Oanda locked my account and they wont tell me why | Forex Factory

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Oanda locked my account and they wont tell me why

  • #1
  • First Post: Feb 3, 2017 9:40am Feb 3, 2017 9:40am
I've been trading with Oanda for over a year. Never had any issues. Every piece of information they ever asked for I gave them. I have been profitable over the last year and a half (I can crack the top 50 in % gain most months) but do not put a lot of money in forex due to volatility and just scared of being wiped out pressing the wrong buttons lol. and now they wont let me trade with them anymore and wont give me any reasons. Just told me that my tax information should be available mid February and to pretty much go away.

So pissed off. I spend most of my $$$ and time with stocks and only throw a few grand at a time in my forex account. Is there ANY reputable forex broker that deals with these smaller amounts? There is no way in hell I would recommend doing any trading with Oanda. They are sketchy as hell. I'm looking at TDSinkorSwim and forex.com (gain) right now.
  • #2
  • Feb 3, 2017 9:59am Feb 3, 2017 9:59am
Just wanted to add... when Oanda locks your account for being too profitable they will ask YOU why your account is locked. All blame is on you and they will not tell you why they locked the account. When I asked why my account was locked the reply was "Do you know why your account is locked?" "What did you do to get your account locked?". I saved all my chat logs with them so its all there.

There is obviously no answer to this if you did nothing wrong. They want people with easy money to take. At one point I had 300+ profitable trades in a row even though they were small % gains. I'm sure luck played a part but I think they got scared or something since they trade against you... Up to this point I loved dealing with them in everyway...
  • #3
  • Feb 3, 2017 10:12am Feb 3, 2017 10:12am
Intresting.
Why don't you told them, you do not know why your account locked?
300 profitable trading in a row? Arbitrage trading? Is it against their TOS?
Do they intend to return your money?
  • #4
  • Feb 3, 2017 10:20am Feb 3, 2017 10:20am
Quoting letchworth40
I've been trading with Oanda for over a year. Never had any issues. Every piece of information they ever asked for I gave them. I have been profitable over the last year and a half (I can crack the top 50 in % gain most months) but do not put a lot of money in forex due to volatility and just scared of being wiped out pressing the wrong buttons lol. and now they wont let me trade with them anymore and wont give me any reasons. Just told me that my tax information should be available mid February and to pretty much go away. So pissed off. I spend...
Arbitrage trading?
  • #5
  • Feb 3, 2017 10:45am Feb 3, 2017 10:45am
Why dont you report them to the regulator? They surely cant stop your profitable trades.
  • #6
  • Feb 3, 2017 11:30am Feb 3, 2017 11:30am
Quoting letchworth40
I've been trading with Oanda for over a year. Never had any issues. Every piece of information they ever asked for I gave them. I have been profitable over the last year and a half (I can crack the top 50 in % gain most months) but do not put a lot of money in forex due to volatility and just scared of being wiped out pressing the wrong buttons lol. and now they wont let me trade with them anymore and wont give me any reasons. Just told me that my tax information should be available mid February and to pretty much go away. So pissed off. I spend...
i think you're not giving us details to this story.

background checks didn't pass? issues with identity? address? bank? etc.
  • #7
  • Feb 4, 2017 6:02am Feb 4, 2017 6:02am
The story is just half put up; it looks more imaginary than realistic. I mean, I will love to get full idea not because it’s FUNNY, but because it’s IMPORTANT. If you seriously feel you were correct then let along looking at other companies, as this means you are either accepting that you were wrong or you are just doing time pass in this business. If you are such highly profitable than firstly fight out. I will like to know your Account number, as your account is locked, so let’s give your Account number at least so people who might be able to sort out issue might help you out. Once you do that then I will suggest you broker that I have been working with for last couple of years….
  • #8
  • Oct 17, 2017 12:47am Oct 17, 2017 12:47am
It’s true Oanda is shit! They closed two of my trades since being profitable and said I closed them. Those sons of bitches. I reported them to the regulators and just waiting now.
  • #9
  • Oct 17, 2017 12:49pm Oct 17, 2017 12:49pm
Quoting letchworth40
Just wanted to add... when Oanda locks your account for being too profitable they will ask YOU why your account is locked. All blame is on you and they will not tell you why they locked the account. When I asked why my account was locked the reply was "Do you know why your account is locked?" "What did you do to get your account locked?". I saved all my chat logs with them so its all there. There is obviously no answer to this if you did nothing wrong. They want people with easy money to take. At one point I had 300+ profitable trades in a row even...
Report FPA ( Forex Peace army) or regulators with valid proof.

similar kinda post where OP don't explain valid reasons!!
  • #10
  • Aug 22, 2022 9:24am Aug 22, 2022 9:24am
I just have the same problem as you man. I tried to contact them to ask why , they said I was making to much money. My account is now suspected of fraudulent trading. Man! I mean WTF ! I was just making the right trade at the right time , nothing suspicious at all and they said they need to investigate it which could take like 6 months !! I know that my account will get released somehow but I trade for a living if I can't get this money how could I pay my bills and they don't even respond me for this question. yeah I know I was stupid to put all my money in there, I thought they are reliable but it turned out not. For you guys who making too good money on them be careful man , they could do exactly to you too. Don't put too much money here guys
  • #11
  • Last Post: Aug 25, 2022 5:01am Aug 25, 2022 5:01am
As much as I don't trust Oanda and their duplicitous you really ought to show us any emails conveying what they supposedly told you.
THESE PEOPLE WITH COLORED BADGES ARE NOT PROFESSIONAL TRADERS
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