Oanda?? Any Good?

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ton22

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Hi everyone,

Can any of you guys give me some feedback on using Oanda to trade FX? Are they good, reliable, etc etc. Thanks!
 
friend says its brilliant "0.8 spread on euro, instant execution, basically a steal"
 
U r right , but there is some diffrence here , oanda changes spreads manually depending on market conditions ( not every minute ) , but ecn spreads keep changing every second depending on the market orders ...

BTW oanda get your trade executed anyway either at the price u asked for or with some slippage if the market moved , but there is no requotes or trade rejections ...
 
GammaJammer said:
Well I would expect the reliability in terms of requotes etc to be better - that's what you're paying for by accepting market conditions. Equally, when a bookie entices people in with ridiculous fixed spreads (and you gotta be certain they aren't able to lay that stuff off at the same spread in these market conditions) it should set alarm bells ringing.

But I've seen so many threads over the years entitled "where can I find a 1 pip spread in cable" or similar. So most people simply don't get it. And furthermore can't be @rsed to do their homework and truly understand the nature of the market in which they are operating. Which is why I don't class such people as traders - they're just flying blind, and therefore they are gamblers.
Click to expand...
Talking Ecn which one u prefer ...
 
Thanks for all the feed back guys, seems like Oanda are decent enogh. i'll open a demo account with them and see how i get on. thanks
 
Oanda is great for beginner traders like me :), the spreads are the best (i think) in the market. Sometimes for a litle time is even 0.5/ 0.6 for Eur/Usd. The withdrawal and the deposit it take me 3-6 hour via PayPal, from Romania, I think this is a goog!
 
i cannot recommend oanda enough,

they are an excellent broker all round, they offer so much in terms of functionality and flexibility for a trader, that they can accomodate small and large traders alike.

your money is as safe as it can be, deposited at a forex broker also, as they are one of the largest capitalised forex brokers in the industry.

spreads are very tight, the vast majority of the time and they also debit /credit interest by the second.

lots of currency pairs available to trade, although their platform is a little quirky, it does its job perfectly.

I would love to see them offer more markets to trade in the future, they have introduced gold and silver but other commodities, bonds, and stock/index would make them the champion broker on the planet.

never had an issue depositing or withdrawing money with them also, they are very efficient and reliable.

6 out of 5 stars from me.
 
Jiggly,

As you are in the UK, had you previously used spread-betting firms?
How does oanda compare with one of those? Obviously the spreads are better and the execution sounds better. Any other comments?

Presumably you have to go through the rigmarole of declaring your profits for tax, etc.
Have you found that very tiresome?

Someone mentioned paypal. I wouldn't want to have to depend on paypal....please tell me this is not the only option...?

Thanks,
Mike
 
montmorencyt2w said:
Jiggly,

As you are in the UK, had you previously used spread-betting firms?
How does oanda compare with one of those? Obviously the spreads are better and the execution sounds better. Any other comments?

Presumably you have to go through the rigmarole of declaring your profits for tax, etc.
Have you found that very tiresome?

Someone mentioned paypal. I wouldn't want to have to depend on paypal....please tell me this is not the only option...?

Thanks,
Mike
Click to expand...
Hllo Mike,
If you don't want to depend by paypal (think about that :)) you could chose the bank wire, wich is gonna cost you more than paypal transfer. Where the fear from the paypal? Is the safest (net) paypamnt method in the world.
 
Well I used to use ebay a fair bit, and the Ebay forums are full of horror stories about it.

Having said that, I have used it to pay for things (on Ebay).

But doesn't this mean that oanda would have to pay you also via paypal, who would then take a (not trivial) cut? That's the bit that would irk me. I suppose the smaller spread (than SB) would counteract this to some extent.
 
montmorencyt2w said:
Well I used to use ebay a fair bit, and the Ebay forums are full of horror stories about it.

Having said that, I have used it to pay for things (on Ebay).

But doesn't this mean that oanda would have to pay you also via paypal, who would then take a (not trivial) cut? That's the bit that would irk me. I suppose the smaller spread (than SB) would counteract this to some extent.
Click to expand...

Yes the Onada, it pays ti via Paypal, I you had trouble in the past with your paypal account you should make a new account , and use combinate passworw like: itIS_my9852, and change it regulary, ....horror strories about paypal...hmmm I did not hearit...until now.:p
 
The Ebay-related stories were mostly to do with things like goods not turning up, and Paypal making it difficult to get refunds, etc, although I think they are/were supposed to guarantee them.

There were also security concerns.

So, how big a percentage do Paypal take out of your oanda income?
 
Thanks Subaszabolcs.

I'll have to do some arithmetic to see if the tight stops pays for the Paypal surcharge... :)

Cheers,
Mike
 
montmorencyt2w said:
Jiggly,

As you are in the UK, had you previously used spread-betting firms?
How does oanda compare with one of those? Obviously the spreads are better and the execution sounds better. Any other comments?

Presumably you have to go through the rigmarole of declaring your profits for tax, etc.
Have you found that very tiresome?

Someone mentioned paypal. I wouldn't want to have to depend on paypal....please tell me this is not the only option...?

Thanks,
Mike
Click to expand...

the only other spread betting firm I have used was CMC markets, i mainly opened an account with them so i could trade cfd's, i looked at their forex pairs and would never choose them over oanda, however as far as cfd's and spread betting goes, they are probably the better of the brokers available. (just my opinion) the only other company i traded forex with was FXCM, i could not faulter them either, they are pretty good, but on balance I would choose oanda again hands down, I have been with them for about 3 years and would not consider leaving, unless, they could not accomodate me anymore or security of funds becomes an issue. the only other broker worth mentioning that is spoken highly of and offers a huge range of asset classes to trade is interactive brokers.

i am building my account have blown several in the process and have been learning how to successfully trade, so I have not earnt anything out of my trading to declare for tax purposes. my money has been sitting with them since i opened the account, there was a couple of instances when i needed access to it and have made a few withdrawals due to a financial emergency.

as far as declaring your profits for tax purposes goes, i could not see it being anymore harder than what you would have to do if you was running a ltd company, generally you would set up as a sole trader and your tax returns would be simple enough, epecially with all your broker statements available at a press of a button. naturally if you go the other way and trade with a UK spreadbetter, your profits are tax exempt as it falls under the gaming legislations. I have looked into this also to avoid paying tax, but what you give up in the spread + commissions, I would rather pay tax. with spreadbetters I have found that you are practically paying your tax to them as opposed to the governement. you dont save either way.

paypal is only a funding option with oanda for USD designated accounts, I have used wire transfer, there is a fee at both ends, from your bank when you send and by oanda when your withdraw.
 
montmorencyt2w said:
Well I used to use ebay a fair bit, and the Ebay forums are full of horror stories about it.

Having said that, I have used it to pay for things (on Ebay).

But doesn't this mean that oanda would have to pay you also via paypal, who would then take a (not trivial) cut? That's the bit that would irk me. I suppose the smaller spread (than SB) would counteract this to some extent.
Click to expand...

i would not let a middle man such as paypal get involved with the trading aspects of my business, I have had a paypal account for many years, as I have an ebay business also.

yes i have read horror stories (check youtube), and i am aware of how they can occur but if you follow their policy you should generally be ok, I have had a couple of instances where i have lost money using them, a couple where they have saved me from getting screwed also and on one occassion a guy i sold items to received them, left feedback via ebay and paypal decided to get involved. they awarded him with his money back, and i contacted him directly to sort it out between us. luckily for me he was an honest buyer and he sent the funds again via cheque.

it can go both ways, but paypal can put a freeze on your money and hold it for long periods of time, if they have any reason to suspect your activity. simply put, you can have a lot of explaining to do fo something which can easily be avoided.

go directly through your bank and the trading broker, forget paypal here, thats my advice and im a long time user of paypal. whatever you will save from going through them is not worth the potential screw ups that may arise. you are adding another factor into an equation which carries its own risks.
 
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