Disliked{quote} Yep it came about when CVC Capital Partners bought OANDA. I'm a long-term trader with OANDA (since 2005) and it used to be a better broker than now. I used to trade on D1 charts but the increased swap rates plus the financing costs decreased my profit too much that I stopped trading on D1 charts. As the equivalent of a hedge fund CVC wants to make profits even if it's a detriment to traders.Ignored
That was the last straw for me before leaving Oanda. It has seriously gone down hill since the take over of CVC. Increased overnight rates, having to reapply for pro account and an increase in core spreads made me move. I have actually left Retail Forex altogether and have moved to futures. No real difference when trading on the daily charts which is what I cover. I moved to Interactive Brokers.
For example, A current short on EUR/USD (6EN2021 on CME Futures) that was triggered on 06/16/2021 and is currently active as of this writing, has cost $2.47 for 1 contract at $6.25 per tick. The equivalent at Oanda would have cost (with a Pro Account) Commission = $2.50 in, average half spread 0.05 = $0.31 and short for 20 days of interest on $62,500 @ 20 day average of $1.07 per day= $21.40 for a total of $24.21. If it was long under the exact same scenario it would be closer to $75.00!! A damn rip off!!!.
That is a huge difference. Now the margin requirements are very different but in all honestly, its a good thing. Keeps you from over trading. EURO futures margin on 1 contract is $4500. On Oanda for the same amount is about $1500. Im alright with that considering the overall costs. Just some information that may help a fellow higher time frame trader.
Good Luck,
- Ric
Be humble or get humbled
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