Chat InformationPlease wait for an agent to respond.
Chat InformationYou are now chatting with 'Eileen'
Eileen: Thank you for choosing OANDA. How may I help you?
ace lu: ticket #921628339
ace lu: stoploss of 1.30955 should not be hit
Eileen: For your security, before I can continue I will have to ask you your security question.
Eileen: What is your mother's maiden name?
ace lu: the highest price was 1.3084 after last friday's closing
ace lu: ******
Eileen: Thank you.
ace lu: i've been monitoring fxcm and esignal and they both confirm my claim
Eileen: One moment please whille I retrieve your account information.
ace lu: even with oanda's wide spread during weekend it still should not have hit 1.30955
ace lu: with ticket 921127646 i changed stoploss from 1.30905 to 1.30955
ace lu: oanda's own hourly chart shown 1.30842 was the highest price
ace lu: i firmly believe esignal's price is the collection of all prices from the world and it shows 1.3084 was the highest
ace lu: [after noon of last friday pacific time]
Eileen: Thank you for waiting.
Eileen: I have taken a look at your stop loss.
ace lu: thanks
Eileen: I can see that your weekend data is hiden.
ace lu: my data feed is esignal. i use ensign windows for analysis
Eileen: Can you please allow your trading platform to show weekend data? You should be able to see that the High Ask price during the time that your stop loss was triggered was at 1.30969.
Eileen: OANDA is a market maker. We may not offer the same prices as the other brokers.
ace lu: i don't see any weekend price on esignal close to 1.30969. you mean oanda can hunt stops at will during weekend regardless esignal's (world prices collection) 'official' prices? then i would be speechless...
ace lu: i will definitly publish my story on every fx review sites as i can.
ace lu: thanks
Eileen: We do not hunt stops.

--------------

BE AWARE OANDA WILL HUNT YOUR STOPS WHENEVER IT CAN!!!

ace lu 04/16/2012

(1) (3)

Basically I'll just confirm what most others have already written: Oanda has good execution and some nice features, but their spread widening that happens so frequently takes them from being a potentially excellent broker to being clearly below average.

Spreads widen not just at news. Even when there's no news, if even the slightest hint of volatility appears in the market, spreads immediately double or triple, and stay that way for a long time. Often for a good 20-30 minutes or more. Of course their spreads at news are patently ridiculous of course, but again, I'm not even talking about news; just regular trading.

Bottom line Oanda is still a bucketshop. They make money when you lose. They (or anyone else) can try to spin doctor that fact any way they choose, but it doesn't change anything.

Bob 09/28/2011

(0) (5)

I've had a trading account with Oanda for about 8 years and have never had any issues with the system or the company. Compared to all brokers I've dealt with Oanda is the my favorite.

mishka miros 09/07/2011

(0) (7)

I opened an account with Oanda Singapore. Initially spread was quite good, but when economic news hit the wire, spread goes wild and my stop loss was wiped out. I was stopped out 10 pips away from the market!!!

Besides Oanda's FXTrade platform disconnects very frequently.

MJY 08/07/2011

(1) (3)

I'm trading with Oanda for a couple of months. Last week I went short and placed a stop loss. For my surprise my SL was hit 14 pips above the daily high!?!

I checked my account with FXDD and FXCM too.. there is no such price for that day.

Mr. Singapore 08/04/2011

(0) (3)

Oanda used to be a good broker no so long ago. Now spreads are unusually high even during high volume.

Interest rate payout of some high yield currency pairs was changed, not in traders favor of course.

Used to like them, now moving accounts to other brokers. Use ECN forex broker and stay away from OANDA.

Rona 08/03/2011

(0) (0)

Oanda is yet another bucket shop that is running a dealer desk to get people out of there money. They widen the spreads up to unbelievable amount during economic news and hunt stops.

Stick to regulated ECN forex brokers and avoid market makers like Oanda, because they wont be happy if you end up making any profit off them.

Stay Away 07/02/2011

(1) (2)

I went short GBP/USD twice during news releases and twice the spread went from 7 up to 20 and even 30 pips!

I talked to Oanda's support regarding their increase in the spread during news releases and all I got from him was "market condition"!

All forex brokers are dealing with the same market conditions and of course they increase the spreads but they don't double or even triple it!

Drida 06/27/2011

(0) (1)

I originally started trading forex with Oanda. I left them because their fxtrade platform sucks. Having tried several forex brokers (all of them STP forex brokers, BTW) and I'm going back to Oanda.

Oanda launched MT4 and they're honest. What you see is what you get, period.

Oanda's spreads are very tight, no commissions charged and unlike all other brokers I've seen, Oanda pay interest in real time.

Believe me, put on some carry trades (buy high yield currency vs. low yield currency, eg AUDJPY) and you will earn interest plus the profit from the trade! That's how big guys make money in forex!

Max NY 06/01/2011

(0) (3)

Oanda is the best forex broker out there. Spread are low, trading platform is stable and support guys are very friendly.

You can choose between MT4, Fxtrade and Android trading platform. I love trading by MT4 on Oanda's spreads.

Bahel 05/27/2011

(0) (1)

I have been trading with Oanda for 5 years, since 2006. I have blown my first forex accounts with Oanda mainly due to lack of experience, trading capital and discipline. I get over it and I make good money trading forex.

I have fund my account several times, made several withdrawals, chatted many times with Oanda's support and all I can say is that Oanda is a reliable forex broker with very good trading conditions.

I have only two complaints:

1. Oanda's Android app disconnects all the time

2. It's difficult to send and withdraw money since my account is in Mexican pesos. Moving money between MEX and the GBP is expensive and slow.

Mexal 05/04/2011

(0) (1)

Just when you have made some money Oanda's screens will start freezing up.
You will try to close a position and there will be no response from pusing the button. You will try and try. Then you will get disconnected from your account.

You many or may not be able to log in. With my account the charts would freeze up and the data would be matched up with the wrong chart.

Happened MULTIPLE TIMES EACH DAY!!!
They will then tell you it is ONLY YOU.

I could not place trades at critical times as the data and the chart did not match up. I could not see the 5 sec or 10 sec or 30 sec or 1 min screens. The only screens that were operable were 15 minute or 30 minute.

The thing is the Oanda people act professional. But if you ask them pointed questions they will always manage to change the subject.

You will never get your money back becuase they will tell you you have a bad internet connection even when you can access every other account on your computer EXCEPT YOUR ACCOUNT AT OANDA.

Do no give them ANY MONEY. READ THE REVIEWS ON THE INTERNET. THE ONLY PEOPLE WHO WOULD STAY WITH OANDA TO NOT TRADE. THEY JUST LET THEIR MONEY SIT IN THE ACCOUTN SO THEY HAVE FOREIGN EXCHANGE.

OANDA WILL EAT YOUR MONEY. THEY CAN KEEP YOU FROM GETTING INTO YOUR ACCOUNT AT KEY TIMES. READ THE REVIEWS.

Forever21 05/03/2011

(0) (3)

I have had a live FX Trade Account with Oanda for several years. I recently added their MT-4 platform, too.

I have never had a problem with a trade and the trades are virtually instantaneous.

They are the only FX broker I know of that pays interest on cash balances.

They are the best FX broker I know of.

John, FPA 04/16/2011

(3) (0)

I've used Oanda on test basis and one comment I want to add is that during news breaks (medioum to high FX Calendar events) their spreads wided unto 10-15 pips.

During the same period DBFX only went to 4-5 pip range.

Sonny, DailyForex 04/04/2011

(2) (0)

Several people here claim Oanda hunts stops - I am sorry but you are wrong. OTHER brokers have their Virtual Broker Plug-in from Boston Technologies that deliberately creates spikes - but Oanda does not play those kinds of games. BTW, I am starting a write-in campaign to the CFTC to BAN that software from American forex firms. Perhaps BT might be persuaded by a little CASE-ACTION LAWSUIT!! You with me?

Oanda is one of the very few HONEST brokers out there. I admit, I left them because their fxtrade platform sucked - but they now have MT4 and they do not play stupid games others play. ALL my indicators and EAs work just fine.I went back to Oanda gladly.once they had MT4.

Jack, FPA 03/30/2011

(1) (0)

I have been using Oanda live for 6 years now.

I have never seen or heard of half the problems most here are talking about.

I withdraw funds once a month and I am profitable with them.

Unlike most of the other truly messed up brokers out there and i have tried many of them.

Only thing i can say to those that complain here is LEARN HOW TO TRADE before blaiming the broker . if i could give a 10 star rating i would that is double the 5 star allowed.

bWizard, FPA 03/30/2011

(3) (4)

I sent money to OANDA on the 16th, now is the 24th and my money is not in my account, nor has been sent back to my bank. I filled complaints with CFTC and NFA, I hope to see my money back, but I would not suggest to anybody to use such a dodgy broker

Luigi 03/24/2011

(5) (2)

Drew's comment is correct, the low cost image is fake, they will take it form other income, e.g. hunting your stop, a 30 point spread spike for GBP, it is enough to kill all trader who place a close stop, 30 points, can anyone accept that?

their platform issue still unfix, here is the link of their forum
http://fxtrade.oanda.com/community/fxmessage/ultimatebb.cgi?ubb=get_topic;f=17;t=005799

here are the evidence for spread spike, they do it in any currency and the frequency is more than the chat show, please see jpy and gbp. a 30 point spread spike is absolutely much more than hedging their risk.
http://fxtrade.oanda.com/lang/cnt/why/spreads/recent

Day Trader, FPA 03/22/2011

(0) (2)

Oanda hunts stops and entries, which seems to be a recurring theme on this forum, particularly on spikes. I got suspicious when too frequently Oanda spiked exactly to my entries and stops and then retreated so I compared prices with another Oanda account (MT4) and a competitor and it proved my theory. Both never spiked as far. Following are some examples.

The most recent one was a AUS/CAD spike at 23.00 (15 min chart) on 21 March 2011 GMT. Their Java platform quoted 0.9859 hitting my stop but their MT4 platform quoted 0.98548
(4-5 pips difference), not hitting my stop.

Another was the AUD/JPY spiked down to 81.00 at 6.45 GMT 21 March exactly hitting my stop on the Java system but 81.02 on the MT4 platform, not hitting my stop. These are just two and I've got dozens more.

These kill you as a trader. So I'm leaving them. Oanda's good spreads and platforms mean nothing when their prices are against you. If you've been stopped exactly with Oanda and then retreats then check the prices of another provider, you will be shocked.

Drew, FPA 03/21/2011

(1) (0)

Here is my review:

Demo Accounts

The Oanda demo account is virtually identical to the live account. The price feed is exactly the same as the live account and demo accounts never expire.

Customer Service

Oanda provides customer service by email, chat, and phone. Oanda seems to typically be responsive to request for service via any of the 3 methods. Emails sometimes take up to 24 hours to be returned depending on the issue.

Spreads

Oanda provides variable spreads, which means that spreads can change depending on market conditions. Most of Oanda’s spreads are extremely competitive during normal market conditions. The only time that the spread jumping will usually prove to be a problem is if you are trading directly around a major news release. For example, the EUR/USD typically trades with a spread of 0.9 – 1.9 pips under normal market conditions. During a news release the spread for the EUR/USD can go as high as 10 pips.

Leverage

Oanda only allows 50:1 leverage. Many traders might consider this a disadvantage, but I consider it to be like selling a gun with a safety on it. 50:1 leverage is sufficient for forex trading. Leverage set at 100:1 and higher can be dangerous and cause you to make oversized trades just because you can.


Least liked features

No hedging

John Russell, About.com 03/18/2011

(0) (2)

Hi guys here's a bit of info for all you newbees out there, free of charge from a trader who actully knows what hes talking about, Not many of them here!

200:1 leverage is way to high especially if your forced to buy "set lot sizes" exp. FXCM used to MAKE you trade "set mini lots" if you had $5000 or less, but if you had >$5000 you would be forced to trade "full lots".

Why? Because if you could trade "mini lots" with $10000 then you could effectively diversify your total market exposure with more position while keeping the leverage risk to your account relitively low alowing you a chance to make money, so another way to use leverage effectively is to include the ability to manipulate the "lot Size" thus making your overall market exposure more managable with respect to you account size, if you dont have any idea what am talking about you shouldnt trade.

Oanda allow you to manipulate the lot and leverage size, not many out there will allow that. Ok on to my gripes, i cant seem to find a way to execute a "one cancels the other" order n also id like to see a weekly chart and chats with no weekend break, dead bar are pointless!!

The Master, Goforex 03/12/2011

(0) (2)

I originally started trading FX with Oanda. Having tried several brokers ( all STP brokers, BTW), I'm going back to Oanda. They now have MT4, they're honest, no games, what you see is what you get. Their spreads are just as good as the so-called STP brokers I tried , with no added commissions, plus they pay interest , which nobody else I tried did.

Jack, FPA 03/02/2011

(0) (2)

They have the most stable I-Phone platform.

It never freezes when the market is very busy and all the other more popular platforms are not opening at all and are stuck at "loading."

There demo account is indefinitely open there's no pressure from anyone in the company to open a live account.

I have both the demo and live accounts. They both work great and very user friendly on I-Phone. I agree with some posters they are the best of all retail brokers.

Carlo, FPA 02/05/2011

(0) (1)

Hey guys. I have been trading with oanda for years and have always encountered a 15-20 pip spread for GBP/USD at major news release time (sometimes more, but very rarely). I have just come back from a long break and I am now copping around a 40 pip spread for GBP/USD. Anyone know if this has become a regular thing for oanda.

Also would like to here from guys using ecn/stp systems if they have whitnessed increase spreads of this magnitude for GBP/USD lately, or is OANDA starting to take the piss a bit?

As far as I have noticed, EUR/USD is still generally 10 pips at news time, same as it always was.

Cheers guys

Agro, Forexfactory.com 02/03/2011

(0) (2)

I'm sure Oanda is one of the best broker or the best. I have practice on FXGame during at least 2 years and i just started live since 3 months.

The service customer is very informative and courteous. Last week, I have been disconnected just after placing an order, and when I have been able to reconnect I was in lost.

A little slippage has occur in my order. I place a ticket to the support. The made a precise analysis of my ticket and I have receive a refund the same day.

WOW, i am very well with this company. The spreads are the best and the platform is very interesting. So, for me, it's a 5 stars rating. Good luck in your trading.

Maxco, FPA 12/30/2010

(0) (2)

I have used Oanda for 2 years and never had a problem with them.

There customer service is great, spreads are low, but do up spreads 10 pips when a big news event comes out but that's only for a minute or two..

I have made money with them they do not stop hunt that I can tell.. I have seen other friends of mine have huge spikes on there platforms but not on my FXTrade platform ( so who stop hunting ) not Oanda..

You can trade anywhere from a penny per pip and up with them.. They are the best broker I have been with..

I have had the platform freeze but very seldom... I do wish that they had weekly, and monthly charts so if that is important to you, then I would download MT4 and use Oanda for your transactions.. Thank you for letting me share my experience..

Matt, FPA 11/17/2010

(0) (4)

I have already post a comment about oanda, today I want to make some additional comment, some reviewer said that oanda "never any requoting" I can tell you that it is not the truth, the truth is, when market is dead, you get "never any requoting", when market active, your order got hold and if your direction is wrong (u lost money), you get fill, if your direction is right(you make money), your order got rejected.

That fact is, inside the oanda software, it have a field for you to enter the max slippage, if it is really "never any requoting", what is the function for that field? for fun?

If you read something or find something "too good to be truth", think it twice...

DayTrader, FPA 11/01/2010

(0) (1)

They are the best! I mean, THE BEST!

I don't know why some people tried to put them down, but so far I've been in the FOREX (4 years) and tried many brokers, still can't find one as good as OANDA.

They offer you flexibility, where you can position sized exactly to your risk profile.

They withdraw your money fast, super fast compared to others.

The server never go down- in my experience.

They offer great low spread.

They are fair and transparent.

Customer service is so helpful and friendly.

IMHO, you can't expect more.

mtanjung, FPA 10/31/2010

(0) (1)

Hello, I have experienced frequent service interruptions trading with Oanda for the past year.

Also, I have experienced several price spikes and tripped stop losses.

After numerous incidents I decided to look on the BBB web site to see if any complaints have been filed. A couple complaints have been filed

Evan, EarnForex 10/27/2010

(0) (1)

I've had more than 20 Futures Forex brokers over 25 years. Oanda is my most recent Forex broker.

They have a fairly reliable trading platform and I give this a good rating.

The integrity of the employees and the owner is lacking though; this weakens their position as a good Forex broker. They will cheat you if they think they can get away with it.

K, GoForex 10/17/2010

(1) (1)

Oanda is a toy, as many other user said, a lot of execution problem, especially during very active market, for e.g. today, 15 Oct 2010, after 0815 Barnanke give a speech, market become active and problem occur, they hold your trade for up to 10 seconds, and worst, at the most active time, It disconnect at all, after the market clam down, I can reconnect with a lost of about $20 dollar gold.

It is not a individual case, I experience disconnect often, I am sure that it is not my internet problem because I dun even have a single disconnect when I use IB.

In brief, trade as your own risk, when someone give them a "five star", I doubt "how frequent they trade?" as an active trader, I will close my account next Monday.

DayTrader, FPA 10/15/2010

(0) (2)

I've been using Oanda for a few months now and so far have been very happy with both their platform and customer service.

As mentioned by some, sometime during major announcement the spreads will spike to around 10 pips but thus far this has not effected my trading.

The other things I like about them is that there is never any requoting like other brokers.

Also processing of deposits and withdrawals has been very quick.

I'm glad I chose them over other brokers.

Laz, FPA 10/15/2010

(0) (1)

I've used Оanda since may on a live account. at it took about two working days for my deposit to get on the account and when I need a withdrawal it to about three working days get appear on my bank account so far there reliable.

They don't advertise like others broker they allow their service to do the work for them.

I heard of them because of their low spreads and service Five stars from me although as i speak it's 8:30 on a Friday morning news has just been release and the server is down, I don't mind cause I let the market stew after news release any way

Michael, EarnForex 10/15/2010

(0) (1)

I have been trading with Oanda since July 2010, so 3 months after these are my inputs:

Positive:
low spreads, no minimum deposit, quick service, good customer support (they did replied immediatelly to my complain), good range of news and market research supplies, some didatic issues for begginers with quality;

Negative: poor resolution charting (altough they have all main functions need for trading), quick and strong variability on spreads during news events.

I have no complains about honesty up to now.

Vitor, EarnForex 10/06/2010

(0) (1)

I have been using Oanda for 6 months now and have had no issues.

Their charts follow others and their spreads are good for a company that lets you deposit and withdraw with PayPal.

I also like how they have no minimum deposit, unlike most scams.

I researched them and they operate legally.

The best part is when I withdrew my money, it was processed by the next day.

If this changes I will be the first one back here to warn you.

Vann 10/05/2010

(0) (2)

From the perspective of one who has been fiddling around with trial FX accounts on and off for two or three years now I am glad I found Oanda. I had been reluctant to deposit $100 into a forex account in the past little lone as much as I just deposited recently. Thanks to Oanda letting you trade as many or as few units as you want rather than making you trade in either 10,000 or 100,000 units, I found a strategy based on hedging and the assumption that what goes in one direction will eventually come back in the other, that is working well. My strategy would be too risky when restricted to 10,000 unless I had 50 times the amount I am currently trading with, but the absence of such restrictions makes it possible for me to use the strategy.

The only annoyances I've had is that there are a couple useful features in the FX Game platform that aren't in the FX Trade platform. The fact these features are missing is rather minor, but I did find the features in the FX Game platform that allowed you to reset the Realized Profit/Loss statistic and the feature that listed how many items were under a particular tab without the tab needing to be active in the tables section of the main platform window rather useful in the FX Game platform.

Malcolm 08/28/2010

(1) (0)

I have been with OANDA since August of 2005. I usually don't care about rating a company unless it is Terrible or Excellent.

OANDA has gone through it's growing pains and are significantly better now then before. For those of you bashing this company, try going to another...you'll find just as many and usually more problems.

There are two kinds of traders, amateurs and professionals. I find more often then not that the ones struggling to "make-it" in this business are the first to blame their tools.

If you have over million dollars to trade, you should be dealing with an ECN, not OANDA. If you are just starting out (breaking even/traded demo for at least a year), I would recommend having a few "live" accounts with several different brokers and test their trading in real money situations, test their withdraw methods and timeliness.

What you will find is OANDA is at the top of the list when it comes to which one you'd like to put the largest chunk of your money with.

Michael 05/24/2010

(0) (1)

Hi. I've been trading with a live account with Oanda for about a year.

Oanda Pros:
1) It appears the practice and live accounts behave the same way.

2) The degree to which you can customize their charts is AWESOME!

3) LOVE that you can automatically set the size of your trade as a percent of the account balance. Similarly, set the TPs and SLs to a percent you want to take, or are willing to lose. I like the way this works so much that it is the main thing keeping me from switching to another broker.

4) They're financially stable per the CFTC reports. But for them to be making so much money, you kind of have to wonder how....


Oanda Cons:

1) Their mobile phone software is in DESPERATE need of an update!

2) You MUST set your charts to show BOTH the Bid AND Ask prices (not just the default Average price) so you can really see whether you are in danger of getting stopped out. Their spreads do vary quite a bit and I think that this makes it LOOK like they are stop hunting. If they ARE stop hunting, I believe they would be doing it by increasing the spread wide enough to hit the stop.

3) I can't confirm or deny whether they play technology games with access to the site. I have fiber coming into my home, and I'm on a fairly powerful Mac. But It does seem weird that when I'm making money I seem to have more issues than when I'm losing money.

In summary, I really want to love this broker. But I'm starting to believe I might be able to improve my performance by switching. I'm just really hooked on their software and financial stability. And I guess I'm still willing to "pay" for that. For the moment, anyway.

Hope this was helpful!

Amy, FPA 05/06/2010

(0) (2)

I have been with Oanda for more than a year.

Oanda is a market maker so they actively trade against their customers.

They actively hunt stop losses.

Oanda's trading platform freezes often. I have lost my connection to my trading account while trading and they told me that I was having internet connectivity problems even though I could get to other web sites and log in to my email without a problem. They also did not know that I used to be a network administrator before telling me that I was having internet connectivity problems.

Oanda is a highly manipulated environment. The correct term for this type of broker is a "Bucket Shop"

ECN brokers are the most free market breed of broker. They do not have a dealing desk that can be manipulated. ECN brokers want you to be successful because they make money when you make money. Oanda makes money when you loose. As time moves forward traders will opt for ECN brokers and market makers will go bust.

Gotin, GoForex 03/16/2010

(0) (2)

Oanda is one of the FEW honest Forex market makers that exist.

I have been trading with them for over 5 years.

The only complaints I have are a few price spikes which were always corrected, and their platform which had some connectivity issues every now and then. Both problems have become very rare.

Their low spreads are great, and they have true instant one click execution. I don?t know how many trades I have done through Oanda, but I never had a requote or any other problem with trade execution.

The other thing that I really appreciate with them is, that it usually takes only 24 hours for a withdrawal to appear on my bank account. I find this pretty amazing. It allready takes 1-2 days for a wire tranfer within Germany!

Overall, I think they are a very good forex broker. However, if you have A LOT of money, don?t be stupid and trade forex, but trade futures instead.

Pat, FPA 02/13/2010

(0) (1)

The best spreads.

If you can trade in a plattform what frequently disconnect or higher timeframes.

But my internet connection and the configuration of my computer is first class and is very unpleasant to me to be disconnected many times in the day and reconnect, wait, etc when all is right in my computer.
I am trading 1 year with Oanda and every day the same problems, and there is nothing to do, for my part I tried all.

I am looking another broker.

Gustavo, FPA 02/11/2010

(0) (0)

I have used OANDA since 2006, and they are professionals. OANDA is NOT a scam. Actually, they have steadily provided additional services which I have found very helpful such as — the Global Transfer, the desktop platform etc. Every trader should plan to use more than one broker — please diversify!

But NOTE, every broker is there to make money and part of their income is your LOSS — that is the reality in any financial market. So it does not surprise me that OANDA servers "conveniently" crashes when the market moves rapidly; and it does not surprise me that OANDA suddenly limited allowable daily transfers to 20 from one account to the other; and it does not surprise me that they hunt traders' stops — believe me, every other broker does that.

Your job is to protect your investment; if you don't have solid plans to protect your trades, then get out of forex trading.

Summary: OANDA is a very good and professional broker and "market maker". They give you the tools to make money, but if you don't protect yourself, they will not hesitate to profit from your loss — and I think that's what every other broker does.

Cheers!

David, EarnForex 01/31/2010

(0) (1)

Simply a poor company to put your money in.

I have demo traded with Oanda for a couple of days.

Platform disconnected very frequently. In case I lost my connection, I've put the platform on my remote server in U.S. and tried to trade, but it just kept disconnecting.

Sometimes, it disconnected right after a trade is entered, and I couldn't do anything but wait for my SL to hit in loss. Don't waist your money and time.

Search somewhere else! They say the demo and live are the same, which means their live account is useless. I'm happy I didn't trade with them on live.

Far East Man, FPA 01/13/2010

(0) (1)

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)

yilomka, goforex.net 11/22/2009

(0) (6)

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.

J Euro, FPA 11/22/2009

(9) (2)

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 !

SNBthetrue, EliteTrader.com 09/11/2009

(2) (2)

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.

Alex, FPA 09/10/2009

(1) (3)

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.

Joe, Goforex.net 09/05/2009

(1) (1)

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.

Techy, Goforex.net 08/03/2009

(0) (0)

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.

MtnTrader, Forexpeacearmy 08/03/2009

(0) (1)

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

Miguel, Forexfactory 08/03/2009

(0) (0)

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.

Jeremy, Goforex 08/03/2009

(1) (2)

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.

RossCub, Forexfactory 08/03/2009

(0) (0)

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

Barton, Forexpeacearmy 08/03/2009

(0) (0)

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

Hedgehog, Goforex 08/03/2009

(1) (1)

I have been using Oanda more than a year.

Pro's:
* Very fast execution
* Extremely 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

Daniel, FPA 08/03/2009

(1) (0)

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.

Grentone, Goforex.net 08/03/2009

(1) (2)

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.

Martin, Forexpeacearmy.com 08/03/2009

(1) (1)

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

Jimmy, Alaska 08/03/2009

(0) (1)

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.

forex-ratings.com 08/03/2009

(0) (1)

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.

forextrading 08/03/2009

(0) (1)

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.

Jonh, Forexpeacearmy.com 08/03/2009

(0) (0)

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.

goonboy, Goforex.net 08/03/2009

(0) (0)

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.

Denis, Forexpeacearmy.com 08/03/2009

(6) (3)

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

Tom Lowd, Goforex.net 08/03/2009

(0) (0)

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.

Asif, Forexpeacearmy.com 08/03/2009

(2) (4)

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.

ofx, Goforex.net 08/03/2009

(0) (2)

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.

Nouche, Goforex.net 08/03/2009

(0) (2)