Oanda Reviews

DO NOT. I REPEAT DO NOT JOIN THIS BROKER!!! YES. AS A U.S RESIDENT, OUR OPTIONS ARE LIMITED AS TO WHO WE CAN USE A BROKER FIRM, BUT IF YOUR
INTENT IS TO USE THIS BROKER THINKING YOU ARE GOING TO MAKE MONEY IN THE LONG RUN, YOU ARE IN FOR A RUDE AWAKENING!!! THIS BROKER DOES NOT
WANT YOU TO WIN!!! WHEN YOU WIN THEY LOOSE. WHEN YOU LOOSE THEY WIN. NOW THEY WILL TELL YOU THAT ALTHOUGH THEY ARE A DEALER DESK, THEY DO NOT
HAVE CONFLICT OF INTEREST WITH THEIR CLIENTS, THAT IS A TOTAL LIE. THEY WANT YOU TO LOOSE ALL YOUR MONEY. ESPECIALLY IF YOU ARE ON THE RIGHT
SIDE OF THE TRADE. THEY WILL FREEZE YOUR ACCOUNT WHERE YOU WOULD THINK IT WAS YOUR INTERNET CONNECTION ONLY WHEN YOU LOOK AT OTHER MT4 PLATOFRM FROM OTHER FX BROKERS AND REALIZE THAT THEIR PLATFORM SEEMS TO BE WORKING FINE, BUT OANDA/ATC IS DOWN. WHY? BECAUSE THEY DON'T WANT YOU TO PLACE MORE TRADES TO MAKE MORE MONEY AS THEY SEE YOU ARE ON THE RIGHT SIDE. HOWEVER, IF YOU ARE THE WRONG SIDE, THEY WON'T FREEZE YOUR ACCOUNT.

THEY WILL ALLOW YOU TO PLACE MORE BETS BECAUSE YOU ARE ON THE WRONG SIDE.
FOREX IS HARD AS IT IS, BUT MY ADVICE TO ANYONE LOOKING TO USE OANDA OR ATC AS A BROKER, HOLD ON TO YOUR MONEY.
PLEASE. HERE IS THE TACTIC THEY WILL USE. IF THEY SEE THAT YOU ARE ON THE RIGHT SIDE, THEY WILL LIMIT THE AMOUNT OF MONEY YOU CAN
BET ON A TRADE. BUT WHEN YOU ARE THE WRONG SIDE, THEY WILL ALLOW YOU TO USE MORE TO BET. I'M TELLING YOU. STAY AWAY FROM OANDA/ATC.
THEY DON'T HAVE YOUR BEST INTEREST AT HEART. THEY ARE AGAINST YOU!!! THEY WANT YOU TO LOOSE. THAT IS HOW THEY MAKE MONEY.

NOW THE 3 DAY MARGIN RULE. THIS IS ANOTHER WAY THEY MAKE MONEY. THE BIG BOYS WHO TRADE THE FX MARKET ARE IN COLLABORATION
WITH OTHER BROKERS THAT USE THE BULLSHIT 3 DAY MARGIN RULE IN MY OPINION. THIS IS NOT A FACT, BUT JUST MY OPINION. SO THE BIG BOYS WHO TRADE FX WILL STALL THE MARKET REALIZING THAT PEOPLE ARE ABOUT TO HIT MARGIN CALL DUE TO THE THREE DAY RULE SO THEY WILL KEEP THE MARKET FROM MOVING IN YOUR DIRECTION UNTIL AFTER 3:45PM EST.
i'VE SEEN IT TOO MANY TIMES. SO FOR US IN HE U.S, OUR OPTION IS VERY LIMITED. MY ADVISE IS TO FIND ANOTHER BROKER OUTSIDE THE U.S.
AND LEAVE THIS BUCKETSHOP BROKERS LIKE OANDA/ATC ALONE. BUT MANY WILL NOT LISTEN UNTIL THEY'VE BEEN BURNED. I'M SPREADING THE WORD SO THAT OTHERS WON'T MAKE THE SAME MISTAKE i MADE. OANDA IS A CROOKED BROKER. THEY DON'T HAVE YOUR BEST INTEREST AT HEART. THEY WANT YOU TO LOOSE YOUR MONEY.
THEY WILL FREEZE YOUR ACCOUNTS CONSTANTLY WHEN THEY SEE YOU ARE WINNING. WHEN YOU ARE THE WRONG SIDE, THEY WILL NOT FREEZE YOUR ACCOUNT. THEY WILL ALLOW YOU TO PLACE AS MANY BETS AS YOU COULD. STAY AWAY. DO NOT SAY I DIDN'T WANT YOU!!!

I funded the account with low money, usd 35.

Then i used the mt4 platform but did not work. The customer care told me that i can use it only using THEIR platform cause the mt4 requires more money.

So i asked the money back but i cannot withdraw the money, with the same paypal mail, the option was unavaiable.

So i asked the money with another paypal mail, the same account in my name but they requires a payment of 1 usd to verify it.

I funded the account with 1 usd but it wasnt enough, they told me that i have to go
to "manage funds" and make another payment of 1 usd.

I logged in, go to manage funds but there are no option to make this payment.

i tried to withdraw with bank wire and they're still reviewing the statement of my bank from weeks ago...

I now escalate the controversy using paypal.

I do agree for most trader that input there review regarding to the broker Oanda.com
Its true they do steal your money. It happened to me twice on a positions of $1.00 lot and suddenly became $0.90. Not sure what happened there. I wonder how did that possible happened when i have over $4k in account. Other thing that happened to my account as well. I have position that I been holding for more than 10 days. Each day they do charge swap fee. I do understand that every broker do charge swap fee. While I have that account floating. On the friday before week end My position that I been holding and being charge for swap fee every single day. I know that in the following week EU will finally bull. Then i received an email stating. " Due to my account fall into NFA" been holding for 3 consecutive days they have to close positions.
And I know I would of made money and got out of my loosing trade on the opening market day. Sad part is I also made a deposit before market close just in case. But their spread sudden increase before market end then close my position and took my money from account. SMH.. Im not sure if others experience it as well.
Its not the first time that ever happened to me.....

Just got slipped for 100+ pips on my stop loss on AUDJPY on a wick that doesn't exist on turnkeyforex or IGs charts. May 1 2100 UTC if you're curious. Completely inexcusable for a "regulated" exchange. Better off offshore where at least you can expect to get f***.

Horrible customer service. Basically holding my money hostage. I tried to withdraw my account through a bank transfer but was declined because they said I must first exhaust the withdraw through my debit card. This card no longer exist but they assured me to "try" it anyways and the bank would sort it out. I started with with 20$ to test and while the transaction was completed my bank does not see the transfer and basically told me that this is not possible. When I called Oanda back they are now saying that I need my bank to send them a statement saying the debit card is no longer active. I did, twice, and now they are not responding. I don't have a very large account so maybe the bigger customers get better service but this has been the worst customer service I've seen. Every call to them takes 30min before you get a person who basically tells you to email them (which they don't respond to)

Just got off the phone with OANDA after being on hold for 30 mins. I moved a stop loss to break even this morn on a eurusd trade. Double checked it twice. I was stopped out at the original stop loss I set when I took the trade. My loss.
After over mins on hold waiting for help the super nice young man told me evidently there was a qlitch. My loss.

The loss I can handle. The rep I talked to was awesome. I am done with the mins + plus of hold time every time I call them.

Next stop is Oanda.com to close the account and move them to another account.

May 31, 2018 - 2 Stars I have 2 long term accounts with Oanda and I must say they have the worst customer service of any broker I have every dealt with.

Most of the time when I have tried to contact them I get tired of waiting and hearing about how their call volume is so high and just hang up with no assistance from them.

I am almost 100% convinced now that Oanda is a scam. I have observed a consistent pattern of winning trades reaching only about 2%, while losers run forever (if you do not use a SL order; if you do, your 2% winners will abruptly reverse and hit your SL). This happens again and again despite reliable setups, indicators pointing toward bigger wins, overlays, you name it. Nothing that should be at least somewhat reliable ever is. Winning trades NEVER run on this platform, only losers. That this happens over and over again is, I believe, no accident. I am about to pull all of my funds from Oanda, never use them again, and tell everyone who will listen to stay away from them, too.

Total Scam, do not give them your money!

While in my most profitable trade of the year I was ready to take profits. They halted trading on my account until the currency pair reversed and wiped out a huge portion of my profits. Then they let me trade again. THEY WILL NOT LET YOU KEEP BIG WINS. They expect like most traders you'll lose money. If you make more than you deposited they charge you to take your money out.

Customer service takes over an hour and sometimes they just disconnect.

They do not answer emails.

They hide money taken out by the swap.

Their spreads are horrible and significantly wider than advertised.

4 years as an Oanda customer, very happy for the first 3 years. And from then to now only DISAPPOINTED, so terrible broker. I got disconnected to their sever during the high volatile trading hours many many times. There are too many maintenance without notice may cause by sever crashed or their software issues... If you are currently with oanda, should prepare carefully in case of the worst things coming.

Overall, I would have to say that I give this broker a 5 star rating. Never had an issue with my trades, deposits or withdraws. I would however without any question give them a 1 star rating on their customer service. The absolute worst experience ever!. It has now been 2 hours, and I am still on hold trying to get into contact with a representative.

Hi all,

Currently trying to reach out to an OANDA Client Experience associate to ask them why a recent position on January 3rd, 2019 did not execute upon hitting Take Profit. I had sent them 2 emails last week, as well as spoke to a representative who went by the name of Chloe. She informed me the inquiry would be addressed within 3 business days. It has now been 3 business days and the issue has not been addressed. It's near impossible to get a hold of someone through chat or phone unless you wait more than half an hour.

I have been trading with OANDA for approximately 3 years with my corporate account and individual accounts and have made thousands of transactions with them. They have garnered ample revenue from my side throughout these years via their spreads, yet cannot tell me when they are able to get back to a concern I have dealing with a question relative to a non-executed trade. This is due to extremely high volume and not enough support. Below is a chat transcript I had today:

Jochen (1/7/2019, 1:01:06 PM): Thank you for contacting OANDA. My name is Jochen. How may I help you today?
Me (1/7/2019, 1:01:21 PM): hi
Jochen (1/7/2019, 1:01:35 PM): Hello Holden
Me (1/7/2019, 1:02:00 PM): Hope you're doing well. I have a question about my account and a position that was not executed last week.
Jochen (1/7/2019, 1:02:24 PM): Okay
Me (1/7/2019, 1:02:39 PM): I have sent the front desk 2 emails and spoke to a client support specialist, who informed me the inquiry would be addressed within 3 business days.
Jochen (1/7/2019, 1:02:43 PM): How can I help you here
Me (1/7/2019, 1:02:56 PM): It has now surpassed 3 business days and no response
Jochen (1/7/2019, 1:03:10 PM): the email is with us
Jochen (1/7/2019, 1:03:25 PM): The responsible agent will respond back to you asap
Me (1/7/2019, 1:03:27 PM): I'm currently calling OANDA and have been on hold for more than 30 minutes.
Jochen (1/7/2019, 1:03:47 PM): Due to the holidays we have had less staff on and the volumes have been intense
Jochen (1/7/2019, 1:03:50 PM): My apologies here
Me (1/7/2019, 1:04:01 PM): Please do so. I've been a customer for 3 years and find your service wonderful.
Jochen (1/7/2019, 1:04:38 PM): Understandable
Me (1/7/2019, 1:05:05 PM): I'd hate to post on FPA and rant about customer service, but that position was the largest profit on a single position in this account. It's very important to me to maintain the trust. Thanks Jochen.
Jochen (1/7/2019, 1:05:34 PM): you can rant if you wish sir, this is your good right
Jochen (1/7/2019, 1:05:47 PM): the email is with us and we will take care of your concern
Me (1/7/2019, 1:06:11 PM): I know, but I'd like to speak with someone to find the reason as to why my trade wasnt executed before I do so.
Me (1/7/2019, 1:06:13 PM): Thanks
Jochen (1/7/2019, 1:06:33 PM): We will take care of your email sent to us
Jochen (1/7/2019, 1:06:45 PM): and will get back to you asap
Jochen (1/7/2019, 1:07:00 PM): thank you for your great approach today
Jochen (1/7/2019, 1:07:06 PM): I appreciate it highly sir
Me (1/7/2019, 1:07:14 PM): Thanks again Jochen. Have a wonderful day.

Afterwards, I asked Jochen if I could get a ballpark estimate into when the inquiry could be addressed. He could not provide me with one and soon thereafter, without asking me if I needed anything else, ended the chat abruptly. Once a customer support representative picked up via phone after 42 minutes on hold, he told me the same but was more cordial.

I'd be happy to provide a screenshot of my trade wherein the position was not executed. It was a significant profit relative to my account balance, over 20%. The horizontal blue line on MT4 representing the TP level is clearly indicated and the price action on the pair displays that it surpassed this price. Looking at the historical spreads on the OANDA website, there was more than enough room for the pair to be executed.

To be honest, this is the first issue I've had with their business and hope it will be resolved in a timely manner. They have always been very fair as to trade execution personally speaking, but this is something that needs to be addressed. It's probable they will tell me there was a price differential between the MT4 platform and their platform, and if this is their response, I will no longer be using their services as this is not the fault of the customer.

I often encountered lagging on the Oanda platform resulting in heavy losses in the 200k range. When I started to trade smaller lots this doesn't happen anymore but Oanda suspended my account as a result. I switched broker and has been profitable since. Trade with caution if your broker is Oanda.

The spread will widen like crazy and ten times compared to the current broker I am using. I did a comparison over two days.

Worst spreads.
Even charge for transferring your own money.
Pathetic customer service.

unite state has only few broke that trading forex but is getting complicate with this broker oanda customer services is not what i expected after waiting more than one hour to find out about my deposit the agent was not able to help stay way from this broke is dificult to contact them

I've sent few question to frontdesk with several email account but they never reply. I've tried online chat few times and told me they will reply by mail but never got reply.No way to open account with such company period.
Don't even think about it.

I have been with Oanda for about 3 years now with really no issues. Whenever I have reached out to them, they are always responsive. I use their Mt4 platform, not the Desktop one.
I deposit and withdraw with no issues.

I see comments on here about getting stopped out when price does not seem to touch someone'e preset stop loss order. In 99% of these cases, this is the result of a trader who does not understand market liquidity and spreads. I would venture to say most of these occurrences happen on more "exotic" pairs even ones like GBPNZD and EURNZD and they prob happen around changeover times (NY to Asia and Asia to London) as well as around major news times when spreads widen temporarily. Even though price (the candle/bar) does not appear to hit your stop price, you get stopped out anyways. This is a result of the spread widening and bid or ask hitting your stop. This can be avoided by using a wider stop loss or not entering trades at these more volatile times. It is NOT the brokers fault and they are not targeting your stop loss. In the US, the regulators would slaughter them if this was ever found out. I can't say off shore unregulated brokers would never do this, but I would bet my account Oanda and other US regulated brokers do NOT.
Also, large banks and hedge funds also know where poor retail traders normally place their stop losses even if they cannot see them. This is typically around recent swing highs and lows on lower time frames (1 hour or so). Since they know there is a large pool of liquidity in those areas in the form of retail trader stops they can tap before sending the market in their direction, they simply buy up (for a sell) or sell down (for a buy) in order to trigger those stops then they slam the price back the other way. It's perfectly legit and legal--albeit frustrating when it happens. But again, it is NOT the broker so PLEASE stop blaming them for your understanding about how the market works and what the "big boys" are doing!!! If your stop is to close, then lower your lot size and move the stop further away if you have conviction for your trade!

No broker is perfect and Oanda is no different and some of these other complaints may or may not be genuine, but again I would say there are prob 2 sides to a story and we don't know the whole back ground to these. There are always "one off" situations. But stop blaming your broker for your shortcomings!

That's my rant...

I opened an account with OANDA and trade through FXTRADE, this platform is good, I enjoy the charts. However, I noticed that my money has been disappearing slowly and margin calls all the time. This time I lost 12,000 again during a FXTRADE technical issue. I feel that they are manipulating their platforms so you ended up in margin calls and also I noticed that it triggered far away your target. Also, there is not a good technical support, their chats are always saturated. SUCKS


OANDA IS ONE OPF THE WORST FOREX TRADING COMPANIES. I had bad experiences with both and hope to find a better FOREX TRADING COMPANY IN US TO OPEN AN ACCOUNT...

SCAM SCAM SCAM

I have had an account with Oanda for a while now and noticed some very dodgy action on there side, however never pursuing it.

Last week however i was stopped out of all my trades as I has supposedly hit the 50% margin level. Firstly I think this is a disgrace they have a margin liquidation at 50% but you sign up and read the T&C right? Wrong as the previous week for example I also got a email saying I was below the 50% margin level and what they done was closed out 2 trades that were in profit which resolved the issue ( I had about 7 other trades running some in profit some in minus at the time) So thats the first thing you cannot have set rules and regulations that you wish to pick and choose as and when yo follow.

The the worst part now. once I had calmed down after being wrongly closed out of all my trades I realised I wasn't even at the 50% margin level. Its not rocket science if your hitting 50% margin level or below you are in a minus half your account size or more. However the loss I took was not 50% or greater of my account confirming I couldn't have been at the 50% margin level. which is confirmed in an email that they have played out trying to explain why I was stopped out! bad maths on there side.

Customer service WOW! shocking. I have now left 8 messages with my manager Mathew Cox and not heard anything back! avoiding me or what! not even a courtesy call to say we are dealing with it! just total silence. I can't get an email address or contact number for him either!

I wil be taking this further I am going to report to FOZ and other regulations. I also work with the Oman and Saudi royal family who all trade and know big players in the trading world. Some who are actually with Oanda who are going to leave and everyone will soon be writing comments on how much of a disgrace this is!

Oanda is a Scam ,i confirm to all traders that: do not open a trading account with this brocker ,this brocker go for your stop loss .you can’t trade with them ,a huge spreads and commission.
If you want to trade forex and make money stay away from this brocker.
If you are really good when you start to make mokey you will see you trading platform MT4 disconnect everytime you are on a trade .

Oanda's latest weird problem (MT4)-

When I have pending orders, some of them get triggered behind the scenes at Oanda but it never gets reflected on my side, I still see those order as being pending orders in MT4. When I check the order status from my script, I get the info from the server that those orders are pending orders.

Now - if I log out and then immediately log back in, suddenly some of the orders that used to be pending just seconds before that are displayed as positions. That means they are triggered behind the scenes but I don't see it in my MT4 terminal. Obviously, when I try to close some orders I get FIFO violation message because there are some other hidden position(s) in my account that I don't see until I re-login and those hidden positions are older since they have the same origination time as pending orders they originated from. Please see the screenshots:

Before the logout - pending order 202542444 and 202542445 are displayed as pending orders and the current price is above the pending orders >>> 1.17640:

[​IMG]

Now I log out and log back in just seconds later and suddenly 202542444 and 202542445 are not pending orders anymore. The price haven't moved much though, it's still above the pending orders >>> 1.17637.
Please also notice the time - it's the same time when the pending order was placed (am not sure it's supposed to be that way):

[​IMG]

And that means if I tried to close any orders before the re-login, I would get FIFO violation message since the time for my pending orders now turned into positions would be way older. That is because the time for the orders triggered behind the scenes is the same as when the pending order was placed. By the way, I am not sure this is supposed to be like that either. That should be the time when the order was triggered, not when it was originally placed as a pending order.

I hope this info might help some people who think about opening a live account with Oanda. I do have one with them but after all those weird things I am thinking about moving my money somewhere else. Too bad, there aren't many FX brokers who take US residents.

PS. I started working on that issue with Oanda's support last week, but there is no resolution as of now and the problem persists. The tech support guys told me they would work with MetaQuotes on that. Didn't hear from them sofar. Obviously, I stopped trading live with them, now it's demo only until the issue is fixed or something.

Absolutely terrible. I am unable to get them to send my funds back. I have 3 weeks and hours on the phone with them, DO NOT USE OANADA!! Still today they have no idea where they sent the money. Just a big run around.

I had to Contact regulators about this brokers Unethical Behavior.

They Claim they will Execute Trades at your Posted Stop Loss (SL) & Target Price (TP). However my Last Trade was filled over 125 Pips From My Posted Stop Loss. I contacted the Account Manager and all I got was Nonsense & No reason for This Fill , except of a market Gap.

They Advertise they will Fill at your Posted Price, but Then Do OTHERWISE.  They Advertise low Spreads, but Found Spreads would Widen after a Trade was Placed .

Customer Service is Non Existent as They took over 3 Weeks to Respond to a Problem, I was having with a EA (Expert Advisor), and Then went To left Field stated It Might Be This without saying WE JUST DO NOT KNOW.  Problem was Corrected thru the Platforms Provider, It had a Bug that they were able to FIX quickly .

After I funded the Acct, It Took over a MONTH to start trading , with Back & Forth Emails stating my address has a Problem. For Heaven sakes alive, I sent all Documents and they could not RECTIFY THIS PROBLEM, UNTIL I FINALLY CALLED BY TELEPHONE (Complete Disgrace )

I can not recommend Placing any Trades with this UnReliable Broker. as They make FALSE PROMISES , Provide No Support , & Do Nothing to make the experience of Trading a worthwhile Venue.

They Need Much Improvement on Integrity , RELIABILITY, & Quality of FILLS.

If you are an American looking for a FX broker, we all now know that you have extremely few choices.
OANDA has proved to me that they are the best (of the two) by offering round the clock support and no issues ever with execution or withdrawals.
Obviously they cannot provide the insane leverage the Cyprus/offshore brokers can, but they offer a professional trading environment for the OTC markets.
As long as you aren't doing any "arbitrage" trading I really don't think you will have a problem here.
I've used EAs, signals, and manual range trading here and never had any issues getting trades to go through immediately or withdrawing my funds.
Very pleased with OANDA Brokerage!

this is the response I got from a 4 month long grievance were oanda robbed me of profits:

Hello Mr. Wood,

We have already discussed this with our legal team and $1600 USD is our final offer. We are also giving you 3 days’ notice that we are terminating your account as per section 25 of your account agreement which you can review here. Our offer of $1600 for settlement of your dispute will remain open for those 3 days, but the offer is withdrawn once your account is terminated. Please let me know if you want us to prepare a settlement agreement for you, otherwise there is no need for further communication outside of any legal action you may wish to pursue.

Thank you,

Richard Therrien

Jan 13, 2018 - 1 Star started 2 months ago, Ive seen a lot of shady shit go down, straight up lying about spread costs as a commissioned client, trades closing out of nowhere, evasion, they cooked me on $1000 dollar trade my head hasn't been right since. I requested that my commissions be refunded and further the trades lost because of misrepresentation of the facts be credited....I was offered a premium account, after they already know im done with them...the only reason my money stay in the account is I m worried something weird will happen on transfer....taking them to court

I moved to Oanda from another broker. I think there customer service needs to better because one time I had a platform issue, I could not talk to them. I dont think they are ECN. That would be good. I use their web account for trading Forex, it blocks time intervals at times . Their dashboard for account is good. Their order processing is also fine , and it is easy to use. I am checking some of their deals lately, if I like them and some tech issues get resolved , I may continue with them.

I called the sales dept. and waited 10 mins, then the (end of call) auto survey came in and disconnected me. I guess they don't want the sale. Then I called again, and finally got through.

On the 2nd call, I was educated by a sales rep from Oanda, he gave me an example: that if you open a premium account the spread will be reduced by 0.2, and Margin level is 50% close out.

So for a $20,000 deposit, in my opinion, it's not worth it when other brokers are providing the same spread or less.

Oanda is a big scam, they go for your stop loss even though it is 10-20 pips apart from the current price your trade will be closed. Already filed a complain with the pictures and proofs.

oanda closed my account been a client more than 5 years.they ve send 1 mail i didnt see it they didnt bother to phone me.also there support chat getting worse everyday been able to contact them after 4 days in waiting.stay away

They hunt my Stop Loss continuously. Emailed them with pics and still not being fully refunded. After a while I just gave up requesting my money because they did not answer. I fell like my account is sandboxed and they just want to drain me up. I give them 3 stars because they are just like others are. However, I cannot recommend them.

I've been trading with Oanda now for 2 years without problems...
I mostly trade the news, so execution and slippage are keywords for me.

Their execution and slippage are very low, especially on the "new" v20 accounts, EVEN during news!
Their spreads could be better, but the most important thing for me is that they are safe to trade with.

I just hope they will offer cryptocurrency trading soon...

The ONLY reason I have an account with Oanda is because they the only ECN account I can use in the USA without having 10 million to open the account (everything else is Dealerdesk). Other than that, I mean………..they are really a bad company to work with…………..truly. Even withdrawing money turned into a 2-3 week issue for me…….but of course…………..deposits work just fine. You cant even delete payment methods off their website once its added…………even if the payment method is expired and haven’t been used in almost 2 years. And if you want funds sent to a different card other then your expired payment method, then you have a submit a form verifying the payment method (mind you the card expired in 2015), is indeed expired, and that you wish to have the funds transferred directly to the bank using checking and routing number ($20 fee). I wish I was making all this up ☹ . The only reason i gave them 2 stars is because they have one of the most functional forex sites i seen. Everything is horrible.

Oanda has variable spreads and they will spike for numerous reasons. The maximum spread on their pairs is from 30 to 60 pips and it will be reached quite often. It will be reached on several news releases and even for news that is for a different market. For instance, the Non-Farm Payroll data or the Pending Home Sales data in the U.S. will cause pairs like the AUD/CHF or the GBP/NZD to spike to their maximum value. This makes Oanda completely unreliable because you never know when a spread spike is going to happen and take your positions out for a grotesquely expensive spread. You're not going to follow the news schedule for every markets and wonder if it will affect your position in another one. Moreover, their spread are going to oscillate around a certain average but they easily double for a fraction of a second for no apparent reason. Interestingly, when the price comes close to your stops but there was still enough room (considering the average spread) for it to not be triggered, the spread is magically going to increase and take you out. With other brokers you might have an order that comes to a single pip or being executed but with Oanda you can forget about that. It seems like they have a piece of code in their system that increases the spread when there are orders sitting around. Market regulators aren't going to start inspecting their code. Of course, they always say that it is due to market conditions and liquidity but it is often not. Sometimes there is barely any movement following a certain news release but the spread will still spike for a fraction of a second. It would be understandable if there was indeed increased activity, volatility, lots of transactions. If their spread increased and was larger than usual for a certain amount of time in these conditions it would be legitimate. But, quite often, there is nothing at all and still you get these spikes. Moreover, it is only for a fraction of a second so it is more of a system technicality than anything related to the markets. I find this completely dishonest. I have closed my account and opened another one with FXCM where the spreads are stable and never get to those ridiculously exaggerated values of 30 pips or more that Oanda will use to steal your money.

I was migrated over to Oanda about 18 months ago by TradeStation.
Last week I called TradeStation to move my forex deposit to a futures account and was advised that my funds were at Oanda . They gave me phone number and I called to close the account and remit funds. They asked me for void check and drivers license to confirm Sent immediately. A few days later I asked them by email when my funds would be sent. They replied that they needed additional information. I asked "What additional information" They replied that it had to match TradeStation info. TradeStation told me that my info with them is EXACTLY the info I sent. Seems like the delay delay delay routine that many pursue. They are Not Available on phone support. Looks like they hope I will give up in frustration. Surprised, but not really. I had noticed that they have done this over and over again. That's an indication of insanity. If a company does not have adequate phone support (Except Interactive Brokers who are GEMS!) Stay away!!

Still waiting for I pending withdrawal of more tan 5,000 usd, and they are trying to make my bank responsable, my bank already sent an email saying the never received the funds, Oanda insist i need a letter from my bank, letter that my bank has made very clear they are not sending, it been almost two months and Im at a dead end, I THINK OANDA IS NOT PAYING.

Been 3 years with oanda , now that i have started getting profitable and really good at it , i am noticing blatant SL hunting. The chat service after giving me 1 generic answer , adviced me to 'find another broker '.

Specifically , today i had a buy position and a SL at 1.18405. The oanda chart reached 1.18403 , and thus hitting my SL by 0.2 pips. On all the other charts ( such as investing.com , dailyfx.com etc. the price did not go below 1.18436 ). This was not a sell position so spread is not an issue , thus they actually did reduce the price of the candle. That blatant their SL hunting was.

When i did contact the chat service , i got a generic answer , to which i replied that this issue of mine is specific in nature. After my protest , the chat operator adviced me to find another broker , which in itself shows that they do not want profitable traders , which it shows that their profit comes from your loss , and thus they are nothing more than a bucket shop.

3 years of perfect service ( because i was loosing systematically as a trader ) , only to encounter such unethical practices and a help desk that is advising me to find another broker now that i am profitable. Which ofc i will , but i thought that this experience of mine will be to some help to other traders.

It is when you start getting profitable that they show their true nature. And for what is worth , go to oanda's live exchange rate CHART , and you will notice that they show ONLY the last 30 minutes. This way they can hide any potential stop loss hunting acitivity. Think about it , why wouldn't they show the history of their charts ?

I was of the opinion that Oanda was an OK broker and consequently I have traded with them for around 3 years believing my losses were my own fault and not the brokers doing. That was until I finally got my head out of the sand and listened to a profitable trader who laid out just how hard this game is and what I needed to do to get profitable. So I began doing the real work of Logging all my trades, Doing spread sheets to analyse my trades and my trading habits. It was when I finally made that effort I discovered just what Oanda is really up to behind the scenes.
I found on more than one trade I was getting stopped out by as little as a few ticks at a time so I did an analysis of the EURUSD Chart and the Candle wick lengths against another brokers chart (won't say who as I don't want to infer anything about their own suitability) and found that Oanda's wick lengths were around 0.3% longer at crucial support levels than the other brokers charts. I measured other candles at random just to be sure and at non crucial times and they were the same or very near. Lesson one use wide stops with Oanda!

Point number 2 is their platform FXTrade. Firstly NEVER use any of their default stoploss or position sizing in the User Preferences Tab.. I guarantee you will rarely if ever have a stop executed exactly on the pips you specify as the stoploss constantly moves around even during quiet market conditions. If you use both together then you are asking for even more trouble. In my own experience the stop always ended up smaller than the specified amount although larger WILL have you taking more risk than you would otherwise. Couple this with longer candle lengths and you can see where I am going with this! Bottom line is every time you open the order tab FXtrade inputs a 10 pip stop "If set at default stop" but the adjustment is way slower than the market price fluctuation. So if the Market does move suddenly you could end up with a much smaller stop than you should or even larger meaning if you do get took out will either loss much more or get taken out before you should. Add to this the Spread and you end up emptying your account much sooner than you intended due to too much risk.
Point in case this morning I set a stop of ten pips and entered the EURUSD long at 1.20595 so the default 10 pip stop should be 1.20495 right?....... Wrong! FXTrade set it at 1.20483 a full 1.7 pips shorter than it should be. I have reported this to them so lets see what the answer is. So set everything in FX Trade manually at least. I have yet to see an Official Oanda video explaining the actual workings of this platform so you can be in informed. I'm not talking about "how to's" but information on the true workings of these features so you can avoid foul ups!

Third point is spreads. Wide as the Grand Canyon during news events although I have noticed a slight improvement and also moving into the Asia Session they get a lot wider.

Point Four is slippage. In my opinion slippage is far greater than it should be and I have seen it go up during relatively small moves as well as the to be expected big moves during news etc. An £8 risk can easily slip to £10.

Point 5 customer service is slow and sometimes even goes unanswered. I had an account and tax question which it took around 2 weeks for someone to reply to. I will give credit where it is due though and the guy who phoned me at home was very pleasant and explained everything very well.

So to round up I am not blaming all my trading woes on Oanda. If I had bothered to educate myself properly I would have spotted all this sooner but I do believe they are playing games. Yes they have instant execution and very few platform problems, and yes they did wipe the slate clean after the Swiss floor broke but I think they saw this move as a perfect opportunity for Company PR and attracting new clients.
I know losses are expected and slippage etc happens but I do believe that the odds are weighted even heavier against you with Oanda. Their deposit and withdrawal is good and I'm sure they are better than some others but when you are trying to develop an edge you don't need anymore disadvantages through brokers messing around.

I noticed that OANDA increased the spreads in EU/US over the years while falsely advertising low and competitive spreads.
Large spreads resulted in large losses because orders were not executed due to the large spread.
OANDA has presently lawsuits in New York district court and Santa Clara Superior court, California for false advertising and fraud.

Stay away from this broker as their customer service sucks. How many customers write review of them, they dont bother to even address a single issue.
I have problems with the platform freezing every now and then. They said the reason to be my internet. I told them that MT4 of other live brokers are working perfectly, they do not have an answer, but they keep saying that they are looking into the issue seriously. Seriously for the last 2 weeks, still not having an answer. Atleast my time and energy writing emails with no response is the only result.
Will never recommend this broker. If you want a good broker, go for Global Prime, though they have only MT4. I was interested in Oanda as their platform is good (if it doesnt freeze) with Order indicators and Autochartist., but with a pathetic customer service and platform freezing, with no help from anyone, you would end up losing money. Avoid by all means. I have a live account, you may contact me for verifying the authenticity as I have chain mails with Oanda with their pathetic response.

I have been with Oanda for some time now, I was forced over from Trade Station. And while I have may issues with oanda the biggest 2 are this.
1. Hold times to talk to anyone will be from 20 min to 1 hour 37 min.
2. They have THE WORST Spreads durring time of news. Friday i traded the US/Cad and was charged 15 pips spread. While on there web site for Aug 18 there live spread never got above 6 pips. and there Historic data shows less than 2. I have had multiple times that i set a stop loss 20 to 25 pips above the entry, only to be kicked in and out instantly because Oanda's Spread rates.
I have contacted them and always get the same run around, they tell to review the historic data it will show that i was wrong, and there is noting they will do for me.
I have been comparing them with Forex.com (now gain capitol) and find, for so many reasons that Forex.com is head and shoulders, and body for that matter above Oanda. Take your business anywhere Except oanda

Whilst Oanda's trading platform (fxTrade) is good, and they offer a good range of markets to trade (esp. in areas that allow CFDs) their spreads are hideous. During news, or periods of lower volatility (which is most of the time), they make extremely wide spreads thus making it almost impossible to trade FX. Recently they have also doubled spreads in many of their CFDs (for no reason) which seems like blatant ripping off of customers. For example, oil has moved from 2pt to 4pts, Nasdaq for 0.5pt to 1.0pt etc. If you run the maths, you'll likely find that Oanda's wide spreads stop you being profitable.

I have been with Oanda now for 8 maybe 9 years.I always found them the best of the lot.
About 4 yrs ago they switched to "dynamic spreads" which was and never has been great for the end user.
Still I struck with them.
Just to add, if I am honest, I have lost far much money with them than I ever made, but that was completely my fault and not theirs.
I am now in a personal situation whereas I must gather together all my resources to care for someone.
I have asked to withdraw my balance with Oanda , a little over 3000 euros, and they are now making it difficult.
They say I can only withdraw to a bank account that is now closed.
They have a strange policy of amounts/methods that depict how much and where you can withdraw to.
The account I am asking to withdraw to by bank transfer has been used to fund the account and is in my name and address.
I will update this review, if and when I receive my money.

I've been with Oanda for couple of months and I am speechless how bad is their customer service. Basically they have no customer service you can rely on.
Try to contact their customer service anytime you want and you will see that I am right.
That's not the worst thing - the worst is they are stilling money from you and I started very good notices when I placed trade and what exactly I bought etc.
Nothing helped - for example I put order to buy USD/CAD at 1.2424 price drooped to 1.2417 but I never get filled (happened too many times)
Couple of weeks ago I put my stop at 111.38 for USD/JPY and I got stopped out even though price never drooped below 111.41 (besides Oanda I checked many other brokers and could not find even one broker that showed that price dropped to 111.38 that day.
The platform is very unreliable and consistently logs you off and on - I tried it on 3 different computers and laptop and got the same results.
Very disappointed client and cannot wait when I leave this broker..

My 5 cents.
They have shady advertisement about mini and micro lots.
For CFD they are not exist ( at least for Dow Jones US30US and JP225US)
Metatrader actually can open trade in minilots and micro lots but they took margin for 1 full size.I didn't loose because I'm lucky to have price moved in positive direction but
they took $1500 then I opened 0.01 size position ( the same happened for JP225US). Live Chat is useless : I asked about CFD price for full 1 lot DowJones30 - answer was $132,463.
CSR have no idea about Dow Jones future cost.

Maybe some of the nay Sayers should go back to when the Swiss pulled there crap move and blew accounts all over the world. To the best of my knowledge, Oanda was the Only broker to freeze all accounts so no one lost a penny from the moment that s--- hit the fan.

The spreads get wide around news and 5 to 7 Eastern, but most others do as well.

I can fund and withdraw with my debit card in an instant, with No Hassle at all.

I can almost give them 5 stars + is not for the spread fluctuations.

GREAT BROKER for those of us stuck with Dodd- Frank whako limitations in the US.

Only TWO(!) choices left for American traders and out of FXCM, FXDD, Forex.com that I have all used, these guys are the best.

The reviews here are shocking to me as people clearly don't get how a real broker works.

Never had any issues, every withdraw processed in literally one day.
Nothing to complain about.

The folks at Oanda have a very appealing platform. They support all operating systems (including Linux) and their mobile and tablet apps are really nice.
However when it comes to hearing the voice of the customer - they suck.
Yesterday I gave them a friendly advice, telling them that they should support ACH withdrawals as these are at no cost and give the customer the convenience of withdrawing from the account for some consistent income generation. Currently they support wire transfers only at $20 each and then the bank may charge its "incoming wire fee" and that doesn't make it very attractive for us which is a shame. I told them that this was the only reason why I decided to pull my initial deposit I made via my debit card (and you can do that for free only up to the amount of deposit, not beyond that).
In response to my constructive feedback - instead of saying "thank you for your input, we're doing something about it" or "unfortunately we are not able to provide this at this time", you know what they did? They locked my account so I can't login again and never responded.
I find this behavior very snarky and unprofessional. I was super friendly to them but they apparently think that they are on top of the world in the US market.
I want you to know Oanda folks? This attitude will start costing you in losing customers.

Wanted to update my previous review, my bank got the funds back from the recall request and they stated: The account it was returned from is the OFAC (Office of Foreign Assets Control) holdover. They did not provide any detail on why your transaction would have been held due to OFAC reasons.

Jul 2, 2017 - 2 Stars First off let me start off by saying that i've been with Oanda for about a month now and until these problems with the wire transfer started I was semi-satisfied with their product. I didn't like the fact that fxtrade both windows and android had freezing/performance issues. The windows version is fine as long as you don't open several charts at once. PTMC works with Oanda so thats what ive been using. Anyway back to the main issue...

Around the middle of June I found out that I can get the perks of Oanda Premium if I deposited a total of 20,000 and they told me the benefits of Oanda Premium will stay even if I withdrawal money out and my balance is less than 20,000. Oanda premium gets me a slightly lower spread and a few other perks. I decided I was going to obtain premium status and on 6/20/2017 I wired 14.000 USD to Oanda.

On 6/21/2017 9:16am my bank received a service message from HSBC (the bank Oanda uses) stating: FUNDS HELD BY OUR COMPLIANCE DEPT, NEED INFO and it proceeded to ask for my full name, dob, nationality, citizenship, country of residence, full residential address, detailed purpose of payment. An hour later my bank responded with the requested information.

On 6/23 my money still wasn't in my Oanda account and I reached out to them and if I recall correctly was told to have my bank check the status of it. On 6/23/2017 my bank told me that they would send a message requesting a status update. No response from their bank.

On 6/28 Oanda responses to me that they cant expedire a transaction under review by the banks but it doesnt actually say that they communicated with their bank HSBC about it. I enter the live chat and they can't confirm for certain that my money is being held by HSBCs compliance department. My bank has still received no response from HSBC. I call HSBC directly (worst bank I have ever dealt with in my life) and they can't give me any information but they didn't act like it was unusual and each time they put me on hold to contact their wiring dept it took forever so they must get a lot of issues. They insisted oanda contact them which ive already requested oanda to do and insisted my bank contact them and i explained they already sent messages but have received no response. HSBC later tells me to have my bank call them. I forgot to mention I have also requested twice now for Oanda to do a conference call with me and their bank so we can get this straightened out but they won't do it.

On 6/30 my bank calls them and they refuse to provide any information. I call HSBC again explain the situation and this time they claim they can't find the wire in their system but the rep viola may have just been trying to get me off the phone since she was tired of being on hold for so long with their wiring department. Oanda later sends me an email stating "Our partner bank, HSBC confirmed with us on June 28, 2017 that they are working with your bank on fulfilling requirements." and I responded that my bank hasnt received a single message since the initial information request (the one for my name, date of birth, citizenship, etc) then they responded they will follow up with HSBC again.

I decide that i'm going to file a police report so I request documentation from my bank showing all the transmissions and when I receive them there is no communication after the response with my information. So I have documentation of the 6/21/17 response to the compliance department but nothing after that until 6/28 where we requested a recall. I call my bank back and they claim that the pages must have stuck together when fed into the scanner and that they would send me the status requests via email. I never got that email so its possible my bank never requested a status request but i'm going to look into that further on monday. If my bank really didn't transmit a status request then i'll give HSBC a little more time before filing the police report.

I do not appreciate the lack of effort Oanda has put in to resolving this situation. I understand that my 14,000 USD probably means very little to Oanda and that calling HSBC is a nightmare they probably don't want to deal with it but this is the bank they chose to do business with. Oanda has also refused to provide copies of the email communications between them and their bank HSBC.

Oanda if you are reading this I recommend you setup that conference call so you can get off the hook for my money missing. If you prove to me that HSBC is the problem (which I already suspect) i'll limit posting this review (well obviously a summary as this is too long) to just a few sites. If not then lets just say no human is going to be able to reply to all of them.

Been with Oanda since 1999. There are a lot of obvious fake "reviews" here saying "Oanda no good - now use GOOD broker! It is <insert spam url here> and I velly velly HAPPY!!!!!!"

Or real reviews from people who have some obscure, weird gripe about the way Oanda does things or their spreads or whatever.

I just click-click-click and dump some money into my account via a debit card. Easy peasy japaneesy. Withdrawals are just as easy.

So go ahead & fool around with some other fx broker that's spammed here or go with one that's been in the game since at least '99 (I think they're acutually older than that) and just trade without drama. I'm done. Bye.

Echoing others here who have tried and failed to "register" a live account with Oanda - I've never in my life had such a poor customer experience. I upload the docs as requested - two government issued, one with visible security seals, the other with a verifiable business tax account number (I'm a sole proprietor) and of course my official bank statement. Hear absolutely nothing for 7 days ( a lifetime on the internet). They then send an email requesting a certified true copy of my 2 week old, 10 year passport. The government is confident in letting me travel the world freely for 10 years, likely because I am an honest, law abiding citizen..but, I'm clearly very suspicious to Oanda. Lol. In any case, I drive across the city to a notary, pay $55 to have it certified, upload it to Oanda and guess what? Today marks 7 MORE days of radio silence. Not a "sorry we won't be moving forward" or a "thanks for verifying your documents, go ahead fund the account" just more nothing. Over the last 2 weeks, I have sent a single email to Oanda requesting an update on this absurd process. No response to that either. So yeah, at this point I wouldn't consider depositing a single penny with them. Yesterday I bit the bullet and registered to open an account with another company (FXchoice) - I received an email in LESS than 24 hours congratulating me on successfully verifying my account which is now live and ready to fund. Oanda is a joke...don't waste your time.

I have been using oanda but after a year i switched to pepperstone and i never look back. Why? Because if the tight spread, better swap rate, high leverage and hedging at the same platform. My capital gain is at faster rate compared to oanda account.

https://pepperstone.com/?a_aid=Mikey2808