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Oanda.com profile provided by MatthewC, Mar 22, 2016
Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees
Low cost of CFD and forex trading is more than just spreads. It's having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.
Award-Winning Online Trading Platform
Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.
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- Not guilty0
I was migrated over to Oanda about 18 months ago by TradeStation.
Last week I called TradeStation to move my forex deposit to a futures account and was advised that my funds were at Oanda . They gave me phone number and I called to close the account and remit funds. They asked me for void check and drivers license to confirm Sent immediately. A few days later I asked them by email when my funds would be sent. They replied that they needed additional information. I asked "What additional information" They replied that it had to match TradeStation info. TradeStation told me that my info with them is EXACTLY the info I sent. Seems like the delay delay delay routine that many pursue. They are Not Available on phone support. Looks like they hope I will give up in frustration. Surprised, but not really. I had noticed that they have done this over and over again. That's an indication of insanity. If a company does not have adequate phone support (Except Interactive Brokers who are GEMS!) Stay away!!
Lost WITHDRAWAL, might be a SCAM
Still waiting for I pending withdrawal of more tan 5,000 usd, and they are trying to make my bank responsable, my bank already sent an email saying the never received the funds, Oanda insist i need a letter from my bank, letter that my bank has made very clear they are not sending, it been almost two months and Im at a dead end, I THINK OANDA IS NOT PAYING.
Perfect when you are losing
Been 3 years with oanda , now that i have started getting profitable and really good at it , i am noticing blatant SL hunting. The chat service after giving me 1 generic answer , adviced me to 'find another broker '.
Specifically , today i had a buy position and a SL at 1.18405. The oanda chart reached 1.18403 , and thus hitting my SL by 0.2 pips. On all the other charts ( such as investing.com , dailyfx.com etc. the price did not go below 1.18436 ). This was not a sell position so spread is not an issue , thus they actually did reduce the price of the candle. That blatant their SL hunting was.
When i did contact the chat service , i got a generic answer , to which i replied that this issue of mine is specific in nature. After my protest , the chat operator adviced me to find another broker , which in itself shows that they do not want profitable traders , which it shows that their profit comes from your loss , and thus they are nothing more than a bucket shop.
3 years of perfect service ( because i was loosing systematically as a trader ) , only to encounter such unethical practices and a help desk that is advising me to find another broker now that i am profitable. Which ofc i will , but i thought that this experience of mine will be to some help to other traders.
It is when you start getting profitable that they show their true nature. And for what is worth , go to oanda's live exchange rate CHART , and you will notice that they show ONLY the last 30 minutes. This way they can hide any potential stop loss hunting acitivity. Think about it , why wouldn't they show the history of their charts ?
They're not the worst I'm sure but don't be fooled into thinking you come before Profit!
I was of the opinion that Oanda was an OK broker and consequently I have traded with them for around 3 years believing my losses were my own fault and not the brokers doing. That was until I finally got my head out of the sand and listened to a profitable trader who laid out just how hard this game is and what I needed to do to get profitable. So I began doing the real work of Logging all my trades, Doing spread sheets to analyse my trades and my trading habits. It was when I finally made that effort I discovered just what Oanda is really up to behind the scenes.
I found on more than one trade I was getting stopped out by as little as a few ticks at a time so I did an analysis of the EURUSD Chart and the Candle wick lengths against another brokers chart (won't say who as I don't want to infer anything about their own suitability) and found that Oanda's wick lengths were around 0.3% longer at crucial support levels than the other brokers charts. I measured other candles at random just to be sure and at non crucial times and they were the same or very near. Lesson one use wide stops with Oanda!
Point number 2 is their platform FXTrade. Firstly NEVER use any of their default stoploss or position sizing in the User Preferences Tab.. I guarantee you will rarely if ever have a stop executed exactly on the pips you specify as the stoploss constantly moves around even during quiet market conditions. If you use both together then you are asking for even more trouble. In my own experience the stop always ended up smaller than the specified amount although larger WILL have you taking more risk than you would otherwise. Couple this with longer candle lengths and you can see where I am going with this! Bottom line is every time you open the order tab FXtrade inputs a 10 pip stop "If set at default stop" but the adjustment is way slower than the market price fluctuation. So if the Market does move suddenly you could end up with a much smaller stop than you should or even larger meaning if you do get took out will either loss much more or get taken out before you should. Add to this the Spread and you end up emptying your account much sooner than you intended due to too much risk.
Point in case this morning I set a stop of ten pips and entered the EURUSD long at 1.20595 so the default 10 pip stop should be 1.20495 right?....... Wrong! FXTrade set it at 1.20483 a full 1.7 pips shorter than it should be. I have reported this to them so lets see what the answer is. So set everything in FX Trade manually at least. I have yet to see an Official Oanda video explaining the actual workings of this platform so you can be in informed. I'm not talking about "how to's" but information on the true workings of these features so you can avoid foul ups!
Third point is spreads. Wide as the Grand Canyon during news events although I have noticed a slight improvement and also moving into the Asia Session they get a lot wider.
Point Four is slippage. In my opinion slippage is far greater than it should be and I have seen it go up during relatively small moves as well as the to be expected big moves during news etc. An £8 risk can easily slip to £10.
Point 5 customer service is slow and sometimes even goes unanswered. I had an account and tax question which it took around 2 weeks for someone to reply to. I will give credit where it is due though and the guy who phoned me at home was very pleasant and explained everything very well.
So to round up I am not blaming all my trading woes on Oanda. If I had bothered to educate myself properly I would have spotted all this sooner but I do believe they are playing games. Yes they have instant execution and very few platform problems, and yes they did wipe the slate clean after the Swiss floor broke but I think they saw this move as a perfect opportunity for Company PR and attracting new clients.
I know losses are expected and slippage etc happens but I do believe that the odds are weighted even heavier against you with Oanda. Their deposit and withdrawal is good and I'm sure they are better than some others but when you are trying to develop an edge you don't need anymore disadvantages through brokers messing around.
OANDA sued in New York and California for fraud
I noticed that OANDA increased the spreads in EU/US over the years while falsely advertising low and competitive spreads.
Large spreads resulted in large losses because orders were not executed due to the large spread.
OANDA has presently lawsuits in New York district court and Santa Clara Superior court, California for false advertising and fraud.
Platform Freezing - Dont take chance as ur money might get lost even before you modify the order
Stay away from this broker as their customer service sucks. How many customers write review of them, they dont bother to even address a single issue.
I have problems with the platform freezing every now and then. They said the reason to be my internet. I told them that MT4 of other live brokers are working perfectly, they do not have an answer, but they keep saying that they are looking into the issue seriously. Seriously for the last 2 weeks, still not having an answer. Atleast my time and energy writing emails with no response is the only result.
Will never recommend this broker. If you want a good broker, go for Global Prime, though they have only MT4. I was interested in Oanda as their platform is good (if it doesnt freeze) with Order indicators and Autochartist., but with a pathetic customer service and platform freezing, with no help from anyone, you would end up losing money. Avoid by all means. I have a live account, you may contact me for verifying the authenticity as I have chain mails with Oanda with their pathetic response.
STAY AWAY, WORST SPREADS AND HOUR HOLD TIMES FOR CUSTOMER SERVICE
I have been with Oanda for some time now, I was forced over from Trade Station. And while I have may issues with oanda the biggest 2 are this.
1. Hold times to talk to anyone will be from 20 min to 1 hour 37 min.
2. They have THE WORST Spreads durring time of news. Friday i traded the US/Cad and was charged 15 pips spread. While on there web site for Aug 18 there live spread never got above 6 pips. and there Historic data shows less than 2. I have had multiple times that i set a stop loss 20 to 25 pips above the entry, only to be kicked in and out instantly because Oanda's Spread rates.
I have contacted them and always get the same run around, they tell to review the historic data it will show that i was wrong, and there is noting they will do for me.
I have been comparing them with Forex.com (now gain capitol) and find, for so many reasons that Forex.com is head and shoulders, and body for that matter above Oanda. Take your business anywhere Except oanda
Good platform, spoiled by the worst spreads I've ever seen. Avoid !
Whilst Oanda's trading platform (fxTrade) is good, and they offer a good range of markets to trade (esp. in areas that allow CFDs) their spreads are hideous. During news, or periods of lower volatility (which is most of the time), they make extremely wide spreads thus making it almost impossible to trade FX. Recently they have also doubled spreads in many of their CFDs (for no reason) which seems like blatant ripping off of customers. For example, oil has moved from 2pt to 4pts, Nasdaq for 0.5pt to 1.0pt etc. If you run the maths, you'll likely find that Oanda's wide spreads stop you being profitable.
I have been with Oanda now for 8 maybe 9 years.I always found them the best of the lot.
About 4 yrs ago they switched to "dynamic spreads" which was and never has been great for the end user.
Still I struck with them.
Just to add, if I am honest, I have lost far much money with them than I ever made, but that was completely my fault and not theirs.
I am now in a personal situation whereas I must gather together all my resources to care for someone.
I have asked to withdraw my balance with Oanda , a little over 3000 euros, and they are now making it difficult.
They say I can only withdraw to a bank account that is now closed.
They have a strange policy of amounts/methods that depict how much and where you can withdraw to.
The account I am asking to withdraw to by bank transfer has been used to fund the account and is in my name and address.
I will update this review, if and when I receive my money.
Very disappointed client that cannot wait when leave this broker..
I've been with Oanda for couple of months and I am speechless how bad is their customer service. Basically they have no customer service you can rely on.
Try to contact their customer service anytime you want and you will see that I am right.
That's not the worst thing - the worst is they are stilling money from you and I started very good notices when I placed trade and what exactly I bought etc.
Nothing helped - for example I put order to buy USD/CAD at 1.2424 price drooped to 1.2417 but I never get filled (happened too many times)
Couple of weeks ago I put my stop at 111.38 for USD/JPY and I got stopped out even though price never drooped below 111.41 (besides Oanda I checked many other brokers and could not find even one broker that showed that price dropped to 111.38 that day.
The platform is very unreliable and consistently logs you off and on - I tried it on 3 different computers and laptop and got the same results.
Very disappointed client and cannot wait when I leave this broker..