Oanda
Founded in 1996, OANDA is one of the world's leading online trading groups, offering multi-asset trading, currency data, and analytics to clients around the globe.
We started by providing free exchange rate data on the Internet, then launched a forex trading platform that helped pioneer web-based currency trading and today we remain dedicated to building smarter trading experiences
Overall
I've been with OANDA since 2009. I did a ton of research before deciding to go with them. I would choose them again today. Once you're approved, depositing and withdrawing money is easy. So long as you only do the transactions with checks!
Pros:
• Their fxTrade java platform is extremely good. The best I've tested, and I've tested most. They also offer MT4, but if you're going to trade manually, MT4 isn't as good as fxTrade.
• They are honest. Last week I had 2 really close calls (exits scored at 100 here on MyFXBook). I wouldn’t have been surprised if OANDA had denied me my exit orders. Simply increasing their spreads just a hair would have blocked me from hitting them. But they didn't do that. They let me out at exactly the point of a major reversal. Both of those would have really hurt if I missed them.
Cons:
• As other people say, the slippage is real. To get around this, I avoid market executions, and do only limit orders. Even if it forces me to set a limit order that will be triggered in 1 second.
• They have ridiculously high spreads during periods of low liquidity (when I probably shouldn’t be trading anyway). But if you pay attention, you can use the spread information to anticipate "black swan" market events. Unusually high spreads during peak trading times, when there is no big news pending = danger. Or opportunity, depending on how you trade.
• Their mobile platform is pretty stripped down. At the current rate of updates, it won't be truly usable for about 2 years. Right now, it's only good for checking on trades and making minor adjustments to existing trades. Having said that, it's better than all the other mobile platforms I've tested.
Other Interesting Notes:
• Years ago, I used to read chatter that OANDA will close your account if you become too profitable. In anticipation of this, I've been evaluating ECN's. Unfortunately, their fxTrade platform is so good, I can't find another broker with a platform I like enough to make the switch. Even if switching means netting a little more money from better spreads + commissions.
• But now I think something else is happening at OANDA. From my experience, it appears once you reach a consistent level of performance, they "flag" you. Before you're "flagged", I believe you're trading in what is essentially a bucket shop, so executions are really good. No slippage. After you're "flagged", executions become slower. By about 3/10ths of a second. With slippage equally for and against me. This makes me think they've started processing my trades directly to the market — acting more like an ECN vs a bucket shop — so they can protect themselves from losing money on me.
• I actually view this as a good thing. Because if it's true, it removes their incentive to close my account for being too profitable. If the 3/10th second delay is to allow for filling my orders in the market — I can live with that. I would love to know if my hypothesis is really true. I guess I'll only find out if/when they eventually kick me out.
Overall
Here is my review of OANDA:
> Platforms: 4.5 stars
> Pricing: 3.5 stars
> Customer Services: 5 stars
> Features such as Currency variety, API, News Services: 5 stars
<> Overall Score: 4.5 stars
Other Issues:
> FCA regulated in the UK and other countries
> Allow trading of as low as 1 unit on FXtrade Platform
> Financial Stability and one of the oldest FX brokers in existence
> OANDA is a Market Maker so there is a conflict of interests with its clients
> No swap free accounts
I am not affiliated with this broker. I just have a live account with OANDA Europe Division for about 3 months at present.
Overall
Does anyone experience wide spreads all the time sometime 60-70 pips ?
best regards
ramliam
Overall
This broker sucks. I'm Vietnamese American based in US. I was trying to apply for real account last 3 weeks and submit all required documents to verify my account. Because I got Vietnamese name so sometimes my name appear differently on different paper. Some paper I have my full name but in some paper there is no middle name in it. After scanning all my documents for 1 week they said it is not acceptable and need more proof of identity from me. I did send them all documents that have my name on it likes driver license, utility bill, internet bill,... and wait. One more week, no answer from them. Then I tried to contact them thru live chat. The lady confirm that Oanda has already received all documents and will process soon and ask me to wait! Until today, which means one more week and I still get no reply! COntact them thru livechat and again and one more time they asked me to wait. Sorry, no thanks. I will move on to the next broker! 😡
Overall
Good broker!
Since they're US based, opening an account is like pulling teeth! They need a DNA sample.
Deposits take too long ... I have never withdrawn any money yet... But it earns meager interest.
If leverage allows 500:1 & no FiFo rules apply, I'd trade my account again.
Stupid Frank-Dodd Act!
Overall
I've had a real account with them for 2 years active trading only for couple months and I withdrew my funds.
Cons:
1)The spread they offer is subpar and only competitive with other even greedier brokers... and even bellow average at the news release .
2)The slippage is real and 90% of the time its negative.
3)They only offer mediocre platforms.
4)Their site and client zone is uninformative and archaic.
5)They are market makers and they take opposite side of your trade all the time. Not really a big con, and if you look at their clients stats they still have one of the best winning % out of US brokers.
Pros:
1)You can deposit small amounts and trade with 1 dollar unit.
2)They withdraw money at your request.
3)The reason I opened account in the 1st place was that they are one of the oldest and most reputable broker on retail fx market. But after experiencing them 1st hand I would not recommend their services.
Rating 2 out of 5
Overall
Horrible experience. They don't pay out their swap rates properly. If you don't care about a company stealing your money then go ahead and trade with them. To me, those rates add up and are all figured into my trading. I will never trade with them again.
Overall
To get the money back is not so easy us it should - first the credit card is not right - than bank wire is to confirm from bank - than no answer after confirmation from bank - so we await up to two weeks to move money back - guys working on there fat chairs stole us time - noting else .. Our impression is that some manager sleeping on there results and there is a lot what can improved - swaps comes not us they should to account .. anyway .. let us make a break and wait for better weather ..
Overall
Best broker for FX in USA for me, but the leverage in Gold is only 1, thats why i preffer use other brokers in other countrys.
Overall
We rate Oanda as follows:
Platform - 5
Now with MT available, Oanda certainly deserves a 5, on top of the fxtrade tht we personally prefer. Might not be the best tool for analysis but fxtrade is superb for execution because it calcullates all risk/reward/margin/P&L parameters for you. This certainly is a plus and helps reduce time consumption in trade execution and management.
Customer Service - 4
We spoke to CS once, they are responsive and helpful when we lost our mobile phone number for 2 factor authentication. Yes, Oanda SG at least, use two factor authentication to log in to your profile account on the website. We give 4 because we are sure there are always room for improvement in Human Performance.
Pricing - 5
As far as spread is concerned, we are yet to see better competitors as there is no minimum spread to market rate to place your pending order. In other words, if current offer on Euro is 1.32151, u can place a buy limit @ 1.32150, a mere 0.1 pips difference. Try that with other brokers if you can. Yes, there might be spike and that is understandable as they are market makers who make their own market price.
Features - 5
We simply like the Autochartis & News in the fxtrade. The news are superb for retail traders with analysis and even trades recommendation from professional providers like IFR Markets.
This is our personal view based on our experiences using Oanda as our signal accounts and they might differ from your experiences.
Overall
Very good broker, they pay me money that i win with my scalping EA.
Overall
Dont ever try to get someone on the phone! They have great spreads, ZERO service, and to be honest, even though I have had a live account for 5 years there... no idea who the F*&( they really are.
Overall
I agree , very strongly increased spreads..... Very strongly
Especially usd zar
Comes to 290 pip
It is not well
Overall
U make the right choice, mate :)
Overall
Hello guys.. I just opened a new account with them... what are you thinking about this broker?
Overall
But pricey !! 10 quick for a withdraw.
Overall
AndyQuant - you can't hedge on the same account with OANDA. But you can hedge in different accounts e.g. buy in sub-account A, sell in sub-account B
Overall
to oanda
Hi, i joint registration in contest of Oanda but i don't how trading with what platform, please help me
Overall
Is hedging allowed on this broker?
Overall
I just opened real account with oanda today. I found their system to allow adding subaccount awsome. No question ask, you can add up to 19 subaccounts !MT4 enabled or FXTrade platform. I tried to execute the orders on the MT4 & found it to be very quick. My current broker asked all kinds of questions regarding my opening of the subaccount (what is the source of my money, what lot size do i plan to trade, what is the frequency of my trades....) I have been with this one since 2005. I am still with them because some how I can still do the hedging which is great for my EA that does this strategy. However, I think it is not their business to ask these questions.
