Hi everyone, I just signed up for babypips after reading some posts that I found while searching for FXCM and OANDA.
The post in particular that interested me was depositing iirc $45,000 with FXCM. And almost everyone advised against this.
Now, I deposit about $70,000 with OANDA and I truly believe the are going against me. I have checked other brokers at the same time and there is quite a difference. Additionally, when I wanted to close out a trade on more than a few occasions now the platform has “frozen” up and by the time I am able to click on my trade it has turned around. This is for when I decided I want to take profit manually instead of waiting for the limit I set.
Can you guys share your experience with deposit amounts? I know in the FXCM post the poster (hello!) said that they told him/her that no one usually makes that large deposits with them.
Knock some sense into me please. This was a lot of money for me and even if it wasn’t I’m not going to waste it away with them. What would you do? Have you heard/experienced that this happens with larger sums? I don’t even know what the ranges are for deposits. I do know when I made my deposit with OANDA they called me saying we just want to make sure you’re not overextending yourself, all I said was no. And they said nothing after and account opened.
I have Oanda and have experience the frozen platform a few times live and also on demo.In my case it did not effect my profit. I have compared there prices to daily fx charts and they seem to always be within 1 pip from them.If you could post your examples of miss pricing?
I find there platform kind of cheesey and not very professional.I have accounts with scottrade and a futures account and they use Java Sript and have much better platforms and i have never had my trade freeze with them.The one reason i am with them is the unit pricing which allows more wiggle room and as far as i can tell iam not being manipulated.
With the size of your account you might get better service and spread with companys like MB trading which i hear is in California and the US as a few more regulators.
Since i started with Oanda in March 09 I’ve had two occasions where the platform has frozen.
The first time was the same day my account was credited! They said it was a very unusual thing and luckily it didn’t cause me any loss, but the crash was apparently world wide for the platform and took something like 20-30min before it was up again.
Second time it just froze for a short while, no news release or anything and it wasn’t anything I thought much about.
Other than that I have had no problems at all with Oanda and I know that some traders with accounts probably above your size do use them.
Like the previous poster said, if you’re doubtful, why don’t you split your account and transfer half to, say, MB Trading and see if one is better than the other.
May I also suggest playing small lots until you feel comfortable with the platform and execution.