Oanda Reviews

Hi there, just wanna share my experience with Oanda. If your a newbie i suggest not to trade with them specially if you're a small time trader no matter how good you are theyl still get you and they want your money really bad small or big this is Forex its rigged but there are ways to beat them. Try to build your account in an " Offshore " Brokers some people pay its risky its true, but your not gonna invest so much money on them try to put 50 $ or 100$, 1k on your account and observe like if you made profits Withdraw it right away save enough funds to stay in the market and see if the services like deposits/withdrawals are good keep doing it in-order to gain each others trust. Oanda just like any other brokers in U.S has their own rules and youre litterally slave that works for them unlike Offshore brokers you take control of you F*** money its yours you can do what you want, trade on your own risk. i trade with another broker now . if you happpen to find any reliable offshore brokers out there just read the rules and regulation and always keep in-touch .

oanda is stealing traders money by withdrawing money from your account for being inactive. This is never was in agreement when I signed it. I never was notified of this changes via mail or e-mail. Big fraud company!!! Run away!!

They closed out my trade for no apparent reason. I've been on hold, waiting for customer service for over 30 minutes. Funny thing is, they're recorded message says, "Your expected wait time is between 2 and 10 minutes." Hahaha...jokes on me! This is the 3rd time they closed out my trade. This time, my stop loss was 50 pips away, so that can't be there excuse for closing it out.

I sent them withdraw proposal to cash my profit of 16 000$ back to my bank account. They said that I can withdraw - only the same amount of money which I have deposited earlier(1000$). I started complain procedure and after while they sent me a message with withdraw approval. Before some days they closed my wining trade without explanation. They claim that the price moved back sharply and hit my stop. I sent them a screen shot which show that my Ask price has never touched my stop order. I have only Ask and Bid price on my charts. The average price is deselected. They sent me their screen shot where the price hit my stop order. There are the screen shots available : https://www.facebook.com/photo.php?fbid=1593682873979150&set=p.1593682873979150&type=3&theater

PS: The frauds start when you become constantly profitable trader and you make more then a 1000$ weekly. If you are not constantly profitable – they will not mess with you.

I have been trading with Oanda (Singapore) for a couple of years now.
In summary, this is what i feel:

Pros:
Good trading platform (i like the Entry Order which allows to manage my risk accordingly)
Wide Range of products
Decent Spreads
Comprehensive backoffice (may take some getting used to)
No issues with withdrawals

Cons:
Spreads can widen alot even during non-volatile hours
Support is hit-and-miss
Poor swap rates
Wide spreads for crosses like GBPNZD, AUDSGD etc
Trading platform can sometimes consume alot of computer resources

I am with Oanda since 2006 and always had good service. Re-quotes are few and spread and swap (although it is computed by the second) is fair. Further, the fund withdrawal process is fast and efficient. What else can I ask for?

I was having issues with OANDA scalping a few months ago and their Singapore office was very helpful in resolving this.

Excellent customer service.
Execution is good now.

Very happy.

I have started a thread in the scammers section Oanda won't return 2000 deposit. Be very careful with this company. I initially chose them based on there rep. But this seems to be taking a turn based on recent reviews here and other sites. Perhaps the change in ownership is the cause. Never liked the idea of a DD but option are limited for US customers. At this point with my experience with Oanda I would give 0 stars an a strong warning Trader Beware.

OMG WORST company EVER. I had plan to open a large account with them contact them 3 times vie chat, form and email for them to call me out NO CALL. I open a standard account online I submit all paperwork they want Still NO HELP. then a guy calls me up (Nick from a Canadian number) interrupts me more than 10 times wouldn't let me talk then when i asked him why would I even want to open an account with them with this type of customer service Like a sore loser He screams We DONT WANT YOU ANYWAY.
WOW WOW WOW. I would never ever Do Business with such a company. They don't have my money yet thats how they treat me, How are they gonna treat me when They DO have my money. STAY AWAY.

I just started with Oanda a month ago, so far I'm happy with acc management. will update.

Not bad actually... can scalp... no pb in withdrawing...think that they r one of the best Market Makers. MAS regulated...You might know how MAS carefully choose the brokers in Singapore.

I've been trading with Oanda for around 5 years and will now move elsewhere, after they stopped me out 4 x wider where i had my 'protective' stop loss set. This has happened way too many times now.
They deny this and state that the order executed as intended, after 'investigating' it. I can allow some slippage, but no more.
I would definitely NO RECOMMEND Oanda.

This broker has always been good but why did they shut down current we after buying it? It wa great! Very sad about this. I hope they offer social Trading again soon. No problems though and mt4 execution is fast etc.

This company never has given me any issues with any withdrawal or any of my scalping trading style or the signal providers I use. I highly recommend them and hope they continue accepting US clients!

Oanda used to be excellent. No complaints.. However the quote for example for ftse100 index futures is at about 6815, compare it to oanda and it's at 6858 now. When approached, oanda brushed it off by saying that's what they offer and it is close. Obviously something is really wrong here.

To describe Oanda in one word is that they SUCK!!! I have been a customer for 10 years, but ever since they changed ownership, they have not been the same. Their main office moved from NYC to Canada. Their customer service has been outsourced to a "Boiler Room" in India. This company is a "Bucket Shop"; meaning that your trades stay with Oanda and trade against you. They love to move the spreads so they can win and you can lose. I would highly recommend an ECN broker.

This broker always processes my deposits and profit withdrawals very fast. No issues. The people that complain about them I feel do not understand the seriousness of FX versus a casino. The staff has always been good to me... Just my 2 cents! Thanks Oanda!

I applied for opening a live trading account, send some documents and everything seemed alright.
On the second day I decided to register using cahbackforex link to get some rebates for my trades and asked my manager Lorin M. about this service. She and OANDA support desk ignored my requests multiple times. On the fourth time, they merely noticed that they will not discuss this issue and I must solve the problem on my own.
Whe I sent them the scanned original copy of bank statement with all the stamps and signatures of my bank, Lorin told me that I need "true copy" stamp and they will not accept it.
When i argued that the original bank statement does not require "true copy" stamp - simply because it is an original - she asked me "not to speak with her in such manner".
I decided not to continue and cancel my registration.
Incompetent and unfriendly staff - my work with OANDA UK finished before it started.

I have been trading with OANDA for almost 4 years now excluding demo account period. I have gone through some ups and downs with this company. I would say they used to have really good spreads that go as low as 0.8 pips for EURUSD during a certain period but I occasionally see 2 pips or higher for EURUSD now. It is a sad fact after reading the reviews but it seems like many others are right and that this company used to be one of the best but is slowly starting to be greedy with profits.

I'm a newbie, and have opened a demo account with Oanda. I have found their email tech and chat tech service excellent. Their demo has not time limits, and one can buy currency pairs by single unit lots, and trade in increments of $1. Their fxTrade platform has instant execution, reputed to be much faster that MT4's.

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..

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.

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.

Pros:
- Nice platform (although a little slow)
- Fast fills
Cons:
- HUGE SPREADS on FX and CFDs
- 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.

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.....

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.

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.

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.

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...

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.

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.

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.

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.

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

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!

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!

I have been with Oanda for the pass 6 years. They are not perfect. After how they handled CHF disaster Jan 15 2015. I know I am going to be with them for life..

OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients.

OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough (where permitted by regulations).

Thanks for having our back when we need it the most.

I have been trading with oanda for 6 months. Working my tail off to try and make it in the forex market. For a while I was making money. My account increased by 10 percent! Then some weird and unexpected things started to happen. I would place a trade only to see the price action switch and grab my stop loss. This happened so many times I thought there was something wrong with me. But I then took a look at some of the things on youtube about market makers and found that market makers work with brokers. I found that usually brokers and market makers work together on a daily basis, but not for long term trading. So I started trading long term thinking that I wouldn't get caught by Oandas market maker. On January 14 the chf/jpy took a record move long and Oanda claims that the banks would not communicate with them at this time because of chaos in market volitility. I lost 9000 pips more than I was supposed to. They wiped out more than one third of my account. I called in. I asked to speak to a manager and a supervisor. After a lot of talking the manager admitted that the only way Oanda has a chance of making money is by being a market maker. Totally admitted it! I felt like throwing up. If you want to keep your money than find a broker that is not a market maker. Dig deep and make sure it is true. If you don't want your stupid money go with Oanda. I will be looking into this further to see if I can get some of this money back.

BEWARE: OANDA FREEZES CC DEPOSITS WITHOUT GROUNDS
Tried to fund my OANDA account with a credit card deposit of $1500. The transaction was declined by OANDA, so I checked my card details and tried again for the same amount. Again it was declined. I then checked my bank account, only to find that OANDA had indeed received $1500 twice! So OANDA is now holding $3000 of my money which they supposedly declined (my account has NOT been funded). After contacting OANDA, I was told that the funds were frozen awaiting an investigation due to an address mismatch. I withdrew funds from OANDA not too long ago, so there is no address mismatch. I trade with a number of different brokers and have never had issues such as this. I'm completely done with OANDA!

USD/CAD spread on a normal day with Oanda is below 2% until there's a news event that increases volume and volitility where they will suddenly increase the spread to 8 or 9%. They're Market Makers and don't play fair.

I dont usually leave review.but I have too. Oanda is not a good broker. They trade against his client. They arent what they are supposed to claim. Dont waste your time here and go find a real ecn professional broker.

if open account not hard，I will get it 5 star. But it's very hard(I'm in China),so I give it 4 star.As a forex broker, I like it.
customer service is not very good, need fill a lot of information.

I have traded with Oanda many years. They just widened the AUDNZD spread by 32 pips, no news, no reason and stopped me out. I do not like them so much anymore.

I am with them from 2008, but it's come worst year after year.

This week they go up the swap by 5 times.

Proof here: http://nimga.fr/f/EaGP0.jpg

I think the way trade executed by Oanda,maybe it is a MM broker.

If you thinking to try to find an ecn broker, you dreamin' !

bad experience ...i use my master card ..made hold for money..and oanda decline deposit..(they accept one before) ,,told me that role changes ..without any information on site///loss time and waiting for my money to come or not
Masaaki: Was this a MasterCard debit card?
khaled: yes
Masaaki: or a regular credit card?
khaled: MasterCard debit card
Masaaki: Ok, thank you.
khaled: used before with oanda
khaled: last year
Masaaki: One moment please.
khaled: ok
Masaaki: Is this a prepaid card?
khaled: yes
Masaaki: Ok, I'm sorry then we are not able
to accept prepaid cards.
khaled: but you accept in Reference #
12108878 last year
khaled: !!
khaled:*****878 2013-02-22 20:36 Deposit
Mastercard ********9099 - 12/15 MT4_USD
***** ,,**** USD Completed
Masaaki: That was a different card.
Mastercard - ********9099
khaled: but debit prepaid in same
account...just replaced(lost and replaced from
bank)
khaled: the money go to hold
khaled: you tell in your site that you accept
debit...so what will happen...wasting for
money and time?
khaled: i trust your site information...
khaled: you are with me?
Masaaki: Yes. I double-checked and even
though you were able to deposit with the
prepaid MasterCard debit card the last time,
we have made changes and we are not able
to process prepaid cards.
khaled: i must know about changes..or you
must change site information
khaled: i will fill complain ...using this chat

Oanda has improved considerably over the past few years. Yes, customer service can be difficult (although it also has improved) and, yes, spreads for news traders are impossible. From my perspective they still appear to be a market maker/dealing desk but I cannot say with certainty.

As long as you are not a very short term trader Oanda should be fine for you. I've had no difficulty with deposits or withdrawals - tho you must do both exactly right or it won't work.

Upon testing various brokers I have picked Oanda for real trading and stayed with them. Yes, sometimes spreads are crazy due to news release, but it is understandable. Reliable, fast and trustworthy... and of course NFA regulated. I have no issue with them.

Yes, spreads are very during news times. If you want to trade news releases, this is not the broker for you.

However, if you are a position trader they are the best out there. Excellent and fair interest rates that reflect actual money market conditions. No better place for carry trades.

Please do not waste your time with this broker. They use low spreads to lure you in but spreads can go up to a few hundred pips during huge volatility. You will just get stopped out with this kind of broker. total waste of time

This broker has horrible spread during ALL NEWS events and during low liquidity, check this link out.
http://fxtrade.oanda.com/why/spreads/recent
I had been stopped out 3 times in a row, 2 during economic news and 1 during low liquidity like 5pm NY time with a spread of 15pips, so I pulled all my fund out.

On EURUSD
I had a pending order with 16pips stop when the less important news released, price was 8pips away from my entry (triggered my sell order) and reversed for 5pips enough to stopped me out less then 5sec (price was 7-8pips away from my stoploss). When I talked to them they said are going to follow up with it but did nothing all the time.

My last trade with them price stopped me out (6pips away) on a trade that I had open for 3hrs ago at 5pm NY the max spread 15pips as you can see the link to the chart above (Jan 13 at 5pm)

Don't use this broker let them close the doors for good, they steal from their customers.
If you're a new trader, trading small size that mean you don't pay enough commission that why they stop you out like this.
Take it from me or find out by yourself. Good luck.