ODLmarkets.com Review

ODL was bought by FCXM in spring 2010. Now its the same company. I closed my account with ODL after they merged.

I have been trying to get my funds out of the account now for a month, until today no response. I think i will use my bad languge tommoroe. STAY AWAY

I was relatively happy with this broker although I had noticed wide spreads however I am trailling trading the news and noticed that I lost connection for about 5 minutes twice in the same day (internet etc continued to work fine, it was my platform that was shut down) and it is non-responsive during times of market movement. I tried to place a trade during the NFP and first the platform was frozen, then I got 'trade context busy', and then after I placed the trade waaay later I lost connection for about 10 minutes.

All traders, kindly take note. ODL SECURITIES IS A SCAM. The bad news is that the Financial Ombudsman Services (FOS-UK) and the FSA of UK did nothing to stop them from committing more crimes. Do not be fooled that just because they are regulated by the FSA, you are safe. Nothing is further from the truth. This is a "non-regulated"

I suggest think twice when you want join this Broker, their had possibilities do dishonest and not fair dealing trading.
I had joined on them, on my first batch I had tranfer USD3,000.-, all my order was execution so I think their are honest as rehulated by FSA, during several days I had lost all that money, so I transfer the second batch of USD 3,000.-, I had traded it and my win, when my net equity is near of USD6.000,-, I found that when the price up and I want to make new rder to follow the market, all my order trade was disable for several hour and even in a day and more than one day, and also when I want put the new pending order is also disable. Finally I tried use my mobile phone to put new pending order and it was work, so I can made several profit trading, but after that I tried it again through my mobile phone, they already made it disable again. After that when the market was move different from my position, I only can see all of my equity is loss, without can not do any action. Just because I can not put new posistion to hedge my current position because my trade was also disable.
So I hope my experience will not occur again to other all of you guys. That is teribble think that I had found in my new bie trader.
Was any one the same experience like this, how can we made any complaint to any department or regulator to complaint that dishonest and not fair trading company, so there were no any victim in future?

I opened a MT4account with them and funded it as per normal. The reason I chose them partly was because they were governed by the FSA and in the UK.Through my own bad practices I ended up having to refund a further few times and after each time I got a phone call from my account manager always trying to get me to sign up to something else which involved me investing more money than I was prepared to and offering me this and that as incentives. I cannot wait to make back the money I have lost and then I shall withdraw it all and close all my accounts with them and do all my trading with another that I use. Their MT4 platform is a joke - it has to be the worst I have come across with regard to response times and it was the same on three different computers so it was not the computer and if I had more than 3 charts up with a few indicators it was like press the button.... dur.... oh it added the indicator or changed the chart and the time it took you to read from a few indicators to here is how long it took. The spreads go out to ridiculous levels albeit after normal hours but hey 9/10 pip spread on Aud/Usd at 21:45 GMT when the normal spread is 2pips and 6/7 on USD/JPY at the same time. The spreadbetting platform performs no better with them locking down the trade buttons as soon as there is any major news or at market opens but that is under a different review section.I am still going to have to get my money out yet so I shall see what fun and games I have with that following reading some of the reviews posted here.
DO YOURSELF A FAVOUR DONT USE THESE - they are not dishonest as far as I know, but there are a lot better, for example FXPro and that is who I also use. I would give them 5 stars for rating but ODL only 1.

SCAM

Kindly do take a very serious view of this matter as all the elements of fraud are present:

1) A false representation of a material nature (a spread of 200pips instead of 50 pips in forex spot gold!)

2) Scienter - knowledge that the representation is false, or reckless disregard for the truth
(Completely no warning whatsoever that the spread can
increase to as high as 200 pips)

3) Reliance - the person receiving the representation reasonably
and justifiably relied on it
(I opened an account with ODL on June 2008 and started trading and managing my risk based on the fact that the spread is 50 pips as stated in their webpage and the signed agreement stating that the spread is standard. Nowhere was it ever mentioned that ODL can increase the spread to as high as 200 pips from the standard 50 pips!!! Had I know that, I would definitely not have opened an account with them!!!)

4) Damages - financial damages resulting from all of the above
(I lost a total of USD58,098.53. I was deprived of opportunities to recover my position as all my open positions were unceremoniously and unilaterally closed using 200 pips spread, without warning on 19 Sept 2008. The account history was immediately purged the next day, to destroy evidence, although my account was not closed till today.)

As such , kindly uphold justice, fair play, professionalism and integrity, without fear or favor and take the sternest actions against the perpetrators of the fraud so as to send a strong message to the brokers, the investing public and traders that responsibility, accountability and transparency will be honoured and uphold AT ALL TIMES.

"You can cheat some of the people all the time,
You can cheat all of the people some of the time,
BUT YOU CANNOT CHEAT ALL OF THE PEOPLE ALL THE TIME"

President Abraham Loncoln.

Hope the above message will be sent LOUD and CLEAR to ODL Securities..May the good Lord shower blessings on all those that had been cheated by ODL Securities.. Someone must have the moral courage to stand up to protect those who had been, is and will continue to be cheated by ODL, if nothing is done.

EVIL HAPPENS WHEN GOOD MEN DO NOTHING. SO, THANK GOODNESS, FOR THE FEW GOOD MEN AND WOMEN WHO SUMMONED THE COURAGE TO DO SOMETHING IN THE FACE OF EVIL, TO STAND UP AND CONFRONT IT. THEY GAVE US HOPE.

FOLLOW YOUR INNER HEART AND THE WORLD MOVES IN AND HELP.

Jack Chan
Malaysia

Very poor service. They lied or their supporters do not know much about their services as when I asked them about simple things they always told me to ask someone else from their team or call them. And I became furious when they told me that they have no commissions for CFD transactions and when I opened a position and made some profit I was suprised that I am still negative. They take $30 to open a position and additional $30 to close it. THAT'S how they call it "NO COMMISSION"???? 60 bucks for 1 transaction! Can you imagine it??? I lost around $60 and they stopped to reply to my emails in which I asked them to explain their lies....

Yesterday, I got a call from a very incompetent support guy who told me that I'm not allowed to run my EAs because they trade "outside the ODL datafeed". How can I trade outside the datafeed?? They offer BID/ASK with a wide spread and I have to take, what they offer.
I guess, the problem was that I started to make money..... It's like in a casino: as long as you are losing, you're a welcome guest

ODL UK did not pay me the profit of E 129,000. The case was with their complaince for over a months and then they came out with:
All your trades were "outside of ODL price feeds".
So, a month later they canceled all my trades. I think it is a complete SCAM broker. How can you ever know that the price you are clicking at is not outside of their price feed?

2009-03-26 1 star
Traded with ODL in Feb 2009. Now I cannot withdraw my money- they say it has to go through complaince, etc. The guy from complaince is never available to answer my phone calls, e mails are being ignored. It's been on for a month now. Do they have financial difficulties or what?