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  • #6,081
  • Apr 17, 2020 1:02pm Apr 17, 2020 1:02pm
Hello everyone.
Give me advise pls. I'm from Greece. Which OANDA is better for me? Oanda Europe Limited?
THANKS!
  • #6,082
  • Edited 2:48pm Apr 17, 2020 1:14pm | Edited 2:48pm
So if I understand it correctly, as the financing is charged/credited over the w/e it might be good to be short at late Friday closing and review that position at the Sunday opening..
On second thoughts they would be artificially increasing the price at the same time so no free (Sunday) lunch !
  • #6,083
  • Apr 17, 2020 2:48pm Apr 17, 2020 2:48pm
Quoting nonamebasta
Hello everyone. Give me advise pls. I'm from Greece. Which OANDA is better for me? Oanda Europe Limited? THANKS!
If you're from Greece, no OANDA is better for you. You have a ton of better brokers available to you. Is Dukascopy available in Greece? IC Markets? Global Prime? LMAX?
  • #6,084
  • Apr 17, 2020 3:05pm Apr 17, 2020 3:05pm
Quoting pipmaster77
{quote} If you're from Greece, no OANDA is better for you. You have a ton of better brokers available to you. Is Dukascopy available in Greece? IC Markets? Global Prime? LMAX?
But ICMarkets is offshore broker. I want some more serious regulation.
Why can't you recommend me OANDA?
  • #6,085
  • Apr 17, 2020 4:16pm Apr 17, 2020 4:16pm
Quoting nonamebasta
{quote} But ICMarkets is offshore broker. I want some more serious regulation. Why can't you recommend me OANDA?
IC Markets is regulated by ASIC in Australia, very good regulation. Why can't I recommend Oanda:

spreads too wide
this new financing rip off thing they're doing
charging you a conversion fee back to your deposit currency when you close a trade
platform freezes for sometimes hours can't get out of a trade
market maker- conflict of interest, takes other side of your trade
no protection of funds whatsoever (maybe in Greece, not in US)

IC Markets is the largest forex broker by volume in the entire world,I wish I had your options, you might want to do a bit more research before you start trading
  • #6,086
  • Edited 6:29pm Apr 17, 2020 4:31pm | Edited 6:29pm
Hi guys so I am looking at opening a live account with Oanda and have been using their practice account but I noticed something strange on the 12th of March this year. (Sorry I wrote 13th on the charts)
below are 3 pics all GBP/NZD on Daily chart. Same indicators and MAs used. The first pic is from MT4 connected to an Oanda server. You can see the spike (arrow pointing at it) of the red bar way past the slowest MA. But in the second and third pics (tradingview and MT5-non Oanda server) that red bar never even came close to the Slowest MA(simple MA 80 blue line). So what is happening here?? the price never moved that low for the day, the lowest it went was 2.01905 and even closed slightly above that. But in the mt4 Oanda chart with the same exact indicators and MA how does it go well beyond the above mentioned actual price??? I could understand if the price had actually moved down to that point during the day and then retracted and it was just a glitch on Oanda’s chart and it didn’t retract to the close price but it actually never go to the point that is shown on Oanda’s chart. This leads me to wonder if they were stop loss hunting as this would have taken out any stop loss less than 350 pips from beginning of the uptrend!!!!! This has me really concerned as I have read that Oanda stop loss hunts a lot. Could someone with more experience shed some light on this? Also I know it could be lots of news was coming out but all three charts should then look close to the same regardless of news volatility etc. this is a big red flag!!! Thank you in advance.
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  • #6,087
  • Apr 17, 2020 5:13pm Apr 17, 2020 5:13pm
Quoting nonamebasta
Hello everyone. Give me advise pls. I'm from Greece. Which OANDA is better for me? Oanda Europe Limited? THANKS!
Quoting nonamebasta
{quote} But ICMarkets is offshore broker. I want some more serious regulation. Why can't you recommend me OANDA?
As stated by many traders there are brokers that are better than OANDA and they named a few of them. I agree with them because each broker has its peculiarities and a broker that is good for a trader is not necessarily good for another. I have been trading with OANDA for 15 years and although OANDA has higher spreads and higher swap rates than many other brokers its best for me. The reason I say this is that OANDA has excellent execution speed normally without any slippage and this is important for me. It also has good customer support and I never had any problem withdrawing profits. It also offers normal and premium accounts with a higher leverage up to 1:100. Although it may not be important to many traders this is also important for me. You state that you want serious regulations. My question is what are serious regulations? Some say that the US has the best regulations but it’s crap as far as I'm concerned. Do you really want to trade using FIFO and without hedging capabilities and worse without a protection fund in case a firm goes bankrupt? You can see OANDA's regulations by country in post # 6,066 above. If you want a good broker with good but not unrealistic regulations (like in the US) please choose a broker located and regulated in the countries stated in that post. Even better, if you want a broker that has good regulations and offers protection in case of bankruptcy you can choose one from the following country with the amount of protection offered:

Canada $1 million
UK £85,000
Greece €30,000
Cyprus €20,000

Since you are from Greece you may want to take a look at WiredMarket that is located in Athens. I used that broker before to trade stocks since most forex brokers using MT4 don't offer stock trading. As you can see on my chart with a 1:100 leverage I can trade 100 barrels of oil for less than a leverage of $20. I hope this information will help you make an informed decision. I wish you good luck with your trading and have a nice weekend all
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  • #6,088
  • Apr 18, 2020 6:45am Apr 18, 2020 6:45am
Quoting Hutch
{quote} {quote} As stated by many traders there are brokers that are better than OANDA and they named a few of them. I agree with them because each broker has its peculiarities and a broker that is good for a trader is not necessarily good for another. I have been trading with OANDA for 15 years and although OANDA has higher spreads and higher swap rates than many other brokers its best for me. The reason I say this is that OANDA has excellent execution speed normally without any slippage and this is important for me. It also has good customer support...
By good regulation i mean that the forex broker will not block my account when i'm starting to win and make money. Because i know a lot of cases when for example russian people were trading on ICMarkets(which registered on Seychelles) and broker block accounts with no reason. Just take your money and scam you. Because they know you don't have legal force to take your money back. Will you fly to Seychelles to solve all problems with broker in court? I don't think so. That's why they don't shy to block your account if you live far away and don't have a good lawyer.
So i'm asking about good broker for EU citizen that 100% can't block your account when you double your deposit.
Can FCA protect people from EU? Or they can help only UK citizens? Because in EU there are different laws about forex.
Can AFSL protect me? Or they can protect only people from Australia?
That's what i want to know.
the laws
  • #6,089
  • Apr 18, 2020 10:06am Apr 18, 2020 10:06am
Quoting nonamebasta
{quote} By good regulation i mean that the forex broker will not block my account when i'm starting to win and make money. Because i know a lot of cases when for example russian people were trading on ICMarkets(which registered on Seychelles) and broker block accounts with no reason. Just take your money and scam you. Because they know you don't have legal force to take your money back. Will you fly to Seychelles to solve all problems with broker in court? I don't think so. That's why they don't shy to block your account if you live far away and...
So I will lay out exactly how I mitigate risk. I refuse to use a CFTC broker simply due to the fact the regulations due nothing to protect the trader. As a US client, they offer no protection of funds and the 3 main brokers we can choose from all operate a market maker model, which is a conflict of interest with them holding the other side of the trade. Before everyone jumps in with there is ALWAYS someone on the other side....of cousre there is, I just prefer it not be THE BROKER itself. It's like betting on sports and the bookmaker can manipulate the outcome of the game. It shouldn't even be legal, brokers should have to put your orders directly through to their LPs. If the regulators here in the US knew anything about forex or truly were trying to "protect" traders, they would enforce this.

I use 5 offshore brokers, four of which offer 500:1 the other 200:1, I do not need or use that leverage, however, because it is there, it allows me to keep much less money with the broker(s) for margin requirements. I keep 65% of my trading capital in my FDIC insured US bank account, the other 35% is spread among the 5 brokers. In this way, I only have 7% of my actual trading capital with any one broker. All trading decisions are made based on my total capital amount (bank + brokers) and when using that amount, I am at about 3:1 leverage, of course on the broker side it appears I'm using like 10:1.

Would I prefer to use 1 broker who offers STP/DMA execution and insures my money 100%? ABSOLUTELY. It is actual the US regulation, which is supposedly "protecting" me, which forces me to trade like this. So...put all my money with a CFTC broker, with no protection of funds, OR have no more than 7% at risk with any one broker. On a side note, 2 of my brokers have been around 9 years and they all offer tighter spreads and overall better trading conditions than any of the CFTC "regulated" options My withdrawals are in my bank with 12 hours with one broker and no more than 48 hours with any of them.

So, to me , the US broker industry is like the Russian mob, play by our rules with shitty conditions or don't play at all.

My point is, when you are not in the US, you do not have to do what I do nor do you have to be forced to use one of these market maker brokers.
  • #6,090
  • Apr 18, 2020 10:51am Apr 18, 2020 10:51am
Quoting nonamebasta
{quote} By good regulation i mean that the forex broker will not block my account when i'm starting to win and make money. Because i know a lot of cases when for example russian people were trading on ICMarkets(which registered on Seychelles) and broker block accounts with no reason. Just take your money and scam you. Because they know you don't have legal force to take your money back. Will you fly to Seychelles to solve all problems with broker in court? I don't think so. That's why they don't shy to block your account if you live far away and...
There are two types of regulators, excellent and Mickey Mouse (no insult intended to Mickey Mouse). Excellent regulators are found in developed countries mostly located in North America, Europe, Australia, etc. Regulators in these countries protect investors no matter where the investor is from. Mickey Mouse regulators are like cartoons. They look good on the surface but when you look further there is no content. The bottom line is that I would never trust a broker that is regulated in the Seychelles, or regulated in any African country. I don't even trust regulators located in the US (CFTC and NFA) because there is no compensation fund in case a firm goes bankrupt. I had a broker regulated in Europe and he blocked my account because it stated that I was using arbitrage to make money, kept all the profits that I made and reimbursed my deposit. I filed an official complain with the regulator concerned and the broker lost because arbitrage is legal. As a result, the broker reimbursed all the profit that I made but, unfortunately, refused to re-open my account and this was within its rights. There are scam brokers around for sure and you can usually recognize them because they give traders a big bonus and, as a result, the trader will not be able to take money out of his account until the conditions for awarding the bonus have not been met. You can find a list of forex regulators on this site: https://www.dailyforex.com/forex-brokers/regulation
but I doubt that it's complete.
  • #6,091
  • Apr 20, 2020 3:35pm Apr 20, 2020 3:35pm
Quoting pipmaster77
{quote} So I will lay out exactly how I mitigate risk. I refuse to use a CFTC broker simply due to the fact the regulations due nothing to protect the trader. As a US client, they offer no protection of funds and the 3 main brokers we can choose from all operate a market maker model, which is a conflict of interest with them holding the other side of the trade. Before everyone jumps in with there is ALWAYS someone on the other side....of cousre there is, I just prefer it not be THE BROKER itself. It's like betting on sports and the bookmaker can...
Spot on.
  • #6,092
  • Apr 20, 2020 6:58pm Apr 20, 2020 6:58pm
Are there any US brokers that will allow BOTH forex and e-minis trading?
  • #6,093
  • Apr 21, 2020 2:23am Apr 21, 2020 2:23am
Who can explain which WTI reference Oanda is quoting ?
Right now the WTI MAY Futures is still quoting a negative price (!!!) but Oanda is still trading WTI at around 18$ / baril.

No comprendo ...

Thanks
  • #6,094
  • Apr 21, 2020 6:35am Apr 21, 2020 6:35am
Quoting KaliMucho
Who can explain which WTI reference Oanda is quoting ? Right now the WTI MAY Futures is still quoting a negative price (!!!) but Oanda is still trading WTI at around 18$ / baril. No comprendo ... Thanks
Cash WTI is not traded the same way as futures. When you buy future contracts you have to take possession of the asset when the contract expires. Since nobody wants to take delivery of WTI when the May contracts expire it went negative. OANDA exclusively offers cash WTI. Here is an example from yesterday
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  • #6,095
  • Apr 21, 2020 7:38am Apr 21, 2020 7:38am
Ok thanks !
  • #6,096
  • Apr 21, 2020 3:17pm Apr 21, 2020 3:17pm
Quoting Hutch
{quote} Cash WTI is not traded the same way as futures. When you buy future contracts you have to take possession of the asset when the contract expires. Since nobody wants to take delivery of WTI when the May contracts expire it went negative. OANDA exclusively offers cash WTI. Here is an example from yesterday {image}
Yeah and let's not forget that bureaucracy/taxes for futures/contracts is a nightmare, at least in my country, while SPOT is clean/clear, for now... I just prefer the SPOT, for this reason alone, for now...
Can you afford to take that chance?
  • #6,097
  • Apr 21, 2020 3:24pm Apr 21, 2020 3:24pm
Quoting auricforecas
{quote} Yeah and let's not forget that bureaucracy/taxes for futures/contracts is a nightmare, at least in my country, while SPOT is clean/clear, for now... I just prefer the SPOT, for this reason alone, for now...
No need to worry it's probably the same in every country. After all governments always find ways to screw traders to get more money. I agree with you that spot anything is best
  • #6,098
  • Apr 21, 2020 7:58pm Apr 21, 2020 7:58pm
I am on OANDA’s practice account waiting for funds to clear for live. Are the spreads usually this wide On EUR/USD? Bid 1.0853 .. Offer 1.08548
  • #6,099
  • Apr 22, 2020 2:47am Apr 22, 2020 2:47am
Quoting tmtnj1126
I am on OANDA’s practice account waiting for funds to clear for live. Are the spreads usually this wide On EUR/USD? Bid 1.0853 .. Offer 1.08548
Yes, sadly, OANDA increased the spreads dramatically, beware of the Asian session,if you are trading overnight and have a tight stop, major's spreads multiply by ten and more.
  • #6,100
  • Apr 22, 2020 3:17am Apr 22, 2020 3:17am
Quoting Hutch
{quote} Cash WTI is not traded the same way as futures. When you buy future contracts you have to take possession of the asset when the contract expires. Since nobody wants to take delivery of WTI when the May contracts expire it went negative. OANDA exclusively offers cash WTI. Here is an example from yesterday {image}
Hutch question: so the safest is not to keep a WTI position overnight right, (long or short)?
Thanks in advance.
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