I tried going live with Oanda yesterday. What a pain to open an account with them. When I went to their registration page, it was down. Then last night, it was back up. I couldn’t believe the questions they ask you. Did you file for bankruptcy? Who is your employer? How much do you make a year? Then after uploading my I.D. and statement, I have yet to get a response from them. I’m waiting on for them to tell me to fund the account. What could possibly take so long to “approve” your account? Or maybe it’s a sign to go with another broker.
Hello
I do not know what could be the problem with such a big broker like Oanda. MT4 demo has severe delays, requotes. I am unsure with this broker. I am still looking for a good, non-offshore ecn.
Andras
I’ve been live at oanda for a year and I don’t use their MT4 platform simply because it’s too new for me to trust with them. As with the reviews I’ve read here, it seems most of the issues are with people using and MT4 account. I’ve used their web based platform with not a hitch this whole year.
As a broker they are excellent, I’d give them some slack as they’ve just recently launched their MT4 platform.
I’m told by Oanda support that there was a known issue affecting the demo MT4 system (only), and that it was resolved on Oct 5th. I reported the issue after experiencing exactly what you’ve described. I’ve since used the MT4 demo system again and so far have not seen the issue come back.
Oanda was my first broker and I have to say they do what they do quite well. They applied my initial deposit quickly and without hassle and when I withdrew my balance I had a check in just a few days. My only complaint with Oanda is their trading platform. Like Oanda, it does what it does well, but it ain’t enough. It has limited tools and a “squatty” candlestick display that is really misleading about actual price movement. It minimizes everything so that the market always seems to be ranging. I had to invoke so many exterior tools to trade with that it just made sense to use a broker with better technology. I moved on to Trade Interceptor and am really happy with that, for the most part. Oanda needs to either embrace a third party platform or develop something useful.