Margined out by Oanda in spite of depositing $1000! Because they frontran the payment

LonsdaleCross

Untrustworthy Person
Messages
8
Hi, i have traded forex for some time. I was holding a fairly conservative position in silver ($38000) on Friday last week, when the market suddenly dropped 4.38%. Even with more than 50% of the account positive (about $1100), when i logged in i was almost immediately given a message that my account was "within five percent of a margin call." i did not know that silver had plummeted so much in one day (a highly unusual event, unlike any in the past several months and without a hint of any predisposing factors, apart from the fact that it's general knowledge that JP Morgan are short several times the world market supply of silver). I immediately deposited $1000 but in spite of this, i was closed out, losing $2400 to Oanda's liquidity providers and Oanda commissions and salaries. My complaint is not irrelevant: when i called support (online support at Oanda is prompt but unfortunately, i was handed off to a second agent after five minutes who then told me a manager would look into the matter two days later. I had to wait up to five minutes for a reply sometimes from these agents, who don't have any motivation to help clients margined out). My complaint is that my payment of $1000 supposedly arrived at 22:35.37 pm according to Oanda servers, while the margin closeout took place at 22:34.01 exactly. What i do not accept (i have worked in IT for thirty years) is that the Visa payment took more than three minutes to reach Oanda's payment servers. I believe the payment was deliberately delayed or perhaps automatically backdated to give the appearance that the funds were not received 'in time.' Since i had booked a cinema ticket at about 6 pm the same night (with the same credit card...not so smart if Oanda staff were hot on my tail: this is not so farfetched you know, since Chinese staff can be paid in cents an hour rather than dollars to do this monitoring nowadays) and when i booked that ticket, the transaction processing time for allocation of the funds and seat assignment (not a simple proposition, actually) was INSTANT, i do not understand why Oanda raped my account and then refused to say sorry. People like myself do not give up easily, as you can see from my profile description. I will work very hard to recover all my funds from Oanada which i worked very hard for and which took years and years to earn. When i eventually profit from my Oanda trades, i will not give up but make sure that as many others as possible who have suffered the same injustice and insult are fully compensated and can recover significant profits from Oanda. Contrary to popular conspiracy theories, bankers do not own the world (though they greedily covet it every moment) they do not own the people of this world. We are the equity of this planet and any banker or banker-friendly type reading this be warned: there is a successful way to rout out (i use the words of Andrew Jackson with respect) those of you who truly are despicable thieving scum, and to prevent your scurvy from troubling the good peoples of this planet. There is a way (in fact a composition of means) which, together, will (i use these words with holy respect) "GRIND YOU INTO POWDER." Of course, i speak metaphorically as to the destruction of your means to rob clients and commit further crimes. But my words are of little power; His are not.
 

Pharaoh

Colonel
Messages
20,176
1. This is another example of why trading more than the tiniest lot sizes without stops is suicide. Had the price drop happened while you were away from your computer, you wouldn't have had any chance to even try to save yourself by closing positions or adding more money.

2. Check Oanda's policies on deposit carefully. Those may specify the maximum amount of lag time between a transaction reaching Oanda's servers and the money being credited to your account. Contact them pretending to be a "potential client" and ask how fast a credit card deposit is is if you find yourself in a margin call situation.

3. Ask your bank to check and see exactly what time the money should arrived at Oanda's end.

4. See if you can work your way up to someone higher up the food chain at Oanda. First tier support agents usually work from standardized scripts.
 
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