OANDA Discussion | Page 214 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Similar Threads

Oanda GM Discussion 0 replies

Oanda users - Oanda widening spreads 62 replies

Oanda order filling discussion 6 replies

OANDA Canada vs OANDA Corp. 4 replies

Euro/Dollar discussion 9 replies

Attachments: OANDA Discussion
Exit Attachments

OANDA Discussion

  • #4,261
  • Feb 16, 2015 9:22am Feb 16, 2015 9:22am
Quoting Profit Daily
{quote} you are correct, relative to what is on deposit with the broker, it would be 84.5%.
Vot eram demonstrandum.
Thank you.
  • #4,262
  • Feb 16, 2015 9:25am Feb 16, 2015 9:25am
Quoting Tim_isoara
{quote} Vot eram demonstrandum. Thank you.
You're like the media. Just extract the part that makes you look correct, yet missing the entire point.
  • #4,263
  • Feb 16, 2015 9:27am Feb 16, 2015 9:27am
Bottom line is...my money is 100% safe in my bank account and 0% safe with ANY BROKER. So if you wish to keep 10-15 times more on deposit with your broker than I do with my broker....GO FOR IT!
  • #4,264
  • Feb 17, 2015 8:38am Feb 17, 2015 8:38am
Quoting Profit Daily
{quote} You're like the media. Just extract the part that makes you look correct, yet missing the entire point.
Well said!
  • #4,265
  • Mar 11, 2015 3:30pm Mar 11, 2015 3:30pm
Ive a question that is prolly not only about Oanda, but any US broker, but i happened to have a live account with Oanda for almost 7 years, so I ask it here.
Residential address. Can anyone give me a link to the official document with official wordage about the requirement to have a residential address on file?
I changed my address in OANDA profile to PO BOX, it went through, but in a couple days i got an email from Oanda asking for proof, such as bank statement, utility bill etc. I sent them a statement from American Express high limit credit card, as well as a bill from Verizon cellphone service provider(legitimate contract for a nice phone, not pay-as-you-go disposable phone or anything of that nature). Oanda replied saying it is not good because it only proves PO BOX and not physical residence address. I am going to scan and send to them my state issued DL because this is the one and only document I have that has a residential physical address with my name on it. They technically ask for a statement that I simply do not have as I choose to use PO BOX for any and all correspondence always, and I had same PO BOX for over 8 years now. I will move on campus March 28th and then will be able to provide a copy of housing contract between me and the University, but until then, im couchsurfing. I am curious, does that ban me from using Oanda if I do not have a permanent residential address, and what is the law they are coming from, because to me it sounds like some sort of discrimination of homeless people. I have this ongoing issue, and what I normally do, is threat to go with competitor, because it is very common among businesses to have an issue with PO BOXES, but this time i just dont feel like it because I like Oanda and there arent too many brokers in the US. Can they suspend an account because I only have PO BOX? Thanks for reply.
  • #4,266
  • Mar 11, 2015 6:40pm Mar 11, 2015 6:40pm
$45 million capital fall in January Hmmmm.. another SNB victim perhaps
  • #4,267
  • Mar 11, 2015 9:11pm Mar 11, 2015 9:11pm
Quoting nonGMO
Can anyone give me a link to the official document with official wordage about the requirement to have a residential address on file?
This is almost certainly a regulatory requirement, and not specific to your broker. Forex Scam Alerts has a page on US forex regulations, but it doesn't mention this one specifically. It is probably related to anti-money laundering requirements that don't typically affect forex traders directly, so doesn't give a lot of coverage. If a forex broker does not know your address, how can they really tell you are a legitimate trader, and not somebody running a money laundering scam? A lot of brokers have been busted by the NFA for not meeting the anti-money laundering requirements. I'll dig a little more and see what I can find, because I am curious.
  • #4,268
  • Mar 11, 2015 9:14pm Mar 11, 2015 9:14pm
Quoting Ian_Lavoie
{quote} This is almost certainly a regulatory requirement, and not specific to your broker. Forex Scam Alerts has a page on US forex regulations, but it doesn't mention this one specifically. It is probably related to anti-money laundering requirements that don't typically affect forex traders directly, so doesn't give a lot of coverage. I'll dig a little more and see what I can find, because I am curious.
Here we go, that actually didn't take long because the NFA has a page dedicated for faqs about the anti-money laundering requirements.

In short, US forex brokers are required to have a customer identification program that ensures they know the true identity of each of their customers:


"4. What is a customer identification program (CIP)?
A customer identification program is a set of procedures that are designed to enable a Member to have a reasonable belief that it knows the true identity of each of its customers. The CIP must list the identifying information the Member will collect and include procedures covering 1) verifying the identifying information; 2) recordkeeping; 3) comparing customer names and information with certain goverment lists; 4) customer notices; and 5) relying on other Members to conduct all or part of the firm's CIP (if applicable). See the Interpretive Notice 9045 for more information."

Switching to another US forex broker isn't going to help if they must all follow that rule.
  • #4,269
  • Mar 11, 2015 10:10pm Mar 11, 2015 10:10pm
If you make money you will receive this from this broker.

Quote
Kindly note that upon our regular review of your account, we are unable to continue servicing your account hence we require you to close off all your existing positions.
We are unable to provide further details in regards of your closure and would appreciate if you can withdraw all your funds. We seek your understanding and apologise for any inconvenience caused.
Our client experience team is here to help 24 hours a day from Sunday at 1 p.m. EST to Friday at 6 p.m. EST. If you have any questions, please do not hesitate to contact us.
  • #4,270
  • Mar 11, 2015 10:38pm Mar 11, 2015 10:38pm
Quoting belief
If you make money you will receive this from this broker. {quote}
100% B Booking broker then ?
  • #4,271
  • Mar 11, 2015 11:14pm Mar 11, 2015 11:14pm
Quoting lasty
{quote} 100% B Booking broker then ?
Been telling everyone this for 2 months now. people want to blieve what they want to believe and simply ignore facts. They forgave negative balances because they didn't owe anyone any money. They made a killing Jan.15 on SNB peg removal.
  • #4,272
  • Mar 11, 2015 11:33pm Mar 11, 2015 11:33pm
Quoting belief
If you make money you will receive this from this broker. {quote}
belief,

Are you saying Oanda forced you to stop trading with them because you made money? Is this the U.S. Oanda? or an Oanda outside the U.S.?

I've never seen anyone here claim Oanda force them to close their account because of money they (the trader) made. I'm not saying it never has happened before, but I don't remember seeing anyone post about it before.
"Dream big and dare to fail." - Norman Vaughan
  • #4,273
  • Mar 12, 2015 12:58am Mar 12, 2015 12:58am
Quoting Ace_1
{quote} belief, Are you saying Oanda forced you to stop trading with them because you made money? Is this the U.S. Oanda? or an Oanda outside the U.S.? I've never seen anyone here claim Oanda force them to close their account because of money they (the trader) made. I'm not saying it never has happened before, but I don't remember seeing anyone post about it before.
PM me your skype name, i will point you to the one got his account closed.
  • #4,274
  • Mar 12, 2015 2:32am Mar 12, 2015 2:32am
Quoting Ian_Lavoie
{quote} This is almost certainly a regulatory requirement, and not specific to your broker. Forex Scam Alerts has a page on US forex regulations, but it doesn't mention this one specifically. It is probably related to anti-money laundering requirements that don't typically affect forex traders directly, so doesn't give a lot of coverage. If a forex broker does not know your address, how can they really tell you are a legitimate trader, and not somebody running a money laundering scam?...
Thank you for your reply. I will continue my investigation on the matter and will post what I find out here. So far it does seem like I am being discriminated against and that my presumption of innocence is being violated. I dont feel like I must prove to them that I am not a criminal simply because I happen to be homeless at this point in time.
  • #4,275
  • Mar 17, 2015 8:43pm Mar 17, 2015 8:43pm
Hey all,

Could someone please remind me of how Oanda managed the CHF crisis a few months ago? Were trading balances allowed to move into negative territory?

I'm wanting to get back in the game and am reviewing if I should abandon my current broker, FXCM?

Regards,
Andrew.
Follow me at andrewfx2020 (dot) com
  • #4,276
  • Mar 20, 2015 7:07am Mar 20, 2015 7:07am
What's with the 30 unit spread on Oanda indices today??
  • #4,277
  • Mar 20, 2015 7:52am Mar 20, 2015 7:52am
Quoting AussieForexM
Hey all, Could someone please remind me of how Oanda managed the CHF crisis a few months ago? Were trading balances allowed to move into negative territory? I'm wanting to get back in the game and am reviewing if I should abandon my current broker, FXCM? Regards, Andrew.
OANDA was forgiving all negative client balances

http://news.forexlive.com/!/oanda-wi...ances-20150116
  • #4,278
  • Mar 20, 2015 8:02am Mar 20, 2015 8:02am
OANDA did what no other currency broker did: they treated their clients properly.

Details: https://fxtrade.oanda.com/community/...opic/54010615/
  • #4,279
  • Mar 20, 2015 10:43am Mar 20, 2015 10:43am
Based on my research, Oanda is a market maker i.e. they take the other side of the trade. Oanda is not an ECN. They rip off their clients by jacking up their spreads for any excuse they can find (even if the news is not for the pair you're trading) for 1 second. The spreads can increase by a factor of 100 (i.e. 3 pips to 300 pips) but normally they increase it by a factor of 10 - 20 (e.g. 10 pips to 150 pips). Your stop orders get hit. In fact, both your entry and exit stop orders get executed instantly when they do this. I have experienced this *several* times. I have even filed a complaint with NFA the last time they pulled this on me.

Oanda treating the clients their clients "properly" is simply PR (in my opinion) because the client trades weren't passed out to the market anyways.

My advice to all, trade with a broker that has stable spreads and is not a market maker.
  • #4,280
  • Mar 20, 2015 10:48am Mar 20, 2015 10:48am
Quoting herenow0
Based on my research, Oanda is a market maker i.e. they take the other side of the trade. Oanda is not an ECN. They rip off their clients by jacking up their spreads for any excuse they can find (even if the news is not for the pair you're trading) for 1 second. The spreads can increase by a factor of 100 (i.e. 3 pips to 300 pips) but normally they increase it by a factor of 10 - 20 (e.g. 10 pips to 150 pips). Your stop orders get hit. In fact, both your entry and exit stop orders get executed instantly when they do this. I have experienced this...
You are exactly right. Been warning people for months. Every broker in the US with the exception of IB is garbage. Oanda, along with Forex.com made a fortune on Jan.15 being on the other side of those CHF trades. Of course, they forgave client negative balance. Then they come out and convince the naïve they are so great for doing so. What a joke.
8 traders viewing now