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  • #2,521
  • Aug 24, 2011 11:15pm Aug 24, 2011 11:15pm
Quoting pipexplorer1
Hey,

I was wondering what information I need to open an account with Oanda. I live in Canada. I just want to make sure whether stuff like employment info is necessary because I am currently unemployed since Im a recent graduate.

Thanks
The main thing any broker wants is to secure identity. Proof of address, drivers license if it has your actual address. A piece of mail also with your name and address (not junk mail though) Funding must come from an account that has the same name as your account. The online app usually asks about net worth.
Keep it as simple as possible. I think they ask for far too much detail for what they are offering. Especially when a person is funding for less that $1000 USD.
"Look Left Think Right"
  • #2,522
  • Aug 25, 2011 6:38am Aug 25, 2011 6:38am
Quoting moneymike
He can't read very well if he can he chose not to, I really hate those few who love to bash someone else instead of give advise. As for you i thank you for your remarks.
No, problem, hehe.
I found a penny today. That's +100 pips for me.
  • #2,523
  • Aug 25, 2011 1:27pm Aug 25, 2011 1:27pm
only problem right now with paypal is that they do not allow paypal anymore..

I deposited via paypal before, but right now they are telling me they don't allow paypal..so.. take that in mind, people.
The Black Swan: The Impact of the Highly Improbable
  • #2,524
  • Aug 25, 2011 2:00pm Aug 25, 2011 2:00pm
Quoting MapleLeaf
only problem right now with paypal is that they do not allow paypal anymore..

I deposited via paypal before, but right now they are telling me they don't allow paypal..so.. take that in mind, people.
Paypal deposit option still shows active under deposit funds when logged into account services. Is it still showing active but when an attempt is made it kicks it back?
"Look Left Think Right"
  • #2,525
  • Aug 25, 2011 2:54pm Aug 25, 2011 2:54pm
My first deposit with oanda was through paypal. it was a small amount and I was just trying to test the waters. Paypal charges you disgusting percentages and overall they have shady tactics to get more money out of you. They are a company more suitable for druggies selling on ebay. You know to make a buck here another buck there. I wonder why people still use paypal at all. Especially in forex a simple check will do it, no need for these crooks.

I realy praise Oanda for not doing business with them anymore
  • #2,526
  • Aug 25, 2011 3:28pm Aug 25, 2011 3:28pm
I have used paypal several times to send and receive with oanda only time I had a fee was to send money. I talked with oanda on the percentage fee and was told they were charged the fee from paypal as it was setup as a money transfer and as such paypal was not going to let that happen for free.

Sorta like when a person uses a credit card for cash advance and credit company does charge a fee to the card holder. Being as your not actually buying anything I had gotten away over the years by using a credit card to fund accounts and the bank did not catch on. However as of late some cards have figured out that your getting money and it is not a real tangible purchase and as such charge a cash advance fee.
"Look Left Think Right"
  • #2,527
  • Aug 25, 2011 3:38pm Aug 25, 2011 3:38pm
I just spoke By phone with Oanda, and Yes you can make deposit by paypal. And this is from U.S. Devision. I can't speak for the rest of the world.

So let this be confirmation that you can Depsit by paypal.

"Look Left Think Right"
  • #2,528
  • Aug 25, 2011 6:52pm Aug 25, 2011 6:52pm
Quoting CurrencyAnalyst
Paypal deposit option still shows active under deposit funds when logged into account services. Is it still showing active but when an attempt is made it kicks it back?

The following is my situation. It may be different for other traders.

I'm from Argentina, I opened a LIVE account with oanda USA some time ago. I added funds to the account via paypal twice, in the beginning of this year.

In JULY, they moved my account to EUROPE, because USA had restrictions over metals trading.

Today I wanted to add more funds via paypal, and I had no option to do so. So I contacted oanda support and they told me it was not possible to add via paypal.. Only with wire and credit card. And they don't know when it will be available to add funds again via paypal.
The Black Swan: The Impact of the Highly Improbable
  • #2,529
  • Aug 26, 2011 2:21am Aug 26, 2011 2:21am
2.5 spread on eurusd.wth!!!!
  • #2,530
  • Aug 26, 2011 2:30am Aug 26, 2011 2:30am
back to 1.2

shiieeet..
  • #2,531
  • Aug 26, 2011 5:40pm Aug 26, 2011 5:40pm
I will keep my OANDA EUROPE account open, but I will try to find another reputable and good broker that accepts PAYPAL and has no restrictions on metals (gold/silver) and also allows withdrawals via wire transfers.

Problem with OANDA is that I transferred money to paypal, thinking I could later transfer it to my oanda account to invest, trade and grow that money, and now im stuck with all my money in paypal, because oanda doesn't accept paypal transfers. quite a pain.

If anyone knows any broker with the requirements above, please send me a pm.

Thanks!
The Black Swan: The Impact of the Highly Improbable
  • #2,532
  • Aug 29, 2011 2:47am Aug 29, 2011 2:47am
I don't want to log in into website right now, but I believe they clearly stated that paypal is only available to U.S. paypal accounts. I remember reading it in 2010.
I found a penny today. That's +100 pips for me.
  • #2,533
  • Aug 29, 2011 3:44am Aug 29, 2011 3:44am
Quoting ReaM
I don't want to log in into website right now, but I believe they clearly stated that paypal is only available to U.S. paypal accounts. I remember reading it in 2010.
Oanda's USD accounts.
That is, any country Paypal account provided your deposit is made in USD.
This for Oanda USA.
  • #2,534
  • Aug 29, 2011 3:55am Aug 29, 2011 3:55am
Maybe. I believe Oanda does not accept payments from some countries:

PayPal accounts based in certain countries can only be used to send funds. Please do not use PayPal for deposits if you cannot receive funds on your PayPal account. Use other methods instead, such as a bank transfer, check, or money order.

https://www.paypal.com/us/cgi-bin/we...ntries-outside
I found a penny today. That's +100 pips for me.
  • #2,535
  • Aug 29, 2011 5:04am Aug 29, 2011 5:04am
Hey, Does Oanda Europe still allow leverage on metals?
  • #2,536
  • Aug 29, 2011 9:09am Aug 29, 2011 9:09am
JeremyWS,

OANDA Europe does allow leverage on Metals. The CFTC changes are only applicable to OANDA Corporation clients.
  • #2,537
  • Aug 29, 2011 9:35am Aug 29, 2011 9:35am
Quoting OANDA
JeremyWS,

OANDA Europe does allow leverage on Metals. The CFTC changes are only applicable to OANDA Corporation clients.
Thank you!
  • #2,538
  • Aug 29, 2011 10:43am Aug 29, 2011 10:43am
Has anyone used a credit card to withdraw from Oanda? How does it work? Like, if they credit the money to your credit card, can you get this money into your bank account? I wanted to use paypal but I found out it only is accepted for USD and not CAD.
  • #2,539
  • Aug 29, 2011 5:41pm Aug 29, 2011 5:41pm
I've been asking about a few brokers trying to make a decision. Oanda seems to be a big name but they don't seem all that special to me. Could those that use them give me a frank opinion about why and what drew them to Oanda in the first place? Is the execution that good? Cause the spreads don't seem to be? Is most of their volume retail or something else?
  • #2,540
  • Aug 29, 2011 6:00pm Aug 29, 2011 6:00pm
Quoting fxreporter
I've been asking about a few brokers trying to make a decision. Oanda seems to be a big name but they don't seem all that special to me. Could those that use them give me a frank opinion about why and what drew them to Oanda in the first place? Is the execution that good? Cause the spreads don't seem to be? Is most of their volume retail or something else?
Hey, I've been with Oanda for a bit now, and many things make it superior for me at least, my targets are 1% profit which with standard 1,000 unit lots isn't that accurate and Money management can't be perfect I.E. if account is $6,573.34 you need $65.73 to get 1% so you can put 65734 units on a trade and get EXACTLY 1% with 10 pips as opposed to 66000 which would be normal for a broker.

Secondly Spread and Executions are amazing, I don't trade news or ridiculously late on sunday and so wide spreads at those times don't affect me at all, and most of the time London/NY session spreads are at 0.9/1.2 with executions being immensely fast and with barely any slippage.

Having the abililty to have multi-currency accounts is also nice but no that important and Customer service so far for me has been excellent with any question that i've asked has been answered very promptly and clearly.

Overall I would say that this broker is 9/10, only thing lacking is FXtrade platform is a tad annoying but thats purely personal to me (you can use MT4 if you want but don't get individual units). Hope this helps!

Jeremy.
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