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.
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.
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?
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
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.
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!
• 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.
• 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.
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.
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! 😡
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.
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.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.