Hello, I have been reading reviews for Oanda on forexpeaxearmy. They seem to have really good reviews from some and really bad from others. Are the bad reviews just based on sour grapes?
A fairly large percentage of negative broker reviews are definitely sour grapes and should be taken with a big grain of salt. There are legitimate ones out there, of course, but complainers tend to be the most likely to voice their opinions and there are lots of folks who look to blame someone other than themselves for losing money in the markets.
Firstly, be careful with forexPeaceArmy. They’re not as unbiased as one might think after a quick glance. Secondly, many reviews are sour grapes for sure.
Btw I’m a happy Oanda customer since 2009, so I’m not unbiased either… Have nothing but good things to say about them myself for what it’s worth.
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I switched from FXCM to OANDA and yes fxcm has better charting software but once you get the hang of it Oanda is much better then most brokers, there spread alone makes it worth while. I was up a lot with oanda but took a beating on the us/jpy pair. i hope this will help you. one more thin when you call them they will give you the time of day unlike fxcm
Oanda seems to have a LOVE/HATE following.
I am on the “LOVE” side myself. I am very happy with them. Other brokers I have tried, but was less-happy for various reasons are FXCM and IBFX.
I am not in the “love” category.
I am not a forex trader, but trade the fx futures.
My forex account at TradeStation was migrated over to Oanda about 18 months ago. A few thousand dollars.
I asked TradeStation to move my forex funds over to my futures account and then they told me it was at Oanda.
They gave me instructions to ask them to remit back to me. Complied with all their requested info.
Still delay. Asked again and they asked for additional information. Delay, delay. Not available to answer questions on support line. They are overwhelmed. Stay away. TradeStation unable to help.
This is the basic reason I stay away from spot forex. With the exception of Interactive Brokers, most of them are not reliable. If you can not get your money out, why stay with them for anything!