Oanda widens the spread to 45 pips. Scam

Fugazsy

Veteren member
3,661 677
The perfect trade, but Oanda widens the spread to 45 pips and takes me out and goes in my direction:cry:

Deep frustration.

Did you encounter similar experience?
 

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DowJones

Experienced member
1,236 437
The perfect trade, but Oanda widens the spread to 45 pips and takes me out and goes in my direction:cry:

Deep frustration.

Did you encounter similar experience?
Yes, they do this all the time. I'm assuming this was a news event btw?
 
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DowJones

Experienced member
1,236 437
yes it was.....but 45 pips? Closed the account and I will report them to ASX in the morning or the appropriate body.
I fully agree with you - I've also seen them widen spreads outside of news events. This is one of the problems with dealing desks: they'll either freeze or crash the platform, widen spreads, bias prices, delay the feed, give you slippage, or some combination of all the above.
 
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gerryg

Established member
900 6
:-0
The perfect trade, but Oanda widens the spread to 45 pips and takes me out and goes in my direction

Deep frustration.

Did you encounter similar experience?
:-0 F@CK what was the time this happened? What's the instrument?

Oanda is known as a market maker, probably they felt insecure about the feed they got from Prime and decided to reassure they won't let somebody to earn at their expenses :D
Be careful guys
 
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tar

Legendary member
10,441 1,313
Why u r so surprised thats always been the case with Oanda and it can go higher than that ....
 
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Fugazsy

Veteren member
3,661 677
:-0

:-0 f@ck what was the time this happened? What's the instrument?

Oanda is known as a market maker, probably they felt insecure about the feed they got from prime and decided to reassure they won't let somebody to earn at their expenses :d
be careful guys
gu
 

Fugazsy

Veteren member
3,661 677
Why u r so surprised thats always been the case with Oanda and it can go higher than that ....
they should not be allowed to do this.....I knew they were bad but not this bad, anyway it is done now.....it is just not nice to be right and get trapped by your broker....
 

lender85

Junior member
32 1
just avoid and find another broker to trade.
 
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hhiusa

Senior member
2,687 139
yes it was.....but 45 pips? Closed the account and I will report them to ASX in the morning or the appropriate body.
Oanda had some of the worst spreads to begin with. I would look at Interactive Brokers. I am charged 0.3 pips EUR/USD, 0.5 pips GBP/USD, 0.1 pips USD/JPY,0.5 pips NZD/USD, 0.6 pips AUD/USD, max 6 pips USD/DKK.

 
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Fugazsy

Veteren member
3,661 677
so did the spread take your stop out m8.how much did you lose
Just a bit more than a normal loss, but that is not the point, I felt robbed, I can understand a broker to widen the spread during the news, 2,3 or 5 pips? But 45 pips is crazy.

It is not about the money, I felt it was my responsibility to open this thread as a community member so other can be choose to be robbed if they like.
 

Fugazsy

Veteren member
3,661 677
Oanda had some of the worst spreads to begin with. I would look at Interactive Brokers. I am charged 0.3 pips EUR/USD, 0.5 pips GBP/USD, 0.1 pips USD/JPY,0.5 pips NZD/USD, 0.6 pips AUD/USD, max 6 pips USD/DKK.

Yes IB are good, I have also account with ICM and Pepperstone, they are very good.
 

darktone

Veteren member
3,985 1,041
The perfect trade, but Oanda widens the spread to 45 pips and takes me out and goes in my direction:cry:

Deep frustration.
Fug, were you really scammed?

A quick look at Onadas site brings you here

According to Onadas data the spread went 35


Zooming out we can see that 20+ is common


Is it fair? Well, If you pull up a 6B order book next news time, and watch how thin things get. You can judge for yourself.

Were you robbed? Not really imo. Its just another example of 'right yet wrong trading'.
You were 'right' on the direction but 'wrong' on the result.

Ask yourself how. How were you 'right' on the direction yet 'wrong' on the result? It hasnt got much to do with the broker imo...

Its an opportunity to learn mate. Whatcha gona do with it?
 

Pat Riley

Established member
794 178
Retail brokers will cover their liquidity volatility by widening their spreads. You know in advance they're goin ta do that. OANDA appear to even tell you by how much too.

If you're trading intraday positions (i.e relatively small stops) then simply don't be in a trade when a pair is likely to get hit with a spread. It's a 50/50 punt at best on news releases and with the brokers free lunch on the spread you're already behind the edge.

If you're position or swing trading then 45 pips isn't goin ta be much of an issue for ya, just a ripple on the pond.
 
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