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Oanda versus FXCM

moneycoder (moneycoder)
Dec 05 2014 at 11:45
18 mensajes
Any comments or experiences please share. I don't see any Oanda reviews on this site. Looking for good USA broker.
Thanks

jasonrogers (jasonrogers)
Dec 06 2014 at 01:58
272 mensajes
Hi John,

Seeing has no one else has responded to you so far, I just wanted to make a quick reply to say that I'm FXCM's representative here on Myfxbook, and I'm available to answer any questions you have about our services. 😄

gatoreyefx (gatoreyefx)
Dec 06 2014 at 17:36
6 mensajes
Two completely different brokers. Depending on your style of trading, you may choose either one based on the followings. Now, this is just my personal opinion/experience/recommendation.

How they make their profits:
----------------------------------

Oanda is a Market Maker who makes their profit on the spread. Their average spread is around 1.3 pips.
FXCM on the other hand is a STP broker with tight spreads, who makes their profit on commissions charged on each trade.


Odd things I noticed during the news time when the price spikes:
-------------------------------------------------------------------------------

Oanda seems to halt trading for a few minutes even though charts are being updated real time. When you use MT4 auto trading it will NOT respond to ticks(maybe no tick to MT4) for a while. This can potentially create problems if your MT4 app uses soft stops. you will lose more than you wish for because of it.

FXCM's prices somehow lag on ticks a few minutes behind. Sometimes I found there were 30 pips differences between the two. If you plan to do a copy trade and you are the receiving end from the sender of one of those brokers that have different pricing, you are in a big trouble. However, if you are a scalper and run MT4 app directly, or a manual trader, this broker may be advantageous.

ge

Don't tell me it's not possible.
gatoreyefx (gatoreyefx)
Dec 06 2014 at 17:36
6 mensajes
I forgot to mention that I trade mostly on EUR/USD.

Don't tell me it's not possible.
raychangforex
Dec 08 2014 at 07:32
1 mensajes
Dear John,

Please allow me to introduce myself. My name is Ray Chang, a Relationship Manager at OANDA.

I have noticed your post on myfxbook and would like to have an opportunity to speak with you in regards to your interest in OANDA. I was wondering if you can advise if there is a better time/date for me to contact you by phone and introduce OANDA to you in person? You may also contact me anytime from 10am-7pm(EST), Monday to Friday, through the North America toll free number below at your earliest convenience.

Thank you for your kind attention and I look forward to hearing from you soon.

Regards,

Ray Chang
Relationship Manager
+1-877-626-3239 ext. #111023
rchang@oanda.com

TomD131
Dec 08 2014 at 07:32
14 mensajes
gatoreyefx posted:
How they make their profits:
----------------------------------

Oanda is a Market Maker who makes their profit on the spread. Their average spread is around 1.3 pips.
FXCM on the other hand is a STP broker with tight spreads, who makes their profit on commissions charged on each trade.
ge


While this is true, this is not the entire picture. Oanda, being a market maker, makes profits on clients' losses, not just the spread. FXCM makes profits on any spread markup that they do (if any) as well as their relatively high commissions.

Good broker accepting US customers: Trader's Way
theHand
Dec 08 2014 at 07:33
365 mensajes
@gatoreyefx

I doubt your 'observations' are accurate. I trade Oanda both with API and MT and it's been a very long time since I've had any interruptions on news.

And I doubt FXCM is lagging on prices, they won't last long if they did. What you're seeing is most likely spread differences. Oanda can go very wide on news.

@moneycoder

There's been a lot of complaints about O's new spread engine, and FXCM is definitely cheaper. For me the trade sizes at O clenches it, I can compound much faster on O.

Frustrations are limitations on trade volumes, wide spreads, and deliberate delays written into closing trades, 1 second between closing different pairs, takes 30 seconds or more to close out 30 pairs which is just to slow. And that's still faster than MT.

The clever thing to do would be to use both. See which one works best for you.

O you have to be a bit careful with, they've managed to piss off their entire client base and they've burned through $100 000 000 in the last two years with nothing to show for it. Their finances continue to slide, not so sure about FXCM. You'll have to look them up.

Here's the link for O.

https://www.nfa.futures.org/BasicNet/FCM_ncap.aspx?entityId=tDw0VT6Nt%2f8%3d

240Z (240Z)
Dec 08 2014 at 07:41
50 mensajes
that was a good question. glad you asked it, for it led me to find that FXCM has ' Mirror Trader ' which we were not aware of before you asked. personally looking forward to getting to know this service because it looks very interesting. (i am a retail trader and not an employee of FXCM)

“Everybody should have a dream. What if that dream comes true?” – Jack Ma
fxdimarion
Dec 08 2014 at 07:42
46 mensajes
jasonrogers posted:
Hi John,

Seeing has no one else has responded to you so far, I just wanted to make a quick reply to say that I'm FXCM's representative here on Myfxbook, and I'm available to answer any questions you have about our services. 😄


Hi Jason,

I wanted to start up a demo account with a beginning balance of about $15,0000. This figure is more realistic for me rather than the normal $50,0000 starting balance for demo accounts that FXCM has, I tried to call and chat with FXCM's support people but the most they could have done for me was give me a demo account with a $5,000 starting balance. Is there anything that you can do?

Forex is about the journey not the destination...
moneycoder (moneycoder)
Dec 08 2014 at 07:50
18 mensajes
Thanks ge,
Great info. News times and high volatility is really the best time to see what a broker is really capable of. Things can seem equal between brokers during normal trading, but when the pressure is on, that's when the difference is seen. I noticed that with MBtrading, they seemed fine, until the market was juiced, then they fell apart.

If I'm understanding your personal experience correctly it sounds like one broker delayed trading and the other had lagging data. Do you know if the FXCM trades were still correctly made. In other words, do you feel the report of the trades and data, back to your MT4 was delayed, or the data you were recieving was stale, causing stale data to signal trades?( which would mismatch your signals to the real time market data).
If the report to you was delayed, then the trades may have gone off in real time, correctly but didn't show up on your machine until some time after.
If the data was delayed, then all the signals would have been out of sync with true prices and could create a wild card type scenario (if you will).

Thanks
John

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