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OANDA Discussion

Quoting tankokjian
left oanda since there is a spread hike. i used them before was 0.8 for EU pairs but now its 1.4
today was 88/98 at the closing, I wanted to enter and I couldn't.....
The Chonchy
Be careful with OANDA, I have a small account with them. The account was about to get margined called. I decided to make a bank transfer to protect the position. OANDA found it necessary to put the deposit on hold in a way that I know they were screwing with my account.
Over the last few years they have become just another FXCM. Stay away.
Quoting Mingary
Be careful with OANDA, I have a small account with them. The account was about to get margined called. I decided to make a bank transfer to protect the position. OANDA found it necessary to put the deposit on hold in a way that I know they were screwing with my account. Over the last few years they have become just another FXCM. Stay away.
Shouldn't you be using a credit card for that?
Shit Happens
Quoting act333
{quote} Shouldn't you be using a credit card for that?
All FX brokers are "criminals". Finding one that is the least crooked is difficult.
Quoting Mingary
{quote} All FX brokers are "criminals". Finding one that is the least crooked is difficult.
I agree with that. You should at least go with brokers living (allegedly) from commissions, and not market makers which may be happy to margin call you depending on the positions you're holding. Oanda is transparent on the fact they are market making (even if they hedge a portion, but only them know exactly what they do)

Commissions based brokers or pure ECN with a markup are at least "less bad".
Quoting R19
The latest version of FX Trade for mobile devices is much, much, much worse than the previous (which was actually very good). - Does not load quickly - Crashes - Difficult to navigate - Most of the screen is taken up my menu's and information that could doesn't have to be visible all of the time. Previous version: - Loaded relatively quickly - Rarely crashed ever - Easier to navigate - Much more efficient and faster arrangement and organization of screen real estate. If you want to build your business, don't take positive aspects and destroy them....
I'm super surprised to see people complaining about their mobile app. I was actually blown away with it.

I just opened an account with Oanda yesterday because I'm considering moving away from Think or Swim (mobile trading UI sucks) for all my FX trading. Opening an Oanda account was insanely fast, and I was able to verify my identity in about 60 seconds with no paperwork. Depositing was also crazy fast and I didn't have to wait days for funds to clear. I was super surprised.

I was going to get MT4 going but realized I'd deposited to my "primary" account and not MT4. I didn't see an option to transfer funds to MT4 so I figured what the heck, I'll give their mobile trading platform a shot. And wow, I love it. Seriously, I feel like the nailed it on every aspect.

Now I've downloaded the fxTrade desktop software and I think that's really solid too. Overall, I'm super impressed with Oanda and I know they've been around a long time so I trust them.

I plan on continuing to test them out for a few weeks before moving my entire account.
check out my blog: forexmademillionaire dot com
Quoting Geppy
{quote} I'm super surprised to see people complaining about their mobile app. I was actually blown away with it. I just opened an account with Oanda yesterday because I'm considering moving away from Think or Swim (mobile trading UI sucks) for all my FX trading. Opening an Oanda account was insanely fast, and I was able to verify my identity in about 60 seconds with no paperwork. Depositing was also crazy fast and I didn't have to wait days for funds to clear. I was super surprised. I was going to get MT4 going but realized I'd deposited to my "primary"...
Been with them since 2006... It's over now. They really screwed me up this time (:
Safety of your funds requires eternal vigilance. In general any fx broker will try to make your account become theirs.
Quoting Geppy
{quote} I'm super surprised to see people complaining about their mobile app. I was actually blown away with it. I just opened an account with Oanda yesterday because I'm considering moving away from Think or Swim (mobile trading UI sucks) for all my FX trading. Opening an Oanda account was insanely fast, and I was able to verify my identity in about 60 seconds with no paperwork. Depositing was also crazy fast and I didn't have to wait days for funds to clear. I was super surprised. I was going to get MT4 going but realized I'd deposited to my "primary"...
First Class self pitch.
Quoting Mingary
Be careful with OANDA, I have a small account with them. The account was about to get margined called. I decided to make a bank transfer to protect the position. OANDA found it necessary to put the deposit on hold in a way that I know they were screwing with my account. Over the last few years they have become just another FXCM. Stay away.
I see. Bank transfer are slower.

If you need money fast I use my debt card. I used a couple of brokers most of time the money arrive in 10 minutes.

I never traded with oanda.... But if you need money soon it is always better to use a card. Generally it is very fast
Buy at the Low, Sell at the High You make money by waiting not by trading.
Quoting Lacunoide
{quote} I see. Bank transfer are slower. If you need money fast I use my debt card. I used a couple of brokers most of time the money arrive in 10 minutes. I never traded with oanda.... But if you need money soon it is always better to use a card. Generally it is very fast
The money was there on time but OANDA put it on hold ...
Quoting Ffx-
{quote} First Class self pitch.
Look at my history, goober. I've been here for YEARS. I'm not pitching anyone's platform on their behalf.

Some people...
check out my blog: forexmademillionaire dot com
Well, they are not going to compensate.
Not a surprise, really
Good bye OANDA
Quoting Mingary
Well, they are not going to compensate. Not a surprise, really Good bye OANDA
Leaving them too, for reasons discussed the page previous.
I had a bad experience with Oanda lately. I was holding a short position in GBPUSD and was holding a small DD when suddenly my position was taken out by a huge spike. If that had not happened, my position would have scored a huge profit. I complained immediately and later on received an email informing me that my account was credited to compensate for the spike. No reason was given for the spike, just an apology...so I suspected a human hand behind that spike. I asked some friends about their experience with Oanda and they all told me they had encountered several spike in the past. Now I am nervous about this happening again. Looks like Oanda is not the same as before. I have traded with them for many years and had huge spreads during important news release, but never sudden spikes.
Random question. I noticed the overnight financing rate for Natural Gas with OANDA is insanely high. Is this an OANDA thing or a Natural Gas thing?
Quoting MadLu
Random question. I noticed the overnight financing rate for Natural Gas with OANDA is insanely high. Is this an OANDA thing or a Natural Gas thing?
They are calculating their spot price from the future-contracts traded on nymex. In the future-contract the cost of carry is priced into the future-price itself - while with the oanda-cfd you pay/receive swaps daily. In theory, you should have the same PnL with both methods.
Quoting shrike
{quote} They are calculating their spot price from the future-contracts traded on nymex. In the future-contract the cost of carry is priced into the future-price itself - while with the oanda-cfd you pay/receive swaps daily. In theory, you should have the same PnL with both methods.
The daily financing fee works out as about 1% per week. I would lose 54% of my position size if I held it for a year. Is that right??
MadLu: The problem of today's energy markets is that the storage costs are huge compared to the prices. I don't follow too much natural gas, but on oil, storage costs are approximately 50 to 75 cents per month per barrel, which is $6 to $9 per year. On a $35 per barrel, this is more than 17% to 25% of storage costs (+ financing costs, but interest rates are still very low).

54% seems big, you would have to check how much storage costs are on nat gas.
You can check on the futures market how much it costs to roll one expiry contract to the next (which can also be inflated compared to the real costs, especially these days where storage becomes scarce) to see if Oanda inflates its CFD swaps and by how much (as Shrike is correct: Brokers use futures to create their cfds)

Have a look at one of my previous post in this thread (in the case of a commodity CFD, theoretical swap to pay = storage costs + financing, instead of dividends - financing that you would receive in an index cfd mentioned in my post): http://www.forexfactory.com/showthre...22#post8567322
Quoting Mevo
MadLu: The problem of today's energy markets is that the storage costs are huge compared to the prices. I don't follow too much natural gas, but on oil, storage costs are approximately 50 to 75 cents per month per barrel, which is $6 to $9 per year. On a $35 per barrel, this is more than 17% to 25% of storage costs (+ financing costs, but interest rates are still very low). 54% seems big, you would have to check how much storage costs are on nat gas. You can check on the futures market how much it costs to roll one expiry contract to the next (which...
Thanks for the explanation Mevo. I had no idea how it all worked. Going to check out your other post now.
Quoting OANDARep
Hello Traders, My name is Greg and I will be able to respond to any questions or inquiries that you might have regarding OANDA, our products and services. Please feel free to reach out via the forums or PM. Cheers,
Hi Greg
I have an important question:
On the 1.01.2015, the dayly spike/range, for USDCHF was a wopping 2787 pips.....
(I was luckily not invested in any CHF crosses)

BUT: from what I read , stops were only "honoured", AFTER the big plunge, with a massive slippage, causing mutiple margin calls.
If this is so, I am, like everyone else, exposed to such an event , sooner or later....

Meaning, being profitable as I am, I could build up my account to a nice level, with hours and years of work, only to see it dissapear in an afternoon???
Thanks in advance for an honest answer!
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