Hi all Oanda users.
I’m trying to select a broker but everytime I find one I find that trustpilot has some terirble reviews about them. The most recent selection is Oanda. I’ve seen a lot of people on this forum mention them with good reviews, however trust pilot has a numbeer of reviews that say they refuse to allow you to withdraw, their stop loss doesn’t work properly, and they are untrustworthy.
Could those who use the platform share your own experience with them?
Trying to find the right broker seems to be a bit of a minefield.
Happy for further recommendations for a broker with tighter spreads and quick order making.
Thanks
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I’m from Canada and have been using them for about 7 years now and have never had an issue with deposits or withdrawals. In fact, they accept PayPal which makes transfers easy. There are other payment methods as well, but I’ve never used them.
Over the past year or so I have moved over to trading stocks and futures, which I use Interactive Brokers for, and have moved a good chunk of my funds there. I still trade forex daily though, just in smaller volumes. Since I’ve done this I have noticed that spreads have gone up considerably, so volume is definitely a factor in getting decent spreads.
Stop losses have never been an issue for me either. Something important to know about SL’s is if you don’t leave enough room between price and your SL, you will get stopped out at market close (New York session) and during important news events when spreads are widened considerably. This is standard practice but a lot of new traders don’t know this and will automatically accuse the brokers of “market manipulation”.
Just make sure that whoever you choose is regulated in your country.
I could go on and on about the points above, but it’s all been discussed here before, simply use the search function.
Good luck and happy trading!
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