Day Trading & Forex Forum

4 of 5 members found the following review helpful:

Slippage and more slippage
1/10
every trade opening and closing suffers slippage. 2 pips spread on cable is effectively 4 pips. Almost every trade I take I get slipped 1 pip away... second later I look at the price and its back up 1 pip. It's almost like they have add 1 pip to every trade order. Just because I'm paranoid doesn't mean they're not out to get me lol

3 of 4 members found the following review helpful:

A bucket of ODL
1/10
Im only trying the demo and its awful. I trade crude oil a lot and recognize when to trade and patterns on the charts. Sudden 30 pip spikes do not happen when it is only the asian market trading. On this platform it does if you place stops.
I placed a sell only for the platform to freeze immediatley after. We all know what happens next dont we? I only got back after 85 pips of upward movement.
I emailed my queries to them and after a few days still no reply.
I hope this thread saves a few people some time and a lot of money.

1 of 3 members found the following review helpful:

ODL the best
10/10
I have been trading CFD using MEtaTrader With ODL. All orders are executed nicely. I think they are good. I am a satisfied customer.

3 of 4 members found the following review helpful:

Another bucket shop!
1/10
I have been trading with ODL Markets for some time. I really just want to give traders a warning about a naive practice that is conducted by this firm.

If you trade using guaranteed stops then expect to see the G-Stop disappear before significant price movements. The trading platform also has a habit of throwing you out before a price move. Obviously you can use this to your advantage or as a confirmation signal that the price is about to go in the opposite direction - which I have done now on numerous occassions - but for those who expect to be trading the market.... BEWARE...

What the above basically means is that you can not leave the computer while you have a live trade or certainly while the price is 50-100 pips away from your stop-loss. Otherwise you may get back to the computer only to find out that you have lost the entire account, the house, the car and the dog...BEWARE!

While their entire offer isn't all bad such tactics mean that I have to rate this company as low as possible.

Okay, time for me to move on to test the next SB company.

9 of 12 members found the following review helpful:

Keep Away from ODL
1/10
Their platform logs you off especially at start of good trading oppertunitites. Then you have to reboot the PC just to get connected with the Internet again?
Stay away

5 of 6 members found the following review helpful:

ODL
1/10
same problem, they obviously do not hedge

21 of 21 members found the following review helpful:

No scalping allowed
2/10
Just to let everyone know that ODL UK do not allow scalping. My account was closed last week as 6 trade I had place in the past 2 weeks (out of a total of 86) were opened and closed within a minute, due to quick price movement.

My account was closed without notification - this came three days later, after I had telephoned to ask what the problem was. The email sent described my trading style as "unethical". Perhaps it was more the fact that my account had increased by 50% in 2 weeks that they didn't like.

Just to warn others out there who use ODL - beware!

3 of 3 members found the following review helpful:

Poor software
3/10
Extremely poor trading software. Only done a few trades, nothing seems out of order on that side. But the trading software. Lordy. I makes me sick thinking of how crap it is.

11 of 13 members found the following review helpful:

ODL Securities
1/10
ODL Securities Limited, To be approached with caution.

I have also had issues with ODL Securities London. I opened an advisory account under Options and Equities. After three months of trading i was down 50%, most of that was down to commissions and charges.

Frank Freeman and his colleague Mark Knight at ODL advisory options desk will only want your money and don't give a care if lose.

The above brokers work as half-commission men.

As Mr Davidson said in his book, How to win as a stock market speculator....."The worst offenders are sometimes called half-commission men, so-called because they split commissions earned on stock deals, perhaps 50:50 basis with their firm through which they put business. If they don not sell shares, they don't eat and desperation can lead to poor recommendations, sales pressure and general corruption. I know city firms where this happens every day."

Please read the following by Alexander Davidson.

Advisory Brokers.

The dodgy brokers trade as often as possible, regardless of whether it is in your interest. They may try to persuade you to sell one stock to reinvest the proceeds in another. If a broker can manipulate you into suggesting the move yourself, he or she cannot so easily be accused of churning, which is excessive dealing to generate commission, a practice forbidden under the rules of the Financial Services Authority.

The sharp operators will hint – without stating for certain – that a stock is expected to rise enormously in the near future. This way, they will in practice be covered if the client later complains. Do not allow yourself to be misled by their practised techniques.

Do not rely on the regulators to protect you against dubious stockbrokers. Some sharp operators slip through the net. Some operate from offices in secret locations abroad, using a telephone switching office to handle customer calls. Such bucket shops use the Internet combined with telesales to sucker investors into buying dud shares. The pretext is often the IPO of a young high-tech company. Once the broker has your money, it no longer wants to know. Visit the web site for McWhortle Enterprises (www.mcwhortle.com) as a nerve-wracking but absolutely safe lesson in what I am saying.

2 of 5 members found the following review helpful:

Fair
10/10
Had 2 disputes with ODL and both times they were fair crediting my account in minutes. I don't think I would of got the same service with other sb's.

18 of 26 members found the following review helpful:

Frank Freeman
1/10
I lost my life savings (net worth) with ODL securities on an advisory basis in 5 months. I invested £71,500 and was left with just £900. I was commissioned over £32,400.

The case has now gone to the Ombudsman for arbitration.

If you want to know more email on: louisjordan10@yahoo.co.uk

14 of 15 members found the following review helpful:

Satisfied customer
8/10
I have been an ODL customer for 3 years and have never once ever considered moving anywhere else. Its difficult to know where to start as the service has always been of a high level. I trade USA/UK stock/Options and more recently CFD's. I believe the charges are reasonable, I have never thought to seriously check. There is a direct trading platform provided by MyTrack which gives access to more markets than I need and for instruments which I will probably never consider. Ther are delayed and RT facilities and of course you get what you pay for although customers do get reduced costs if they trade once a month, not usually a problem. More recently ODL have added a "lite" web based trading platform which I have only had a cursory glance, wasn't to impressed compared to the direct facility but a good backup. I have on occasion needed their help with money/stock transfers and every instruction I have given them has courteously and efficiently been carried out. I even get interest on my cash if out of the market which beayts most spreadbetters and the fills are usually better than quoted. I trust this is an unbiased opinion as I am, as it says above, a very satisfied customer.