Oanda is a well known Forex broker that also works as ECN broker. With a few hundred thousand traders you can say that a lot are very happy with them and quite a few are not. The reactions are very mixed which is the case with most of the other brokers. Let’s take a look at the other traders experiences with this broker.
Something that a lot of trader complain about is the fact that Oanda seems to adjust spreads to their advantage. That means that the spreads become unbeatable after news events compared to other brokers. This also increases the spread that is actually showen. So if you except to pay 3 Pips it’s more like 8 Pips when the market moves in two different directions.
Furthermore it’s not rare that the connection to the server is lost and that makes it impossible to trade properly.
All in all you can say that there are a lot of complaints about Oanda but also plenty of traders that are very happy with them. But there’s no doubt that you will experience some issues using this platform.
Experiences with Oanda
The following quotes are taken from major forex review sites and show the experiences other traders made with Oanda.
I don’t see any problems with this broker. The spread is tight and there’s virtually no minimum to open a live account.
I don’t like Oanda at all. There are a lot of important features that are missing.
After news the spread is well over 25 which makes it impossible to trade.
I made more than 10.000 Trades and don’t have any problems. Great broker.
The costumer support is great. There’s no deposit minimum. The software is too simple there are lots of features missing. Technical analysis is very hard to do with these charts.
I deposited 2000 Dollar in my account but the money was never credited.
I’m using Oanda for 2 years now and I’m loving it.
I’m trading with Oanda for more than 2 years and didn’t have any problems so far. The platform isn’t perfect but there are also some positive things to say.
There’s no phone support I’m afraid.
I like the variable lot sizes very much. But I don’t like the fact that there seems to be no automatic margin call.
The delays are incredibly high and cost a lot of money!