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  • #6,701
  • Mar 20, 2022 7:15pm Mar 20, 2022 7:15pm
Quoting hazelj80
{quote} Yeah because in the USA it's illegal for a broker to offer cfds. And the only way you can trade them is with a prop firm because prop firms aren't brokers but use those at your own risk.... I just might....
who have you looked at? Yeah risky but isn't every broker. LMAO
  • #6,702
  • Mar 20, 2022 7:18pm Mar 20, 2022 7:18pm
Quoting tommbstone
{quote} who have you looked at? Yeah risky but isn't every broker. LMAO
that's not what i mean at all. all i said that you cannot trade CFDs as a us trader unless you're with a prop firm
  • #6,703
  • Mar 31, 2022 5:30am Mar 31, 2022 5:30am
Hello traders,

My name is Ton and I’ll be able to respond to any questions or inquiries that you might have regarding OANDA, our products and services. Please feel free to reach out in this thread or PM.

Thank you

Disclaimer: Leverage trading is high risk. Losses could exceed investment.
  • #6,704
  • Mar 31, 2022 10:46am Mar 31, 2022 10:46am
[quote=OANDA;13952412]Hello traders, My name is Ton and I’ll be able to respond to any questions or inquiries that you might have regarding OANDA.

Awesome!
It's great to know someone is here.

Here's a question:

Is OANDA considering making any additional instruments available for trading, such as XAU, XAG Bitcoin or anything else?

Thanks for any info.
  • #6,705
  • Edited 3:51am Apr 1, 2022 12:49am | Edited 3:51am
Quoting OANDA
Hello traders, My name is Ton and I’ll be able to respond to any questions or inquiries that you might have regarding OANDA, our products and services.
Hi,does Oanda (UK) plan to offer higher leverage since UK is not part of EU anymore and therefore shouldn't be constraint by EU rules(ESMA)?
I specifically mean leverage for Bonds that are notoriously low(20%) to do any serious short term trading.
  • #6,706
  • Apr 1, 2022 2:48am Apr 1, 2022 2:48am
Quoting Bill88
Awesome! It's great to know someone is here. Here's a question: Is OANDA considering making any additional instruments available for trading, such as XAU, XAG Bitcoin or anything else? Thanks for any info.
Hey Bill88,

May I ask where is your account based? We offer a range of different products depending on the division your account is located in, so if you let me know I can investigate if we are adding those products in the future.

Disclaimer: Leverage trading is high risk. Losses could exceed investment.
  • #6,707
  • Apr 1, 2022 4:34am Apr 1, 2022 4:34am
Quoting xy100
{quote} Hi,does Oanda (UK) plan to offer higher leverage since UK is not part of EU anymore and therefore shouldn't be constraint by EU rules(ESMA)? I specifically mean leverage for Bonds that are notoriously low(20%) to do any serious short term trading.
Hi xy100,

Thanks for your question. In fact, we follow FCA regulations (No: 542574) and not ESMA's. The leverage we offer is based on the guidelines set by the FCA mandate.
Hope that makes sense.

Thanks,
Ton O.
  • #6,708
  • Apr 1, 2022 1:46pm Apr 1, 2022 1:46pm
Quoting xy100
{quote} Hi,does Oanda (UK) plan to offer higher leverage since UK is not part of EU anymore and therefore shouldn't be constraint by EU rules(ESMA)? I specifically mean leverage for Bonds that are notoriously low(20%) to do any serious short term trading.
Check this.

https://www.fca.org.uk/news/press-re...tail-consumers
  • #6,709
  • Edited Apr 2, 2022 9:33am Apr 1, 2022 2:20pm | Edited Apr 2, 2022 9:33am
Quoting cuchuflito
{quote} yes, trader´s skills. I had an OANDA account for 15 years (really), the only advantage they offer is the 1unit trade, no lots. Otherwise, they are extremely expensive: spreads almost double Ic Markets. And swaps, overnight and weekend are outrageous. I´ve seen EURGBP weekend spread jump to 15 pips, meaning, tons of traders trading M240, M60, etc. will most likely be wiped out at the Sunday night opening. Oanda is simply bad business...like renting a shop for more than the revenue you will make. I quit OANDA a year ago..never coming back....
Expensive? It depends what you are trading, and what's your trading style.

I've been day trading Oil, and I tried numerous brokers, but Oanda is the best and the cheapest for trading Oil CFDs. Frankly, when I started looking for the broker, I was intentionally avoiding Oanda for long time, because of the well spread rumors about Oanda's expensiveness.
Holy cow, for trading Oil CFD you won't find cheaper retail broker. Prove me wrong!

Last but not least: an option to trade 1 barrel of Oil (as well as 1 unit of currency) is really exclusive to Oanda; and I'm skipping other things like Oanda's clients order book, and rich API for Algo traders.

(on the screenshot: left is "cheaper" IC market, right side is Oanda live. Oanda charges only spread, I do not know if IC Market charges commission )

Oh, yes I know, Oanda is market maker.
Attached Image (click to enlarge)
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  • #6,710
  • Edited 5:39am Apr 2, 2022 12:51am | Edited 5:39am
Quoting OANDA
{quote} Hi xy100, Thanks for your question. In fact, we follow FCA regulations (No: 542574) and not ESMA's. The leverage we offer is based on the guidelines set by the FCA mandate. Hope that makes sense. Thanks, Ton O.
Can you explain this article to me that says ("Under our rules, UK firms must limit leverage for CFDs and CFD-like options referencing certain government bonds to 30:1 (compared to 5:1 under ESMA’s measures)."
https://www.fca.org.uk/news/statemen...nd-cfd-options

As i understand it says there that they are well aware how Bonds are less volatile and leverage should be higher than ESMA.
What am i missing?
And just to explain why am i going on about this. Trading full margin position when you have good entry with SL near by, it only allows you to risk not more than ~0.25%/0.3% of you entire account balance and forget about trading another instrument at the same time.
  • #6,711
  • Apr 4, 2022 9:23am Apr 4, 2022 9:23am
Hi xy100,

Could you PM me where your account is based? I'm investigating this further for you internally, but regulations can change according to where the account is from.

Thanks,
Ton O.

Disclaimer: Leverage trading is high risk. Losses could exceed investment.
  • #6,712
  • Apr 4, 2022 11:49am Apr 4, 2022 11:49am
Quoting OANDA
{quote} Hey Bill88, May I ask where is your account based? .

I'm in the States.
  • #6,713
  • Apr 5, 2022 9:13am Apr 5, 2022 9:13am
Quoting Bill88
{quote} I'm in the States.
Hey Bill88,

Unfortunately, we are unable to offer commodities due to regulatory constraints. You can read more here: https://www.oanda.com/us-en/legal/

As for crypto, we are looking to expand the offering in the Oanda Corporation division soon.

Hope that answers your question.

Thanks,

Ton O.
  • #6,714
  • Apr 6, 2022 4:54pm Apr 6, 2022 4:54pm
Quoting OANDA
{quote} Hey Bill88, Unfortunately, we are unable to offer commodities due to regulatory constraints. You can read more here: https://www.oanda.com/us-en/legal/ As for crypto, we are looking to expand the offering in the Oanda Corporation division soon. Hope that answers your question. Thanks, Ton O.

Thank you for checking into it.
  • #6,715
  • Apr 7, 2022 1:01pm Apr 7, 2022 1:01pm
Quoting Bill88
{quote} Thank you for checking into it.
Until last year the OANDA spread for BITCOIN was fixed at $30 so it was easy to trade and make a profit. Now the spread is variable but always above $90 and that makes it a lot harder to make a profit. This is the reason why I no longer trade it.
Attached Image (click to enlarge)
Click to Enlarge Name: OANDA - BTCUSD.png Size: 40 KB
  • #6,716
  • Apr 8, 2022 3:47pm Apr 8, 2022 3:47pm
Hi guys! It's tax season in my region and I'm wondering how to go about doing them. Since OANDA (U.S.-based) doesn't offer a 1099 form, what documents do I give my tax accountant? I gave him a printout of my latest Account Statement from the OANDA Trading History tab on their website, but I was told that that document will not suffice for filing my taxes. I have read about Section 988 and Form 6781, but I have zero experience with filing my own taxes.

Can I simply request my accountant to look at those tax regulations/forms and have him file my taxes accordingly? It's my understanding that accountants in the U.S. might be inexperienced with retail forex trading, and so just need to be informed about the above regulations I mentioned. Is this true?
Trying my best.
  • #6,717
  • Apr 8, 2022 3:58pm Apr 8, 2022 3:58pm
It's pretty straightforward.
Report this on your 1040 as "section 988, forex gains/losses", it could be either a positive or a negative number.
Report only the PNL amount as of Dec 31, 2021 which is found on your broker's annual statement.
No need to provide detailed trades to the IRS.
But I recommend faxing the 1st page of the annual statement to the IRS to show them how you arrived at that number.
Now some ppl claim that you can elect 60/40 treatment of your spot forex trades.
But I am not so sure.
Perhaps what they mean is that if you trade forex pairs as futures contracts then you can elect 60/40 which is certainly true.
But for spot forex I am reluctant to choose 60/40 because I am not sure that this treatment is applicable despite
claims on the internet that it is possible.
Can somebody here confirm that he's been filing spot forex gains/losses as 60/40 for the last few years and got away with it?
  • #6,718
  • Apr 11, 2022 3:41am Apr 11, 2022 3:41am
Quoting moondoggie
Hi guys! It's tax season in my region and I'm wondering how to go about doing them. Since OANDA (U.S.-based) doesn't offer a 1099 form, what documents do I give my tax accountant? I gave him a printout of my latest Account Statement from the OANDA Trading History tab on their website, but I was told that that document will not suffice for filing my taxes. I have read about Section 988 and Form 6781, but I have zero experience with filing my own taxes. Can I simply request my accountant to look at those tax regulations/forms and have...
Hey moondoggie,

Thanks for asking. Your accountant should be able to understand the tax regulations/forms and tell you the required documents even if they are not familiar with forex trading. If you request any other document apart from your annual statement, please do reach out to [email protected] and our agents will be happy to help with the request.

Also, take a look at @snikoz-cad response and maybe there are any other traders here that have had a similar experience?

Thanks,
Ton O.
  • #6,719
  • Apr 11, 2022 3:52am Apr 11, 2022 3:52am
Quoting snikoz-cad
It's pretty straightforward. Report this on your 1040 as "section 988, forex gains/losses", it could be either a positive or a negative number. Report only the PNL amount as of Dec 31, 2021 which is found on your broker's annual statement. No need to provide detailed trades to the IRS. But I recommend faxing the 1st page of the annual statement to the IRS to show them how you arrived at that number. Now some ppl claim that you can elect 60/40 treatment of your spot forex trades. But I am not so sure. Perhaps what they mean is that if you trade forex...
Hi mate! Thank you so much for your detailed reply, I really appreciate it I'll keep these things in mind the next time I speak to my accountant.
Trying my best.
  • #6,720
  • Apr 11, 2022 12:46pm Apr 11, 2022 12:46pm
Quoting Hutch
{quote} the spread is variable but always above $90 and that makes it a lot harder to make a profit. This is the reason why I no longer trade it. {image}

Good info.
Thanks for the heads up.
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