Oanda v. FXCM

[tazmet]

Ok, I know all of the Oanda lovers couldn't wait for this thread. From what I've read on this forum, Oanda is the ultimate, absolute best broker ever! In fact, I was already to join the bandwagon until I saw this scary post at fxfisherman.com

http://www.fxfisherman.com/forums/fo...uring-nfp.html

Now, everyone makes mistakes. But this is a bit much don't you think? And, the question remains, how can this "manual" error happen when it's a no dealing desk automated setup?

I wanted to switch from FXCM to Oanda for 3 reasons:

1) Lower spreads (well sort of, see above)
2) Ability to use metatrader with Oanda feed (haven't figured out how to do this, but I hear it can be done)
3) Their bill of trader rights

So there it is...let the fireworks begin.

[1paris]

I'll have to disagree. Do not make something a doctrine because you 'think' its the best. I would appreciate it if you would note that 'Its your own personal opinion' due to a lot of people making silly things 'facts' such as... 'eeevooolluuuttiionn...'. RIGHT.

1paris

[tazmet]

1paris,

Please read the entire post before commenting. I never stated anything was best.

Originally Posted by 1paris

I'll have to disagree. Do not make something a doctrine because you 'think' its the best. I would appreciate it if you would note that 'Its your own personal opinion' due to a lot of people making silly things 'facts' such as... 'eeevooolluuuttiionn...'. RIGHT.

1paris

[floridaexchange]

yep thats the reason i didnt go with them. variable spreads is just asking for trouble

[slba34g]

I have been with FXCM for about 6 months now and I have to say that I am very satisfied. There customer service is outstanding and they will help you at the drop of a dime. They have very reasonable spreads that only go up a few pips in a volatile market, and in the rare occasion that they make a mistake with something, they will credit your account for the money you had invested. e.g. There trading platform was down on a Sunday night, and anyone who lost money could get that money put back in there account.

Yesterday I found Oanda, and I was impressed from the moment I got on the website. The live chart they offer directly on the trading platform, lower spreads, and you don't have to switch from a mini account to a standard if you are a newbie. You can enter $1 or $1,000 per pip, it does not matter.

However, with all of that factored in, I looked at the past 7 days for their spreads and just for EUR/USD you could get it at a 1.2 spread two times last week. From there it ranged from 3 to 15 for the spread, and it did hit 15 three times! I am torn, because I love everything that Oanda has to offer, but I don't think I can handle a 15 pip spread when I could get a steady 3 or 4 pip spread at the highest through FXCM.

I would love to here from anyone that has used Oanda, and tell me what you think.

[LTX]

Originally Posted by slba34g

I have been with FXCM for about 6 months now and I have to say that I am very satisfied. There customer service is outstanding and they will help you at the drop of a dime. They have very reasonable spreads that only go up a few pips in a volatile market, and in the rare occasion that they make a mistake with something, they will credit your account for the money you had invested. e.g. There trading platform was down on a Sunday night, and anyone who lost money could get that money put back in there account.

Yesterday I found Oanda, and I was impressed from the moment I got on the website. The live chart they offer directly on the trading platform, lower spreads, and you don't have to switch from a mini account to a standard if you are a newbie. You can enter $1 or $1,000 per pip, it does not matter.

However, with all of that factored in, I looked at the past 7 days for their spreads and just for EUR/USD you could get it at a 1.2 spread two times last week. From there it ranged from 3 to 15 for the spread, and it did hit 15 three times! I am torn, because I love everything that Oanda has to offer, but I don't think I can handle a 15 pip spread when I could get a steady 3 or 4 pip spread at the highest through FXCM.

I would love to here from anyone that has used Oanda, and tell me what you think.

Shame on you
Publishing misleading information
As you claim,
1.we only can get spread 1.2pip per week
Truth is:We can get that spread whole weekday except at news time.

2.past 7 days for their spreads and just for EUR/USD you could get it at a 1.2
spread two times last week. From there it ranged from 3 to 15 for
the spread, and it did hit 15 three times! I am
torn, because I love everything that Oanda has to offer, but I don't think I
can handle a 15 pip spread when I could get a steady 3 or 4 pip spread at
the highest through FXCM.
Truth is:Oanda maintain 1.2pips on E/U all the time whole weekday except
at news time.you all can check it at here EUR/USD Spread
or you can see the picture below.

[triantus]

LTX-

slba34g is probably an FXCM shill.

here's some more info re/ FXCM. check this out. these guys are so arrogant and sure of their scam they are starting to trip up.

on dailyfx.com i posted a series of questions to the 2 FXCM currency strategists re. ECN (Electronic Communications Network) vs. MM (market maker), also re. FXCM's NDD (no-dealing-desk) platform vs. ECN vs. their other product, PropFx (which they tout as an ECN during the Q&A session--it doesn't say so on their website). go to this page and scroll to the bottom or search for 'triantus' and you'll get all my questions:

http://www.learncurrencytrading.com/...t=13881&page=4

and you can find FXCM's sr. currency strategist's recorded answers here--search for the user name 'dailyfx analyst' and there you'll find the link to the recorded Q&A (my questions get answered towards the end of the recording, after 23 mins or so after the start):

http://www.learncurrencytrading.com/...814#post130814

now, pay particular attention to his delivery and how he phrases things and shirks some questions. that will tell you all you need to know right there.

and if that were not enough, note that he recommends the professional platform, PropFx, for scalping and explicitly says the new NDD platform is best suited, of all things, for position trading!! if you can believe it. thus implying the new NDD platform they just released isn't suited for scalping even though their own website explicitly states: 'scalp the market w/ no restrictions on order placement.' (source: FXCM Advantage | More Banks | Tighter Spreads | Size and Financial Strength)

considering that most NDD users will be novices and probably underfunded, guess what will happen if such users try position trading. they can't possibly win, but in the end only lose their shirts. interesting then that they reinforce the idea that NDD users should be looking at using the NDD platform for position trading and not scalping. mmhhh i wonder why.

for those who still have no clue, i'd recommend you read drforex's book, which is advertised on this site. (go to Forex | Forex Trading | Currency Trading | GoForex and search for 'What's Hot').

i'm just finishing it and can say this: great for beginners; puts all this fx circus in the right perspective and explains why the MMs don't have your best interest in mind and will prefer to see you lose your shirt rather than win.

finally, the best spreads available anywhere are w/ ECNs: efxgroup, hotspotfx, dukascopy.

trade wisely

p.s. : for whatever reason the last 2 links instead of appearing as URLs get changed to the respective website title page info. just click on them & you'll get there.

[slba34g]

I apologize for being incorrect in my previous posting. I was going off memory when I said that EUR/USD hit a 15 spread 3 times and it was only two times.

Like I said in my previous post, I just started trading about 6 months ago with FXCM and tried a few other companies but there were things that kept on bringing me back to FXCM.

That being said, that does not mean that they are the best company to trade with. So far I am very impressed with Oanda and I am honestly thinking about switching. Before I make that move to Oanda I would like to hear of any experiences people have had with them, or if they are a reputable company.

Thanks for your input!

[tazmet]

I thought about switching to Oanda as well which is why I started this thread. I hoped to get some constructive pros and cons. I opened an Oanda demo account but went back to FXCM. No offense to Oanda, I just like the FXCM platform better. Also, that comment by an OANDA user at the link I provided made me think twice. Also, just my opinion here, but I think FXCM's plug-in charting package is the best free charting software I've seen. I tried metatrader and hated it. Unless you're a professional programmer, it didn't make much sense. There are other services that will alert you by mobile phone if you want it. Finally, I don't know about Oanda's service, but I can say FXCM's service is excellent. I just click the chat button and every time I've gotten an instant response.

Also, the previous poster may have a point about scalping. But I don't scalp the market. If I were scalping, I'd find the lowest spread dealer I could find. This is not FXCM. I've found them to be frank and honest in my dealings with them.

Let's face it, one broker does not fit all trading styles.

Originally Posted by slba34g

I apologize for being incorrect in my previous posting. I was going off memory when I said that EUR/USD hit a 15 spread 3 times and it was only two times.

Like I said in my previous post, I just started trading about 6 months ago with FXCM and tried a few other companies but there were things that kept on bringing me back to FXCM.

That being said, that does not mean that they are the best company to trade with. So far I am very impressed with Oanda and I am honestly thinking about switching. Before I make that move to Oanda I would like to hear of any experiences people have had with them, or if they are a reputable company.

Thanks for your input!

[sameer666]

tat is really alot of slippage 15 pips