I've traded with Oanda for about 4 years after coming from one year with alpari Uk . Yes they do widen Their spreads during News Events. It's what market makers Do to make money. it's better than other brokers where you'd be lucky to get a trade in during news event cause of their slippage.also oanda has the ability to trade Units and set a proper Money management strategy. So For swing traders it's a Must have broker for scalpers it's a nightmare. But the game is stacked against scallpers anyway with either wide spread or slippage.
Anyone encountered this with Oanda? I was trading news event for a few times and i have a pending sell order of let's say 1.0000 and I will normally set a 1-2 pips lower bound (in this case maybe 0.9998) to avoid being entered at an unfavorable price. The problem is: as soon as the news is announced, those that are in my favor are never triggered. So far i have traded 5 news events within 3 months, I have 3 supposedly potential winning trades that are never triggered, and 2 trades that went against my favor are being triggered.
i have spoken to the live chat agent, and their response was: at T= 0, price was at 1.0020 and next available price at T + 0.0543secs, price is at 0.99975, and therefore your trade is not triggered as price is below the lower bound you have set.
my question now is: what can i do about this? set a 5pips or more lower/upperbound? any other workaround?
Today Oanda paid much less interest in the positions and i don't understand why. Any idea about this change? For the Carry trades this change is dangerous. Sorry for my poor English.
Today Oanda paid much less interest in the positions and i don't understand why. Any idea about this change? For the Carry trades this change is dangerous. Sorry for my poor English.
Ignored
Did you not receive an email on April 29 regarding zero interest from them? Here is what it said.
{quote} Did you not receive an email on April 29 regarding zero interest from them? Here is what it said. {image}
Ignored
Yes, I received.
Quote
Disliked
...We will continue to pay and charge interest on the currency pairs currently held in customer positions...
and, from Oanda chat suport:
Quote
Disliked
Tricia: Thank you for contacting OANDA. My name is Tricia. How may I help you today?
You: Hi, today I received an e-mail related to cash balance rates that will go be set at zero.
Tricia: Right
You: My doubt is if that also apply to opened positions, like for example, if I buy in may 6th a long position ZAR/JPY will I continue to receive interests?
Tricia: This only applies to interest on your balance. The interest on the trades will stay as it is now.
You: ok, thanks for your help. ...
Interest Rate: Trade and e.g. Currency Pair USD/TRY, the Borrow Rate for shorting this pair is 1%, whereas yesterday it was much higher, the same for ZAR.
I believe from a T&C point of view, such decisions are at their leisure, however it is certainly noteworthy that they will use the interest rate differential in such a manner to their advantage.
Can anyone tell me if CFDs at Oando expire, or do they automatically roll over? im looking to hold positions for month
Ignored
OANDA CFD are a cash derivative of the underlying future price. Usually the near contract. . At expiration of the futures OANDA changes the interest rates to reflect the the present value of the next contract to make it equal their synthetic cash price. NO expiration or Calendar Rolls , just a change in interest .
The point mgluso appears to be referring to is that even for open positions Oanda massively reduced the paid interest over night. If you refer to this site: http://fxtrade.oanda.com/lang/de/ana...est-calculator Interest Rate: Trade and e.g. Currency Pair USD/TRY, the Borrow Rate for shorting this pair is 1%, whereas yesterday it was much higher, the same for ZAR. I believe from a T&C point of view, such decisions are at their leisure, however it is certainly noteworthy that they will use the interest rate differential in such...
Ignored
If you have existing Carry Trade on TRY they will rebate the difference on the interest rates . From what I understand they changed the TRY interest rate to compensate for the Golden week TRYJPY .
ON April 28 Value date for TRYJPY was May 7 . That means any customer positions entered would receive interest immediately as per OANDA second by second but since Spot is value May 7 OANDA would only receive 1 day SWAP premium from their LP's to offset . So there is a 9 day interest rate risk. But i suspect something went sideways and they applied to all TRY and ZAR pairs.
If you deal with other brokers and you want to enter a carry( short) on April 30 you would not get paid a rollover until May 5th on USDTRY ...
{quote} OANDA CFD are a cash derivative of the underlying future price. Usually the near contract. . At expiration of the futures OANDA changes the interest rates to reflect the the present value of the next contract to make it equal their synthetic cash price. NO expiration or Calendar Rolls , just a change in interest .
Ignored
Cheers, their online chat gave me the same answer. The interest rates across the futures are generally quite good, but the oil interest rate is ridiculous.
{quote} Cheers, their online chat gave me the same answer. The interest rates across the futures are generally quite good, but the oil interest rate is ridiculous.
Ignored
Yea , that market is a bit funky . I trade the futures on WTI with another broker and I had to pay exactly the same with "X" on the roll that OANDA has implied on the switch to the next contract. I looked for some arb on the roll at OANDA but the price +/- carry was the same within the bro charges away
