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  • #3,941
  • Jan 15, 2015 9:48pm Jan 15, 2015 9:48pm
BRAVO OANDA
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  • #3,942
  • Jan 15, 2015 11:57pm Jan 15, 2015 11:57pm
Does anyone know if Oanda have our funds in segregated accounts? I want to be sure we get our money back if we find out this is worse than we think it is - or if a greater disaster happens.
"Dream big and dare to fail." - Norman Vaughan
  • #3,943
  • Jan 16, 2015 12:58am Jan 16, 2015 12:58am
I also have an Oanda account and was hit hard - my EUR/CHF position had no stop-loss (yes, I know, please no comments on this) and now got a negative balance of -20k.

I know not having a stop loss is stupid, but if oanda had closed the position on margin requirements I should still have much of my money left. Is any of you going to pursue this issue? just asking - I am still first and foremost concerned about not owing any money to oanda.
  • #3,944
  • Jan 16, 2015 1:04am Jan 16, 2015 1:04am
"OANDA's trading system is designed to automatically liquidate all open positions if your margin deposit is in jeopardy so that you cannot lose more than the funds you have on deposit in your account."

I am mainly concerned that all "you cannot lose more than the funds you have on deposit" reassurances are based on the false premise that the trading system "is designed to automatically liquidate all open positions if your margin deposit is in jeopardy", which has proved to be not true.

The note sent by oanda states they forgave negative balances "when clients could not close their positions hard enough" and "based on regulations". This sounds too ambiguous to me. Is there anyone here whose balance has been restored to zero? or do all people who got a negative balance still see their account in the red when you log in?
  • #3,945
  • Jan 16, 2015 3:09am Jan 16, 2015 3:09am
Quoting dforant1
{quote} Jesus, you have been with O 1 month, must be an employee!!
Can you read? I have been trading with them for more than 2 years now, and joined FF few months ago.
  • #3,946
  • Jan 16, 2015 3:10am Jan 16, 2015 3:10am
Quoting afflicted
"OANDA's trading system is designed to automatically liquidate all open positions if your margin deposit is in jeopardy so that you cannot lose more than the funds you have on deposit in your account." I am mainly concerned that all "you cannot lose more than the funds you have on deposit" reassurances are based on the false premise that the trading system "is designed to automatically liquidate all open positions if your margin deposit is in jeopardy", which has proved to be not true. The note sent by oanda states they forgave negative balances...

Have you contacted Oanda? What do they say?
  • #3,947
  • Jan 16, 2015 9:27am Jan 16, 2015 9:27am
I have a small FX account I dabble with on OANDA and I got this from them this morning:

"Dear Valued Client:

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"
In life you get 3 types of people, those who can count and those who can't.
  • #3,948
  • Edited 6:11pm Jan 16, 2015 5:55pm | Edited 6:11pm
I am currently working on my revamping my trading system and it probably won't be for another month or 2 before I begin trading with a live account again. And due to the fact that I don't plan to trade with real money for awhile, I figure it doesn't make sense - with the current disaster that has happened - it doesn't make sense to risk my substantial funds in this current situation we have going on in the forex world. I figure: why risk Oanda deciding at some point in the next few weeks to file for bankruptcy (due to the CHF tsunami) and possibly running off with my money? I'm not saying they will, but if I am not going to be trading for the next couple of months, then I figure there is no need to leave my money in my Oanda account and risk a decision by Oanda that they might go out of business and take everyone's trading account. Again, I'm in not saying that there is any proof they are planning on doing such a thing, but I am just saying when I factor everything in then I believe the current situation calls for me to take out my money.

Therefore, I have just now sent in a request to have Oanda send my entire trading account money back to me.

If in a month or 2 from now Oanda has absolutely proven to me to have survived the CHF tsunami - and I have finished retooling my trading system - then at that point I will once again deposit funds into Oanda.

I will report back here how smoothly - or not so smoothly - it goes in regards to receiving my money from Oanda. In other words, we will soon see if the CHF tsunami is keeping them from sending money to those of us that request a withdrawal.
"Dream big and dare to fail." - Norman Vaughan
  • #3,949
  • Jan 17, 2015 8:14am Jan 17, 2015 8:14am
I would be surprised if you report back negative, a few years back they had introduced paper metals to the US platform (silver and gold) it was fairly new and a bunch had gotten in on the massive climb in silver not understanding how metals pricing worked and when it crashed it was a similar story, folks lost entire accounts in minutes, ended up with negative balances as metals bound over stops and your filled at next best price. O came out and honored stops even though price bounded over them and filled at next best price, I never heard of anyone being pursued for a negative balance during the silver crash either.
  • #3,950
  • Jan 17, 2015 9:38am Jan 17, 2015 9:38am
Quoting Ace_1
I will report back here how smoothly - or not so smoothly - it goes in regards to receiving my money from Oanda. In other words, we will soon see if the CHF tsunami is keeping them from sending money to those of us that request a withdrawal.
It seems there is no problem with Oanda. On Wed 2015 / 01 / 14, just 1 day prior to the financial tsunami, I've sent a withdrawal request and the money was on my account on friday evening!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #3,951
  • Jan 17, 2015 12:27pm Jan 17, 2015 12:27pm
Quoting zackyat
last night i chatted with a representative from fxcm when i mentioned oanda, he kept on mentioning that oanda is a very small company and not reputable. haha i understand that he's always going to back fxcm. however, to all oanda live customers out there, have you faced any notable problems like difficulties in withdrawing fund etc... appreciate if anyone can share their opinions here
I opened an account with Oanda over 10 years ago. I stopped trading for about 7 years ago,however I still had a primary account with them. I finally was able to trade again without any verification of who I was. I have been trading for about 5 months. Now that I want to deposit funds,and have given them my new bank account, they want documents, photo ID, employment information, Mail with address to prove residence,etc. Apparently because I have had an inactive account. Why was I able to trade my primary account,with out all the new information they want so that I can simply make a deposit with debit card from my bank. Apparently you can trade your old account but don't expect to ever get your money back with out be hassled to death. Why is it so easy to trade again but humiliating to try to deposit funds? I just don't get it.
  • #3,952
  • Jan 17, 2015 6:58pm Jan 17, 2015 6:58pm
So far oando have covered themselves in glory from this affair.... Might make a move over. I hear though they do not allowing hedging, but is that only for us clients?
  • #3,953
  • Jan 17, 2015 8:15pm Jan 17, 2015 8:15pm
Will the fortunate few who were short usdchf be able to keep the windfall?
  • #3,954
  • Jan 19, 2015 7:22am Jan 19, 2015 7:22am
I am heading to OANDA from alpari , any negatives I should be wary of ? I only saw some weird spreads last Friday at the end of the Trading session , is that normal ?
  • #3,955
  • Jan 19, 2015 7:38am Jan 19, 2015 7:38am
Quoting tafadzwa02
I am heading to OANDA from alpari , any negatives I should be wary of ? I only saw some weird spreads last Friday at the end of the Trading session , is that normal ?
If you can not read and wanna get burned, just do it! I am happy to be out of that bucket shop.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #3,956
  • Jan 19, 2015 7:46am Jan 19, 2015 7:46am
Quoting JibalaPasan
{quote} If you can not read and wanna get burned, just do it! I am happy to be out of that bucket shop. Jibala
So you agree with me then about their huge Spreads?
  • #3,957
  • Jan 19, 2015 8:00am Jan 19, 2015 8:00am
Quoting tafadzwa02
{quote} So you agree with me then about their huge Spreads?
Tafa...huge spreads are only at news time....rest of time is a good broker with relative small spread - was better but since they brought dynamic spread things got worse.

for a small account they should be fine

i have 2 acc: 1 with Dukas Swiss - wich i recommand since you trade only forex, but you need at least 10k i think, and 2nd with Oanda where i can trade oil and gold - gold with a smaller spread than dukas


to conclude, give them a try...see for yourself
  • #3,958
  • Edited 3:20pm Jan 19, 2015 3:02pm | Edited 3:20pm
Anyone else seeing spreads about 20-60% higher today ?
UJ has spent a lot of time north of 2 pips today.. 2.2-2.9
EU..also above 2, currently 2.3 as I type this.
GU..3.2 at this time. Has been above 4.0 a few times.
AU..4.1 at this time.
This is in the absence of news or events and much higher than typically seen. ??
  • #3,959
  • Jan 19, 2015 5:40pm Jan 19, 2015 5:40pm
Quoting freundr
Anyone else seeing spreads about 20-60% higher today ? UJ has spent a lot of time north of 2 pips today.. 2.2-2.9 EU..also above 2, currently 2.3 as I type this. GU..3.2 at this time. Has been above 4.0 a few times. AU..4.1 at this time. This is in the absence of news or events and much higher than typically seen. ??
Comparatively low volume markets during New York session due to U.S. Bank holiday, so I imagine that explains part of it.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #3,960
  • Jan 19, 2015 5:56pm Jan 19, 2015 5:56pm
Quoting ZebraSquirl
{quote} Comparatively low volume markets during New York session due to U.S. Bank holiday, so I imagine that explains part of it.
Good point..I was worried we were getting a post SNB screwjob with increased spreads. Still underwhelmed with Oanda but its what we have here in the US.
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