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  • #1,001
  • Oct 15, 2010 9:42am Oct 15, 2010 9:42am
Quoting Scotty B
I'm wondering if this is truly just a technical issue. Today's volatility isn't that crazy, it's about like other times.. It's Friday though, so it's not the end of the world to me. Hopefully they learn from this and it doesn't happen again though. Oanda is supposed to be the Cadillac of retail FX b-r-o-k-e-r-s.

Lost my first trade with Oanda because of their connection issues...Idiots...Its money thats on stake for Christs Sake..Do they realize this?
  • #1,002
  • Oct 15, 2010 9:43am Oct 15, 2010 9:43am
Quoting Scotty B
I'm wondering if this is truly just a technical issue. Today's volatility isn't that crazy, it's about like other times.. It's Friday though, so it's not the end of the world to me. Hopefully they learn from this and it doesn't happen again though. Oanda is supposed to be the Cadillac of retail FX b-r-o-k-e-r-s.

Yeah, Cadillac of "retail FX b-r-o-k-e-r-s" is like being the prettiest girl at the ugly dance. But I agree with you that maybe it is a technical issue. I've been with them for awhile and things are usually fine, but today is pretty bad.
  • #1,003
  • Oct 15, 2010 9:47am Oct 15, 2010 9:47am
Quoting The7
Lost my first trade with Oanda because of their connection issues...Idiots...Its money thats on stake for Christs Sake..Do they realize this?
The implication of my post is that Oanda may very well issue refunds to those who were adversely affected if you can show it was the result of their technical problem. If this is the case for you, and it was their fault, I'd ask for your money back. Chances are they will correct your account.
  • #1,004
  • Oct 15, 2010 10:11am Oct 15, 2010 10:11am
Quoting mizuno
WTF! Look at the spreads. Dear god.

Attachment
As a MM broker, times of high volatility are not good times for the(ir) little people to make money.
  • #1,005
  • Oct 15, 2010 10:46am Oct 15, 2010 10:46am
Oanda tends to be very unresponsive to their clients. The best way to show your dissatisfaction is to vote with your feet.
  • #1,006
  • Oct 15, 2010 12:23pm Oct 15, 2010 12:23pm
Finally found those people with me

http://www.forexfactory.com/showpost...postcount=2027
  • #1,007
  • Oct 15, 2010 1:19pm Oct 15, 2010 1:19pm
Quoting Cocoflanel
again 30 pips off quotes
their mobile platform at m.oanda has been working the whole day though.
  • #1,008
  • Oct 15, 2010 1:21pm Oct 15, 2010 1:21pm
Men,

Is Oanda always like this????????????

http://www.forexfactory.com/showpost...postcount=1076
  • #1,009
  • Oct 15, 2010 1:49pm Oct 15, 2010 1:49pm
from the website

https://fxtrade.oanda.com/login?y=2 :

System Maintenance Notice:
We are investigating a problem with FXTrade that is currently effecting a number of clients: we are working to restore full access for everyone as quickly as possible.
  • #1,010
  • Oct 15, 2010 1:57pm Oct 15, 2010 1:57pm
Quoting Buildcity
Men,

Is Oanda always like this????????????

http://www.forexfactory.com/showpost...postcount=1076
pretty shocking isnt it? on a great trading day aswell! i have lost money because of this, still waiting for a response on email from them.
  • #1,011
  • Oct 15, 2010 3:00pm Oct 15, 2010 3:00pm
Quoting notoriouskfb
from the website

https://fxtrade.oanda.com/login?y=2 :

System Maintenance Notice:
We are investigating a problem with FXTrade that is currently effecting a number of clients: we are working to restore full access for everyone as quickly as possible.
Their java app is pretty much untradeable the last few weeks. Any sudden movement on the euro and their prices lag fxopen, fxpro and Alpari by 10 to 20 pips - can't trade like this. Their purported 0.9 pip spread is true but only in calm markets.
  • #1,012
  • Oct 16, 2010 3:24am Oct 16, 2010 3:24am
People very often fail to understand that brokers are just another opponent in the forex game.

Market makers are here to make money, just like hedge-funds, banks, sovereign institutions, retail traders, etc. If it happens for them to make money out of your account....so it be ...they will gladly jump on you if they can.

Days like today are just gold for MM like oanda, because while their platform is having "troubles " they will jump and execute all SL they need to balance their positions against costumers. Most TP will not be executed until they turn into losers because...well because first by law they don't have to do it and second because they are having "technical problems..."

Let me explain it better......

Brokers trade against you all the time, according to their algorithms they fill a pool of orders until their risk exposure cote is completed. Then they use periods of high volatility or something else to "black out". While they are off line is the perfect time to square their books and start fresh because they can execute all SL and margin calls without having to execute Take profits, that maximizes their gains.

Take a look at forums from diverse brokers, a big chunck of complains are from TP not fulfilled until they become losers, while the SL and margin calls are religiously executed, in the case of SL even with some..huh slippage against you .

So.....next time you open a position, just remember that you are sleeping with the enemy, and you will get screwed if you don't protect your "derriere".

If the regulators were really on the side of the retail trader, they will crack down in this kind of practice. But this is something they will never touch because they are in bed with the big guys and the big guys have the big bucks !!
  • #1,013
  • Oct 16, 2010 3:32am Oct 16, 2010 3:32am
Quoting StephanusR
their mobile platform at m.oanda has been working the whole day though.
Not true. Their mobile platform was down intermittently too, though worked more often than the Java platform.

Oanda replied to my e-mail by crediting trades that were affected by the outage. They zeroed my trades, that is. I would advise anyone who has been adversely affected by the outage to contact Oanda and ask them to do the same.

This reflects rather poorly on them, but I do not think it was in any way intentional. Their reputation is harmed by this sort of incident, and the number of people who will now leave the broker likely costs them far more than any profit they might have made by hitting customers' stops. In fact, as I was trading small positions through the mobile platform during the outage, I can tell you that although the Java platform was showing quotes that were wrong, my positions were actually not being executed at incorrect prices. Stops were not being hit despite what price the Java platform was displaying. I think the disconnect was between the prices you saw on the Java platform, and Oanda's true market prices - which were correctly displayed on the mobile platform (http://m.oanda.com).

The main issue, as far as I can see, is for those people who were unable to enter or close out positions due to the outage. This affected me as the mobile platform went down after I entered a position, but as I said this trade was credited. I use MT4 for charting alongside my Oanda charts anyway, so I'm thinking I'll fund my MB Trading account again and have that ready as a backup. It's probably good practice to spread the load (and I think MB Trading has better spreads and execution during significant market events anyhow).
  • #1,014
  • Oct 16, 2010 4:35am Oct 16, 2010 4:35am
Just want to say that Oanda refunded double what I lost. this makes me a bit happier, but i just wonder would they do this so quickly if i was using large lots.

been trading for nearly 2 years now and i would say this is my first "broker incedent". I genuinely dont believe brokers to be as bad as what is commonly thought. like the previous poster said, if this kind of thing was happening every day with a broker they would lose a lot of customers.

anyway for now i am pleased with the outcome. for now.....
  • #1,015
  • Oct 16, 2010 6:37am Oct 16, 2010 6:37am
Fact: more people would have lost money yesterday if Oanda's platform didn't crash.
  • #1,016
  • Oct 16, 2010 9:13am Oct 16, 2010 9:13am
Quoting StephanusR
Their java app is pretty much untradeable the last few weeks. Any sudden movement on the euro and their prices lag fxopen, fxpro and Alpari by 10 to 20 pips - can't trade like this. Their purported 0.9 pip spread is true but only in calm markets.
it was a suck day all around my stop just above parity got taken out. kept 'disconnecting' from server. got short again around 9913 but was trying in the 50s
  • #1,017
  • Oct 16, 2010 10:12am Oct 16, 2010 10:12am
I also got the money back and a little bit more because of the inconveniences.
  • #1,018
  • Oct 16, 2010 11:18am Oct 16, 2010 11:18am
Quoting bugscoe
Fact: more people would have lost money yesterday if Oanda's platform didn't crash.
LOL, you're damn right, couldn't say it better.
  • #1,019
  • Oct 16, 2010 11:52am Oct 16, 2010 11:52am
Quoting Platypus
People very often fail to understand that brokers are just another opponent in the forex game.
Good post, Plat & I can not disagree with any of it. I have been trading with Oanda off and on for two years and I have noticed more dealer tricks lately than ever before. Early sl hits, late on the tp consistently. Early this week sl's were tripped erroneously for a loss even though they had been moved to profit beyond BE. Customer service slow to respond to this issue & when they finally did, admitting a glitch, they did not refund the full amount due. But worst for me is the continuous glitching of the platform. This is obviously done intentionally to discourage a consistently winning trader. I have to believe that because the alternative - that they can't figure out how to make the platform run without glitches - and given the huge amount of money they pull in which they could source to fix any problems - is just too ridiculous to entertain.

Oanda is a bucketshop and if you are a competent trader your funds are at risk there.

Beware the usual defenses thrown up here by the steadfast dealer affiliates.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,020
  • Oct 16, 2010 11:56am Oct 16, 2010 11:56am
Quoting The Fool
Good post, Plat & I can not disagree with any of it. I have been trading with Oanda off and on for two years and I have noticed more dealer tricks lately than ever before. Early sl hits, late on the tp consistently. Early this week sl's were tripped erroneously for a loss even though they had been moved to profit beyond BE. Customer service slow to respond to this issue & when they finally did, admitting a glitch, they did not refund the full amount due. But worst for me is the continuous glitching of the platform. This is obviously done intentionally...
ok so if oanda sucks as a broker what are other people using that are actually trading real money that they are actually happy with?
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