OANDA Discussion

Hi Ric,

I'm very sorry to split this into 3 posts. Please accept my humble apologies.

Last 5 print screen.

Lotus

Hello Lotus1,

I am just trying to help where I can. Oanda really is a good company so far as Forex brokers go.

"Internal decision based on Regulatory changes" was the official answer as to why Hong Kong clients are no longer accepted. Personally I believe it is not worth the trouble of digging up the true 'Why?" so long as you get your money out. Still not sure if it was a USA based account but really it does not matter anymore if it is closed now. Take your money and move on.

Tell your friend they are better off just using a local broker. I have attached a list of HKSFC (Hong Kong Securities and Futures Commission) regulated brokers that offer Forex. *** I DO NOT ENDORSE OR RECOMMEND ANY OF THE BROKERS LISTED*** I am simply giving you a good option. For example, Oanda has an office in my city that I have visited. It just feels better being able to find someone to hold accountable.

Good Luck,

- Ric

Hi Ric,

Thanks again for all your help. I know you had taken an extra step to assist. Your generosity is greatly appreciated.

I am just trying to help where I can. Oanda really is a good company so far as Forex brokers go.

Thank you so much, Ric. You are a good man, a God sent. I agreed Oanda WAS a good market maker, perhaps it's time to use past tense to describe this 'good' from now on.

"Internal decision based on Regulatory changes" was the official answer as to why Hong Kong clients are no longer accepted. Personally I believe it is not worth the trouble of digging up the true 'Why?" so long as you get your money out. Still not sure if it was a USA based account but really it does not matter anymore if it is closed now. Take your money and move on.

Ric, if this is an internal decision, Oanda shouldn't use the word 'regulatory' as an excuse. This is putting the responsibility of the changes to the regulatory. Today, this can happen to Hk resident, tomorrow this can happen to Taiwanese. The reason is important as honesty and ethics of a company will be judged. As retail investors, Our interest does not solely wanting to be capable to withdraw our money. We need to trust a broker partner that we use. Similarly, as human, our rights is not only wanting to have food and clothing. We need the dignity to live as a human too.

Oanda breaches the agreement by forcing a client to close his account due to it's discriminating of the clients' residental status. I'd sent this to many of my friends located in Asia and also posted in many Traditional Chinese forums. As far as I know, not all Hk resident received this mail.

Also, I'd read word by word of the agreement between Oanda and it's clients. There is no clause stating that the company can close anybody's account. Yes, there are clauses about closing trades or halting trading due to the market environment.

Some of my friends wrote to all the regulators asking if they had ban Hk residents, so far we had not collected all the answers yet. If all the answers are no, we agreed to quietly protest by closing all our accounts with Oanda. Our reason is that Oanda lied in the letter forcing clients to close the account and blame the regulatory for it.

Ric, money is not the most important factor in our lives. And I am sure Oanda can't keep our money because it needs to please the mainland authority. When Alpari Uk bankrupts, we get back our money too. Moreover, Oanda is not bankrupt, yet.

I do agree that he should take his money out and move on. Today he is the victim. Tomorrow, perhaps I will be the victim. Will you be the victim day after tomorrow?

Tell your friend they are better off just using a local broker. I have attached a list of HKSFC (Hong Kong Securities and Futures Commission) regulated brokers that offer Forex. *** I DO NOT ENDORSE OR RECOMMEND ANY OF THE BROKERS LISTED*** I am simply giving you a good option. For example, Oanda has an office in my city that I have visited. It just feels better being able to find someone to hold accountable.

Thanks for the list, Ric. Greatly appreciate it. We use Oanda not because of it's huge spread but just for the speedy withdrawal. Trading with other brokers are better not only in spread but also in swaps. Oanda has no requote because it's a market maker. Some brokers do have requotes. As investors, we can always change our trading methods to suit the trading environment. However, with other broker (non market maker), when one account is earning a lot, it tends to have 'problem', such as slow connection, platform hanged, or even slippage. In order to maintain a balance, after earning an amount, we'll have to 'lost' some of those earning....(detail not necessary here)....As for Oanda, having huge positive balance still can withdraw and also fast(The fastest I experienced with Oanda is 30 mins. On average, it's about 2 days.) Dukascopy has good withdrawal too. We plan to move our funds from Oanda to Dukascopy.

My friend has asked his wife to contact me since he is out of town and will not be back before the end of July. I'll assist her to close the trades and move the trades to another broker as soon as she understands how to operate. Please do not worry about it. I'd sent her an experts advisor to work this out. If she still can't manage to insert into the platform, worst come to worst, I'll assist her by using distance operation from my computer. I'll not operate for her, I'll just assist her in activating the EA.

By the way, up to two hours ago, my friend had not received any reply from Oanda frontdesk and he wrote to Oanda on June 19th, 2019. Your reply is a blessing and surely faster than Oanda.

Thanks a million, Ric. I don't know how to thank you enough. Your contribution is heartwarming. I see you as a kind and helpful person that move an extra mile for people in need. I do ask myself if I will call anybody to assist a stranger calling for help in a forum. My answer is: You have a good heart, Ric. God bless good people.

Thank you! Have a great day!

Lotus

I am seriously thinking about not necessarily changing the broker... I might still use it for some type of trades or (risk) strategies...
but I will need another broker... This regulation are really bothering.... For example... This margin-exit rule for example costed me in the past...
Not to speak about the (de)leveraging they did in the EU... But I still consider OANADA to be reliable and good broker, I think I might use it as long as I trade because
I am so used to their charts, fxtrade etc... I might still use it as a backup, verification of the trades etc... So to have the trades in parallel among brokers and if trade (outcomes) don't match... I am checking the alternative brokers in Asia but I have trust issues, I must admit... Might be good for certain (burner) strategies at least.
Hope OANDA makes some work-around for the regulation, at least for some markets/players....

Hi,

Yes, I can't agree more. Initially, I used this broker as a backup too. I see it not necessary to change broker as it'll cool to hedge against my position when another broker's platform hanged. However, this broker is not the only possible one to work as backup. I'll prefer to deal with a broker I can trust.

This regulation change issue had been confirmed not related to regulatory change. It means that the official mail misinformed account holder. I can't speak for others but I will worry about what is next. Trust is very important between brokers and retail traders since we are called 'partners'. As a trader, we need to face market risk and all those 'colorful' swans (lol). If we need to worry one more issue, about our trading partners, then we have additional risk and unknown factors that are not manageable for us.

As for the exit margin rules and deleveraging, I see Oanda is still honest in telling facts and speaks in advance. Using subaccounts, different lot size or hedging with other brokers can help with these challenges.

For charting, fxtrade used too much ram and rather unstable during volantile period. I find FxPro's cTrader cool too. Still, I am happy with MT4 too.

I believe, as a trader in this advanced market, we are learners. We will surf with the waves regardless of the changes. Even if one day, there is no more MT4, I am sure traders will be quickly adapted to MT5 or even ninja trader, or whatever useful platform for us. We need to adopt long live learning to do well since we participate in this moving market.

Anyway, it's still good to keep Oanda as a backup, however, I need to give you a kind reminder that Oanda does have non active fees. it'll be great to keep a small lot that has positive swap so as to be an active player with Oanda. This can save us from any possible fees.

I do believe all brokers have their strengths and weaknesses. As a trader, we use these strengths for the best of our benefits and avoided those weaknesses by shifting another strategy with another broker.

Thanks for your insight. It's great to have another view from another angle. Appreciated your input. Have a great day!

Lotus

Hey Lotus,

I would like to see or read how and where you received your 'confirmation' that it was not regulatory reasons for Oanda to close your account. I have not seen anything that holds truth to that.

The inactivity fees at Oanda are only assessed if you have 0 trading activity for 12 consecutive months. You can just open and close 1 unit every 12 months and not have to pay any fees. I see that as more than fair.

- Ric

Hi Ric,

I'd heard a friend of mine who wrote to NFC and confirmed it. As there is a time gap between the east and west, I'll need time to get a print screen. However, even without, another friend has also confirmed that he has an email from Oanda that stated it's not about US regulatory changes.

As for inactivity fees, it'll be rather challenging to remember that 12 months when the account is for back-up. Yes, it's okay to write in a calendar with a reminder. However, with busy life schedule, I'll prefer to have a small lot hanging instead. Opening and closing a trade once a year still has a cost of spread. Holding a small lot with positive swap has an income without cost. Also, since it's just to keep an account, perhaps when there is huge pips in profit, it's still considered good. Well, at least no cost or cost covered as well as no need to remember the date. After all, forex is a range if we look at the large time frame. What went up will come down eventually and vice versa. It's just a matter of time. Even if it doesn't, as long as this small lot is not trading exotic pairs, I see it safe. All comments welcome. Thank you.

I believe each has the benefit. I do agree that opening and closing a trade works, it has it's strengths and weaknesses, so does holding a small lot with positive swap. Both have good and bad points. I see each take a method most suitable for ourselves.

Thanks for putting additional method to hold a backup account by trading once a year, Ric. Appreciate your input.

As for the print screen, if you find it necessary, I'll get it and post it here when I get it.

Perhaps I had not made my point well. I am saying that Oanda wrote in the first mail that it's due to regulatory changes that Oanda had no options but closed those accounts. I was unsure at that moment, therefore we did some checking. Time can tell a lot of stories. I am just saying that it's not ethical to blame the regulator for changing rules when the regulator didn't change any rules. It's similar to lying to clients. This is a problem with trust. I am sure by now that the words Oanda communicate with clients are not facts.

I'm sorry for expressing what I see. I am not trying to hurt nobody. I'm plainly trying to speak the truth and facts. I understand it's hard to accept, at times. I respect all opinion and welcome all options. I am grateful to all that contribute to assist. Please don't feel offended. I am not against nor for any broker. As I'd mentioned in my previous post, I see all brokers have their strengths and weaknesses. Nobody is perfect, including me. I learn as I move on and with each experience, I grow. And I hope all of us do so too.

Ric, it's an amazing experience to discuss with you. I find you a great individual. Thank you again for all your help. Have a great day.

Lotus

Hi Ric,

Just in case I'd been negative in discussing about the inactive fees, I read again my post.

I found that I didn't disagree with using Oanda as a backup. I am not trying to encourage anybody to leave Oanda. In fact, I even give a suggestion on how to avoid unnecessary charges to keep the account with Oanda. I do point out as a reminder that there is inactivity fees. I'm sorry for not knowing the duration since I never keep a date of it. I hold long-term position and never need to know how long I'd not trade with Oanda. It's my fault for not giving adequate information that inactive fees occurred only when no trading with the account for 12 months.

Ric, please rest assured that I will not encourage anybody to leave Oanda. As I said, there is good and bad about all brokers. As long as we find a broker suitable for us, it's the best option. I am not here to express hate. I'm just trying to communicate facts with proofs. If someone had followed this issue, I do show print screens necessary. There, perhaps, some that I can't show to protect my friends' privacy, which I find it necessary. Other than that, there is nothing I can't show.

I'm sorry for causing alarm, Ric. Please forgive my ignorance. I'll take an extra steo to be more careful in my word choices and be more considerate in my expression when I discuss about Oanda in the future. Thanks for reminding. Have a great day.

Lotus

Hey Lotus,

I think there has been a huge misunderstanding here. The regulatory changes WHERE NOT FROM THE USA BUT FROM HONG KONG AND CHINA. You seem to be stuck on the USA having something to do with it. Your account was governed by Oanda Asia Pacific. Even if it was a US account when you started. If the account was under a Hong Kong person, which it was because you said it was a wife with a Hong Kong address, then it was 100% governed by Oanda Asia Pacific. No doubt. Nothing to do with US regulators or Oanda US Division. I know I am correct so need to show me any proof.

As for the inactivity fee discussion, I am not upset I just want the truth to be out there. If you are not going to use a broker account at least a few times a year, what is the point having it? It is silly and cumbersome to have funded accounts you do not use. It only takes a few days to fund an account. If you do not want inactivity fees, remove all your funds. Oanda will keep your account open and will not charge you anything. When you are ready to use the account again, fund it.

I don't care if people leave or join Oanda. I care that the information that is given is correct.

- Ric

Oanda is regulated by NFC, even Oanda Asia Pacific. Also, SFC doesn’t change anything.

Hi Ric,

Thanks for your reply. Greatly appreciated it.

I think there has been a huge misunderstanding here.

I'm sorry for causing much inconveniences. Please accept my humble apology.

The regulatory changes WHERE NOT FROM THE USA BUT FROM HONG KONG AND CHINA. You seem to be stuck on the USA having something to do with it. Your account was governed by Oanda Asia Pacific. Even if it was a US account when you started. If the account was under a Hong Kong person, which it was because you said it was a wife with a Hong Kong address, then it was 100% governed by Oanda Asia Pacific. No doubt. Nothing to do with US regulators or Oanda US Division. I know I am correct so need to show me any proof.

I wrote to my friend and he said he can't prove nothing. However, he can show me the method of withdrawal. Below are some print screens, one from his account showing there are two methods of withdrawal, namely debit card and bank transfer. The other two printscreens are from the help section of Oanda's website showing Asia Pacific can withdraw using PayPal. I believe this differences can prove his account is under USA regulator. I am fully convinced that his account is not in Asia Pacific. I hope these three print screen can convince you as well. Please advice. Thank you.

Moreover, he account has fifo and those level of leverage and such.

As of his wife trying to open an account, I'm sorry for mentioning it here. This account is not funded as he only wishes to know if all residents are prohibited from opening an account with Oanda. Therefore he asked his wife to try and open an account. This account is not related to the real account that he had hold for almost a decade.

As for the inactivity fee discussion, I am not upset I just want the truth to be out there. If you are not going to use a broker account at least a few times a year, what is the point having it? It is silly and cumbersome to have funded accounts you do not use. It only takes a few days to fund an account. If you do not want inactivity fees, remove all your funds. Oanda will keep your account open and will not charge you anything. When you are ready to use the account again, fund it.

I'm sorry, Ric. No offense meant. I understand you are trying to help and I swear to God, I appreciated all your inputs. I am afraid to hurt a good hearted person that offers a helping hand. Please forgive my carelessness. Ric, I personally have accounts with at least 8 brokers. I agree, it's not necessary. Yet, we are never afraid of trading for or against the trends, we are noy afraid of market risk. However, it's necessary to beware of unexpected events. It's so true that it's fast to fund an account. Yet, it's not fun to need it right away during crisis. As I said, Oanda has it's strengths. Well, I do agree it's better to withdraw rather than keeping. You had a point, Ric. Thanks for a great advice.

I don't care if people leave or join Oanda. I care that the information that is given is correct.

Ric, I'm sorry for thinking too much. I didn't mean nothing. It's just that I worried this may cause you some inconveniences. Please do not take it to heart.

My friend gave me more information about what happened. The day he received the mail about 'regulatory changes', he found it fishy. As in all regulatory changes, there will be a link or a statement that show what regulatory and what changes. He shown me the email he received when ESMA changed regulatory. However, the email he received from Oanda didn't specifically mentioned what regulatory, what changes, when the rule changes and where to get more information. So, he chatted with Oanda live chat. The representative told him it's MAS. My friend mentioned his account is not under MAS. Then the customer service closed the chat box. He called again and the representative told him to write to frontdesk. And he did. At the sametime, he wrote to me asking if this is normal.

A couple days went and he had no reply. He wrote again and still no reply.

About 7 days later ( this maybe incorrect as he can't remember exact date), he received a message in his voice mail. The language is rather challenging to understand. Then he had an email from a representative to his another email account. When he asked what regulatory, he was told 'they believe it's from HKSE/SFC' (exact words he told me). He replied saying there is no HKSE after searching google. Then the conversation halt.

He was unsure what to do. So, he wrote to his friend and found out that there is no such think called HKSE and recently, there is nothing changes in SFC. He showed me a print screen about it and I attached below. Also, he also showed me the emails about regulatory changes of ESMA from FXCM, FXPRO and Dukascopy. If this is regulatory changes, the broker company has to show what rules changes, when it changes or have a link to the changes. When he sees nothing shown, he has his doubts.

Lotus

Hi Ric,

I'm sorry about the attachment. I need another post for the rest of the attachment.

Thank you. Have a great day.

Lotus

Hi,

Can't agree more. NFC didn't change anything recently. Thank you. Have a great day.

Lotus

Hi Ric,

I'd just received an email from my friend. He told me he had been refused to withdrawal using PayPal because 'NFA's Board approves prohibition of credit cards to fund retail forex accounts. As such we no longer offer any Paypal deposit and withdrawal service. You can read more about this here: https://www.nfa.futures.org/news/new...ArticleID=4432
https://www.nfa.futures.org/news/PDF...in_Funding.pdf '

Hope this can prove his account is US division.

Thank you. Have a nice day.

Lotus

I hope OANDA will find a way to bypass some of the rules.. at least for certain markets/clients.. otherwise they might lose their edge...
I have noticed however that they changed their market strategy... They used to be just IT, now they are offering more and more "insights" etc...
Also had trouble reaching the helpdesk the last few times... But I won't bother with the details for now.. I just noticed I would have to seriously
(benchmark) the brokers again at least after I test my strategy and if the broker will appear to be a weak(er) chain in it...

Also about the CREDICARDS that someone mentioned... This might not be any brokers fault.. There were some massive credit card issues everywhere...
One of the broker canceled all their credit cards... and some prepaid cards are out of the market... It seems there was some heavy raid in the creditcard market due to abuse, laundry etc...

Also once you are profitable.. this same way in, same way out.. is not a thing anymore... you can withdraw the profits by simple bank transaction, I think no broker have a problem with it.... The standard rule applies mostly to prevent people deposit one way and withdraw another way (aka laundry etc)... But profits are another story... many do not have that problem (of withdrawing profits) however

I have been a long time OANDA customer and withdrawing funds has never been a problem. Here is a copy of my first profit withdrawal.

Hope noone misunderstood my posts.. I have made many deposits/withdrawals... profits far surpased the deposits... without any problems...
I usually get money transfered, either deposit or withdraw... within 1-2days... (through UK bank since I'm from EU) without any problems whatsoever..
I have done this more times that I can remember.. This is important for me.. I love OANDAs charts... I am somewhat conditioned to it maybe since it was my first chart... I love this reliability of deposits/withdrawals.. and everything... But for certain strategies I will be forced to have alternative broker.... Once I do get the BIG account.. IF... oanda might become my primary broker again Absolutely hate regulations... both ones, EU and US divison... but US division is far better atm... at least for me... I was hoping for a long time that they would offer some Asia Pacific special deals.. to bypass this.. but hey, different brokers for different players/markets/strategies In fact I made some largest profits at the time they opened EU divison and at their opening at Canary Wharf Yeah they told me "no dress code" when I asked.. but GUES what.. everyone had BLACK suit except me Won't fall for his one again And it was rather small group, so my plan to mix among the crowd failed completely wasn't there long... hehe; didn't even take the promotional bag so they won't call the cops heh... It was at Smollenskys...
I would like to have some event in the future... maybe they will invite me again, should I increase the account size, profits etc... if they do have any events at all...

Is OANDA offering MT5 any time soon??????

My secondary broker dropped MT4 in May and forced everyone to trade exclusively on MT5.
Since I had tried an MT5 demo account in the past and found it quite lousy I dropped that broker.
If OANDA did the same as my secondary broker I would have no other choice but to drop OANDA

Oanda change my leverage from 50:1 to 20:1.
My country mas requested. Damn.. Not sure if other country affected