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  • #6,381
  • Dec 18, 2020 1:13pm Dec 18, 2020 1:13pm
Quoting imwim
{quote} So, after 11pm 31st December 2020, we can trade further in the current Oanda account or not ???
As far as I understand if you do nothing you have the same account, but without "EU regulations protection".
It seems to me they would rather have me "move to the Malta one"...
It needs more investigation, there´s a few days left.
  • #6,382
  • Dec 18, 2020 1:16pm Dec 18, 2020 1:16pm
Some more on teh subject:

https://www.financemagnates.com/fore...nt-to-migrate/
  • #6,383
  • Dec 18, 2020 1:48pm Dec 18, 2020 1:48pm
Just contacted them, you can keep the old account and open a new one in the Malta subsidiary (Europe).
Or stay in the old one, UK based.
You can keep both, "for a while"!
It is a completely new account, you have to follow the whole process of crating a new account, including paying for the money transfers. For example, take the money out to your Bank, (pay the fees), and transfer to the new account, pay again...
  • #6,384
  • Dec 18, 2020 4:39pm Dec 18, 2020 4:39pm
Quoting cuchuflito
Some more on teh subject: https://www.financemagnates.com/fore...nt-to-migrate/
Reading the article the only conclusion is that it's best to stay with OANDA UK because of the £85,000 account protection in the unlikely eventuality that OANDA goes bust. Malta has no such protection. The UK will surely lose financial firms that will move to the mainland because of Brexit. As a result, it will never force EU customers to close their accounts with any of their brokers unless the UK government becomes stupid
  • #6,385
  • Dec 19, 2020 2:22am Dec 19, 2020 2:22am
Quoting Hutch
{quote} Reading the article the only conclusion is that it's best to stay with OANDA UK because of the £85,000 account protection in the unlikely eventuality that OANDA goes bust. Malta has no such protection. The UK will surely lose financial firms that will move to the mainland because of Brexit. As a result, it will never force EU customers to close their accounts with any of their brokers unless the UK government becomes stupid
The leverage for OANDA UK will remain 30:1 or it can be bigger after 11pm 31st December 2020 ?
I am who I am
  • #6,386
  • Dec 19, 2020 3:38am Dec 19, 2020 3:38am
Quoting Hutch
{quote} Reading the article the only conclusion is that it's best to stay with OANDA UK because of the £85,000 account protection in the unlikely eventuality that OANDA goes bust. Malta has no such protection. The UK will surely lose financial firms that will move to the mainland because of Brexit. As a result, it will never force EU customers to close their accounts with any of their brokers unless the UK government becomes stupid
Understand Hutch, but from the tone of my chat with customer support, it sounded like , being a EU citizen, I will be allowed to keep my UK account "for now".
I guess there´s simply tons of uncertainty with Brexit. I mean, they calculate 2 years, untill they can work out the rules of flying with pets between UK and EU.
Till then your pet will have to stay at home!
  • #6,387
  • Dec 19, 2020 12:57pm Dec 19, 2020 12:57pm
Quoting imwim
{quote} The leverage for OANDA UK will remain 30:1 or it can be bigger after 11pm 31st December 2020 ?
I asked them exactly that and representative said that for now, no updates on the mater were given and if anything changes we will be notified.
  • #6,388
  • Dec 19, 2020 1:22pm Dec 19, 2020 1:22pm
Quoting xy100
{quote} I asked them exactly that and representative said that for now, no updates on the mater were given and if anything changes we will be notified.
Indeed, FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers:
https://www.fca.org.uk/news/press-re...tail-consumers
I am who I am
  • #6,389
  • Dec 19, 2020 3:48pm Dec 19, 2020 3:48pm
Quoting imwim
{quote} The leverage for OANDA UK will remain 30:1 or it can be bigger after 11pm 31st December 2020 ?
I don't know but as long as Canada allows trading for non-Canadians living in other counties I will remain happy.
It looks like the UK will force FCA to shoot itself in the foot and lose lots of financial customers.
  • #6,390
  • Dec 20, 2020 1:17pm Dec 20, 2020 1:17pm
So finally decided to take advantage of the end of the year, withdrew all my funds, and created a new "Oanda Malta/Eu" account.
So far so good.Waiting for my money to reach my bank safely before I fund the new account.
Now the options are: Bank transfer, credit card or Paypal.
Question, after what happened to people having troubles withdrawing, on the basis of having changed their original private account (which is completely unacceptable from Oanda).
In my opinion when I want to withdraw, It is my money, so I am the one telling them where to send it, they charge for it mostly anyway.I have never ever seen a similar procedure from a Bank, broker or the like!!!
Back to my question to you guys and girls: Which funding method would you recommend?
Thanks in advance.
  • #6,391
  • Dec 20, 2020 2:34pm Dec 20, 2020 2:34pm
Quoting cuchuflito
So finally decided to take advantage of the end of the year, withdrew all my funds, and created a new "Oanda Malta/Eu" account. So far so good.Waiting for my money to reach my bank safely before I fund the new account. Now the options are: Bank transfer, credit card or Paypal. Question, after what happened to people having troubles withdrawing, on the basis of having changed their original private account (which is completely unacceptable from Oanda). In my opinion when I want to withdraw, It is my money, so I am the one telling them where to send...
If a trader changed his/her original account one trick that I used before was to deposit funds using the new bank account that way Oanda recognizes that bank account. I no longer trust Paypal since it always wants people to link our Paypal account with a bank account and and I don't want to take a risk. For me the best method is to use a bank transfer.
  • #6,392
  • Edited 1:53pm Dec 21, 2020 4:33am | Edited 1:53pm
  • #6,393
  • Edited 1:54pm Dec 21, 2020 4:52am | Edited 1:54pm
  • #6,394
  • Dec 21, 2020 5:43am Dec 21, 2020 5:43am
It's simple :
- withdrawal using a debit card can be made in the same amount like the total amount used to deposit fund using this debit card still valid
- else withdrawal using a bank transfer (SWIFT code) for any funds related or not related to a previous deposit by a debit card
I am who I am
  • #6,395
  • Dec 21, 2020 6:04am Dec 21, 2020 6:04am
Some more bad news.
I just talked on the phone to a German employee from OANDA in the UK.
Asked him if OANDA´s forex trades are CFD trades!
Yes, they are!!!
Meaning, day- trading "CFD Forex", in Germany, is for the moment, finished. Unless of course you love the Finanzamt and want to work for them!
The new law was passed on Friday!
The next question is: what about "spot Forex" (leveraged), with a non-market maker, ECN broker?
  • #6,396
  • Dec 21, 2020 9:21am Dec 21, 2020 9:21am
Apparently they're opening (moving?) offices to Malta ahead of Brexit. The FCA regulation is better than the Maltese one though. :/
  • #6,397
  • Dec 21, 2020 1:54pm Dec 21, 2020 1:54pm
  • #6,398
  • Dec 22, 2020 1:37am Dec 22, 2020 1:37am
Finally made it to withdraw all my funds .
They charged me 60 Euros for 2 Bank Wires.

That´s what I call a friendly Market-Maker.
  • #6,399
  • Dec 22, 2020 3:22pm Dec 22, 2020 3:22pm
Quoting cuchuflito
Finally made it to withdraw all my funds . They charged me 60 Euros for 2 Bank Wires. That´s what I call a friendly Market-Maker.
In the good old days there were no fees because you could withdraw using a check. Now brokers like wires or bebit cards.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Withdrawal.png Size: 30 KB
Click to Enlarge Name: Costs.jpg Size: 141 KB
  • #6,400
  • Dec 22, 2020 4:17pm Dec 22, 2020 4:17pm
Anyone know why all ready retarded high Oanda swaps were 10x today?
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