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  • #4,521
  • Oct 1, 2015 9:51pm Oct 1, 2015 9:51pm
Quoting MushyPeas
Lost 4% of my live account due to the Oanda maintenance issues yesterday. Was just about to manually close all x3 trades that were starting to go against me, when the Oanda system went down. I would have lost just under 1% of my account if I could have closed my trades there and then. I don't trade with peanuts either. We're talking serious money. Utter garbage Oanda - Not impressed at all. My advice to anyone out there thinking of opening an account with Oanda, is don't! If a brokerage company doesn't have another server, or backup system that...
left them a long time ago! good riddance they are complete garbage LOL maintenance my ass more like collecting peoples money because they take the other side of your trades as they are a market maker. and those spreads?! lol still probably go from 1pip eurusd to 20 pip during news. now I know some get 1:100 but I only got 1:50 leverage. just soo many better brokers out there.
All posts are my personal opinion
  • #4,522
  • Oct 2, 2015 6:19am Oct 2, 2015 6:19am
It is worrying to have such a situation at a broker with what I thought to be a good reputation. For 30 minutes you had no acces to the market, any tp or sl that should have been triggered, was not. If this happens once a year, it's not such a big deal, but it is quite disappointing that the so called maintanance was not annouced in advance, and that no email of apology was sent afterwards.
  • #4,523
  • Oct 2, 2015 6:40am Oct 2, 2015 6:40am
Quoting redgreen
It is worrying to have such a situation at a broker with what I thought to be a good reputation. For 30 minutes you had no acces to the market, any tp or sl that should have been triggered, was not. If this happens once a year, it's not such a big deal, but it is quite disappointing that the so called maintanance was not annouced in advance, and that no email of apology was sent afterwards.

have lately, a policy extremely unfair to customers. Everything goes in favor of oanda, if the customer loses his money for the misconduct of oanda, the blame always goes to the customer. Close the account and go elsewhere, I see no other reasonable solutions.
  • #4,524
  • Oct 2, 2015 8:38am Oct 2, 2015 8:38am
Hello, I just joined FF, I have been reading this forum for some time and now I decided to join. I am thinking about opening a live account with OANDA, but I keep hearing complains about platform freezing, slippage, stop hunting and sometimes but rarely withdraw problems...

I used to trade Binary Options and got scammed by my broker, however, I don't wish to get scammed again so I keep reading and learning about brokers and the more I read on forums the more I start to think that this whole thing is just a big scam.

As a new trader, I thought the best route to take is to start small with a regulated and well-known broker like FXCM, OANDA...etc and build some capital then switch to an ECN broker. But I am afraid to even start and lose my money. So guys could you help me out I have been reading for the last two weeks and just can't make up my mind at all on which broker would be safe to start with, it is as if every broker is a crook and wants to take your money and leave you broke.

I would like to hear your advice on FXCM mini account, OANDA and LCG (London Capital Group), as these are the brokers are the ones I think would be safest.

Thanks,

TheMark
The name of the game is finding weaknesses in supply or demand.
  • #4,525
  • Oct 2, 2015 5:27pm Oct 2, 2015 5:27pm
Quoting TheMark
Hello, I just joined FF, I have been reading this forum for some time and now I decided to join. I am thinking about opening a live account with OANDA, but I keep hearing complains about platform freezing, slippage, stop hunting and sometimes but rarely withdraw problems... I used to trade Binary Options and got scammed by my broker, however, I don't wish to get scammed again so I keep reading and learning about brokers and the more I read on forums the more I start to think that this whole thing is just a big scam. As a new trader, I thought the...
Personally I have traded on Oanda for 8 years now...7 of them in profit...Have never noticed any stop hunting or any crooked techniques.

Slippage does occur on occassion and the spreads have grown CONSIDERABLY worse and worse over time...but overall Oanda is still hands down one of the best choices for a US citizen to use for Forex. If your outside US there are likely much better choices then Oanda to use.
  • #4,526
  • Oct 3, 2015 6:05am Oct 3, 2015 6:05am
Does Oanda still offer negative balance protection for US clients?
  • #4,527
  • Oct 5, 2015 8:59am Oct 5, 2015 8:59am
Quoting matheszabi
{quote} Lol which is ECN? You mean FXCM which is a fake ECM and forward they trades to FXCM MM server? rofl
Yeah ok buddy, FXCM went to all that trouble to loose shit loads of money during SNB announcement to hide the fact they are a MM. I think that perhaps that confirmed they are an ECN broker. No doubt you will have some secret knowledge or conspiracy theory that proves they are an MM or perhaps your micro account got margin called and you are bitter! Doesn't really worry matter what you think as I do not have an account with them or Oanda so carry on being awesome
  • #4,528
  • Oct 5, 2015 9:20am Oct 5, 2015 9:20am
Quoting tasco
Does Oanda still offer negative balance protection for US clients?
The US Government strictly prohibits negative balance protection for US residence traders. If a MM like Oanda promises negative balance protection, then it is on a "contingency" best effort (a maybe). In the end there is no such guarantee, no matter how it is promised, no matter how pretty the big yellow banners look on their website
  • #4,529
  • Oct 5, 2015 9:22am Oct 5, 2015 9:22am
Quoting tasco
Does Oanda still offer negative balance protection for US clients?
The US Government strictly prohibits negative balance protection for US residence traders. If a MM like Oanda promises negative balance protection, then it is on a "contingency" best effort (a maybe) as long as it doesn't fuck themselves in the ass. In the end there is no such guarantee, no matter how it is promised, no matter how pretty the big yellow banners look on their website
  • #4,530
  • Oct 5, 2015 2:16pm Oct 5, 2015 2:16pm
Wonder why you never get an Oanda Discussion, "last replied" , posted on the first page of FF....!!!
Just the two allegations by members in this thread, that Oanda froze for 30 minutes last week, and stops were manipulated, plus the EURCHF crash, freeze...are enough to scare any intelligent person to open an account with them...

Forex is by far the most crooked casino...your ball wins at roulette, but ooops...it gets manually corrected...to your loss...

I had once a position "dissapering",chatted with them, and they said that yes, the position was taken, but was not showing in my plattform..and it was an error of "my
plattform" ????
They returned it to me, 2 days later, stopped out with a loss ...and according to my trading rules, it would have been a winner...
I trail my stop manually on the 5 minutes chart...
  • #4,531
  • Oct 6, 2015 1:16am Oct 6, 2015 1:16am
hi guys,

I will add to those negative ones here... I havent been for long with Oanda, I moved there after my broker Alpari UK got broke, but there have been some issues since the beginning. Somebody talked here about hugely widening spreads during news, well, over 20 pips on EU is nothing special during NFP or FOMC, i got out of trades there were in profit just because of that several times. What bothers me more though and the reason why I am just leaving them is that my limit orders never get filled for price I set. For example, I set sell stop at 1.54500 on GU with SL at 1.54800 and TP ar 1.54000 (5 decimal broker). 99% of the time my prices are 1.5450 sold, TP hit at 1.54004 or SL hit at 1.54805. Never the other way, never better price for TP or SL... It seems like not a very big deal but I was so far trading microlots, imagine standard lots! Over some time, thats some serious damage to profit! Their answer to this was that it happens (99% of time) when there is not the certain price on market... I dont believe that, I dont trade hundreds of standard lots...
Live it or leave it!
  • #4,532
  • Oct 6, 2015 8:15am Oct 6, 2015 8:15am
Quoting PipShot
{quote} The US Government strictly prohibits negative balance protection for US residence traders. If a MM like Oanda promises negative balance protection, then it is on a "contingency" best effort (a maybe) as long as it doesn't fuck themselves in the ass. In the end there is no such guarantee, no matter how it is promised, no matter how pretty the big yellow banners look on their website
On Oanda forum, they replied that they have negative balance protection. But a user in Reddit said they don't? Which is true?
  • #4,533
  • Oct 6, 2015 1:01pm Oct 6, 2015 1:01pm
Quoting tasco
{quote} On Oanda forum, they replied that they have negative balance protection. But a user in Reddit said they don't? Which is true?
They say they offer negative balance protection, but the offering is based on their own alternate MM trading style, and is NOT based off of insurance policies.
I don't see it as possible and here is an example why:

Think a thought, any thought, girlfriend, forex, day job, anything
You thought exists in the past, not in the "present" To understand look at it this way. It takes time to generate and to understand a thought doesn't it. Even if for only a nano second. So anything you are thinking about existed in the past. You don't live in the "present" unless you can go into the future for a split second.
Now in forex we depend on data feeds, which depends on the "future" For example "I will get a ping in a nano second. or I was shut down Sunday night for 4 minutes, I will get a signal soon. All this exists in the future IE "supposed to, ought to, most likely will, should"
Anything you see on charts has already happened in the past.
If Oanda's feed gets crushed, they claim to have a backup of 20 or so banks feeding them pricing so, here we go again, "IF ONE" shuts down, well they migrate to the others. "IF" (in the future) 8 feeds gets shut down, this leaves a working 12. Now they are getting nervous and panicking. The true color of a MM broker shows up because he needs to protect himself. Remaining feeds get so crushed on their servers that no trader can go into the past and trade out of it and all your trades are now property of Oanda.

I guess from there it could get worse. My point is no broker can teleport into the future and build a dam to ward off what will come because we all live in the past. Your account will most likely zero out. In fact I would expect it to, unless Oanda is unable to MM any further your live balances with a zero equity, which is entirely completely possible.

Another way to say it is improbable is with a familiar old time quote "unforeseen events happened in the past". This should sound familiar to you.
  • #4,534
  • Oct 6, 2015 5:29pm Oct 6, 2015 5:29pm
Anyone here has been trading stock indices CFDs with Oanda by any chance?
  • #4,535
  • Edited Oct 7, 2015 2:02am Oct 6, 2015 9:51pm | Edited Oct 7, 2015 2:02am
Quoting PipShot
{quote} They say they offer negative balance protection, but the offering is based on their own alternate MM trading style, and is NOT based off of insurance policies. I don't see it as possible and here is an example why: Think a thought, any thought, girlfriend, forex, day job, anything You thought exists in the past, not in the "present" To understand look at it this way. It takes time to generate and to understand a thought doesn't it. Even if for only a nano second. So anything you are thinking about existed in the past. You don't...


Thanks for the info. Btw, i think present refers to the moment or period.

Was this clause included in OANDA US customer agreement?
Clause 16 - Maximum Losses. OANDA warrants and represents that the fxTrade System has been designed so that your total aggregate Realised Loss can never exceed the sum of the total aggregate deposits made to your Account and your total aggregate Realised Profit.
  • #4,536
  • Oct 7, 2015 3:32pm Oct 7, 2015 3:32pm
Quoting tasco
{quote} Thanks for the info. Btw, i think present refers to the moment or period. Was this clause included in OANDA US customer agreement? Clause 16 - Maximum Losses. OANDA warrants and represents that the fxTrade System has been designed so that your total aggregate Realised Loss can never exceed the sum of the total aggregate deposits made to your Account and your total aggregate Realised Profit.
If this clause was included, then it is just a sales pitch. The desired result is dependent on the speed and accuracy of technology with ample price feeds quoting prices. The US government prohibits by law the protection of negative account balances. Since Oanda accepts US resident traders, good for us if it really works out that way, then great, I'm really glad for us!!

It's only when it doesn't work out that way that it becomes a big problem. Oanda doesn't exist to hold your dick while you piss.
If it does not work out that way as said, the "however" factor kicks in and there is no legal recourse of action at your disposal.
Oanda giving nice trading conditions and negative balance protection is like your mechanic offering a free car wash with oil change
But then one day you get the oil change, and the car wash is broken.
If you go negative and the broker is a MM, then you are negative in balance with an MM broker, sorry.
The promise noted by Oanda is "the fxTrade System has been designed so that your total aggregate Realised Loss can never exceed the sum of the total aggregate deposits made to your Account and your total aggregate Realised Profit"

That's nice, so I can go to their office and physically touch their servers and ask the IT guy to open the main portal of FX Trade System. I can see how it is designed to act in the future. But I can't see it done so from the present. I am not knocking Oanda by any means. In fact I admire them for having the gumption to make a bold plan like this and be and stick with it. Kudos for them!! I hope it earns them more accounts. But what I am saying to traders here is hold your accounts and keep an eye on them. Trade your MM as if you cared about your accounts. Not like you're John Wayne with 2 six round shooting pistols. Don't be stupid pretending Oanda is there to save you.
  • #4,537
  • Oct 9, 2015 7:11am Oct 9, 2015 7:11am
I have the following to say about Oanda
FCA regulated in the UK and other countries
Allow trading of as low as 1 unit on FXtrade Platform
Financial Stability and one of the oldest FX brokers in existence
OANDA is a Market Maker so there is a conflict of interests with its clients
No swap free accounts
  • #4,538
  • Oct 12, 2015 7:25am Oct 12, 2015 7:25am
Quoting xy76
Anyone here has been trading stock indices CFDs with Oanda by any chance?
yes
  • #4,539
  • Oct 12, 2015 7:33am Oct 12, 2015 7:33am
Just to mention, due to power/internet outage last week, my two winning trades at Oanda have turned into loss. After two emails to the support, they have more than compensated the potential win of the trade.

After staying with them for a year and a half, I am still convinced that Oanda is the way to when you just want to invest little money and play with very small amounts. For bigger sums there are other options, like Dukascopy and others. But when you just want to play with 50 bucks to see if this game is for you? Go with Oanda.

k
  • #4,540
  • Oct 13, 2015 6:19am Oct 13, 2015 6:19am
Quoting Bigvick991
{quote} Personally I have traded on Oanda for 8 years now...7 of them in profit...Have never noticed any stop hunting or any crooked techniques. Slippage does occur on occassion and the spreads have grown CONSIDERABLY worse and worse over time...but overall Oanda is still hands down one of the best choices for a US citizen to use for Forex. If your outside US there are likely much better choices then Oanda to use.

Thank you for your reply BigVick,

Great to hear from someone with experience, I am outside the US by the way so what better options are?
My budget is $400, and I want a reliable broker one that I could build a capital without much hassle or games. I want to build a capital of at least $10,000 than switch to an ECN LMAX or IB on my list, If there are better options for ECN you know of please let me know.

Kind regards,

Mark
The name of the game is finding weaknesses in supply or demand.
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