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OANDA Discussion

  • #1
  • First Post: Nov 11, 2004 10:00pm Nov 11, 2004 10:00pm
last night i chatted with a representative from fxcm
when i mentioned oanda, he kept on mentioning that oanda is a very small company and not reputable. haha i understand that he's always going to back fxcm.
however, to all oanda live customers out there, have you faced any notable problems like difficulties in withdrawing fund etc...
appreciate if anyone can share their opinions here
  • #2
  • Nov 12, 2004 12:41am Nov 12, 2004 12:41am
Hi

Found the following on the different sites:

Oanda: "OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). OANDA's NFA number is 0325821"

FXCM: "FXCM is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). FXCM NFA ID#: 0308179"

So far so good, now for the answer (I hope) from FXCM's website - "Financial Standards and Oversight - FCMs are required to meet strict financial standards, including capital adequacy requirements. On a regular basis, FCMs are required to submit financial reports to regulators. These standards are enforced by the NFA, which has the right to fine firms and/or terminate a FCM's regulatory status for violations."

Seem to me for whatever it's worth that both companies must meet minimum requirements and in this case they both do. Go and have a look at http://www.nfa.futures.org/basicnet/search.aspx .
  • #3
  • Nov 12, 2004 1:29am Nov 12, 2004 1:29am
thanks marejp
can you or anyone else tell me what's with this Regulatory Actions imposed on fxcm? Below is the link.

http://www.nfa.futures.org/BasicNet/...08179&type=reg
  • #4
  • Nov 14, 2004 5:43pm Nov 14, 2004 5:43pm
Quoting zackyat
thanks marejp
can you or anyone else tell me what's with this Regulatory Actions imposed on fxcm? Below is the link.

http://www.nfa.futures.org/BasicNet/...08179&type=reg
damn that one guy made 800k in commisions! did you read that one?
Relax and be happy.
  • #5
  • Nov 18, 2004 9:20pm Nov 18, 2004 9:20pm
I trade a live account at OANDA and I have had no problems at all. Trades are always quick to fill, I've never gotten a requote, and there are no problems withdrawing funds.

stox
  • #6
  • Dec 4, 2004 11:43pm Dec 4, 2004 11:43pm
Give me some feedback about this broker,good and bad experience,especially if you have live account with them
  • #7
  • Dec 5, 2004 8:27am Dec 5, 2004 8:27am
I've been trading a live account with them since September 2004 and have never had any problems. Orders are always very fast to fill, no slippage (but I don't trade during crazy market conditions), excellent customer service, and no problems withdrawing money. I can recommend them as an excellent broker.

stox
  • #8
  • Dec 5, 2004 11:39pm Dec 5, 2004 11:39pm
thank you stoxup
  • #9
  • Dec 8, 2004 11:04pm Dec 8, 2004 11:04pm
Heyyyy guys ,tell me about Oanda ,I'm seriously considering to open live acc. with them.
  • #10
  • Dec 8, 2004 11:18pm Dec 8, 2004 11:18pm
Quoting hun83
Heyyyy guys ,tell me about Oanda ,I'm seriously considering to open live acc. with them.
Several of my friend using Oanda and don't have any problem with them. Good spread, good lot size. IMHO all good broker is good as long as you don't trade the news. The news make several platform freeze
  • #11
  • Dec 12, 2004 4:54pm Dec 12, 2004 4:54pm
Thanks,Merlin.
I just get burned by FFC,it is a scam, and in fear I closed my account with ACM,also based in Swiss,but they are very good.
Now I'm in search of a good broker BASED AND REGULATED in USA.
  • #12
  • Dec 12, 2004 8:57pm Dec 12, 2004 8:57pm
Formerly posted by Merlin:

oanda is a good broker, with one exception. ya know how they promote their "perpetual interest payments"? well, in reality that hurts your bottom line. youll notice that brokers always "pay" less interest than they "charge". therefore, in the retail forex world, interest works against you. when you put your money in the bank and they give you perpetual interest, that is in your favor. but in your forex account it works in reverse...you are "paying" perpetual interest. for oanda to be promoting this on their website as a benefit to the trader is on the verge of lying.

Let me get this straight. The only way I can think of that they could charge perpetual interest is if they charge you interest even if you don't have any positions on. Is that what they do they just charge interest all the time on your account while paying a lower rate of interest all the time? If so does this mean you can open an account and just let it sit there and they'll eat it up by charging a higher rate than they pay?

FT
  • #13
  • Dec 15, 2004 1:59pm Dec 15, 2004 1:59pm
I'd be curious to hear more about the bad fills. I've been trading with them for a couple of years and haven't had any problems in that regard.
Efficient Markets? Hah!
  • #14
  • Dec 20, 2004 6:55pm Dec 20, 2004 6:55pm
Quoting Rhody Trader
I'd be curious to hear more about the bad fills. I've been trading with them for a couple of years and haven't had any problems in that regard.
If I had a limit order set up and a news release came out, often they would cancel that limit order (not filled). Typically I have orders of 30- 40 limit and they would not be filled. Others have stated during times of high activity, filles do not occur unitl 50-60 pips later which explains the cancels.
  • #15
  • Jul 3, 2005 8:09am Jul 3, 2005 8:09am
Does anyone trade with Oanda? Are they any good?

Thanks
  • #16
  • Edited Jul 7, 2005 12:16pm Jul 5, 2005 3:08am | Edited Jul 7, 2005 12:16pm
6 months ago I posed the same question .Today Hun is happyyy with Oanda.
  • #17
  • Jul 5, 2005 4:30am Jul 5, 2005 4:30am
I can only speak from Game Account experience.
Excellent.
low spreads, good forum & help. While the Java platform has lots of knockers, the ability to run the platform on almost any Java equiped computer anywhere is great.
Trevor
  • #18
  • Jul 5, 2005 9:10am Jul 5, 2005 9:10am
Quoting Dark1
Does anyone trade with Oanda? Are they any good?

Thanks
I trade with them. Am very happy with them.
  • #19
  • Jul 6, 2005 9:16am Jul 6, 2005 9:16am
Same here. I like the percentage based trade size vs. the lot size.
Capital Preservation is key to long term wealth accumulation
  • #20
  • Jul 6, 2005 10:02pm Jul 6, 2005 10:02pm
Nice coincidence. I signed up for a demo account today to test some signals. I heard their demo doesn't expire.

Their term "unit" confused me and I didn't want to assume it was the same as a lot. I couldn't find the definition of a unit on the site so I emailed support.

This what I asked:

Quote
I am trying to find the definition of a "unit". Is that the same as a "lot"? If it is, where do I find the lot size and leverage in the demo settings?

Here is their reply:

Quote

Thank you for your query.

On the FXTrade Platform, 1 'unit' is equal to 1 of the base currency in a pair. For instance, 1 unit of USD/CAD, USD/CHF or USD/JPY would equal 1 U.S. Dollar. For EUR/USD, EUR/CHF or EUR/AUD, 1 unit equals 1 Euro. For GBP/USD, GBP/CHF or GBP/JPY 1 unit equals 1 Pound Sterling.

The number of units you can trade with is determined by: the currency pair, the margin you have available, and the margin ratio for your account. If you are trading a pair where the base currency is in a different currency than your account (e.g. if you have an account in USD, and are trading GBP/CHF) the exchange rate from the base currency into your account currency must also be considered.

We have a Units Available Calculator and a Profit Calculator that you can use to decide on how many units you want to trade located here:

http://www.oanda.com/products/fxmath

The leverage on your FXGame account is set at 20:1. Besides having a leverage of 20:1, OANDA clients can also cap their leverage to 50:1, 40:1, 30:1, or 10:1. We recommend 20:1 or lower.

To change your account leverage, please click on "Account" menu bar on the top of the FXGame platform, then click on "Change Leverage".

Hope this helps. Please feel free to contact us at any time with any questions.

Kind Regards,

OANDA FXTrade Team (DW)

http://fxtrade.oanda.com/

So I see what you mean about it being percentage based. It is just a different way of thinking I need to learn to use it. (I am new to Forex)
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