FXCM, Oanda and forex.com, Which is best? - Page 11
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  1. #101
    Join Date
    May 2012
    Posts
    12
    Great Avatar pic, Jimmy.

    I haven't used Oanda, but I will give them a look. I started with FXCM because the GUI looked good. When I used FXCM, I found the order execution varies between instantly and about 15 minutes. In this volatile market, its' mandatory you have a platform that executes instantly.

  2. #102
    Join Date
    Jun 2012
    Posts
    1

    Default Newbie Rating for FXCM

    I've only used FXCM so far so this is the only 1 I can comment on. The trading platform is very easy to learn but now that I've been on it for a few months & continue to learn, I'd like a little more customization than it offers. Everything has gone smoothly & I haven't had any major issues. I like that I can place my stop & limit @ the same time as my order. Order execution has always been instantaneous. Never any delay. The spreads seem pretty consistent & ok. I've talked to the same guy in CS multiple times & YES, (just like all the other brokers) they want your $$$ & NO they aren't the friendliest people ever (they are in NY after all) but no major issues & he has been very helpful/knowledgeable. I was told by FXCM that they are NOT a dealing desk broker so I'm not sure where other folk's info is coming from. Either he lied or they changed recently or people are getting incorrect info. That's it. Hope this helps b/c finding the right broker is a difficult challenge. After all, it is our hard earned $$$
    Last edited by Chasinpips; 07-15-2012 at 12:51 PM.

  3. #103
    Join Date
    Aug 2012
    Posts
    39
    FXCM is large however I would go with an ECN that is reputable. FXCM has been around for awhile, so there are negative comments. I can't say how good they are now.

  4. #104
    Join Date
    Aug 2012
    Posts
    4
    In my opinion oanda is best cause there are many trader here

  5. #105
    Join Date
    Mar 2012
    Posts
    16

    Default I beg to differ

    Quote Originally Posted by molla420 View Post
    In my opinion oanda is best cause there are many trader here
    I have had an OANDA account for the last 8 months and not only are their withdrawals very slow they're also at this point in time refusing to process the withdrawal request for the rest of my deposited funds.

    To elaborate, with OANDA if you deposit with a particular source account you MUST withdrawal with the same account. If the depositing account was closed after you funded you'll need to contact your bank for a document stating the account is closed (read, OANDA doesn't trust you). All's good and well until you're bank refuses to cooperate due to their "policy". I'm now to the point of looking for a lawyer to get the funds out of my account.

    Also, I had countless issues with their MT4 client while I was using my account, constant slips, MT4 client crashes 2-3 times a day.

    I'd avoid OANDA until they get their business in order.

  6. #106
    Join Date
    Oct 2010
    Location
    Jacksonville, FL USA
    Posts
    3,093
    That does not sound like a problem with Oanda but more a problem with your bank. All brokers will only send money back to the account that deposited it for security reasons. There a lot of identity theft out here so thats to cover them and you. Your bank on the other hand should give you something to verify the account is closed to you.

  7. #107
    Join Date
    Aug 2012
    Posts
    39
    Sorry to hear about Odana. I had always heard them to be the best, second to MB Trading. FXCM is large, but I've heard bad things about customer service.

  8. #108
    Join Date
    Mar 2012
    Posts
    16
    I'll agree, there are two problems here, the one with my bank and the other with OANDA. When you sign up for an account I verified my identity using forms, SSN, etc. Why is this now not an option when I try to withdrawal? That is the problem, I can verify my identity all day and they will not allow it.

    Another issue is that I even told the OANDA representative that they could send a check to the address listed when I opened my account and verified my identity and they still refused.
    Last edited by tekknik; 08-30-2012 at 11:39 AM.

  9. #109
    Join Date
    Aug 2012
    Posts
    39
    Depositing and withdrawing from the same source is standard procedure in retail FX. However, taking a long time (how long?) to withdraw is bad. A bank wire takes about a week. If you have a card, that should take less.

  10. #110
    Join Date
    Mar 2012
    Posts
    16
    Quote Originally Posted by 21club View Post
    Depositing and withdrawing from the same source is standard procedure in retail FX. However, taking a long time (how long?) to withdraw is bad. A bank wire takes about a week. If you have a card, that should take less.
    I'm not so sure about it being standard procedure (as I had no issues with another broker that's split stocks and FX) but I'll take your word for that. However there must be provisions in place for when one cannot withdrawal to the same source. At any rate my issue was resolved with them after speaking with a support supervisor and getting a statement notarized.

    This hassle along with slow execution times and random reboots of their MT4 platform is enough for me to move on.

    Edit:
    I've said a lot of bad things about OANDA so I figured I'd express some of what I liked about them. They do have good spreads a majority of the time and the amount of different funding options are nice as well. Their website has some interesting tools and fxUnity is great for those just starting with basket trading.

    If they could tone down their policy some and fix their MT4 platform issues I'd consider using them again.
    Last edited by tekknik; 09-02-2012 at 02:08 PM.

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