Established in the UK in 1994, as Options Direct Limited, ODL Securities is a leading, independent FOREX, derivatives, equity and commodity trading house.
Headquartered in London and with affiliates in Australia, Japan and Turkey, ODL has over 200 staff globally and clients from over 100 countries. ODL Securities offers Retail, IB and White Label clients an integrated approach to trading diverse financial products. This is done via state of the art, automated trading platforms and risk management systems. The Group companies now trade under the names ODL Markets in the UK (for retail business) and ODL Japan KK. It also has a corporate finance division specialising in the mining and oil sectors.
Originally founded in 1994 as an Options House with just 28 staff, ODL Securities Limited received a capital injection from new shareholders in 2004 and a new senior management team was appointed. Since then, a wide range of enhancements have been implemented across all areas of the business, and new products introduced.
ODL Securities Limited is authorised and regulated by the Financial Services Authority and is a member firm of the London Stock Exchange and NYSE Euronext, LIFFE. It is also a designated broker and a member of APCIMS.
Country: United Kingdom
I have bad experiences with them for trading equities where they have cost me serious money.
1.They cancelled a sell contract I had on a stock which I sold at the top of a run.
This is after emailing me the sell confirmation, blocking me from further trading of the equity for 3 days.
2. I have had them stop my account on occasion....which they claim to be AntiMoneyLaundering regulations.
3. I was unable to trade some US stocks I had with them for a year and had a long protracted battle with them to get them to list them again. Their staff was just full of BS.
By the time they finally corrected the obvious issue, the stock I was trying to sell halved after 1 year.
4. It appeared they were manually cancelling my orders when the price moved away a certain amount basically sabotaging
me from winning on any big price moves on the day.
I do have other online brokers for other markets and both have much superior systems for their exchanges.
Note. They seem to be more focussed on FX, CFDs so it is clear to me they have the equities side slip by the wayside.
If trading equities, I would look elsewhere.
The fees were reasonable but you will lose far more money from them by their manmade delays.
Slippage and more slippage
A bucket of ODL
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.
Another bucket shop!
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.
Keep Away from ODL
No scalping allowed
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!
The case has now gone to the Ombudsman for arbitration.
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