Myfxchoice or oanda


I have accounts with both. I have traded live with MYfxchoice for about 2 months now with a small account and so far only good experiences really. I have not traded much with oanda on my demo account, but ive heard good things overall. I was wondering, Who does everyone prefer/ does anyone have any good or bad reviews to add about either broker? mainly scalping i guess would be what i would be doing.

I don’t think Oanda will be very supportive of scalping, their spreads are among the worse , to day the least and worse still is that they are a Market Maker. Which means they can be your counterparty on the trade (so if you loose, they make money). I’m not saying this out of opinion, it’s clearly mentioned in their website that that are market makers and can end up taking the other side of your trade.

Can’t really rationalise how that works in the favor of You, as their client.

Hellow @whywescalp

can you kindly link me up to where in OANDA website it says that they are market maker?
I was thinking of choosing OANDA as broker.

Sorry for my broken english.

Thank yo :smiley:


Here is the link where clearly says

OANDA has been in the currency business since 1996. We are an established, well-capitalized forex market maker,

Hope this helps

The fact that you’re asking indicates that you don’t understand the difference between a real broker and a counterparty market-maker.

Of course Oanda is a counterparty market-maker (and by the way it’s one of the best, most reliable, most honest and best regulated ones in the world).

Here’s how you can tell the difference: if a broker is charging a commission per trade and has a spread of 0.1 pips on EUR/USD, it’s probably a genuine broker. If they’re charging spread only and have a spread of about 1.0 pips (or maybe even more) on EUR/USD then it’s definitely a counterparty market-maker, whether they say so openly on their website or not (they sometimes don’t - it depends who regulates them: they may not have to!).

Simple as that.

Don’t be fooled by people claiming to be “ECN” brokers or any other initials, either: these mean nothing. The method described above is the way to tell.

You’ll need plenty of capital to trade with a genuine broker. Almost nobody in this forum does.

If you want a good, reliable, honest market-maker, you’re probably not going to find a better one than Oanda.

I haven’t used MyFxChoice myself - and wouldn’t.

Thanks a lot mate…
In fact… I already found it myself.
Still… Thank you mate :sunglasses:

Well Mate,
I just started reading & researching… Still in elementary of babypips :sunglasses: & IRL I’m a business administration student & thus got interested in forex.
I do actually have much less knowledge & experience than most of you guys.

Thanks for your reply.

BTW… I was thinking of starting live account as I’ve been demo trading on OANDA & FXTM for last 3/4 month… Which broker should I go with? Any suggestions?

I would recommend against Oanda or FXTM. Try going for an offshore broker you will get much better spreads and trading conditions. Oanda and FXTM are extremely expensive since they almost enjoy monopoly in US markets. Its almost certain that you can not make much money if you end up payiong 1 pips on Majors (and many times more on minors)

You can see a list of very good Offshore brokers here at one of the baby pips link

Best of luck with your trading !

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I think you mean, not FXTM. – FXTM is Forex Time Ltd in Cyprus.

You are right about the monopoly. and Oanda together have 81% of the U.S. market (as of September 2017 CFTC figures).

Well, I meant Forex Time LTD as FXTM.!!!

Well said LC, and I will add, generally to get to STP, and fee based trading, you need to start with $100,000.00, and trade 50k lots.

The Ever Elucidating VIPER

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I agreed that Oanda would not be the best broker for scalping. FxChoice on the other hand would work well with your scalping strategy.

Are you winning money on your demo account ? :slight_smile:

Just familiarizing with trading methods… winning you can say… but not much… just a 200USD demo ECN account.