Oanda Forex experiences
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!
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Oanda is a scam. I make scalping trades on a demo account at the same time as making real scalping trades with Oanda. And I consistently win 75% of the time, if not more with my setups on my demo account. But when I use Oanda connected to tradingview, I consistently lose 75%. For a solid month, I have a valid account history of this action taking place using Oanda versus my Demo account history. When I first started trading Oanda, I was new and made big trades, which literally blew 25% of my account within 2 months. I was shocked, since prior to joining Oanda, I was trading on a demo account for 4 solid months and had a nice track record of profits. I also noticed every time I make a trade, the price will dodge my long or short every time or move around it exactly at the price point where I made my trade and force me to lose by going the opposite direction almost every time. So then I’ll make a new opposite trade right after, and once again, the price completely goes in the opposite direction immediately after my trade, even within a strong trend!! I don’t use stop losses, since my trades are taken in short durations. But with a demo account, I never have this issue. There’s definitely something fishy going on with Oanda. I’m thinking of switching to another broker. Being in business since 1994 and bragging about being regulated means nothing when these people are all working together.
I have become almost completely convinced that Oanda is a scam. The only pattern that appears to be consistent on the platform is that a winning trade never progresses much further than 2%, but losing trades run forever. This happens again and again in defiance of all setups, indicators, overlays, you name it. Nothing that should work ever does. It appears to be no accident that again and again the result emerges: your positions appreciate by 2%, and then they mysteriously reverse all the way back to a stop loss (or they just run and run into loss if you do not use a SL order; winners NEVER run on this platform). I am about to pull all of my funds from Oanda, never use them again, and tell everyone to stay away from them.
Do you recommend this broker?
I search more and more about the best broker when I see people who earn money from Forex I try to know which broker they deal with him to Earn more than $1000 every day ?!
Oanda is very old and reliable broker, with many licenses. But still it’s a market maker that will always be against you. So i advise you to choose only true STP/ECN brokers where conflict of interest will not exist. If you don’t know what broker to choose, I can help you , just add me in skype – vovkfx.
I have been using Oanda for a few months and they are not bad but find there software (ie Charts and other tools) not the best. They are commission free and seem to be targeting non US customers, hence I got into them. However most Fx only brokers are going commission free and just make there money off the spread.
I trade primarily trade Fx and commodities CFDs. Could I ask what Fx broker you would recommend ?
Note: I’m based in the UK.
Please tell me who is the best broker to use then,it seems to me that all they cheat and scam you in your hard earning money.
How can we stop these brokers from operating?
Plz contact me who is the best broker I can use for my trading?
My email us [email protected]
Thank you so much and thanks for this website .
Onanda is better than XM broker.Everybody should carefull about xm broker.
Can i do direct fx trading on banks? It seems that fx broker that spreads on the internet are all scam, when it comes to money i dont trust anybody, not even the government and my family.
I started to search for trading strategies in 2014. I used an Oanda life trading account, an could have historical data up to 2009. Somehow I lost trail, and decided to work with Bloomberg data, because one day the data I downloaded threw their MT4 didn’t match at all with the one I started having on my MT4 platform. Today I decided to go over Oanda MT4 again and realized that they offer only a 1 year data streamline. I think Oanda and many overs like FXCM don’t wan us to do simulations with their historical data. They simply don’t want us to win money. They want us more and more to trade volatility when my simulations performs a lot better when I trade when the markets are quiet and not important economic data are revealed ! I think these online brokers are operating like those casino owners. Honestly, I shall open an account with TD ameritrate.
Poor server. Jam for 1hr cant move my hongkong 33 position till the technical done. Due to Oanda technical issued, i loss 133pips.
They have to compensate back the loss and wont be fair for investor.
Still waiting for their unprofessional service to solve my issue.
If not, i will put this issue into business forum and face book of Oanda bad service!
I agree with harry…
I traded at Oanda for a long time and never experienced a spike. But after the broker came under the control of executives from India the price spikes were quite common.
I change brokers, and trade directly with my bankers. Their spreads are a bit larger, but they are a lot more reliable.
Retail brokers, especially MT4 brokers, will cheat because there is no law or regulations for forex trading. The brokers can do what they like.
Exactly..The foreign exchange market is a global decentralized market and there are not certain, defined ruls. The forex brokers can do all they want. The Forex brokers are market makers and they take the oposite side when you trade with them. I mean they make money when you loose and they loose money when you win. They make everything possible to sabotage your trading – stop hunting, platform freezing, requotes, slippage and many others. But this is very important for all traders who do not agree with me – The Forex brokers can start with their scams only if you become nasty and danger for them. I mean, the problems start when you become constantly profitable traders and you make more then a 1000$ every a week. If you do not make over this amount of money every week – they will not touch you and you will continue to think that your Forex broker are fair player. Oanda is not exception.
I have recorded live on the Deception and fraud on Oanda fxtrade.
Your video on you tube are not available, the same with my topic on a Forex factory – was banned because i posted many screenshots with Oanda scams. The topic on Forex Factory was : “The world top trading records…”
There is no news announcement or any thing .my stop was not taken in. with the other two company fxcm and other.i saw 20 pips below my stops and oanda did not execute my trade because i make more than 170 pips. This are big crooks in the market. strict action should be taken against this fraud co. all asset should be seize….and license should be cancel even . this is not the first time. i call them today and communicate about the price and tell me that our platform did not went that price down. i cannot believe this market maker crooks.this is many times happen now i had to decide to close my account…yes their spread is 25 to 50 pips even be careful.