Oanda Corporation

Broker Discussion
1

For those of you using Oanda have you experienced problems with their servers.

Last year on November 13 during London Session their servers were down for about 4 hours. I tried to close my open positions with no luck. I finally took a loss on all 3 trades. I immediately emailed them and called them later during the day.

They told me their servers were down and help me close all 3 trades at a loss with a promise that they will go back to those trades analyze and refund. Two weeks later nothing. So I called again and this time they said they were sorry my ticket was not attended. They asked to give them about a week to resolve the issue.

A month later nothing was resolved. I called and spoke to them again. This time the same nonesense. But this time they said they were going to escalate my ticket and the issue will be fixed in two days. Of course that never happened. They then sent me an email promising to fix the issue but nope they did not do it.

Finally last January I filed a complaint with Better Business Bureau. BBB tried to reach Oanda twice and they too were ignored. I will post the letter BBB sent me.

I am planning on filing a complaint with FTC and their regulators. While I am sure they have a lot of happy customers, this is not right. It is not fair for customers to take a loss because Oanda servers are down and no way to close open positions.

The following is what BBB sent me:

" Dear ----------:

This is in reference to your complaint against Oanda Corporation. Your complaint was assigned ID -----------.

Your BBB has tried to present your complaint to Oanda Corporation in an attempt to resolve this matter to your mutual satisfaction. Unfortunately, despite our efforts, we have received no response to your complaint. We attempted to contact Oanda Corporation through written correspondence twice on your behalf, but we must now close this matter in our files. This does not minimize the importance of your concerns, nor is it any reflection on the validity of your dispute.

You may now want to pursue this matter through an alternative resource. To view a list of agencies you may wish to contact for additional assistance, please visit:

Your BBB helps settle many marketplace disputes between consumers and businesses, but please understand that we are not an enforcement agency and we cannot compel a business to settle your complaint in a particular way, nor can we compel them to respond. BBB mediation is a voluntary process requiring the good faith and willing participation of both parties to a dispute.

The firm’s failure to respond to your complaint will be reflected in its BBB record. A firm’s rating may be affected by its failure to answer even one complaint. Your experience may, therefore, alert other inquirers seeking information through the BBB.

Please feel free to contact us with any further questions."

So this is the end of the road for me and Oanda. Just be warned that this type of thing can happen if you are using Oanda.

Happy Trading!

2

“Well, that truly stinks”! says the Oanda customer…

3

wow, I’m using Oanda now and I’ve experienced the ame issue a couple of times, and they said it was due to my WIFI connection, which made sense at the time. I’m on demo still, but I would be pissed also if they never returned my lost funds. I recently started an account with Hugosway, just to test them out

4

A demo account is fine to use but just be careful with your live account. You might end up losing money not because your trade closed with a loss but because their servers went down.
Today I sent them the email that BBB sent me saying they too tried to reach them but didn’t hear from Oanda. The BS answer Oanda gave me is laughable. They said they were unable to communicate with BBB because of the recent government shutdown. Really?

BBB is a non profit organization that is not funded or run by the US government. Maybe I’m wrong but as far as I know they are not. I was communicating with them during the shutdown with no problem. Someone in Oanda seem to think I’m a stupid person that will buy this BS.

So I asked him via chat why they did not reach me for almost 4 months. At least I wasn’t shutdown. Maybe they need a temporary shutdown to get their acts and servers in place.

Finally he said a manager will get in touch with me today but I’m not holding my breath. Someone on Facebook told me about Hugosway and I just created an account with them 3 days ago. So far their customer service is good. I hope it turn out to be a good trading platform.

I can’t wait to see how Oanda will spin this. I’m also going to file a complaint with their regulator and FTC. I don’t care whether I get my money back or not but hopefully they will not do this to someone else. These regulators need to keep a close eye on Oanda. I have seen a lot of complaints about them here on this site.

5

damnn, yea I know a lot of people that are using Oanda right now and they never had that issue. I’ll definitely be careful if I go with them. But Hugosway I believe only offers BTC withdrawals, just so you’re aware

6

Yup! It does stink. I just closed my account and took my money. For me it’s bye bye Oanda. I was willing to give them a chance given that glitches happen but their failure to do what they told me they will do is unacceptable.

Selling me a made up government shutdown story was the straw that broke the camel’s back for me. Neither Oanda nor BBB or myself are a Federal government funded agency. What is stupid is they sent me this in writing today. Maybe they will be firing someone today.

7

I have not withdrawn any money from Hugosway since I signed up 3 days ago. My understanding is withdrawal is done via bank wire and they charge $12 for that.

I put a deposit and it only took about 10 minutes to hit the account with zero fees. The deposit was via Zelle. Most bank have Zelle money transfer for free. I did not know of Zelle before. I called the my bank (Bank Of America) and the rep helped me set it up and transfer money to Hugosway account for free. Within 10 minutes money was there.

I think they only use BTC if your account is not verified. Once the account is verifed with ID and utility bill the other options are available. That is how it worked for me.

1 Like
8

I’ve tried Oanda whenever I was just starting and was looking at variety of different brokers, but even then I’ve noticed the problem with their servers. I think they just have them somewhere in Eastern Europe or Middle Asia and as it cheaper to hold the server there, but the reaction time can be really low.

9

check this out.

This post was created by forex ninja and is great.

I would use one of the broker at the top.