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OANDA Discussion

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  • Post #1
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  • First Post: Nov 11, 2004 11:00pm Nov 11, 2004 11:00pm
  •  zackyat
  • | Joined Jul 2004 | Status: Member | 20 Posts
last night i chatted with a representative from fxcm
when i mentioned oanda, he kept on mentioning that oanda is a very small company and not reputable. haha i understand that he's always going to back fxcm.
however, to all oanda live customers out there, have you faced any notable problems like difficulties in withdrawing fund etc...
appreciate if anyone can share their opinions here
  • Post #2
  • Quote
  • Nov 12, 2004 1:41am Nov 12, 2004 1:41am
  •  marejp
  • | Joined Jun 2004 | Status: Member | 153 Posts
Hi

Found the following on the different sites:

Oanda: "OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). OANDA's NFA number is 0325821"

FXCM: "FXCM is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). FXCM NFA ID#: 0308179"

So far so good, now for the answer (I hope) from FXCM's website - "Financial Standards and Oversight - FCMs are required to meet strict financial standards, including capital adequacy requirements. On a regular basis, FCMs are required to submit financial reports to regulators. These standards are enforced by the NFA, which has the right to fine firms and/or terminate a FCM's regulatory status for violations."

Seem to me for whatever it's worth that both companies must meet minimum requirements and in this case they both do. Go and have a look at http://www.nfa.futures.org/basicnet/search.aspx .
 
 
  • Post #3
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  • Nov 12, 2004 2:29am Nov 12, 2004 2:29am
  •  zackyat
  • | Joined Jul 2004 | Status: Member | 20 Posts
thanks marejp
can you or anyone else tell me what's with this Regulatory Actions imposed on fxcm? Below is the link.

http://www.nfa.futures.org/BasicNet/...08179&type=reg
 
 
  • Post #4
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  • Nov 14, 2004 6:43pm Nov 14, 2004 6:43pm
  •  merlin
  • Joined Mar 2004 | Status: Magic Man | 3,220 Posts
Quoting zackyat
Disliked
thanks marejp
can you or anyone else tell me what's with this Regulatory Actions imposed on fxcm? Below is the link.

http://www.nfa.futures.org/BasicNet/...08179&type=reg
Ignored
damn that one guy made 800k in commisions! did you read that one?
Relax and be happy.
 
 
  • Post #5
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  • Nov 18, 2004 10:20pm Nov 18, 2004 10:20pm
  •  stoxup
  • | Joined Sep 2004 | Status: Member | 4 Posts
I trade a live account at OANDA and I have had no problems at all. Trades are always quick to fill, I've never gotten a requote, and there are no problems withdrawing funds.

stox
 
 
  • Post #6
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  • Dec 5, 2004 12:43am Dec 5, 2004 12:43am
  •  hun83
  • | Joined May 2004 | Status: Member | 47 Posts
Give me some feedback about this broker,good and bad experience,especially if you have live account with them
 
 
  • Post #7
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  • Dec 5, 2004 9:27am Dec 5, 2004 9:27am
  •  stoxup
  • | Joined Sep 2004 | Status: Member | 4 Posts
I've been trading a live account with them since September 2004 and have never had any problems. Orders are always very fast to fill, no slippage (but I don't trade during crazy market conditions), excellent customer service, and no problems withdrawing money. I can recommend them as an excellent broker.

stox
 
 
  • Post #8
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  • Dec 6, 2004 12:39am Dec 6, 2004 12:39am
  •  hun83
  • | Joined May 2004 | Status: Member | 47 Posts
thank you stoxup
 
 
  • Post #9
  • Quote
  • Dec 9, 2004 12:04am Dec 9, 2004 12:04am
  •  hun83
  • | Joined May 2004 | Status: Member | 47 Posts
Heyyyy guys ,tell me about Oanda ,I'm seriously considering to open live acc. with them.
 
 
  • Post #10
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  • Dec 9, 2004 12:18am Dec 9, 2004 12:18am
  •  firedave
  • | Joined Jun 2004 | Status: Fire Trader | 100 Posts
Quoting hun83
Disliked
Heyyyy guys ,tell me about Oanda ,I'm seriously considering to open live acc. with them.
Ignored
Several of my friend using Oanda and don't have any problem with them. Good spread, good lot size. IMHO all good broker is good as long as you don't trade the news. The news make several platform freeze
 
 
  • Post #11
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  • Dec 12, 2004 5:54pm Dec 12, 2004 5:54pm
  •  hun83
  • | Joined May 2004 | Status: Member | 47 Posts
Thanks,Merlin.
I just get burned by FFC,it is a scam, and in fear I closed my account with ACM,also based in Swiss,but they are very good.
Now I'm in search of a good broker BASED AND REGULATED in USA.
 
 
  • Post #12
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  • Dec 12, 2004 9:57pm Dec 12, 2004 9:57pm
  •  fijitrader
  • Joined Mar 2004 | Status: Valued Member | 413 Posts
Formerly posted by Merlin:

oanda is a good broker, with one exception. ya know how they promote their "perpetual interest payments"? well, in reality that hurts your bottom line. youll notice that brokers always "pay" less interest than they "charge". therefore, in the retail forex world, interest works against you. when you put your money in the bank and they give you perpetual interest, that is in your favor. but in your forex account it works in reverse...you are "paying" perpetual interest. for oanda to be promoting this on their website as a benefit to the trader is on the verge of lying.

Let me get this straight. The only way I can think of that they could charge perpetual interest is if they charge you interest even if you don't have any positions on. Is that what they do they just charge interest all the time on your account while paying a lower rate of interest all the time? If so does this mean you can open an account and just let it sit there and they'll eat it up by charging a higher rate than they pay?

FT
 
 
  • Post #13
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  • Dec 15, 2004 2:59pm Dec 15, 2004 2:59pm
  •  Rhody Trader
  • | Joined Dec 2004 | Status: Member | 7 Posts
I'd be curious to hear more about the bad fills. I've been trading with them for a couple of years and haven't had any problems in that regard.
Efficient Markets? Hah!
 
 
  • Post #14
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  • Dec 20, 2004 7:55pm Dec 20, 2004 7:55pm
  •  SteamTrader
  • | Joined Apr 2004 | Status: Member | 24 Posts
Quoting Rhody Trader
Disliked
I'd be curious to hear more about the bad fills. I've been trading with them for a couple of years and haven't had any problems in that regard.
Ignored
If I had a limit order set up and a news release came out, often they would cancel that limit order (not filled). Typically I have orders of 30- 40 limit and they would not be filled. Others have stated during times of high activity, filles do not occur unitl 50-60 pips later which explains the cancels.
 
 
  • Post #15
  • Quote
  • Jul 3, 2005 9:09am Jul 3, 2005 9:09am
  •  Dark1
  • | Joined Jun 2005 | Status: Member | 45 Posts
Does anyone trade with Oanda? Are they any good?

Thanks
 
 
  • Post #16
  • Quote
  • Edited Jul 7, 2005 1:16pm Jul 5, 2005 4:08am | Edited Jul 7, 2005 1:16pm
  •  hun83
  • | Joined May 2004 | Status: Member | 47 Posts
6 months ago I posed the same question .Today Hun is happyyy with Oanda.
 
 
  • Post #17
  • Quote
  • Jul 5, 2005 5:30am Jul 5, 2005 5:30am
  •  trevornd
  • | Joined Apr 2005 | Status: Member | 6 Posts
I can only speak from Game Account experience.
Excellent.
low spreads, good forum & help. While the Java platform has lots of knockers, the ability to run the platform on almost any Java equiped computer anywhere is great.
Trevor
 
 
  • Post #18
  • Quote
  • Jul 5, 2005 10:10am Jul 5, 2005 10:10am
  •  bluemonkey
  • | Joined Mar 2004 | Status: Valued Member | 211 Posts
Quoting Dark1
Disliked
Does anyone trade with Oanda? Are they any good?

Thanks
Ignored
I trade with them. Am very happy with them.
 
1
  • Post #19
  • Quote
  • Jul 6, 2005 10:16am Jul 6, 2005 10:16am
  •  MuddBuddha
  • Joined May 2005 | Status: Member | 945 Posts
Same here. I like the percentage based trade size vs. the lot size.
Capital Preservation is key to long term wealth accumulation
 
1
  • Post #20
  • Quote
  • Jul 6, 2005 11:02pm Jul 6, 2005 11:02pm
  •  Snuffleupagus
  • | Joined Mar 2005 | Status: Member | 143 Posts
Nice coincidence. I signed up for a demo account today to test some signals. I heard their demo doesn't expire.

Their term "unit" confused me and I didn't want to assume it was the same as a lot. I couldn't find the definition of a unit on the site so I emailed support.

This what I asked:

Quote
Disliked
I am trying to find the definition of a "unit". Is that the same as a "lot"? If it is, where do I find the lot size and leverage in the demo settings?

Here is their reply:

Quote
Disliked

Thank you for your query.

On the FXTrade Platform, 1 'unit' is equal to 1 of the base currency in a pair. For instance, 1 unit of USD/CAD, USD/CHF or USD/JPY would equal 1 U.S. Dollar. For EUR/USD, EUR/CHF or EUR/AUD, 1 unit equals 1 Euro. For GBP/USD, GBP/CHF or GBP/JPY 1 unit equals 1 Pound Sterling.

The number of units you can trade with is determined by: the currency pair, the margin you have available, and the margin ratio for your account. If you are trading a pair where the base currency is in a different currency than your account (e.g. if you have an account in USD, and are trading GBP/CHF) the exchange rate from the base currency into your account currency must also be considered.

We have a Units Available Calculator and a Profit Calculator that you can use to decide on how many units you want to trade located here:

http://www.oanda.com/products/fxmath

The leverage on your FXGame account is set at 20:1. Besides having a leverage of 20:1, OANDA clients can also cap their leverage to 50:1, 40:1, 30:1, or 10:1. We recommend 20:1 or lower.

To change your account leverage, please click on "Account" menu bar on the top of the FXGame platform, then click on "Change Leverage".

Hope this helps. Please feel free to contact us at any time with any questions.

Kind Regards,

OANDA FXTrade Team (DW)

http://fxtrade.oanda.com/

So I see what you mean about it being percentage based. It is just a different way of thinking I need to learn to use it. (I am new to Forex)
 
 
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