Advertisement
Advertisements

Oanda.com Review

Overall Rating: (2.962)
Get code for your site
Total Reviews: 392
Last Updated: 2015-05-18
Click here to join live discussion of Oanda.com on our forum
Advertisements
court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2007-07-04
Review: We haven't tried a forex trading account with Oanda.com. If you've traded forex with this broker, please leave a review here.

Vitor, Maia, Portugal

Rating:
Date of Post:2015-05-17
Review: Agree with Anthony, Missouri, USA
In addition to high spreads, I would say that the Oanda charges a injustified high charge for withdrawals. I've done one between UK branch and Portugal and Oanda charged me 20€. An excessive value, probably without parallel among brokers in the UK. As a whole, the service looks serious, hey offer good tools, news feed from DowJones, ThomsonReuters, and 4Cast. For those who aren't scalper, no problem.

Anthony, Missouri, USA

Rating:
Date of Post:2015-04-30
Review: I have had a funded account with Oanda for several months, but only started trading on 4-8-2015, thus I don't have a huge amount of experience with them yet. That said, so far, my experience has been good overall.

The spreads are a bit high, but they are an STP-styled interface, meaning the commission is in the spread, and the spread fluctuates with the market. This is expected. They are, as has been pointed out multiple times, a market maker. This literally means whenever you open a trade, they have the opposite side of that trade. Literally, they are trading against you.

Since, the cast majority of traders do not trade profitably anyway, this is a HIGHLY profitable method of trading. There are some dangerous elements though. If you are scalping, and winning, they WILL hinder your trading. They only way you can safely trade with a market maker and be profitable is to give them plenty of time to get out of their position and pawn it off on someone else. In other words, don't scalp. In addition, if you develop a track record of being a winning trader, while not scalping, they will likely flag your account as bad to trade against, and thus put you on a high priority to exit their side of the trade against you as soon as possible. This is a good thing as that means, they will effectively be leaving your trading alone as much as possible....because it is very bad for them to trade against you.

On a light note, the good thing about trading with a market maker is the rapid order fills. I have yet to have a rejected order, and so, far as I can tell, slippage has been nearly non-existent. Granted, slippage is not a huge issue with my trading, every little bit does count.

As a reference point to all that I have stated above; I am up over 4% return this month. I use a fixed 25 pip stoploss. I target 50 pips. I do not use a trail or breakeven. I have to avoid trading during news, as I have seen the spread go wider than my fixed stoploss, which is normal for high impact releases.

So, why am I only giving them an average rating? Because they are performing exactly as they should for me. I have not seen them artificially faking prices to stop my trades out. My trades aren't getting requoted. I have always been able to open a trade whenever I wanted to. They have maintained a solid connection/pricefeed whenever I have been watching the market. This is all stuff that ALL brokers should do as a baseline. Thus, I cannot give extra points for exemplary performance. I have not needed to deal with their support staff, or made any withdraws yet, so I cannot give/take points in that area.

In short, they have been doing exactly what they are supposed to be doing, which is giving me a fair environment to trade.

JN89, Sydney, Australia

Rating:
Date of Post:2015-04-22
Review: Hey guys, just going around to different brokers asking if they are true ECN or market makers and I got a simple reply from Oanda.

Thank you for contacting us.

OANDA is a market maker. Please find the registration form link here: http://fxtrade.oanda.com/register/forms

Should you have any questions, please feel free to contact us.
Our client experience team is here to help 24 hours a day from Sunday at 1 p.m. EST to Friday at 6 p.m. EST. If you have any questions, please do not hesitate to contact us.

Build your Forex trading knowledge

It is my pleasure to assist you,

Gloria

OANDA®

We greatly value your feedback, please click here to rate this email response.
Best Forex Provider, Highest Customer Satisfaction
Best Forex Provider, Highest Customer Satisfaction

Basically all you need to know about them.

Mike , California, USA

Rating:
Date of Post:2015-03-27
Review: On 3-25-15, I shorted AudCad and my Stop loss always above the prices by 10-15 pips as I was watching. BTW my SL is above the Resistant of H1. In a sudden my SL was hit and the candles from Meta 4 didn't show any price that high. I contact Oanda, they showed me a chart from Oanda platform (OH NO, their hands) Oanda is a Market Maker, stay away or you will lose.

dani ge, uae, United Arab Emirates

Rating:
Date of Post:2015-03-23
Review: watch out, extremely huge spreed, they push the rate to harvest limit orders and stops when comparing the rates with other providers they made loose 25% of my account in 1 trade
i dont advice
Advertisements

Quan Trinh, MO, USA

Rating:
Date of Post:2015-02-18
Review: This broker sucks. I'm Vietnamese American based in US. I was trying to apply for real account last 3 weeks and submit all required documents to verify my account. Because I got Vietnamese name so sometimes my name appear differently on different paper. Some paper I have my full name but in some paper there is no middle name in it. After scanning all my documents for 1 week they said it is not acceptable and need more proof of identity from me. I did send them all documents that have my name on it likes driver license, utility bill, internet bill,... and wait. One more week, no answer from them. Then I tried to contact them thru live chat. The lady confirm that Oanda has already received all documents and will process soon and ask me to wait! Until today, which means one more week and I still get no reply! COntact them thru livechat and again and one more time they asked me to wait. Sorry, no thanks. I will move on to the next broker!

joe, boston , USA

Rating:
Date of Post:2015-02-18
Review: Terrible! i am 8 pips in profit but my balance is still negative! the spreads are insane! no scalping here.....

one trade went 12 pips in profit and 12 pips the other way to stop me out.... thumbs down!

Diana Koh, , Singapore

Rating:
Date of Post:2015-01-16
Review: I have been with Oanda for the pass 6 years. They are not perfect. After how they handled CHF disaster Jan 15 2015. I know I am going to be with them for life..

OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients.

OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough (where permitted by regulations).

Thanks for having our back when we need it the most.

Dave, utah, USA

Rating:
Date of Post:2015-01-15
Review: I have been trading with oanda for 6 months. Working my tail off to try and make it in the forex market. For a while I was making money. My account increased by 10 percent! Then some weird and unexpected things started to happen. I would place a trade only to see the price action switch and grab my stop loss. This happened so many times I thought there was something wrong with me. But I then took a look at some of the things on youtube about market makers and found that market makers work with brokers. I found that usually brokers and market makers work together on a daily basis, but not for long term trading. So I started trading long term thinking that I wouldn't get caught by Oandas market maker. On January 14 the chf/jpy took a record move long and Oanda claims that the banks would not communicate with them at this time because of chaos in market volitility. I lost 9000 pips more than I was supposed to. They wiped out more than one third of my account. I called in. I asked to speak to a manager and a supervisor. After a lot of talking the manager admitted that the only way Oanda has a chance of making money is by being a market maker. Totally admitted it! I felt like throwing up. If you want to keep your money than find a broker that is not a market maker. Dig deep and make sure it is true. If you don't want your stupid money go with Oanda. I will be looking into this further to see if I can get some of this money back.
Show reviews per page | Next page>>
Sort:
Advertisements