I really feel that I have been ripped off by Oanda. I know their spreads are big, but this is ridiculous! Do you have to trade without stops with them?
I don’t use Oanda. My firm’s chart shows the same formation at the same time.
A stop at 0.8847 would normally have been well clear of the price action but of course it depends on the spread. Bear in mind its been a holiday most of the world, so very low volumes, high risk of excessive volatility.
Do Oanda always move the spread to this much at such times?
They have really big spreads and then add that to the low liquidity of a holiday and that’s what I get! At the other broker I had the exact same stop: .8847. My position is still there, no problem. Adds insult to injury.
If Oanda make stops so wide surely they can’t be a firm to continue trading through?
US citizens have a very limited choice. The others such as Forex.com are just as bad. That is one reason going off shore to an unregulated broker is attractive.
That’s a risk judgement I wouldn’t like to make.
you mean using an unregulated offshore broker? being unregulated isn’t a problem, whether they are honest or not is the question
Thing is, with a firm like Oanda, I am sure you can see the spreads on their quotes change in real time if you watch carefully at the right time. So even if they are so aggressive as this you can actually quantify the risk and adjust your stops accordingly or cancel them temporarily or use guaranteed stop-loss orders or not set stop-loss orders at all or temporarily close and then re-open positions in order to manage this risk. Of course you can shop around too and find a less aggressive firm or more equitable means of market access.
But why would you send money to a firm set up last week with a PO Box address on some fly-blown island where there is no regulator worthy of the name? Would you think they will they segregate your funds from their operating capital? Can you believe they are insured so you will be reimbursed if they default on their office premises rent and go bust? How would you know they are even a forex broker? These are risks that cannot be managed down.
Is it just me or do those two charts not even look the same???
I’d say that’s of equal concern given that they are 1-minute charts.
It’s happened to me 3 times with Oanda, in maybe 2 years. Funny thing how, like you, I was taken out
of trades too. You’d think that you would be put into trades that get you 30 pips occasionally too?
Maybe we need to start setting up limit orders far away from current price and see if we get picked up?
There are honest unregulated brokers. I have done the research. Looks like you haven’t.
Research like what pray tell???
cigar, yeah, right! i am pretty sure this “problem” only works in Oanda’s favor!
db:if a broker has been around a long time like years and has good reviews (there will always be some bad ones, just research Oanda’s!) and is known for paying withdrawals quickly, then they are fine
trader’s way
turnkey
are a couple that us residents can use
You’re right, I haven’t tried to find honest unregulated brokers, so I can’t say they’re all dishonest. I just have to question why so many people who are asking for money manage to re-locate their businesses to small hot places where there is little financial regulation. Maybe its just coincidence.
Either way, from your research, what are the key ways to see if a broker over there is honest or if he is not?
t-
regulation is a double-edged sword: it costs a LOT for these little brokerages to become USA regulated and THEN they can only offer 50:1 max leverage which is tiny compared to the rest of the world
You’re being scammed hard. you need to wait for them to spike up which is not on the other broker then sell into it. Price will fall back where it should be.
rickster, problem is that when the spike occurs, the spread is gigantic…probably not worth it because the fill will be awful, but thanks for the thought
Oh if the spread is huge then your just getting ripped off lol. Leave them. Look for one that ddnt spike prices.
yep, gotta go off shore then to get better spreads if you live in the USA
