I thought oanda singapore was good but after a trade in which i should have made a profit turned into an instant loss… i am so dissappointed with oanda…
some context on the dissappointment… i was trading news as usual… and a clear small spread with stop at 20 pips away… but entered the trade i lost because the spread widened that much during the trade and i had no way to adjust it at all given the speed of the trades. however on cmc markets singapore which i had used to successfully trade similiar trades… i didnt have such problems. main reason i changed is because i thought oanda was faster and more convenient… convenient it is… but unprofitable so far.
so the thing is… anyone have a better trusted platform to recommend other than this 2 which allows micro accounts?
Yeah, I am kinda pissed at Oanda myself. I entered after a news event and then the whole screen locked up! I could not do or see anything! Finally it shut down and logged back in only to find I was out… Around 95 pips out!!! Pissed. I went to the home page and it only said"demo version may be unstable…" This is un acceptable. Soo upset with Oanda right now.
IMO, Oanda is a good broker. But if you were not satisfied with Oanda and CMC, just try a good one like FxCM and HotForex. I think it’s better. But aren’t you looking for a broker that has office in Singapore?
I have been Oanda sg for 3-4 yrs. So far, I have had instances where their wide spreads during news releases took out my stop, but I just count that as an infrequent occurrence. Just yesterday (22 Feb, at 0930 GMT or 5.30pm S’pore time, there was a news release affecting GBP. I was in a long GBPJPY trade and my stop was about 70 pips away from the price. I monitor alpari uk, fxcm and oanda prices. To my aghast, oanda’s spread widened so much that my stop at 170.018 was taken out, where as lowest on alpari uk was 170.11, and fxcm was 170.076. I checked oanda price on their mt4 ios platform and showed that the lowest was 170.006, therefore taking out my stop. This is definitely not a once off occurrence. I emailed them to voice my displeasure but I know they will not do anything about it. Thus I will no longer trade actively with Oanda for their unfairly wide spreads during news releases, and search for another broker. I am moving to the UK soon and am thinking of FXCM UK or Forex.com.