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Quoting easttechDislikedThe problem with them is at news time during key news events, they will increase their spreads from their normal 1.8 for example to 20 or 30 or more! They are obviously trying to discourage news traders.Ignored
Quoting easttechDislikedMr. Trend either hasn't been with Oanda long or he has a vested interest in them. I was with them for over 4 months and I can tell you first hand many of my technical trades were stopped out because of 20-30 pip spreads at news time. They also had some “spike” mishaps that prematurely stopped people out at times too. I dumped Oanda over a month ago as did many, many people and now Oanda is started to get back to reality because they’ve lost so much business. To say they never went over a 20 pip spread is not correct. They absolutely did. Oanda does have some pros but their spread increasing games weren’t worth it. Just read around any forex forum about Oanda and you'll know this is the way Oanda works.Ignored
Quoting Mr TrendDislikedI don't really care who you go with, and I will agree that there is widening, but who doesn't widen? That's the nature of the beast. This topic has been discussed many many times before...
I've seen 20 pip spreads on GBP..Ignored
Quoting easttechDislikedObviously Mr. Trend has not had or researched many Forex brokers. For the record, they do not all increase spreads at news time so I don’t know why he would even say that. And the comment about reimbursing their clients? I can give you names of many traders who never saw a dime reimbursed to them by Oanda. And this should never happen in the first place. As I mentioned, I use FX Solutions and they don’t widen spreads on me. They don’t spike price to take out their clients. Not all brokers are the same.
And to say you’ll gladly give Oanda 20-30 pips at news time, you’re immediately in the hole by $200-$300. You better be playing a news release that historically has 50+ pip move or you will lose money unless you get a $1700 Bloomberg news feed and try to play the spike.
Lastly, news trading is one of the best ways to make money in this market and the brokers know it. That’s why brokers like Oanda, fxcm and other pull this spread widening garbage on their clients. They want a piece of the action. Plain and simple. And all news releases aren’t a piece of cake to trade. If you don’t know what you’re doing, you’ll lose your shirt. NFP is not always money in the bank. No news release is. There are many factors to consider before trading any news.Ignored