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  • #5,821
  • Jan 4, 2020 9:45am Jan 4, 2020 9:45am
Quoting TraderSing
{quote} I don't think there is irregularities. I have been trading fx for many years and its normal for such rates at the end of the year. Furthermore, theres Christmas, New year and BOJ long holiday.
Sorry, but I cannot help but wonder if you are an Oanda rep.
  • #5,822
  • Jan 4, 2020 10:04am Jan 4, 2020 10:04am
Quoting cuchuflito
{quote} Sorry, but I cannot help but wonder if you are an Oanda rep.
Nope I'm not. I'm just stating what I know.
  • #5,823
  • Jan 5, 2020 6:33am Jan 5, 2020 6:33am
Oanda and all retail forex brokers will pad the swap to an obscene level. The usual scam is to advertise a low spread / commission, then they gouge on the swap.
Any retail forex broker worth his sleaze will make sure to pay customers as little as possible (yes even negative!) on positive swaps and to charge as much as possible on negative swaps.
They can get away with it and they do.
It's a rip off. Stay away from retail forex.
  • #5,824
  • Jan 5, 2020 12:56pm Jan 5, 2020 12:56pm
Quoting Mingary
Oanda and all retail forex brokers will pad the swap to an obscene level. The usual scam is to advertise a low spread / commission, then they gouge on the swap. Any retail forex broker worth his sleaze will make sure to pay customers as little as possible (yes even negative!) on positive swaps and to charge as much as possible on negative swaps. They can get away with it and they do. It's a rip off. Stay away from retail forex.
Yes you are right this is happening now. They keep the spreads tight giving you the illusion they are very fair. Then they blow out the swaps and you end up paying so much more its crazy. Another nasty thing Oanda does is lump all the interest into one number. They used to break it down so if you had 5 positions it would show how much you paid or received for each pair. Now its all lumped together so it makes it almost impossible to verify anything or figure out how much you are paying on each pair. It is also important to note Oanda never used to be like this. This change happened around Dec 9th. They were very fair before that. As traders keep figuring this out they are going to be dripping like flies.
  • #5,825
  • Jan 5, 2020 3:54pm Jan 5, 2020 3:54pm
I know, we are bitching...any solutions? As Us citizen, who trades across 20 pairs I have not found any...but show must go on....it cuts deep into profits..
  • #5,826
  • Jan 5, 2020 9:20pm Jan 5, 2020 9:20pm
Quoting driven18
I know, we are bitching...any solutions? As Us citizen, who trades across 20 pairs I have not found any...but show must go on....it cuts deep into profits..
Driven18, I feel your pain! We are completely out of options in the US. We are no longer welcome customers to ANY reputable international broker (courtesy of the CFTC / NFA international brow-beat), and the handful of brokers we have here are all playing the same game. Push retail traders into the losing strategy of big speculation on short-term price movements. Put some big swap hurdles up in the middle of the week just to make sure there is yet one more obstacle to sensible trading. Exempt the big boys from all the regs. This setup is Rife with corruption and scheming at the highest levels.

Oanda used to be bearable but it appears they have joined the rest of the monkey pack. With a captive set of traders, we are all at their mercy.

We BEG all of you reading this forum. Please recommend an offshore unregulated broker for us We don't ask for much. Just a broker that allows for withdrawals and probably won't run off with our money ....

This is all the information that I'm able to provide:
https://forums.babypips.com/t/going-...the-cftc/35612

I tried one of these offshore brokers a few years ago (it's no longer around). I did manage to get my money out but I'm quite sure it was a bucket shop, This broker really enjoy freezing / locking up the terminal whenever they thought you had overcommitted in a trade.

Oanda, if you're reading this we request one thing of you. You asserted that you made this swap policy change since "the majority of traders wanted it" and that "short term traders were being hurt". This could be the case but I have yet to meet a single trader who likes this new policy. How about releasing your survey for all of us to see?
  • #5,827
  • Jan 6, 2020 3:02am Jan 6, 2020 3:02am
Quoting MagnumPI
{quote} Yes you are right this is happening now. They keep the spreads tight giving you the illusion they are very fair. Then they blow out the swaps and you end up paying so much more its crazy. Another nasty thing Oanda does is lump all the interest into one number. They used to break it down so if you had 5 positions it would show how much you paid or received for each pair. Now its all lumped together so it makes it almost impossible to verify anything or figure out how much you are paying on each pair. It is also important to note Oanda never...
It's just not OANDA playing this trick. It's getting more difficult and more expensive for forex brokers to sign up new accounts. They have to be more "creative" to get more revenue from their existing client base.
  • #5,828
  • Jan 6, 2020 7:28am Jan 6, 2020 7:28am
Quoting Mingary
{quote} It's just not OANDA playing this trick. It's getting more difficult and more expensive for forex brokers to sign up new accounts. They have to be more "creative" to get more revenue from their existing client base.
yeah its just Oanda! atleast in my case. I don't have forex.com acct but do have IG acct and regarding swaps IG was much better in last few weeks.
who dares wins
mashFX DSRII Return This Year: na
  • #5,829
  • Jan 6, 2020 10:07am Jan 6, 2020 10:07am

Many Fx brokers are weak and some are plainly dishonest. I trust OANDA and here is why I'm not ready to abandon OANDA yet (I underlined the main point):


Dear William,

Early on January 15, 2015, the Swiss National Bank (SNB) sent global financial markets into turmoil with a surprise move to eliminate its three-year-old cap on the franc (CHF).

In the wake of this unprecedented market event, OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients. OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough (where permitted by regulations).

As a very well capitalized broker, we are proud to report that it is business as usual at OANDA: client trading, deposits and withdrawals are processing normally.

OANDA is proud of its strong reputation for fairness and integrity. We thank our customers for their continued loyalty and welcome new traders who want to experience outstanding service and execution.

Specific questions about individual fxTrade accounts will be addressed by our Client Experience team via http://www.oanda.com/corp/contact/.

Thank you for trading with OANDA,

signature

Ed
President and CEO, OANDA Corporation

  • #5,830
  • Jan 6, 2020 5:29pm Jan 6, 2020 5:29pm
I have been with Oanda since 2005. Previously in US department, now in Europe. I had no objections and they service was very good in terms of cost of trading and execution. But the horror that happened in December 2019 with increasing swap in my opinion are the first cracks in this so far reputable organization. Usually there are two main reasons that cause this kind of behaviour. First – greedy management. Second – bad financial situation. But whatever option it is, sooner or later we will probably see Oanda follow in the footsteps of Refco.
  • #5,831
  • Jan 6, 2020 5:48pm Jan 6, 2020 5:48pm
Can anyone who trades with Forex.com or IG or any other US forex brokers compare swaps to Oanda?
  • #5,832
  • Jan 6, 2020 8:36pm Jan 6, 2020 8:36pm
Quoting Mingary
{quote} It's just not OANDA playing this trick. It's getting more difficult and more expensive for forex brokers to sign up new accounts. They have to be more "creative" to get more revenue from their existing client base.
I dont know what you mean it is getting more expensive for forex brokers to sign up new accounts? And I mean if they are going to get more creative like that it will backfire. You get traders losing money they will just leave. Its better to take a small piece of the pie. Keep em profitable or give them the best shot and then they will stick around for a long time.
  • #5,833
  • Jan 6, 2020 8:37pm Jan 6, 2020 8:37pm
Quoting Yeti
I have been with Oanda since 2005. Previously in US department, now in Europe. I had no objections and they service was very good in terms of cost of trading and execution. But the horror that happened in December 2019 with increasing swap in my opinion are the first cracks in this so far reputable organization. Usually there are two main reasons that cause this kind of behaviour. First – greedy management. Second – bad financial situation. But whatever option it is, sooner or later we will probably see Oanda follow in the footsteps of Refco.
You nailed it pretty good with this post but I hope they dont go the Refco way. In a year or two I am sure upper management will be regretting this change big time.
  • #5,834
  • Jan 6, 2020 8:49pm Jan 6, 2020 8:49pm
Quoting Hutch
Many Fx brokers are weak and some are plainly dishonest. I trust OANDA and here is why I'm not ready to abandon OANDA yet (I underlined the main point): Dear William, Early on January 15, 2015, the Swiss National Bank (SNB) sent global financial markets into turmoil with a surprise move to eliminate its three-year-old cap on the franc (CHF). In the wake of this unprecedented market event, OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses...

This was definitely very classy of Oanda. That gave me a lot of confidence as well. However Oanda was bought out around a year ago I think. I have no idea what the future holds. I am not confident. I am hoping they will come to there senses and change back to the old way.
  • #5,835
  • Jan 6, 2020 11:08pm Jan 6, 2020 11:08pm
Quoting MagnumPI
{quote} This was definitely very classy of Oanda. That gave me a lot of confidence as well. However Oanda was bought out around a year ago I think. I have no idea what the future holds. I am not confident. I am hoping they will come to there senses and change back to the old way.
when its per second financing, short term trader complained and want to switch to those broker which charged daily swap as they will be paying $0.

when its daily swap, another group of people complained.

so how??
  • #5,836
  • Jan 7, 2020 4:31am Jan 7, 2020 4:31am
Quoting MagnumPI
{quote} I dont know what you mean it is getting more expensive for forex brokers to sign up new accounts? And I mean if they are going to get more creative like that it will backfire. You get traders losing money they will just leave. Its better to take a small piece of the pie. Keep em profitable or give them the best shot and then they will stick around for a long time.
It's the cost for acquiring new customers (marketing + admin, etc ... )
Traders will leave, because they will lose money. It's essential to replace "the fallen with new blood". A forex broker can only survive if
1) they get new accounts and
2) maximise profit on the ones that are still surviving.
  • #5,837
  • Jan 7, 2020 7:12am Jan 7, 2020 7:12am
Quoting Yeti
I have been with Oanda since 2005. Previously in US department, now in Europe. I had no objections and they service was very good in terms of cost of trading and execution. But the horror that happened in December 2019 with increasing swap in my opinion are the first cracks in this so far reputable organization. Usually there are two main reasons that cause this kind of behaviour. First – greedy management. Second – bad financial situation. But whatever option it is, sooner or later we will probably see Oanda follow in the footsteps of Refco.
I think the nefarious financial changes affecting OANDA's customers are due to the greedy new owners. On the other hand I think that, unlike Refco, OANDA is an honest company that is not cheating customers and regulators.
  • #5,838
  • Jan 7, 2020 8:55am Jan 7, 2020 8:55am
Quoting Hutch
{quote} I think the nefarious financial changes affecting OANDA's customers are due to the greedy new owners. On the other hand I think that, unlike Refco, OANDA is an honest company that is not cheating customers and regulators.
Please read this blog post by IG. It explains on year end volatile swap rates. Thanks

https://community.ig.com/blogs/entry...rently-likely/
  • #5,839
  • Jan 7, 2020 9:28am Jan 7, 2020 9:28am
Quoting TraderSing
{quote} Please read this blog post by IG. It explains on year end volatile swap rates. Thanks https://community.ig.com/blogs/entry...rently-likely/
yep, it looked like IG warned their clients in 2018, however in 2019 they didn't increase the swaps 3-6 times! in other hand, Oanda stabbed with 3-6x swaps without any warning
who dares wins
mashFX DSRII Return This Year: na
  • #5,840
  • Jan 7, 2020 10:00am Jan 7, 2020 10:00am
Quoting MagnumPI
{quote} This was definitely very classy of Oanda. That gave me a lot of confidence as well. However Oanda was bought out around a year ago I think. I have no idea what the future holds. I am not confident. I am hoping they will come to there senses and change back to the old way.
This is exactly why you shouldn't trust them. They forgave negative balances because they are on the other side of your trade. It's like betting with a bookie where he has control on the outcome of the game. This is why so many brokers took a hit and even went out of business. Those were the true DMA brokers not holding the other side. So, yeah, of course they were able to forgive negative balances, THEY WERE HOLDING THE MONEY.
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