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Overall Rating: (2.942)
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Total Reviews: 398
Last Updated: 2015-11-23
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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 If you've traded forex with this broker, please leave a review here.

Antonio, Puerto Morelos, Mexico

Date of Post:2015-11-21
Review: Wide spreads, what more is there to say. Things started out great more than 4 years ago for me. Gone are the days of spreads consistently below 1 pip. But now it is time for a change to a better broker..

Mark Walker, , USA

Date of Post:2015-11-16
Review: Ugg, I hate to see good brokers go bad, but Oanda finally turned the 'ugly broker' corner. I used these guys for years, but no more. In the past I was able to generate 500%+ profits without issue. Now, whenever my account more than doubles, I start having issues. Trades won't close, trades won't open, etc... Please note, I am NOT a news scalper or scalper of any kind. I open positions during normal market hours and I avoid news releases,

Sad but true, just stay away folks. Stay away.

Rob, Ohio, USA

Date of Post:2015-11-02
Review: I had same problem last night. They moved the spread on the gbp/nzd to over 30 pips while my main trade platform was as 4 pips and my backup was at 10. The thing that bothered me then it would go to 10 pip spread and a minute later it was back up at 30 pips again. This seems pretty shady to me.

Jim, London, United Kingdom

Date of Post:2015-10-19
Review: This broker used to be good, but now probably has the highest spreads in the business. Since they changed management they are not cost effective to trade. I have moved to another better broker.

- Nice platform (although a little slow)
- Fast fills
- Slippage in fast markets
- Price feeds are occasionally delayed fractionally(which works against you)
- Did I mention MASSIVE spreads during news and also when there is no news?

Conclusion: Go elsewhere.

FRANCOIS LE FEVRE, DUBAI, United Arab Emirates

Date of Post:2015-10-13
Review: POOR they asked me so many papers to open an account during 2 months and finally they refused to open my account, ridiculous
after 4 years of training account.
so I open with fxpro it took 10 minutes.....

Mr H, Dublin, Ireland

Date of Post:2015-09-01
Review: Here is my review of OANDA:
> Platforms: 4.5 stars
> Pricing: 3.5 stars
> Customer Services: 5 stars
> Features such as Currency variety, API, News Services: 5 stars
<> Overall Score: 4.5 stars

Other Issues:
> FCA regulated in the UK and other countries
> Allow trading of as low as 1 unit on FXtrade Platform
> Financial Stability and one of the oldest FX brokers in existence
> OANDA is a Market Maker so there is a conflict of interests with its clients
> No swap free accounts

I am not affiliated with this broker. I just have a live account with OANDA Europe Division for about 3 months at present.

Harry Johns, Melbourne, Australia

Date of Post:2015-08-28
Review: Oanda are probably one of the most expensive brokers out there and also one of the worst. I tend to judge brokers on their conduct when making a withdrawal. Firstly they charge an excessive fee of $20 simply to withdraw your own money and then the delaying tactics begin.

Once a withdrawal request has been made they will sit on it for days, then they will send an email saying they need documents. After you have provided the requested documentation, which is absurd anyway, they will again do nothing. After some days have passed and multiple enquires have been made, again nothing happens! All throughout the process they are telling you everything is fine and that you have nothing to worry about.

For me I am reporting them to the authorities as I believe they are employing delaying tactics to hold onto peoples funds. I'm disappointed that even under so called regulation these organisations are allowed to exist.

David, MIchigan, USA

Date of Post:2015-07-02
Review: Not at all easy to get you money out of your account. Plan on spending a lot of time trying and a lot of frustration and being asked for the same information more than once. I am on the lookout for another platform.

fx trader, , United Kingdom

Date of Post:2015-07-01
Review: Well Oanda is market maker but I respect more company which is open about it rather than company which pretend to be ECN broker and the reality is twisted or completely different...

They are very secretive about their business model but they are far from being stupid so I assume they cooperate with ECN brokers and use their liquidity to hedge funds of their successful clients (and keep the money lost of clients who appear not to be capable of successful trading). By the way I suspect this could be possibly common practice of many ECN brokers (one of them said to me that they sometimes don't have enough volume (sum of their traders trades) to enter the real market liquidity so they mast keep the losses or winnings on their side but I believe it is lie (electronic system can't be hurt by entering any even small amount); in my opinion some of them do exactly what market makers are doing. The difference could be mostly whether they access liquidity directly or indirectly.

Orders on Oanda platform are executed correctly but Oanda should have little bit more sophisticated system to deal with market gaps or more detrimental market conditions (e.g. “one cancel the other” orders) which would increase profits and decrease risk of their clients. (is there tricky intention from their side?)

I don't understand why trader can't choose bid or ask (or cross spread) price when placing stop loss in order to protect them against being triggered by stop loss widening (e.g. during news releases) (is there tricky intention from their side?)

Spreads are reasonable for day or swing traders; quite big for scalpers.

I received email, that my details will be shared by other departments of Oanda and I may close the account if I disagree, which I found quite weird?

Overall they are quite reliable and I would rank them as an acceptable broker. (I rank 60-70% of all brokers as unacceptable) so it means I think rather high about Oanda...
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