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Oanda.com Review

Overall Rating: (2.959)
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Total Reviews: 391
Last Updated: 2015-07-05
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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.

David, MIchigan, USA

Rating:
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

Rating:
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...

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.
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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

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!
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