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Oanda Review Scores


Overall score: 3.7 / 5

Total votes: 478
Platform
1
Pricing
1
Customer service
1
Features
1
1 - Worst 5 - Best

Oanda Discussion

lysender
Jan 15 at 13:22
1 posts
Adrian Cristea (ACristea)
Dec 23 2021 at 11:18
1 posts
Starenkov Timofiy (Freeteamfx)
Dec 10 2021 at 11:18
1 posts
Nomadfx1972
Nov 13 2019 at 04:00
1 posts
fxtrade Desktop is simple and effective, the flexible units method is ideal for small accounts and money management. Learning is helped by a Demo account that is identical to real nad never expires. I have tried a few trading rules sets over the past and when I needed to take a break I could easily get money back between 1 and 3 days, and starting over is even easier.

forex_trader_[406426]
Mar 21 2019 at 07:35
1 posts
Been with Oanda since 2004. Trustworthy broker and well-regulated. NFA rules (FIFO, margin requirements, hedging, etc.) are a pain, but this is not Oanda's fault. I would recommend them to anyone, especially US clients.

John Jero (jeroforex)
Sep 09 2018 at 16:43
10 posts
I have live ac with Oanda for the last year and yes am very happy ,fast execution

supertreid
Aug 29 2018 at 13:58
2 posts
What's going on?
Error while executing the order: there is no price, and in the terminal in the Subject: Trade window Could not be executed due to the absence of new positions authorized to the account (transferred account).
For 2 weeks there is no access to the terminal. Online service is not available. What do colleagues say?

John Jero (jeroforex)
Mar 05 2017 at 18:13
10 posts
I fecently was able to open a new ac with this broker , and am very satisfyed now , they are now able to open ac for Canadian
 good spread and very good execution ,and I like that we can withdraw to our credit card directly from our ac , deposit same almost instant ,
so yes am happy to trade with Oanda , plus I know I will get my money back any times no questions ask

Jean

Alexey (Atron100)
May 30 2016 at 14:07
10 posts
i have a ping about 157 ms , middle east area. server GMT+2, LIVE

zoulou
May 30 2016 at 06:58
2 posts
No server MT4 (with hedge) in Asia, Ping arround 300 ms, 90% requote, spread crazy, stay out from this broker.

Alexey (Atron100)
May 10 2016 at 06:51
10 posts
trading with them 2 months

after year i will post my conclusion

Alex Primus (kosai)
Feb 28 2016 at 07:26
13 posts
I've been trading with Oanda on and off for at least 4 years (I even had a managed account with them for 2 years). I've seen them evolve but they are still not a 'real' broker to me. The reality is they have some type of 'internal' market (i.e. a marker maker). I say that because their spreads bars are regularly off by 1-2 pips (compared to the rest of the 'real' market). Also from time to time you'll notice huge differences between their bars and the 'real' market. I left them after noticing a 20+ pip spike that was on Oanda but not on any other broker. That confirmed to me that they weren't worth trading with.

They have many advantages but in general it's a broker for new traders/novices. If they ever have a true ECN they'd be top 5 for sure though.

napoleonsd
Feb 12 2016 at 11:45
9 posts
The best broker for me, trading more than 4 years without any problem, but i preffer leverage in Metals.

Open one account here, as fast as possible!

Idahoan
Dec 08 2015 at 08:02
3 posts
I never heard of them kicking anyone out. I love Oanda. Been with them since 2001.

Christ the Son of God
RainGirl
Etherialgirl
Dec 06 2015 at 08:25
4 posts
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.


Mr_H
Aug 31 2015 at 15:02
3 posts
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.

ram (ramliam)
Aug 07 2015 at 23:17
106 posts
Does anyone experience wide spreads all the time sometime 60-70 pips ?
best regards
ramliam

xilatleo
Feb 19 2015 at 07:29
59 posts
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! 😡

TrueHedgeFX EDFx (EDFx1)
Feb 05 2015 at 07:38
36 posts
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!

Buy Low...Sell High...Buy High...Sell Higher...Sell Low...Buy Lower !!!
LevFX
Jan 11 2015 at 08:04
2 posts
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

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