May-23-2012Brokers:Swissquote launches Swiss DOTS - a derivatives trading system
May-24-2012Software:Markets.com launches Sirix - Leverate's new social trading platform
May-01-2012Signals:xForex provides traders with free forex signals
May-24-2012Market:Nikkei Ends Almost Flat in Range Bound Trading, Kospi Gains 0.31 Pct

OANDA is NOT a scam but will not hesitate to profit from your loss

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 2010-01-31