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Oanda.com Review

Overall Rating: (2.997)
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Total Reviews: 378
Last Updated: 2014-04-15
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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.

scalpeur, hongkong, Hong Kong

Rating:
Date of Post:2014-04-14
Review: I am with them from 2008, but it's come worst year after year.

This week they go up the swap by 5 times.

Proof here: http://nimga.fr/f/EaGP0.jpg

Mt fx, Kl, Malaysia

Rating: No Rating
Date of Post:2014-03-02
Review: I think the way trade executed by Oanda,maybe it is a MM broker.

If you thinking to try to find an ecn broker, you dreamin' !

khaled, cairo, Egypt

Rating:
Date of Post:2014-02-26
Review: bad experience ...i use my master card ..made hold for money..and oanda decline deposit..(they accept one before) ,,told me that role changes ..without any information on site///loss time and waiting for my money to come or not
Masaaki: Was this a MasterCard debit card?
khaled: yes
Masaaki: or a regular credit card?
khaled: MasterCard debit card
Masaaki: Ok, thank you.
khaled: used before with oanda
khaled: last year
Masaaki: One moment please.
khaled: ok
Masaaki: Is this a prepaid card?
khaled: yes
Masaaki: Ok, I'm sorry then we are not able
to accept prepaid cards.
khaled: but you accept in Reference #
12108878 last year
khaled: !!
khaled:*****878 2013-02-22 20:36 Deposit
Mastercard ********9099 - 12/15 MT4_USD
***** ,,**** USD Completed
Masaaki: That was a different card.
Mastercard - ********9099
khaled: but debit prepaid in same
account...just replaced(lost and replaced from
bank)
khaled: the money go to hold
khaled: you tell in your site that you accept
debit...so what will happen...wasting for
money and time?
khaled: i trust your site information...
khaled: you are with me?
Masaaki: Yes. I double-checked and even
though you were able to deposit with the
prepaid MasterCard debit card the last time,
we have made changes and we are not able
to process prepaid cards.
khaled: i must know about changes..or you
must change site information
khaled: i will fill complain ...using this chat

Duane Archer, Steamboat Springs, USA

Rating:
Date of Post:2014-02-25
Review: Oanda has improved considerably over the past few years. Yes, customer service can be difficult (although it also has improved) and, yes, spreads for news traders are impossible. From my perspective they still appear to be a market maker/dealing desk but I cannot say with certainty.

As long as you are not a very short term trader Oanda should be fine for you. I've had no difficulty with deposits or withdrawals - tho you must do both exactly right or it won't work.

martin, prague, Czech Republic

Rating:
Date of Post:2014-02-20
Review: Upon testing various brokers I have picked Oanda for real trading and stayed with them. Yes, sometimes spreads are crazy due to news release, but it is understandable. Reliable, fast and trustworthy... and of course NFA regulated. I have no issue with them.
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Mike, USA, USA

Rating:
Date of Post:2014-01-21
Review: Yes, spreads are very during news times. If you want to trade news releases, this is not the broker for you.

However, if you are a position trader they are the best out there. Excellent and fair interest rates that reflect actual money market conditions. No better place for carry trades.

John, Singapore, Singapore

Rating:
Date of Post:2014-01-21
Review: Please do not waste your time with this broker. They use low spreads to lure you in but spreads can go up to a few hundred pips during huge volatility. You will just get stopped out with this kind of broker. total waste of time

Jason Boyy, Ontario, Canada

Rating:
Date of Post:2014-01-14
Review: This broker has horrible spread during ALL NEWS events and during low liquidity, check this link out.
http://fxtrade.oanda.com/why/spreads/recent
I had been stopped out 3 times in a row, 2 during economic news and 1 during low liquidity like 5pm NY time with a spread of 15pips, so I pulled all my fund out.

On EURUSD
I had a pending order with 16pips stop when the less important news released, price was 8pips away from my entry (triggered my sell order) and reversed for 5pips enough to stopped me out less then 5sec (price was 7-8pips away from my stoploss). When I talked to them they said are going to follow up with it but did nothing all the time.

My last trade with them price stopped me out (6pips away) on a trade that I had open for 3hrs ago at 5pm NY the max spread 15pips as you can see the link to the chart above (Jan 13 at 5pm)

Don't use this broker let them close the doors for good, they steal from their customers.
If you're a new trader, trading small size that mean you don't pay enough commission that why they stop you out like this.
Take it from me or find out by yourself. Good luck.

Paul, , France

Rating:
Date of Post:2013-12-21
Review: I am updating my review below.Although not much else has changed since I wrote that a very worrying thing happened on the Fed statement on Wed 18/12/13.
These were Oandas spreads at the beginning of the Feds statement:

GBP/NZD 122.2
GBP/AUD 64.5
EUR/NZD 50.0
AUD/CHF 31.2
AUD/CAD 30.0
CAD/CHF 25.9

Now, if they're free to do something like this on a news event unconnected to the currencies involved, what is to stop them doing it at ANY time in the future, or for that matter, on any individual platform.
This has worried me enough to start looking at other brokers but its difficult to know who to choose.
I'm just not prepared to keep all my eggs in this particular basket.

2013-09-23 5Star Oanda is THE best broker you will find.Yes, they do deliver ridiculous spreads during news and out of trading hours, but if you avoid those hours, or if you're a positional or swing trader then that shouldn't really affect you. I have never had a problem withdrawing funds, apart from the fact I didnt understand the anti-laundering rules and so have had to follow the crazy "withdrawal in proportion to deposit" type thingy! To be fair to Oanda ,they are only following strict financial criteria.They aren't perfect ,but they are about as good as you'll get, and the main thing is, you can rest assured you'll always get access to your money if you need it.

2013-05-26 5Star I have traded with Oanda for about 6 years now after losing a stack of cash with a few "bucket-shop" brokers. That,to be fair,would have been more down to my ignorance than their bad practices although that didn't help. Anyway, since I began to understand how the markets operate,luckily this coincided with me joining Oanda.I have to admit, I preferred it when they had fixed spreads as opposed to these ridiculous "dynamic" ones. But at the end of the day, if your trading strategy gets affected by a quick shift of spread then they probably aren't for you. Having said that,I did read one review where the chap said he got stopped out by a Gbp/Nzd spread widening from 8.8 to 95.6 ! Jeez! If that was true,thats absolutely wrong, but then I wouldn't touch any currency pair trading at a normal rate of 8.8!
Anyways, as for my experience of Oanda,overall I can't really fault them.I don't much like mt4 with any broker, but I love Oandas web-based platform.It's good to the eye and totally user-friendly. It does,however, sometimes crash at critical times which is a bit dis-concerting.I hope this isn't intentional.I tend to have my iphone connected at all times so I retain a modicum of control. The thing is ,people, that your brokers aren't your friends.They're there to make money. If you can do it alongside them, you'll be a successful trader,but don't for one minute believe that you're one of their team.The markets will do what they will do.It doesn't matter what the markets do, it's what YOU do that matters.Don't start spouting about stop-hunting as if it's your broker who's after your dough.The market "stop-hunts", not your broker. It's there to take your money.If it wasn't ,it wouldnt exist.If you can't trade then don't .
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