OANDAOANDA Corporation

yilomka, goforex.net, 11/22/2009 ,

I've been trading for about five months now, and Oanda is the only broker I've used.

Pro's:

- no deposit/withdrawal fees as long as you do both by check
- The demo platform behaves in exactly the same way as the actual one
- lot sizes as small as $1
- fast execution
- never had a problem with stop-loss or take-profit order execution; always happens at exactly the level I specify
- very good spreads
- not a bucket shop, Oanda is actually a legit online broker
- customer support has been good
- adequate indicators
- graphical representation and click-and-drag movement of orders, stop-losses, and profit-taking levels is a real plus for me

Cons:

- had one issue with slippage; an order was filled when the price clearly should not have triggered it
- on one order had bigtime slippage (actually in my favor, but it could easily be against me next time)
- pivot point indicator is nonsensical; you cannot specify the start and end of the day for calculation, nor can you get daily pivot lines to persist on any chart other than the daily one
- can only make one withdrawal per month without fees (annoying)

J Euro, FPA, 11/22/2009 ,

I lost in excess of 100k myself and possible losses estimated at more than 1M between a few other investor that have already contact me. This broker does not like winners ( self-traders nor Money Managers ) but they love big losers.

For now I withholding the name of the Money Manager until we meet a few others affected by this very non- ethical and illegal way of this Broker of making money. They probably don\'t even bother to edge their exposure with their liquidity provider and just pocket big sums with their losses.

The Scheme they run is as follows:
If you are good trader ( and your account is good size ) you are out. If you are a bad trader you are in. If you a bad trader and manage money, they love you.
At the beginning I wondered why the money manager insisted trading for me at Oanda. Well, now I know that Oanda is the only place where He was welcomed having very shady credentials, not being regulated by any country and also having a criminal background.

In spite that , after our big losses, most of us individually contacted and Warned Onda to prevent other unsuspected investors of this unscrupulous Money manager, they keep opening new ???funds??? for Him and allowing trading as usual. We all know, these individuals re-invent themselves with new blogs, web sites and old trading reports to engage and gain new clients, all done with the Broker Blessings. How many of these type of managers are being harbored and trading there at the present? We hope to find out soon. They have not cooperate with us but I doubt they will ignore the SEC.
If you know any other contact us.
For now this comment is a WARNING for ALL traders. Take your money out and trade with someone else. It takes times for the SEC to review the individual cases but at one point on time they take action and then they will close the place down, and many will suffer delays or not even getting their deposits back.

I would like that others from this forum contact our group, but I don\'t know how is done here. I am not a great ???forum??? expert.
Our agenda is to recover our investments from Oanda that is acting as an accomplish to dubious money managers that wipe out clients accounts. We have documentation but welcome any other that help substantiate their illegal practices.

SNBthetrue, EliteTrader.com, 09/11/2009 ,

Reliable ( 95% but nothing to do with volume or news more natural instability of java ), fast, scalable, start with as little as 1$ don't need to take more risk to enjoy !

Alex, FPA, 09/10/2009 ,

I run a managed account at Oanda (Pipthis). I also trade at FXCM and a couple of others. They all have their issues, but overall I'm most pleased with Oanda over the others. If you want to trade around news releases, the spreads wil be a problem for you, but other than that their spreads are as good or better than anyone's. I ould like to see a "requote" feature. If I enter a market order ond can't be filled at or better than the price quoted when the order was entered, I'd rather get a requote than a fill.

Joe, Goforex.net, 09/05/2009 ,

Good, fast execution and I've never been requoted. Good platform to use - not as many indicators as some, but enough. Leverage only 50:1, so conservative. Terrific tight spreads. Also a terrific practice account that stays open as long as you like. I noticed no difference from the practice account and the real thing. Recommended.

Alex, FPA, 09/05/2009 ,

I run a managed account at Oanda (Pipthis). I also trade at FXCM and a couple of others. They all have their issues, but overall I'm most pleased with Oanda over the others. If you want to trade around news releases, the spreads wil be a problem for you, but other than that their spreads are as good or better than anyone's. I ould like to see a "requote" feature. If I enter a market order ond can't be filled at or better than the price quoted when the order was entered, I'd rather get a requote than a fill.

Nouche, Goforex.net, 08/03/2009 ,

More than 5 years and had also other brokers. Now, I just keep Oanda. The possibility to open sub-account in other currency is great. Global Transfer is very convenient as weel.

ofx, Goforex.net, 08/03/2009 ,

Great execution. Visual stop-loss moving is very useful. Very simple platform, I would be glad to see much more features. Spreads are low. I trade with Oanda 1 year and I have nothing bad to say.

Asif, Forexpeacearmy.com, 08/03/2009 ,

I'm a Scalper,
Today i experience a disconnectivity, as soon as i enter my trade the platform goes disconnected, and i saw from my other fxcm platform i goes into profits for a few minutes then goes back to a big 20 pips loss, i tried logging in back but it kept saying connection problem, I immediately talked to a live rep and explained them everything, but they lied and said there was not a connection problem it's your browser try cleaning you cache, those suckers don't know I'm a computer guru. my other platform was running fine i didn't had a connection problem, and my java cache was for a 2 days of usage, but they're not going to reinstate my loss.

I'm a new user of their platform and I heard many people are complaining about their platform being disconnected time to time, I'm done today with them bye bye Oanda.

Tom Lowd, Goforex.net, 08/03/2009 ,

If you do not trade news this broker for you. In volatile market spreads become unbearable. Support is one of the best.

Denis, Forexpeacearmy.com, 08/03/2009 ,

Oanda is the worst broker I have ever tried. If you're in a profitable trade they'll disconnect the platform so you won't be able to exit. They'll say it's your connection problem and even if you prove them wrong they won't return the money you lost on that trade. Today was the last time this happened to me as I no longer will use them.

goonboy, Goforex.net, 08/03/2009 ,

Traded with this Canadian firm for a short period during the liquidity crisis between June to Oct 08. Can't say they are better than average other than their daily rollover rates. If you are not trading intraday and you have a practice of using a wide stop on your longer term position (weekly/monthly), I think it is considered rather safe.

Jonh, Forexpeacearmy.com, 08/03/2009 ,

I have enjoyed trading through Oanda but have concerns. The service is not always reliable and of late have had to scramble to reconnect because the system had frozen and in all cases was protected with stops to cover such incidents. Major concern is there tick reporting seems to lag behind the actual tick reporting of other brokers by up to 5 pips when a potential turning point is approached. This means that the effect length of the trade could be shortened by up to 10 pips.

I find the response time for order placement is good and online assistance is very useful. Interest on the capital in your account is also a nice feature.

forextrading, 08/03/2009 ,

Oanda also allows you to trade gold and silver against the dollar.
Oanda comes with a decent charting package. A reasonable amount of technical indicators are available and you can trade directly on the charts.
Opening an account was simple. Oanda takes 1-2 business days to check your identity, but after that you are ready to go.

Oanda provides good customer service, excellent reliability, and a reasonably good platform to trade with. They even provide a newsfeed service for free with your account. This is an excellent broker, particularly if you are just getting started.

forex-ratings.com, 08/03/2009 ,

Advantages of OANDA don’t seem to be obvious.

Above all, it is impossible to estimate the real cost of trade, firstly because of complication in determining a size of spreads and secondly because the information about term-of-trades is rather obscure. Such kind of confusion could have been done on purpose. Moreover, a complete absence of information about the underlying structure and addresses of offices doesn’t make it any better.

The company seems to have the only strong side which is it’s help-analytical support. But there is a weak point even here and this is a very poor technical analysis available for a public view. Although a high-quality technical analysis may be available on a payment basis.

Jimmy, Alaska, 08/03/2009 ,

Oanda is a market maker, and at news time the speards are crazy and thats me being nice,. funny things happen at oanda when you start making money, couldnt login to the platform, on 2 different connections,.. could of been my pc? i dont know, but any way moved on to a ECN miles apart from market makers,

if you want to gamble go to a market maker, if you want trade proper REAL in the fx market go to a ECN,. simple as that

Martin, Forexpeacearmy.com, 08/03/2009 ,

I've been with Oanda for 3 months, and I have no complaints. Orders are executed quickly with no slippage, and I don't have disconnection problems. I don't find that the spreads change wildly, only from .9 to maybe 2.5 or 3 during slow volume for eurusd. I love trading from the charts, and even modifying orders, TP and stops all from the chart. As for indicators, they have all I need. For a while I thought they didn't have fib. extensions, but I figured out how to do them quickly and easily by moving the retracement lines. Perhaps the biggest advantage is their lot size. I can trade any amount; I'm not limited to any fixed lot size: fantastic!
The big annoyance is that they don't have weekly and monthly charts, nor do they have direct hedging, although you can hedge by using a sub account.
Overall I'm quite happy with Oanda.

Grentone, Goforex.net, 08/03/2009 ,

Software although looking nice is riddled with bugs, on many occasions it stops updating completely so you sit there thinking a trade is not moving, then move your mouse to find it has been moving the entire time. Also graphical glitches that cause display corruption and flickering.
I was recently spiked into and out of a trade with a large 20 pip spike in the space of ONE tick. after investigating 8 other brokers, not one of them showed a spike, or a price within 12 pips of the high on Oanda. Oanda insist it is valid price movement and refuse to reverse the trade.

I have recently had stops slipped by 5 pips, and this wasnt a jump, i watched it move through my stop and their systems were simply too slow to close it.

I have also noticed that sometimes trades magically close despite the chart getting nowhere near the stop and yet the closing price indicates it hit the stop.

I am looking for another broker.

Daniel, FPA, 08/03/2009 ,

I have been using Oanda more than a year.

Pro's:
* Very fast execution
* Rxtremely low spreads during high volume London & US session
* Good rollover swap system, intelligent & fair
* Ability to sell long positions at friday close price over weekend (closed market)

Con's:
* Asian opening on Sunday night has bad spreads.. which results in no trading, no risk really

I don't understand talk about wide spreads during news, no idiot trade before an

Hedgehog, Goforex, 08/03/2009 ,

Decent Platform. Good Customer Service, Competitive spreads during non-volatile markets. Spreads become unreasonable during volatility. Platform keeps crashing.

Barton, Forexpeacearmy, 08/03/2009 ,

Here is rating broke down:

1. add remove funds by wire 5 stars
2. charting 5 stars
3. customer service 1.5 stars-treat you like an idiot
4. platform when works 5 stars when it doesn't 0 stars. very horrible and frustrating. My platform has been down or off for 5 days now.
6. execution 5 stars when platform works right
7. pip spreads 4 stars except during news

RossCub, Forexfactory, 08/03/2009 ,

I like Oanda's tight spreads and fast execution, but the charts/dealing platform are utter crap. It has constant reconnects, lockouts, freezes, and delayed quotes. I run Oanda along side 3 other charting packages and Oanda is the only one that gives me trouble.

I have seen my other charts run up 10 pips in price before Oanda's ever started moving. If I don't know what Oanda's true price is based on the charts, how am I suppose to make trading decisions. I have brought this up with Oanda more than once, and I always get the same answers, "Clear your cache and check your internet connection." I have run Oanda's platform on two differnent computers on two different high speed networks and neither platform had the same quotes and they severly lagged other charts/broker prices.

Jeremy, Goforex, 08/03/2009 ,

Please, this is a scam. Do not open your account in the forex market period. Nothing but SCAM. The chart is fake. If you invest more than 5000 unit as they call it you will lose your shirt. SCAM SCAM.
When trading I realized after two weeks of trades weird things happening such as the chart I was basing my trades on was not reflective of the curent markets data. I will put 30 pips stop loss I got picked 36 times in the row. What is the odd of something like that happening? It happened twice last week. I will go back to check my works on the historical charts of 5mn and it does not reflect any event that has happened. Everytime I traded more than 10000 the market will change direction and go very fast in the opposite direction.

The updates of winnings dollars is slow to upadate when a trade is against them.We are not mad just desappointed to see that you will have company like that acting in such a manner and getting away with it. The account was closed last thursday to our surprise our bank account was credited properly. We were expecting something bad to happen. I was so amazed I decided to see if this company was legit. I googled it by asking. I was stunned to see that i was not loosing my mind. I intend to open another account but this time I will select a company with less problem and certainly not a market maker.

Miguel, Forexfactory, 08/03/2009 ,

Oanda is a good broker, but their charts package is utterly disgusting!

MtnTrader, Forexpeacearmy, 08/03/2009 ,

Have been with Oanda for a few years and the stop hunting has become so obvious that one questions the overall integrity of their purpose. Of course I make some lousy trades ...but in the last few weeks whenever my stop was in my favor it did not execute; against me ... instant. On a few occasions I've had to come in with a market order to override the stop I had in place that was not honored. You can call it bad luck, but if luck is the residual of good design, then Oanda appears to be doodling with great care.

I will keep my account for now but the days of limit orders, for me, are over. I'll have to stay at the computer and watch my position so as not to get lulled into the belief that the stops are actually respected.

Techy, Goforex.net, 08/03/2009 ,

Charts are ok but often times goes down.

Tried to open live account after using their demo for a year and got nothing but problems. I faxed documents to them twice because they said it was too dark, BS. I then sent them a photo copy of my ID which they said was too dark. The photo was perfectly readable and clear.

Customer service couldn\'t pull their heads out of their butts with a crowbar.