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  • #2,261
  • Jul 11, 2011 1:34pm Jul 11, 2011 1:34pm
Quoting stevegee58
Why is everyone so hung up on free? If you're really successful and managing a large amount of money a $20 bank transfer fee is nothing.

If you want free you can always request a check.
Then you have to wonder why a bucket shop/market maker broker like OANDA, whose transaction volumes are creating WAY more profits than a trader ever will, even needs to charge us fees when they can easily absorb the cost, if there is any (by that, I mean the $20 fee is artificial just to create a means for even more profits).
  • #2,262
  • Jul 11, 2011 1:52pm Jul 11, 2011 1:52pm
Oanda is a company and Like every other Company they look for longevity, I have never Ordered a item from eBay amazon or another Online or overseas Company that Haven't included a cost of shipping. To do so would Increase their Cost of operations, Minimizing Growth.
When i make a wire transfer the Bank charges me roughly at $55 including stamp tax and what have you. Imagine if you got to do this every week not only will it be expensive but time consuming. The $20 charged is Fair and if you Can't afford the $20 fee Keep the Money in your account Grow it and then Withdraw.

Just my Measly 2 cents
Best Regards Moneymike
  • #2,263
  • Jul 11, 2011 3:52pm Jul 11, 2011 3:52pm
What kind of withdrawal is free once a month? I'm looking for clarification is all. I just started an account with them.

Is it the "check or money order tab"? How's that work?
  • #2,264
  • Jul 11, 2011 5:06pm Jul 11, 2011 5:06pm
Quoting Fx93
What kind of withdrawal is free once a month? I'm looking for clarification is all. I just started an account with them.

Is it the "check or money order tab"? How's that work?
http://fxtrade.oanda.com/account/withdraw-funds
  • #2,265
  • Jul 11, 2011 7:53pm Jul 11, 2011 7:53pm
Yeah, so do they mail you that check then to your address?
  • #2,266
  • Jul 11, 2011 9:23pm Jul 11, 2011 9:23pm
Quoting Fx93
Yeah, so do they mail you that check then to your address?
They have chat to answer questions just like this...
  • #2,267
  • Jul 12, 2011 8:30am Jul 12, 2011 8:30am
Quoting traderjai_inhi
They have chat to answer questions just like this...
Yes, but I was wanting to hear from people who have actually completed the process. The once a month free withdrawal is them sending you a check in the mail?
  • #2,268
  • Jul 12, 2011 9:15am Jul 12, 2011 9:15am
I received my checked just yesterday. No fee from deposit or withdrawal so more money for me.
  • #2,269
  • Jul 12, 2011 6:03pm Jul 12, 2011 6:03pm
Quoting Fx93
Yes, but I was wanting to hear from people who have actually completed the process. The once a month free withdrawal is them sending you a check in the mail?
Yes. It's also once a month free to charge back to your credit card.

Keep in mind that they will only send money out the way it was deposited. i.e. if you deposited a check you can only take it out by check.
You are in a maze of twisty little passages, all alike.
  • #2,270
  • Jul 12, 2011 10:36pm Jul 12, 2011 10:36pm
US Forex brokers profitability report for Q2 2011

Posted by Michael Greenberg at the following link:

http://forexmagnates.com/us-forex-br...rt-for-q2-2011

All brokers (except Tradestation) have updated their profitability numbers for the second quarter 2011. What clearly stands out is the drop in profitability experienced by clients of all brokers (with the exception of Advanced Markets – but its numbers are insignificant). On average clients’ profitability dropped 4% since last quarter. When talking to brokers most of them stated the same reason for this – increased volatility during the quarter. Yes, retail forex traders don’t cope well when markets are volatile. This of course also has much to do with the usage of leverage as leverage+volatility=almost certain loss.

What’s interesting next is the steep drop in number of accounts of both Interbank FX and FXCM. Both lost over 1,600 accounts while OANDA gained over 1,000. Other gainers were Alpari, GFT and MB. Most other changes were insignificant. It’s interesting to note that Gain Capital was able to almost fully offset the accounts lost to Tradestation through growth and acquisition of dbFX’s clients base.

Without Tradestation numbers the overall number of US retail forex traders dropped by 1,658 but it’ll be on the plus side once these numbers become available.

The number one ‘profitable’ broker (thanks to GFT’s whopping 10% profitability drop) despite its own 7% drop is OANDA.
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"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #2,271
  • Jul 13, 2011 1:50am Jul 13, 2011 1:50am
Quoting shephrd
US Forex brokers profitability report for Q2 2011

Posted by Michael Greenberg at the following link:

http://forexmagnates.com/us-forex-br...rt-for-q2-2011

All brokers (except Tradestation) have updated their profitability numbers for the second quarter 2011. What clearly...
It's so funny that Oanda is still gaining accounts when we all said they were misleading on their profitability numbers and now they have had to come back to Earth and stop counting the interest only accounts. What a joke they are.
  • #2,272
  • Jul 13, 2011 4:26am Jul 13, 2011 4:26am
Quoting IndyTrader
It's so funny that Oanda is still gaining accounts when we all said they were misleading on their profitability numbers and now they have had to come back to Earth and stop counting the interest only accounts. What a joke they are.
No wonder you came here with your jealousy , Oanda 30K accounts and MB only 5K , Oanda's clients 31% profitable , MB's 25% only , its clear who is ripping off his clients
  • #2,273
  • Jul 13, 2011 5:29am Jul 13, 2011 5:29am
It would be interesting to get the average bid/ask spread for each of those brokers and add it as a column.

I know that Oanda has narrower spreads than most bucket shop br0kers but held out for a long time on supporting MetaTrader. I started out on Oanda due to narrow spreads but moved to IBFX due to MetaTrader support.

I'm in the process of switching back so I guess I'm part of the herd.
You are in a maze of twisty little passages, all alike.
  • #2,274
  • Jul 13, 2011 6:35am Jul 13, 2011 6:35am
Quoting tar
No wonder you came here with your jealousy , Oanda 30K accounts and MB only 5K , Oanda's clients 31% profitable , MB's 25% only , its clear who is ripping off his clients
You must be kidding.

The fact that Oanda allows you to open a live account with 50 cents and trade with one penny already puts it at an advantage when it comes to the number of live accounts compared to MBT.

A less ridiculous and more informative thing to publish would be the total amount of money invested with the bröker by retail clients, the volume traded, and the profit generated. Let's talk dollars. But the CFTC will never do that, it prefers to post numbers that are highly dependent on invisible factors and mislead the public. Gee I thought they were trying to "protect" it. The "number of accounts" doesn't mean anything since, for what we know, a bröker with Oanda's deposit/trade size conditions can have thousands and thousands of baby accounts with not more than $50 each.

As for who's "ripping his clients off", there is zero proof that MBT is doing such a thing or anything unethical or nontransparent like, say, manipulating its stats to gain an advantage over other brökers in the CFTC report and attract more and more idiots.

Oanda is a nice market maker/bucket shop. But that's all it is, a market maker/bucket shop directed more and more toward the newbie.
  • #2,275
  • Jul 13, 2011 6:45am Jul 13, 2011 6:45am
Quoting Marv
You must be kidding.

The fact that Oanda allows you to open a live account with 50 cents and trade with one penny already puts it at an advantage when it comes to the number of live accounts compared to MBT.

A less ridiculous and more informative thing to publish would be the total amount of money invested with the bröker by retail clients, the volume traded, and the profit generated. Let's talk dollars. But the CFTC will never do that, it prefers to post numbers that are highly dependent on invisible factors and mislead the public. I though...
http://www.cftc.gov/ucm/groups/publi...cmdata0411.pdf

Total amount of retail forex obligation : Oanda 177 M $ , MB 36 M $
  • #2,276
  • Jul 13, 2011 4:50pm Jul 13, 2011 4:50pm
Quoting stevegee58
Yes. It's also once a month free to charge back to your credit card.

Keep in mind that they will only send money out the way it was deposited. i.e. if you deposited a check you can only take it out by check.
That's what I tried to ask the live chat person, because apparently you can only charge back 125% of your initial credit card deposit. So say I deposited $100 via credit card then turned it into $300, how could I ever get it all back? Through multi-month withdrawals?
  • #2,277
  • Jul 13, 2011 6:35pm Jul 13, 2011 6:35pm
Quoting pipmutt
Well of course you did, because you lack sufficient knowledge to understand how shops like Oanda derive the quotes and spreads they display to you on their platform.

They rely on people like you not realizing the true cost of a transaction and being taken in by the come-on ".9 pip spread on Eur/Usd - No Commission!", blissfully ignorant to the true cost, it's designed to get....
it's better than fxcm though lol
  • #2,278
  • Jul 14, 2011 10:57am Jul 14, 2011 10:57am
Paper trader Marv, show me your account size and I will show you mine. What a nut.
  • #2,279
  • Jul 14, 2011 11:06am Jul 14, 2011 11:06am
Quoting Fx93
That's what I tried to ask the live chat person, because apparently you can only charge back 125% of your initial credit card deposit. So say I deposited $100 via credit card then turned it into $300, how could I ever get it all back? Through multi-month withdrawals?
For the rest they send you a check
New voice message: Why are you calling me? If I need you, I'll call you!
  • #2,280
  • Jul 14, 2011 12:43pm Jul 14, 2011 12:43pm
Quoting Marv

Oanda is a nice market maker/bucket shop. But that's all it is, a market maker/bucket shop directed more and more toward the newbie.
Im not the biggest fan of oandas policies and trading limitations,but they are 99% fair.SO if your not such a nowbie then wtf are you doing in this thread then,go open STP account with 50k$ and have fun there.
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