Looking at the spread graph I can see it went to 15 overnight as it usually does but hasn't been above 4.2 since the early hours. What time exactly did you see it hitting and holding 6+ pips?
As for most of their clients being X and you being Y - that's probably not a bad thing for you. The majority of OANDA's clients won't be in 6 months time. Their figures for client profitability are based on those that are still their customers with live trading accounts (being actively used). They don't count those the blow up or close down after losses.
It is 6+ pips right now - log into their platform. Also see the ForexFactory screen shot in my post above. Also my colleague spoke to their rep who confirmed it. They have no explanation other than "dynamic spreads" - of course the "dynamic spreads" don't seem to apply to the rest of the market - just this broker, and funnily cable only. Looks very dubious to me.
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You are now chatting with 'Monica'
Monica: Thank you for choosing OANDA. How may I help you?
Patrick: Hi Monica. Why is gbpusd showing around 6 pips spread against the more normal sub-2 pips?
Monica: Hi Patrick, we are already aware of this, and we have feedback to our traders to check further.
Patrick: It seems to be across all pairs involving GBP. If you are aware you have 'issues' why are you still letting clients pay over the odds for these pairs?
Monica: At this moment, we are just waiting our traders to find out the reason. Once there is further update, can I notify you via e-mail ?
Patrick: No need. I'll see it soon enough. But it is something of a concern that you are allowing your clients to trade when there is a known problem which is to OANDA's advantage.
Patrick: I appreciate it's up to the individual to decide to trade or not, but you are being watched by potentially 300,000 traders on trade2win right now and this does not portray OANDA in a particularly favourable light.
Monica: Yes, I fully understand your point. We have been trying to bring the best to our clients. Its just at this moment I may not be in the best position to check as what caused on this.
Monica: I do appreciate your understanding.
Patrick: Monica, that's an incredibly weak response. I always check your spreads around news events as you do like to have us pay for your lunch on those occasions, but I probably wouldn't have thought to check the spread during a no news period. OANDA is falling short of professional standards and with your CEO Michael Stumm being the Chair of the FCM committee for the CFTC I really expected better of you.
Monica: Yes, Patrick. We do appreciate your feedback and will bring up to our management to review.
Patrick: But you're not going to do anything to prevent your clients paying over the odds due to an operational issue?
Patrick: It's OK Monica. Spreads are back to normal levels now. Enjoy your lunch. Goodbye
It might not be an issue exclusively to Oanda.
I.G was showing a 5/6 point spread last night compared to their normal of 1 to 1 and half normal and 2 to to 2 and a half overnight.
It might have been the spot rate itself that is the issue
No you are incorrect - please read the thread. The spot rate was 0.5pips ont he ECNs during this time and Oanda have admitted (on chat) this was a fault on their part - although why they let clients trade if there were problems on their platform is another matter. As my pics show, all other brokers were quoting 1-2 pip spread vs 6pip on Oanda. IG (and other brokers) quote a large spread overnight as the market is thin during those hours - different issue.
Sorry justtrader - I wasn't clear in my reply. You are correct to say that that was a high overnight spread from IG. My point was purely that this case today of Oanda having a wide spread was purely down to Oanda - there was NO reasonable reason for it.
Apologies for my terse reply - I'm sick of these bucket-shops playing their stupid games.
I do enjoy these chat transcripts purple, move over Jeremy paxman, ha ha, this could be a whole new thread. I was considering going dma due to high spreads, but you guys are getting hit to, I think I may stick with sb.