Oanda: Stop Loss Hunting? Are they safe to put my money?

Broker Discussion Forex Brokers
22

So which is it … they do stop hunt you, or they don’t? You claim they do stop hunt, now you’re saying they don’t. Are you in politics by any chance?

Retail brokers … ALL OF THEM … make their money through their spread. The goliath retail brokers like fxcm can have slightly smaller spreads because they have so many trades at any one point.

ROTFLMAO … so now when your platform freezes it’s a sinister tactic! :eek:

It can’t be that computers lock up when pushed too hard, or anything normal like that? No, it’s a conspiracy … a plot I tell you.

WHAT! And with one statement you demonstrate your complete ignorance of the business model utilized by retail brokers.

Brokers make their money from the pip spread. It is like a trading commission you pay when you invest in equity markets through a stock broker.

The more trades you make, the more the broker makes because the more trades you make, the more times they get the money from the spread.

Therefore, a broker wants you to make money, they want you to be successful. The more trades you make, and the larger those trades are, the more money they get from the spread.

It goes AGAINST THEIR OWN INTEREST to try and take your money through stop hunting.

Oanda … massive capital? Again, a demonstration of complete ignorance.

FXCM is way larger than Oanda … WAY larger. FXCM has only 180 mil in cash on hand (proof posted in the previous message). FXCM is a market maker.

They don’t have enough money to stop hunt. I’ve proven it. Your continued insistence that they do stop hunt flies into the face of known facts.

I’ve PROVEN how little money they have. Can you do anything to prove your statement of stop hunting is even possible? I won’t burden you with asking you to prove they DO (I’m not sure you’re up to the task) … lets just stick with proving it is even possible.

So far all you’ve done is state your opinions as fact. I’ve given you hard data to prove my position.

23

I believe the issue is that retail forex brokers may move the prices ON THEIR PLATFORM to take out stops, not that they dont have enough money to move the forex market. Some years ago, I traded thru FXCM (before they had no dealing desk service), and one day, I had an entry order to buy eurusd above current market price by about 18 pips or so. A short time later, the price of eurusd jumped up about 20 pips for less than a second and returned to its previous price point. My buy stop was triggered and the stop loss I had on the position about 25 pips or so was filled within minutes. I do believe this was FXCM moving the price on their platform to take out stops. I could not find another charting service that had this spike at that time. I called FXCM to complain and I was told the prices on the dealstation was the prices they were willing to trade at. End of story. I have had no other experience with apparent stop running with any broker since then that I could tell, although I did a trade through FXCM no dealing desk last year and I got 100 pips slippage on a gbpusd stop order one day.:mad:

So the issue that people have with stop running is the brokers manipulating the prices on their own platforms.:eek:

24

That is an ILLEGAL form of stop hunting and if any broker did something like that it would be discovered VERY quickly. Too many traders trade multiple brokers at once. I’ve mentioned this form of illegal stop hunting several times in this thread already and most readily agree that NONE of the major brokers would dare to engage in such a thing.

Stop hunting like you are talking about, besides being illegal, would be found out and reported IN SECONDS. Such a broker would not long be in business.

Like I’ve said MANY times. After testing over a dozen brokers across a 6 month time frame NOT A SINGLE BROKER showed even the slightest shred of evidence that they stop hunted. Not one.

That retail stock brokers actively stop hunt is an urban myth that has been repeated so many times it is generally accepted as a fact. The plain and simple truth of the matter is that retail brokers don’t have the money to stop hunt in a legal fashion, and if any did so in an illegal fashion it would be found and reported so quickly they wouldn’t be in business long.

Both stop hunting from a legal and illegal standpoint has been covered to death in this thread. Retail stock brokers don’t do it, and indeed they can’t without being discovered (if they did it illegally) and don’t have the money to do it legally.

25

I really don’t want to get into an argument, because I have only had this one experience mentioned above. But you insist that brokers moving prices on their platform is illegal. Please provide the law/statute by CFTC or Feds that this is illegal. Otherwise, you are no better than those that say stop hunting occurs but can’t prove it. Please prove your allegation.

26

You are actually asking me to prove this? For starters, moving prices on your own platform in a awy that does not reflect the actual market … when the only reason for doing that is to take money … is clearly a form of fraud. Which, one could easily be thrown in jail under fraud statutes. Then there are banking statutes relating to international electronic transfer of money. Currency trading is an electronic transfer of money, allowing for punishment under those laws as well.

My point is that something like LYING on your own platform about the price of a currency pair is something that is CLEARLY illegal because it is a form of theft/fraud. However, if you really need to see something, here you go:

Financial Services Authority, The Code of
Market Conduct, FSA Handbook, Release
64, April 2007.

It was found in five seconds on google.

I apologize if I seem testy, but this issue of retail brokers stop hunting is beyond ludicrous and seriously the subject has now been beaten to death.

People keep insisting that stop hunting happens … even you just now … when it clearly can’t. You’ve even asked me for a law to say that fraud is illegal!

Like I said, this “brokers stop hunt” myth has been repeated so many times by so many people it is generally accepted as a fact when stopping to think about it for even just a few seconds would show that it CAN’T happen.

At this point, I’m done debating the issue. If you people insist that stop hunting by a retail broker happens then be my guest. The only person you hurt is yourself.

28

A brilliant idea to test stop hunting.
I like it.
An original idea for this forum!! :slight_smile:

At 4Squared, at one time we were doing this for 18 different brokers at once and tested across all of them for 6 months. In all that time, there was not a single SHRED of evidence that any of the brokers did anything remotely like what they are repeatedly being accused of.

Oanda was one of the brokers we tested.

Thus far, in all of our testing, we have found a 100% correlation between traders simply making poor trading decisions and their claims of stop hunting.

In short, Oanda doesn’t stop hunt, neither does IBFX, neither does FxOpen, or FXCM, or …

In the case of Oanda, they have something north of 1 billion in deposits and several hundred million in active trades. Do you really think a company that is making that much money servicing trades is going to screw it up in such an easily verifiable method of stealing? Give me a break.

These statements tend to seal the deal.
It is hard to argue with these facts.

It also lines up accurately with the statements of Rhodytrader, our master trader and easily our most experienced trader on this forum.

Congratulations [B]Skalpist[/B]
This is a top post!! :slight_smile: :slight_smile:

29

To [B]Skalpist[/B] :

Don’t waste energy arguing with Revone.

Some people on this forum have absolutely no idea what they are talking about.

It is clear that Revone is one of those.

Along with Rhodytrader and Dale Paterson, I have been here longer than anyone else.

I have seen lots of Revones here.
They are usually gone within about six months.

It is something I see regularly after 2000 posts here.

30

So we can conclude that every reputable and sizeable broker out there (GFT, FXCM, Oanda, you name it) is reliable?

If this is true, then can we assume that the main difference between trading with market makers or with ECN’s aside of the commisions and spreads would be liquidity?

I mean talking about trading with large amounts of money, is better then with ECN’s? But because of the liquidity?

Great thread! Thanks for the info.

31

When in the world did anyone ever say that every large broker was reliable!?!?

It isn’t.

Liquidity isn’t a function of the broker exactly. The broker simply needs to be able to open and close the orders. Liquidity is provided by the market itself, NOT the broker.

If you have large amounts of money, trading with a large broker provides benefits relating to execution speed, reduced likelihood of slippage, and so on.

32

Just answer yes or no, I never said someone said such things, that’s why in my next sentence I started with “If”, because I don’t know if I’m right or wrong. I was asking, I wasn’t comfirming it.

Those were my newbie’s conclusions and I wanted to know if I were right. No need to be rude.

33

Skalpist, do you know who Danny Wall is? It appears some of the pivotal documents on your 4sqr website refer to him.

The 3 Prong Method � The Death Of Technical Analysis

By Harry, May 4, 2009 @ 7:56 pm
Danny, this is Harry. I was tryn to email u r email

About the Author
Since you almost certainly have no clue who I am, I thought it would be appropriate to introduce myself before we get too deep into the report.
My name is Danny Wall, and I am a professional currency trader.

Note: This document uses “I” exclusively, whereas the rest of the site makes it appear that this is a coordinated operation. See any of the blog posts on the main page. Are you a one man show or not?

Anyways, hopefully your Danny and this one are not the same person:
Re: Who is Danny Wall?
Because that Danny owes some mass mailers thousands of dollars, and moreover he is most definitely not any sort of financial trader. Well, unless you count conning people out of their money as a financial trade, haha… On second thought, there’s probably a lot of people involved in forex who do.

The only reason I even mention this is because your website is both very new (oldest posting dating to March or so), and written in a similar tone (amaturish) and style (template based) to other “internet marketing” garbage I’ve seen. Why don’t you just spend a few $1000, hire a professional firm, and do a better job? A custom theme would be a good start, instead of these free ones you’re using:
WordPress � Fusion � Free WordPress Themes
BlogChemistry � Free WordPress Theme: MagicBlue
Yuck! You don’t want your website looking like it’s some one off internet scam to make a few bucks off idiots. Nor do you want to appear like someone who just read a bunch of articles, learned enough to sound convincing and put this together.

Of course, you shouldn’t judge a book by it’s cover either. So could you clarify?

As for the original topic, I say, never doubt the depths, cunning and tricks of a crafty and intelligent scammer. I mean, just because someone has lots of money, respect, and was the chairman of something like NASDAQ, doesn’t mean they aren’t a Bernard Madoff. Again, just because it’s in the long term interest of a broker not to screw their customers, it doesn’t mean they won’t. They could be in it for the short term and soon to disappear. They could carefully screw only a small percentage of customers in order to pad their profits, but not enough to scare away new accounts or attract the regulators. Even a long and storied history or massive client base is not an absolute guarantee. Paypal, for example, continues to leave a trail of mud despite its success and improving quality. Even if the company is good, it just takes one unscrupulous operator with too much power to ruin things for you. Like all things, you take a risk when choosing a broker, research and the metrics it yields only mitigate it.

Keep in mind, unscrupulous operators can also post false positive reviews of their service, and more importantly, false negative ones of other services. It’s very hard to know who’s legit in an emerging market like retail forex trading. One option, as others have noted here, is to use trading patterns and methods that are hard to scam. Another good one is to track the people involved, what they’ve done and who they’re associated with (good and bad). If you can’t find out who those people are to begin with, it’s probably best to stay far away. In the end though, the retail investor is subject to the rules of the market maker, including the unwritten ones.

Frankly, in my own research on forex it’s led me to conclude that equities trading is far superior, purely on the basis that you can get an account with an established major and local bank. Apart from the obvious advantages, you can also write to your local government or newspaper when they screw you. On top of that, you understand their regulation better, because they must follow your laws, not that of any other country.

Of course, if demand warrants it, these banks will offer retail forex accounts eventually. However, I suspect that regulators will have to move first to establish standardized and well understood rules, clearing houses, public markets and other structures for this mode of retail investing. It’s good that groups like the NFA are getting more aggressive here. I’m quite hopeful that the major regulatory reforms resulting from the current recession will address the many uncertainties around retail online investing, forex in particular but not only forex.

In the mean time, major banks like the one I use, Scotiabank (BNS, market cap $40 billion), do at least offer free commentary on forex: Welcome to ScotiaFX - FX Commentaries & Research It’s a start.

At this point though, imho, the rule of the day is to watch more X-Files and “trust no one”. That doesn’t mean don’t invest, just don’t invest anything you don’t expect or cannot afford to lose.

34

Let me tell you who I am.

I give away live trading sessions where I explain what trades I make and why. Mostly done during the european session (4am eastern time).

I give away the trading system I use during those sessions. (indicators, entry rules, etc)

I give away the order entry scripts I use during those sessions.

I think I have just one time given a link to the ustream channel where I do those live trading sessions.

I have NEVER given a link to my website on this forum … ever, that is available only through my bio.

My trading results can be found quite easily in recorded sessions I still keep available and going forward, additional results can be found during live trading sessions that I do fairly regularly.

How much have you given away? What systems are you giving for free to the people of the babypips community? Are your trading results available anywhere in a live trading recorded format for us to see how good of a trader you are?

So, whether or not I’m a real trader is easily and independently verifiable. What I’ve done for this community can be found with little difficulty.

And your comment is that my website is “unprofessional” while at the same time claiming that I am some sort of professional marketer … and if you aren’t actually making that claim, your numerous posts from other websites certainly make that intimation.

I can go online right now and find websites that claim the holocaust was a hoax. I can go right here on this site and see that you haven’t even agreed to this sites terms of service! (at least as of the time that I write this).

So, with all that I am giving away to the people of this community without asking for a cent or an email addy, or anything, with my results being given away live, I think whether or not I’m an actual trader is without question.

You however … who are you anyway other than some newbie that’s come to this forum and is now slinging ad hominem attacks.

35

I didn’t mean to come off rude or condescending to you … I apologize if you took it that way.

This stop loss thing has been beaten into the ground. The forum as I write this has yet ANOTHER stop loss thread sitting near the top of the newbie forum.

The issue has been hashed to death so I’ve gotten a bit short with my answers. You were probably getting that shortness from my answers.

I’m supposed to be one of the guys, as a more experienced trader, cutting newbies some slack. I didn’t really do that, and I’m sorry.

Consider me duly chastised. :smiley:

36

If you want independently verifiable facts, then just look at the millions of websites that are far superior in structure and style to your own. I’m not saying the two Danny Walls are one and the same, I am stating that it appears to be that way. The marketing Danny is clearly unprofessional to the highest degree. If he was a professional, he wouldn’t screw his partners and he would be working at a real marketing firm. It’s an undesirable association, and the style of your website only reinforces it, regardless of the truth.

I don’t need any reputation to validate that objective reality. Your argument from authority is fallacious, because this issue has nothing to do with trading. Therefore, my argument is not an ad hominem attack, because I am not arguing your trading results here. I’m simply addressing the issue of how your website affects your image and perception.

That being said, a clever manipulating market maker would alter their numbers in very small and subtle manners, ones that could easily be missed as “noise”. So your tests probably wouldn’t tell you very much unless you ran them for long time spans with large numbers of accounts on each service.

The rest of my comments are validated by the mere fact that I got an infraction for posting links. This would not be necessary if it weren’t for the vast quantity of crooks, liars, spammers, con men and idiots in this industry. Even the most vitriolic forums I’ve been to allow anyone to posts links. It’s utterly ridiculous. Of course, they wouldn’t be here if there wasn’t an equal supply of gullible idiots, which is simply pitiful. Clearly, there is little room for trust, and the appearance of reputation cannot be relied upon. The internet as a whole is this way, and throwing money into the equation only magnifies it.

Perhaps I am too demanding, but I do think that after the disaster of the current recession, no one in finance and trading deserves any slack. Least of all the people in retail forex.

PS: Your bio is part of the forum, and you mention your company’s name many times in your posts. I don’t understand what your point is there. You also don’t clarify if your company is a sole proprietorship or not. I guess you don’t feel a need.

37

It doesn’t? Then why did your initial post have the following:
"and moreover he is most definitely not any sort of financial trader. "

Therefore, my argument is not an ad hominem attack, because I am not arguing your trading results here. I’m simply addressing the issue of how your website affects your image and perception.

I believe that RESULTS within the forex market itself should govern that. I get results in a way that is IMPOSSIBLE to fudge. I make trades live and in real time and those trades are available to anyone viewing the live video stream at the time and verifiable to anyone who wishes to watch one of the recordings of those sessions.

That being said, a clever manipulating market maker would alter their numbers in very small and subtle manners, ones that could easily be missed as “noise”. So your tests probably wouldn’t tell you very much unless you ran them for long time spans with large numbers of accounts on each service.

What are you referring to exactly? I perform trades live via a video stream. Those aren’t “tests”.

Or are you referring to the tests I have had people at my firm perform in an effort to ascertain this whole stop hunting nonsense?

If it is the later … what possible benefit would there be to me, one way or the other to say there was stop hunting or their isn’t?

The fact of the matter is that with the possible exception of GFT and DBFX none of the retail brokers have anything remotely close to enough money to stop hunt. That is a fact. If you have FACTS to suggest otherwise, can you post them?

So far, my hard data proving that retail brokers CAN NOT stop hunt has been met with little else but opinion stated as fact, but ZERO hard data to even suggest that stop hunting actually happens by retail brokers.

If you point is something else entirely then you are doing a very poor job of making it.

The rest of my comments are validated by the mere fact that I got an infraction for posting links.

So you post links about someone who may or may not be me from some website that is little else but a forum itself (where anyone can say anything by the way, at least this forum requires people to stick to topic of some form) and that in itself is proof … of what exactly?

This would not be necessary if it weren’t for the vast quantity of crooks, liars, spammers, con men and idiots in this industry. Even the most vitriolic forums I’ve been to allow anyone to posts links. It’s utterly ridiculous.

The good that I’ve done to traders on this forum is a matter of record. What I’ve given away, asking for NOTHING in return is a matter of record.

You’ve got what … two posts here now.

You come here to this community, start attacking me with one baseless accusation after another, and stating your opinion (my sites are unprofessional), and suddenly the fault is this forum?

Are you serious?

And why won’t you agree to the terms of service for this forum?

Of course, they wouldn’t be here if there wasn’t an equal supply of gullible idiots, which is simply pitiful. Clearly, there is little room for trust, and the appearance of reputation cannot be relied upon. The internet as a whole is this way, and throwing money into the equation only magnifies it.

If I were here selling, instead of giving away, you might have some sort of point … maybe.

So far I really can’t tell what your point is. Can you make it succinctly? You seem to be mixing and matching things in ways that make no sense given OBJECTIVE FACTS of what I have done on this forum and off of it.

Perhaps I am too demanding, but I do think that after the disaster of the current recession, no one in finance and trading deserves any slack. Least of all the people in retail forex.

My results speak for themselves. What results do you get? Are you willing to prove them via live trading?

PS: Your bio is part of the forum, and you mention your company’s name many times in your posts. I don’t understand what your point is there. You also don’t clarify if your company is a sole proprietorship or not. I guess you don’t feel a need.

My company name and my site address are removed enough that unless someone goes to my bio, figuring out my site address isn’t likely.

My point is that I have come to this forum GIVING. I give trading advice live via a streaming format that showes IN REAL TIME, the trades I make.

I explain why I made those trades, LIVE.

I give away the system I use, the entry rules, the indicators, all of it. Free direct download, not so much as an email address is required.

I give away order entry scripts that I use.

I give all of that, and don’t so much as ask for an email address, did I mention that yet? So, despite all of this giving, despite the fact that I make trades LIVE and in real time so that my results ARE ABSOLUTELY PROVABLE, you are somehow suggesting … what exactly? Again, your exact point is muddy at best.

Now, if you have a specific point to make, or a SPECIFIC accusation to make, then make it. And while you are at it, agree to the terms of service for this forum. Clicking a check box isn’t too difficult for you is it?

38

I have. I think your website is very unprofessional. I think that if your product was so great, you would have enough pride in it to spend the money to make the website that presents just as great. You haven’t done this, so I can only conclude that your product is either inferior or you’re a poor business person. In either case, what you offer is not worth buying, even if that’s only the cost of my time.

And don’t tell me you’re not selling anything. I know how people market things on the web. By simply creating a reputation, you know people will inspect your profile, see your company, and buy products. You know people will search your company name to learn more about you, and see your products. By giving information away for free, you know people will come looking for you for more “secret sauce”, and they will see your products. I don’t deride that activity. In fact, I like it. Nothing like a good serving of shameless self-promotion to brighten your day. However, it’s just embarrassing to see a website that doesn’t live up to your guru persona. More importantly, it’s discrediting.

And while you are at it, agree to the terms of service for this forum. Clicking a check box isn’t too difficult for you is it?
I wasn’t going to say anything to spare you the embarrassment, but if you insist… You can’t even open a forum account without checking that box. This is a nearly universal trait among forums, and this one is included. Ergo, in having an account, I have checked it, and I am left wondering what on Earth you’re talking about.

EDIT: That’s enough excitement for one thread. See you around.

39

Those are your opinions and you are entitled to them. Personally, I like my sites.

Additionally, when it comes to forex, let me highly recommend that when you take advice, you take it from actual TRADERS … not slick marketers with “professional looking websites.”

Like I said, I’m a trader, not a slick marketer. Several times a week I will show people the exact trades I make, as I make them, via live video.

The system I give away for free, complete with rules, scripts, and so on, is better than 99% of the garbage being sold on “professional looking websites” created by slick marketers who aren’t actually traders.

So, if you want to CONTINUE to be duped by slick marketers, continue making “professional looking websites” some issue by which you should judge the value of TRADING information.

I wasn’t going to say anything to spare you the embarrassment, but if you insist… You can’t even open a forum account without checking that box. This is a nearly universal trait among forums, and this one is included. Ergo, in having an account, I have checked it, and I am left wondering what on Earth you’re talking about.

I was baiting you. You fell for it. Thank you.

When I go to your “member page” and the about me page, there is NOTHING there. You provide ZERO contact information so we can’t even see who you might be. So far you are some guy hiding behind some nick unwilling to provide any information about who you are.

There is no name, no website address, no anything.

Even your Nick … DudeMiester … you didn’t even bother to spell Meister correctly!

I find it rather comical that you are here complaining about my professionalism and you are doing so from a nick with a misspelled cognomen.

So, WHO ARE YOU? What makes you think that your OPINION regarding the style of my site is so important that you would make it an issue in a thread that has nothing to do with it?

Why are you hiding who you are? Why won’t you tell us, so we can see if it is really YOU with some hidden agenda?

MORE TO THE POINT …

Do you have any evidence to support or detract from any of the points RELEVANT TO THIS THREAD, or are you here only to make ad hominem attacks?

Yes, ad hominem. Your earlier assertion that it is “independently verifiable fact” that my site lacks structure or style is simply a statement of your opinion as if it is a fact.

Your dislike of my site is your opinion. It is not a fact.

It is a fact that my site uses wordpress … as do MILLIONS of other business sites. It is a fact that my site is using a free wordpress theme.

It is NOT a fact that doing either of those is demonstrative of professionalism either for or against.

You may have an OPINION that doing so isn’t professional.

But like I said, I like my site. It’s my opinion. Since it is my site, it is my opinion that really matters.

If you think that because my site wasn’t created by some slick marketer that is only interested in hawking his latest piece of crap means that you shouldn’t buy from me … then please keep your money in your pocket.

40

lulz, baiting… That says everything I need to know right there. Especially such a terrible bait. Even now, I fail to see the point of it. I can only presume you were trying to prove that I’m not an idiot, so I thank you for the complement.

As for my user name… just… wow. hahahahahaha.

As for opinions, you have every right to disagree with me. I respect that. But I have to argue that the look of a website does matter. It’s the difference between wearing old worn clothes (free wordpress layouts) instead of a finely tailored suit (custom website). Those old clothes are fine for casual wear (blog), but you wouldn’t go to an important business meeting (e-commerce) in them would you? The web is the same, your website becomes your digital clothes, so make it look sharp.

The fact that some people are behind the times is a very lame excuse. It’s not like you represent a small local shop or are selling low-value goods, which could make your web presence of less importance. You’re a digital venture operating through the online medium selling a high-value service. Your website [B]is[/B] you, so wear your best. This includes resolving any potentially negative associations your website presents (e.g. the Danny Wall thing). It’s not a hard concept.

Now, I do find your excessive verbiage and dramatics quite silly. Reminds me of Monty Python. I will say, you do entertain!

That being said, here’s a tip: If you think someone is idiotically wrong, don’t even bother responding to their argumentation, unless you’re just toying with them or taking pity on them. Certainly, don’t take anything they say seriously. That’s what I’m doing.

And yes, I did contradict the last statement of my previous post. That’s how much (or little) I care about this debate at this point. Plus, blatant self-contradiction always makes for the most amusing reactions. But to be honest, Monty Python is funnier and this banter is wasting the time I could spend actually watching it.

Respond if you like, but unless it’s as hilarious as your last post, I will not.

41

I fail to understand how the appearance of my site has ANYTHING to do with the issue of Oanda stop hunting or not.

Is it possible for you to stay on topic?

I never said that the look doesn’t matter. I said that it is your opinion that my site doesn’t look good.

I like my site. I like the way it looks. I like it’s structure. I’ve said this already.

Just so that we can be clear …

Your entire issue with me is that you don’t like the way my site looks?

If that is the sum total of your complaint, don’t you think your attacks against me are more than a little petty?

Why don’t you try and contribute something positive?

And … DO IT WHERE IT BELONGS. Is it possible for you to stay on topic?

43

I was trading Gbp/Nzd on 30th Sep, I checked the trade before hitting the bed, it was 70+ pips in profit, and i let it run to the planned TP.
I woke up middle of night to go for leak, I checked the trade and was surprised that I was stopped out at 1.96490. There were no major news that triggered the spike up of Gbpnzd price.
I checked other brokers and Marketwatch, the average daily high for Gbpnzd is between 1.96123 - 1.9616. I checked my trade history, the Gbpnzd trade is closed at 1.96689, which even ridiculous.
I contacted Oanda customer service, to log an enquiry. The client experience team got back to the next day and explained that,

“I have investigated your concerns and my findings on this matter are explained below.
We have reviewed this, and can confirm that the price was valid and in line with market at 2 pm EST (7 pm UTC+1)
Please find below a chart from Bloomberg, an independent third party
—unable to view the chart----
Here is the comparison of our Liquidity Provider’s who were quoting the price at the time.”

The sudden spike of price for Gbpnzd also happened on 21st June 2021.
Is it right for Oanda to do this?

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