19 March 2020 Oanda suddenly change limit size how much cust allowed to enter, now im unable to buy more than 5000 unit, below is the transcript. i have no choice but use other broker to continue the strategy, conclusion Oanda is not a good broker, somemore this is just a demo account
Michael (19/03/2020, 00:16:52): Thank you for contacting OANDA. My name is Michael. How may I help you today? Me (19/03/2020, 00:17:11): hi Me (19/03/2020, 00:17:21): username : censored Me (19/03/2020, 00:17:27): email : firstname.lastname@example.org Me (19/03/2020, 00:18:07): demo account 101-011-12810856-003 (SGD Currency) Me (19/03/2020, 00:18:28): demo balance with $16m, but cannot enter trade at SPX500 Me (19/03/2020, 00:18:35): are you manipulating my account? Michael (19/03/2020, 00:19:38): No, we do not manipulate accounts Michael (19/03/2020, 00:19:52): What does it tell you when you try to take the trade? Me (19/03/2020, 00:20:41): https://imgur.com/oQwes6S Me (19/03/2020, 00:20:46): refer the screen shot Michael (19/03/2020, 00:24:09): That must be a display error, you can try reloading the page. Me (19/03/2020, 00:24:30): reloading Me (19/03/2020, 00:26:05): still the same Me (19/03/2020, 00:26:17): can u try enter Long at SPX500 at your side Me (19/03/2020, 00:26:27): try long 1 unit Me (19/03/2020, 00:29:19): are you there? Michael (19/03/2020, 00:30:01): Yes, I was testing it on my end. It appears to behave the same way for me. Michael (19/03/2020, 00:30:46): It might be an error that occurred because of the limit down market halts, it is possible something was impacted on the practice side of things. Me (19/03/2020, 00:31:28): can u explain more about limit down Me (19/03/2020, 00:31:39): and try long 1 unit @SPX500 Me (19/03/2020, 00:31:49): sometimes can execute, sometimes cannot Michael (19/03/2020, 00:32:10): When the market moves too fast in one direction trading automatically gets halted for related indices Me (19/03/2020, 00:35:09): i tried another sub-acc demo Me (19/03/2020, 00:35:09): https://imgur.com/undefined Me (19/03/2020, 00:35:42): demo 101-011-12810856-002 Me (19/03/2020, 00:35:52): there is no limit down for that sub-account Me (19/03/2020, 00:35:58): it is obvious, are you manipulating my account? Me (19/03/2020, 00:36:23): https://imgur.com/DAYiCem Me (19/03/2020, 00:36:37): ignore the previous imgur link Me (19/03/2020, 00:36:45): click the latest Michael (19/03/2020, 00:36:59): we are not manipulating your account Michael (19/03/2020, 00:37:19): there could be some error, but I am not sure what is happening for that one sub-account Michael (19/03/2020, 00:37:30): It could also be that you are currently in a large spx500 trade Michael (19/03/2020, 00:37:46): could you try closing your open trade on test 2 and see if you can then place an order for spx500 Me (19/03/2020, 00:37:47): demo account 101-011-12810856-003 (SGD Currency), whats wrong? why it display insufficient fund? lol Me (19/03/2020, 00:38:45): yes can close position, with loss Me (19/03/2020, 00:39:08): i tried enter long but it says insufficient fund lol Michael (19/03/2020, 00:39:18): After the existing spx trade was closed? Me (19/03/2020, 00:39:21): yes Michael (19/03/2020, 00:40:47): Alright, I can create a request for our product support team to look into it. If you do need to trade spx500 for the moment please use another sub-account. Me (19/03/2020, 00:40:47): other sub account is fine, it didnt display insufficient fund Me (19/03/2020, 00:41:17): ok Me (19/03/2020, 00:42:20): u still there? Me (19/03/2020, 00:42:34): now i tried execute, it works again Me (19/03/2020, 00:43:20): and i tried to enter another long, it display insufficient fund again Me (19/03/2020, 00:43:45): so only 1 long position open Michael (19/03/2020, 00:44:24): Alright, it is likely a per account limit on how much spx500 you can have open at once Me (19/03/2020, 00:44:42): tell me whats the limit Me (19/03/2020, 00:44:58): for 16million as balance Michael (19/03/2020, 00:44:59): I do not know the limit, it may have been implemented just recently Michael (19/03/2020, 00:45:41): If there are limits in place due to volatility the balance of the account would not matter. It would limit the volume any one subaccount can be trading at once. Me (19/03/2020, 00:46:21): now, i want you to try enter long SPX500 at your side Me (19/03/2020, 00:46:30): see if you can enter or not Michael (19/03/2020, 00:46:34): I have been able to yes. Me (19/03/2020, 00:46:36): demo acc Me (19/03/2020, 00:46:52): so you are saying your demo account is more than 16million? hahaha Me (19/03/2020, 00:47:00): it is obvious, why dont u just admit it Me (19/03/2020, 00:47:06): you are manipulating my acc Michael (19/03/2020, 00:47:52): We are not manipulating your account, that is absurd. Me (19/03/2020, 00:48:31): ok fine Me (19/03/2020, 00:48:41): just tell me whats the limit unit i can execute Me (19/03/2020, 00:48:48): for spx500 Michael (19/03/2020, 00:49:42): I am not sure, it must have been a recent change. I can try and find that information and get back to you. Michael (19/03/2020, 00:49:48): By email. Me (19/03/2020, 00:50:10): ok, but i will make this issue publicly available on trading forum Me (19/03/2020, 00:50:19): oanda is not a good broker Michael (19/03/2020, 00:50:21): That is fine Michael (19/03/2020, 00:50:28): You are free to do as you like. Michael (19/03/2020, 00:50:35): Is there anything else I can do for you at the moment? Me (19/03/2020, 00:50:51): if you dont allow cust trade, just close your business
test2 acc got margin call, lost $3,238,780.51 test acc continue to buy at dip (102,400 unit max), but only enter partial lot size first, prevent margin call too quickly. test2 acc top up with $15,526,780.51 balance $16,384,000
total lost : $3,238,780.51 + $3,352,174.04 = $6,590,954.55
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