I wanted to please share with you my review of Oanda
I have been using Oanda for the past month after reading many positive reviews of their broker platform and services. The first technical problems I had were with their Java FXTrade platform which suffered from ‘connection problems’ during trying to close out a winning trade. The charting software FxTrade isnt the best I have used but they also offer MT4 for use. This gave me more problems. Trades would sometimes be executed straight away, others sometimes upto 15 second delays. Sometimes never. I had the last straw today when trying to trade around news time, their Java FXTrade ‘lost connection’ again only when in a winning trade. Upon logging back into my account the winning trades appeared to be losses removed from my account. I am sad to say the Oanda is the same as all the other bucket shop outfits out there, I was really hoping that they would be the broker I stick with, goodbye Oanda, I do not recommend Oanda to any trader. :45:
man, sorry to hear about your lose, I also heard good feedbacks about oanda though I do not trade with them, not quite sure whats going on with them, but as a trader in general I don’t want to see any broker go bad if you know what i mean, All the best in you up coming trades, cheers. and thanks for your feedback!
Well, I always said one should go with a ecn and that might not be the miracle of no order execution issues, but it’s in general safer than go with a market maker, who are more or less all of them bucket shops and not charity brokers, lol. Although it seems sometimes they are in the charity class, offering so many gratification prizes for overtrading, I guess it’s just smoke and mirror, lol. Buy one, get one FREE!
Damn right Buckscoder, I remember your wise advice last time I had problems with Oanda. :45: I am happy that I experienced this today and not 12 months later! I can now move onto finding an ECN broker, learn their charting and move on with no worries, I am positive and will put this down to experience. Never mind, best not to let the brokers get you down! Nexttttttt! lol
Connected, ur welcome! Yes I have one, but I don’t tell who it is, because then I might regret it later if the service goes worse, lol. As I said, there is no charity broker, so don’t expect any miracles there. An ecn is just the best what you can have, but not certainly a broker without any issue. Good luck finding the right broker! When I started with fx trading I knew from the start to pick the right broker is an important if not the most important decision one has to make.
Oanda certainly also was a good broker in the past, but that brings too many new customers and too many new customers means they have no reason to stick with quality. This is a general business rule, not just in the broker business. A company what is new has to earn a good reputation and more reason to deliver quality than an old company who has a lot of customers already.
To deliver excellent order execution is costly from the backend side and if the broker sees no need to increase the quality or keep it level with a bunch of new customers, then it can happen that the servers at the brokers side react with “hickups”. So, it must not be an intentional flaw, though it works imho in general for the broker, because trading is then more dependent on luck that order execution is reliable.
Wise words indeed, and I understand you with regards to your choice of ECN. Thanks for taking the time to comment further, its much appreciated and I will take your experienced advice on-board when considering who will be my next choice of broker, I think an ECN is now a [B]must[/B], I’ll leave those [I]market makers[/I] behind, and hope new traders read your comments and take heed. Thanks again for your time Buckscoder :57:
Connected,
Try using pending orders and you shouldn’t have any problems with Oanda. I’ve traded live with Oanda’s Fx-Trade platform for almost 3 years and I’ve never had a pending order, “buy”, “sell”, “take profit” or “stop loss” that wasn’t executed to the pip.
The one-click feature is fine in slow moving markets but if the market is moving fast, using pending orders is the smart way to go.
And… I don’t believe I’ve ever had a re-quote with Oanda.
I will never use Ozanda again, the MT4 is HORRIBLE, the Java, not to bad, but i dont like it.
I Like MT4 alot, everything is right there,
So, now, just today, I switched to Alpari MT4, and its fast as lightning, and allows me to Scalp my strat perfectly.
Oanda Wrecked me mentally, trying to change my strat, simply because I had to wait anywhere from 5-75 seconds, sometimes never, for execution of trades.
check it out at myfx.c om
Very usefull, and you can open and close trades from it, as its connected to your MT4, its great, just wanted to throw thzatt into there for ya,
Great profits to ya
I also use myfx, just incase I have a few trades open, and I can also scale down, by multiple TP’s and Trailing stops, still getting the hang of it…
This is the fifth time they ask you about your broker if I count well. Whisper me your brokers name and I will keep it secret
I read somewhere Oanda plays its dirty games now…true or not true, I do not know. MT4 is horrible. Fxtrade is good but I never make any analysis on those charts.
Its true, oanda play dirty games, but don’t take my word for it, find out for yourself, that is the only way that you will learn from life experience, when they take your money, then you can say the same as me. Happy trading!
well I have no idea how good or bad Oanda is because I went never with them. MT4 does pretty well if the backend is set up properly. I had a bucket shop at first and in the beginning all was well. Just as the customers grew in amount, which was clearly visible as they set up more servers, the issues rised.
As I said, go with an ecn and you will have in general less trouble. What broker I use is completely unimportant. I am pretty sure most true ecn brokers are in [U]general[/U] better than all the bucket shops. Plus then it also depends on the strategy. If one places just a trade a day for several days open I guess it doesn’t matter if there is a delay of some minutes. I’d just avoid any day trading or even more scalping when order execution is an issue. Most if not all professional traders suggest futures trading if the strat is dependend on order execution. Futures trading is way better regulated and the price comes from a central exchange.
So bottom line is futures trading would suit best then with a short term system, but not everybody is playing with huge sums of money so then fx spot market is an option. Albeit if you go with it don’t save the pennies with a 0.x pip less spread with a bucket shop if it is costly with hidden charges (aka order execution is an issue) and better pay a little more, usually in commission.
A long term or swing trader, particular with limit orders, can go with almost any shop regarding order execution, as it is then done by the backend and the orders should get filled properly.
OANDA’s suggested trading platform is the propietary OANDA fxTrade. Traders were asking for a more robust charting application as well as integration with the popular MT4 trading platform so in the beginning of 2011 OANDA launched its MT4 Bridge. As you mention the two compliment each other. If you want pure execution it is recommended you trade on fxTrade and use MT4 for charting
Based on your comment:
You should contact our Customer Service department <[email protected]> to investigate those trades. OANDA’s business model is based on fairness and transparency.
Just going to jump feet first into this thread, I’m new though one thing with Oanda compared to the oher brokers I demoed (all MT4) was really really horrific time to enter trades & connecting - something really off…
The news just keeps getting worse where Onada is concerend, what is troubling for me though, is the sheer increase in “Onada sucks” cries doing the rounds. But what about the legal situation, has anyone complained to any legal authorities or the regulators regarding Onada? Have the issues been resolved yet? What’s the latest?
