I really don’t understand the complaints about market-makers. Especially those users who blame others for using them. In my point of view the important is to make money no matter who u use. Not all market makers work for me either. I use the one that I feel comfortable with in spite of the fact that in the past I lost many pips with them. So u can use ECN or u can use OANDA or other broker, it really doesn’ matter as long as ure trades are winners. The same is true if u lose. I don’t care who how much money makes. What I care is how much I make!
To be honest I have been trading with oanda live for 4+ months. That’s when I started trading. Admittedly I had a problem but they refunded me in full before I even needed to contact the service department. I haven’t personally experienced any of the negative things above although I am sure it’s possible.
Nope, I am not going to even bother to try out Oanda, and no broker is going to hand out refunds without due process. If they do so, that’s a warning sign that something is wrong. And on making the move to ECN brokers, I would have to say yes, at the very least, you get very low spreads.
I still do not see why no action is being taken against Oanda if the complaints are real??
Always blame the broker when you lose money. That way, you know your ability as a trader is solid, and it’s someone else out to get you.
I would say 95% of the time in these cases, it’s operator error.
The common theme boils down to: Trade entered. Trade goes into profit. Trader loses connection. When connection comes back, trade is negative. Trader closes trade, and cries foul.
In 99% of those cases, those traders have an open trade on the books with no T/P, or S/L on them.
There is no recourse for that. Think a broker is going to give you your money back because you had INTENDED to close the trade manually? When those legitimate stops and limits are there, if a trade hits those points within reason, but don’t close (taking slippage into consideration), the trader has recourse, and a valid argument.
Without them, you’re just another schmoo looking to get their wallets cleaned out.
Just exactly how far into profit did your trade go?
What was your risk? Entry price, and stops, time of entry, and exit, lot size, and other trade details.
Let’s see just exactly how bad Oanda screwed you over.
I have been which oanda from some months and yes they may loose connection for a few minutes sometimes…but if you trade with a SL/TP there should be no problems.
Also the slippage is around 2 pipets most of the time and the spread 1.2 on E/U which is not high compared to FXCM
Are you suggesting that we should be okay with “no connection” even if it is for just a few minutes?? And what happens if we end up losing a pot of money in just “those few minutes”? Would Oanda refund it?
I’ve used Oanda for a good while now and can only remember not being able to connect on two occasions. I’ve had no requotes, virtually no slippage and my orders have always been filled and executed instantly. This goes for even my phone over the 3G network. If they’re operating illegally I don’t see it and I’ve not had any cause to quibble with their service. They’re a market maker sure but there’s enough people active that they’re well able to match me up against somebody going the other way.
[B]Yep, [/B]not only suggesting [B]I’m telling you if you’ve set TP & SL orders[/B] with Oanda’s Java platform you do not need to be “connected” for those orders to be filled.
Once upon a time, I had bought the GBP/USD just before New York started trading. The Server went down just before a major release at 8:30AM EST, and stayed down the entire day (it was a Friday). My trade went into profit about 60pips I think, but I couldn’t close it. There was about 15min where the servers were barely running, and lagging like crazy. I ended up closing the trade manually for about a 20 pip loss. I had no T/P set for the trade.
I complained about not being able to close the trade in profit, and they told me there is no way they could ever refund “lost opportunity” unless a T/P order was in place…but they did refund the 20 pip loss I took by manually closing the trade.
I was very angry that day (a little over a year ago), but I still trade with oanda today… so go figure…
I don’t care what broker you’re using, everyone should have some kind of SL in place. Yeah broker’s servers go off line but we also need to protect our account & trades from power and boardband outages. I have DSL through ATT and because of old phone wires, auto accidents, rain, wind, cold weather and the sun setting in the west it is not uncommon for me to lose my DSL connection 2-3 times a day.:mad:
I have no beef against Oanda. All my trades executes like a blink of an eye (I do not know how fast it is). I enter my trade during late NY session or early Asian. I do not know if you’re a scalper or otherwise, but for me as a position trader, FX Trade is the best.
I wonder if as much energy is being used to learn to trade as is to wasting all this cyberspace. Everyone is responsible for choosing their own broker and many factors play into that decision. There will always be unhappy customers and happy. But as with most businesses the worse customers and most unhappy are normally those unhappy all the time anyway.
Yes do your homework before placing your money with anyone. But if you only look for the negative that is all you will find.
Trade Happy Ken .
PS , I use GFT and Oanda. GFT has a better charting package. But fills and spreads are not as good. Plus they slip Yes Oanda widens their spreads but they also post a time chart as to when those take place during normal trading. Key word is normal. All brokers protect themselves during high volatility in one fashion or the other. So it is always on us to protect ourselves.
It does seem rather strange how Oanda is always attratcing negative reviews. Either they are actually rather poor, or the majority of their clients are poor traders.
I would probably bet its the latter than the former. I personally haven’t had a problem with them. I can tell you every time i lost my it was MY own fault.
I’ve been with Oanda for over a year, never had a problem. Yes the spreads widen sometimes but i’ve never placed an order and it not be filled. I only use the Java platform for placing trades, its reliable enough. MT4’s stable for charting. Overall im happy.
I wonder if the reviews are for real, I mean if the negative reviews are actual complaints then why has no one filed a complaint against Oanda with the regulators? And to answer the query, bad connection even with TP and SL does not really sound like a great plan.
Most of the newbies cannot even figure out what a TP or SL is all about, leave alone figure out how to set it…
Given that, the fact that most of the negative reviews against Oanda hinge on “No connection” it is worrying, to say the least.
Please don’t blame the traders for the brokers illegal activities :33: