I actually intend to open an account in oando. But i seen there are charges everywhere. for deposit, there will be fees incurred. For withdrawal, there is cost incurred as well.
guess you mean oand[B]a[/B].com
yes, they have charges for withdrawals for non-US accounts.
No charges for deposits. Except for your bank charges you in case of an international wire wire transfer.
I use oanda and think it is a good broker for starter. You can trade any any amount >= 1$. No lot size requirement.
Their charting is very poor. Most users there use a free MT4 demo account for charting and Oanda for the trading.
I have no charges at all for depositing with Oanda.
Most, if not all brokers charge for a withdrawal, so that’s nothing special about Oanda.
I’ve been with them for a while and I have to say I’m very pleased. They’re a good choice.
I’ve been demo trading with Oanda for about 5 months now. I think it’s a pretty decent broker. It’s simple to use. One nice advantage is that you can customize your lot sizes so that you can trade as small a position as you want.
The chart is pretty terrible though. I agree with TrustFx - if you can use some free decent charting software, do that and use Oanda for your orders.
If you use Price Action, S&R, and Trend Lines then Oandas charts are as good as anybodys and better than most.
While I agree that you can do most, I don’t think it is as comfortable and customizable as an MT4 package … and there is no 4hr chart. Guess, it’s personal preference. Try for yourself ; -)
the platform blows, look up SummerstreetFX, its out of boston and they are easy to talk to and dont mess around with your cash. Tell em Paulie sent ya!!
I disagree here. Oanda doesn’t provide weekly charts and their history on daily charts are far too short to be able to place the relevant lines IMO.
SummerStreetFX is not regulated by the NFA and therefore should not even be considered!!! :eek:
I use FXCM.
I looked at Oanda and was not impressed.
FXCM is the largest Forex broker and I’ve been there for years and never had a problem.
Two thumbs up.
I don’t agree that FXCM is the largest forex broker: go to Forex Savior’s thread in this section and look for capital assets of all the brokers - O. is huge.
Point conceeded.
All I am trying to say is that I looked at Oanda and they just weren’t as good as FXCM.
FXCM isn’t the biggest in the US anymore, since they’ve moved a big part of their capital to the UK. If you look a couple months back you’ll see that they were the undisputed no 1. That place is now held by Oanda.
None of that really matters though, either one will be a perfectly fine choice. As long as we stay away from shady, unregulated, unknown, small brokers like SummerStreetFX we will generally be fine.
Of the big brokers, FXCM has had more complaints and also been fined for bad behavior more than any of the other big players, which is why I didn’t choose them, but that’s just me. Go to NFA and see for yourselves if you don’t believe me btw.
Okay. My bad if there isn’t any deposit charges cause i think i misunderstand about the services charges. I didn’t really know what it is for.
Anyway, for those who are using oanda and using charting software other than the 1 provided, what is the software that you’re using? any recommendation?
I, Phil838 and probably many others use Oanda for the trading and a MT4 demo for the charting.
You can use any MT4 demo you’d like. I know many use InterbankFX demos, I use a FXCM demo and previously I used an Alpari demo.
Yeah, MT4 is pretty much the standard when it comes to charting. There are a few people, such as NickB and Tymen, that swear by GFT’s charts, but I’m not sure if GFT has a demo that you can use forever…
Those are really the only two charting platforms you should even consider. Everything else, frankly, is crap…
One nice thing about GFT (and MB Trading if they haven’t changed) is that both offer OCO - One Cancels the Other. If you aretrading a breakout box, time period, or some other strategy that may be a buy or a sell then you can place a OCO and if one gets hit the other is canceled. Some think this is a hedge but it isn’t since one of the orders is cancelled. I plan to demo GFT again this fall but learning a 3d platform is hard on this 71 yr old brain. d