Resource icon

Oanda FXTrade

United States
Oanda FXTrade
T2W Bot
First release
Last update
3.47 star(s) 15 ratings

Latest reviews

High rating by Brokerchooser Oanda review

I almost opened an account with them but eventually didn't. However, I do follow the company and they introduced an interesting development for their 21st Anniversary, core pricing.

Would agree with the bottom line of the Oanda review written by Brokerchooser:

"Out of the tremendous amount of Forex and CFD brokers Oanda stands out from the crowd by truly placing regulatory compliance - therefore safety - and customer satisfaction in the frontline"

Unreliable broker. News trading cant be done , scalping cant be done , wide spreads during volatility and news , sluggish execution during volatility , slippage , platform hangups during volatility .. etc . So whats the point exactly ? This broker is best suited for grid trading at size 1 or 10 units but thats it . Customer support is not there , unprofessional to say the least .
Used to be good - now their spreads are a joke

Oanda used to be excellent. However recently (2013) their spreads are a joke - there is no good reason for this.

I would advise moving to another broker.
Great for New Traders

Oanda are great for real low deposit trading for new traders. Don't demo as demo platforms let you win.

Thats when you have worked out how to get funds on which can be mission at first.

You start to profit MOVE broker ! Withdrawals 10+ charge

You need to use a broker with DMA (Direct Market Access) platform and not spread betting.
depositing funds

they dont accept credit cards

I Withdrew some money March 15, 2007 I still havent received my check, I talk to them they told me, that they had my check that it was returned to them, they told me to verify my address, that if my address was current, I told them it was, April 4 they told me that they sent my check, and it's April 15. They said that it would take 7 days for my check to get to my house, I just talked to them again, they told me to wait until tomorrow (monday). That's a long wait. Dont you think? one month! We will see if I get my check tomorrow if not I will let all of you know...
My view on Oanda

Haven't found a perfect SB / Broker. Things I like about Oanda 1) NO delay in price fills (fully automated, no herbert on the other end delaying your trade. 2) Reliable platform 3) Can set defaults on position size, stop, take profit. 4) Easiest I've come across to close orders, take part profit, reverse, move stop.Can do all of this from the chart. 5) NO minimum position size Thinngs I don't like 1) Spread stays wide Sunday open till around 8 AM Monday. 2) Only basic charttools (though enough for me and easy to use facilities
Linux Platform

Only platform that works well on Linux OS for ForEx trading; It is browser based and server side...
OK but still a Bucket Shop

I have worked for a number of traders so I get to hear what top trader clients really think about various brokers. This review is based on my personal experience and what they have told me.

Of all the single counter-party brokers they are pretty good. Tight spreads (except duing news), trade any size, automated price generation (see below however) etc. Their platform has been a little flakey of late but in general is ok if a little simple.

However, they are still a bucket shop. Since they are the counter-party to your trades they will take "evasive action" should you start making too much money from them. OandA can do this because of their unique "next available price" rule for their quotes, namely that when you enter a limit or stop order you actually get filled at the next price that their server generates once the level has been touched. Fair enough you say, but this gives them a license to fiddle the price against you if you start doing too well. On two seperate occasions now I have heard of people who were doing very well trading with OandA so that they were trading 1 million up with them. Suddenly they started getting poor slippage on their fills and found that the price on the market they were trading would get skewed against them by a pip or two. Basically this was enough to destroy the edge that they had and they had to move elsewhere. It seems that if you do well enough to get noticed then they put you on "special fills". When you think about it any single counter-party to your trading is going to do this: they know your position and what you make they lose since in practise they rarely actually bother to hedge against your trades - a genuine bucket shop in other words. If you are trading with a single counter-party then basically you are trading their own private market and they can do what they want with the price.

In conclusion OandA are one of the better bucket shops around but they are still a bucket shop - I personally would only trade on an ECN now to ensure that I am trading in a fair market.
I love them!

Tight spreads (except during very fast markets), fantastic customer service.

I also have a managed account with Olsen Invest (which is currently loss making after 3 months but the system - based on his book - is sound) and their service and customer web interface is also very good.

Olsen Data sells high frequency FX data. I use them for quant research and have over 50 million ticks of their data in my database - the quality of that is first rate as well.

My only criticism is that their Box Options are pretty useless.

There is no one better for FX brokerage in my opinion.