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Oanda.com Review Visit site

Updated: Aug 13, 2018
2.818 · 425 REVIEWS
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Oanda.com profile provided by MatthewC, Mar 22, 2016


 



Competitive Spreads



Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees



Exceptional Execution



Low cost of CFD and forex trading is more than just spreads. It's having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.



Award-Winning Online Trading Platform



Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.


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2.818 · 425 REVIEWS
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Let other traders know if this service is worth checking or should be avoided.

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Japan,
Aug 7, 2018,
Guest

No support no trust.

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.
Connecticut, USA,
Aug 3, 2018,
Registered user

Overall very happy with Oanda. Most complaints are unjustified.

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...
san francisco, USA,
Jul 22, 2018,
Guest

Oanda is one of the worst Forex trading companies

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...
Berkshire, United Kingdom,
Jun 12, 2018,
Guest

SCAM SCAM SCAM

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!
Florida, USA,
Jun 1, 2018,
Guest

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 .
Florida, USA,
May 31, 2018,
Registered user

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.
New York, USA,
May 21, 2018,
Registered user

Oanda Triggers Pending Orders Behind the Scenes

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.
Arizona, USA,
Mar 21, 2018,
Guest

Won't return money, Just getting a lengthy stall

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.
USA,
Feb 19, 2018,
Guest

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.
Tucson, AZ, USA,
Feb 9, 2018,
Guest

Simply the best Brokerage choice for American FX traders.

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!