of a cow to be milked and eventually lead to the slaughter ..
Dear ...............,
Please be advised that OANDA Corporation has made changes to our fxTrade Customer Agreement effective June 12, 2015. These changes are designed to provide all clients with clear and transparent details pertaining to opening and maintaining an OANDA fxTrade account.
The material changes made in our client agreement are:
4. Interest. Interest rates are variable and are set by OANDA in its sole discretion. All interest shall be calculated at such rates, and paid or charged, as the case may be, in such manner as OANDA shall publish from time to time on OANDA’s Web site at http://fxtrade.oanda.com/help/policies/interest-rate-calculation
11(e). Special Handling for Large Transactions. If a Margin Closeout occurs or one or more Transactions in your Account result in the immediate closure of a Trade or series of Trades, in either case with an aggregate notional value that exceeds $100,000,000 USD equivalent in any major currency pair (e.g., a pair comprised of any two of AUD, CAD, CHF, EUR, GBP, JPY, USD), or $30,000,000 USD equivalent in any other instrument, then OANDA will execute your trade automatically and may subsequently debit or credit your Account for the difference between the price shown in fxTrade at the time of your Trades and an amount equal to 1.0-pip above OANDA’s actual volume-weighted cost of clearing those Trades.
12. Invalid Price Account Adjustments.
(a) In the event OANDA quotes an Invalid Price, then Market Orders, Limit Orders and Margin Closeouts in your Account may be executed based on such Invalid Price. Any Trailing Stops executed by an Invalid Price will not be reset. Additionally, any unexecuted Limit Orders will remain open. OANDA will promptly credit your Account for any immediate losses incurred directly as a result of trading activity involving such Invalid Price quote. OANDA will promptly notify you of such Invalid Price quote and either (i) that a credit will be applied to your Account in the event you have incurred a trading loss from such Invalid Price quote or (ii) that you are entitled to keep a profit if one results from trading activity related to such Invalid Price quote. OANDA will make no price adjustments, reversals or amendments of Trades in your Account as a result of any trading activity involving an Invalid Price quote. Any positions that are opened or closed due to an Invalid Price quote WILL REMAIN OPEN OR CLOSED in your Account. Therefore you should immediately examine your Account upon receiving notice of an Invalid Price quote, review the positions and Orders in your Account and take corrective action, if necessary. Regardless of the actions taken by OANDA with respect to an Invalid Price quote, you assume full responsibility for managing your Account following notice of an Invalid Price quote, including, without limitation, closing open positions or reinstating Orders, at your sole discretion and without liability to OANDA.
(b) Notwithstanding anything to the contrary in this Agreement and to the maximum extent permitted by law, OANDA will not be liable to you for any loss or damage you may suffer or incur as a result of:
i) OANDA’s refusal to execute any Transaction;
ii) any Account Adjustment;
iii) any failure, delay or error in executing or confirming any Transaction;
iv) OANDA exercising or failing to exercise its rights under this Agreement; or
v) any failure to manage open or closed positions resulting from an Invalid Price.
14(d). Risk Acknowledgement. You acknowledge and understand that there are risks involved in trading foreign exchange contracts, including: (i) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the underlying currency to which the Trade relates remains unchanged; (ii) you may sustain a total loss of the Margin Requirement in respect of your Account that you deposit with or pay to OANDA to establish or maintain a position and, if the market moves against you, you may be required to pay substantial additional funds at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account.
--------------------
OANDA Corporation has also made changes to our Risk Disclosure Statement to clarify handling of customer funds, as per the CFTC Regulation 1.55(b):
Customer Funds
The funds that you deposit are comingled with other customer funds and held with banks; they are not held in segregated accounts at such banks. OANDA may invest customer funds in Commodity Futures Trading Commission Regulation 1.25 permitted investments. Customer funds are not protected by the Securities Investor Protection Corporation, and are not covered by insurance or insured by a derivatives clearing organization in the event of the bankruptcy or insolvency of OANDA, or the misappropriation of such funds. Customer funds will be administered according to United States bankruptcy law in the event of the bankruptcy or insolvency of OANDA.
Please find the revised fxTrade Customer Agreement and Risk Disclosure Statement on the web site for full details regarding the changes.
You will have 10 business days effective from the 12th of June 2015, to reject the changes under the revised agreement. If you do reject the terms of the revised fxTrade Customer Agreement you can do so by contacting our Customer Support Team. OANDA Corporation will complete all transactions under the existing terms of the Agreement and will permit you, the customer, to close your account without detriment or raising any charges for closure of the fxTrade account. If such notification is not received, you are deemed to accept the changes under the revised fxTrade Customer Agreement.
Thank you for trading with us.
Kind Regards,
The OANDA Client Experience Team
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