Oanda Reviews - Forex All Brokers - Forex Brokers

Average Customer Rating: (based on 33 reviews)

(3.4 stars vs. 3.3 category average)

(6)

(12)

(9)

(2)

(4)

FXtrading

Intermediate Trader

Not for News trading

5/5/2012

2 of 2 customers found this helpful (100%)

Pros:: Low spreads
Cons:: Spread widens frequently
Bottom Line:: No, I would not recommend this to a friend
Quote:: The main issue that distracts me from this broker is that spread really widens during news announcements. Otherwise, good broker.

I found this review:

machiavel

Expert Trader

mt4 not well supported!

4/28/2012

2 of 2 customers found this helpful (100%)

Pros:: Low spreads, Good customer support, Good transaction reporting, Web-based platform, Mobile platform
Cons:: Spread widens frequently
Bottom Line:: No, I would not recommend this to a friend
Quote:: I am a Canadian and I have 4 years of experience trading with MetaTrader 4. I have been trading with OANDA Canada for 1 month. I decided to close my account for 2 reasons:

Number 1: The margin requirements that are calculated by MT4 and what is calculated by the fxTrade platform are very different, over 50% diffrence. This is due to Canadian regulation and as nothing to do with them; here was their reply to my email:
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Thank you for contacting OANDA. The reason you have seen different margin requirements between your fxTrade and your MT4 account is because of the Canadian Margin Requirements. Canadian Regulations stipulate each currency pair has specific margin requirements associated with it. The fxTrade platform calculates each of these and combines them in its display of your margin used.

The MT4 platform does not allow us enough flexibility to set proper margin requirements on a per-symbol basis. This means it does not display the correct margin available and margin used for your Canadian account.

To view the correct margin requirements, please check your fxTrade account. Margin closeout levels are calculated on fxTrade.
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Number 2: MT4 is not fully supported, they do not properly support “magic number”, here is what they had to say:

Hello,
For the past three years, I have developed an EA that I have used with success with Gain Capital (www.forex.com). Since last week I have opened an account with you and I have been experiencing some problems.
I think that there is a problem with the synchronization of trades between your fxTrade platform and the MT4 platform.
The problem that I have is that some trades are closed for no reason. My EA does not close trades, when a trade is open it is closed by a TP. Here is a list of suspect trades:
Please let me know what you think.
Regards,
-----------------------------------------------------------------------------------
Thank you for contacting OANDA.

MT4 is offered as a trade placement facility. OANDA's ability to resolve issues on MT4 is sometimes limited by limitations with the MT4 software, which is a third-party trading application.

Unfortunately we do not support EA as well as magic numbers. The magic number is generated by your own EA, and it is not recorded in our system. We corrected the display issue yesterday by assigning new order numbers to the trades from our internal system. Since the new orders were not executed via your EA, they were not assigned with a new magic number.

We have checked the affected trades again, and noticed that there are two trades remaining (ticket xxxxxx and xxxxxx) in your account. You may close these two trades and reopen new positions via your EA to obtain the magic numbers.
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Here was my reply:

I understand your point, but let me say that I’m very disappointed. Anybody using MT4 is using it for its ability to use thousands of EA that are commercially available. Any EA out in the market uses a different Magic number. The magic number is need so that the EA knows what trades it owns.

When you correct a trade and do not correct the magic number, the EA loses track of that trade and cannot control it.

If Oanda does not support magic number on correction made by your staff then OANDA is not a reliable broker for MT4.

MT4 allows a user to trade using multiple EA on the same account. The only way that an EA can control the trades that it opens is by the magic number.

In your response, when you say : “Unfortunately we do not support EA as well as magic numbers”. I’m not asking for support for my EA, I’m just asking to be compliant with MT4. The fact is that EAs need magic number to operate correctly.

Please forward this email to your supervisor so that they know that OANDA is not a reliable MT4 broker.

This information should be made available to all MT4 users.

Here was their reply:

Thank you for contacting OANDA.

OANDA does not have the infrastructure set up to reassign correct magic number if the original one has been deleted due to the fact that MT4 platform is currently a third party platform. However, our technical team is aware of the demand for such features and most likely will be working to improve it in the future. Please note that in normal cases the magic numbers should not be changed and will function correctly. It only happened this time because there was a synchronization issue in our system which caused some trades to be out of sync. This issue has been resolved already, so if you are to place more trades, you shouldn't experience this problem again. We apologize for the inconveniences caused and will do our best to prevent it from happening again.

I hope this information was helpful. Please contact us if you have any further questions.

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briwdon

Expert Trader

Terrible slippage

3/31/2012

0 of 0 customers found this helpful (0%)

Pros:: Low spreads, Easy-to-use platform
Cons:: Poor customer support
Bottom Line:: No, I would not recommend this to a friend
Quote:: Trade execution is poor!

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Pippy

Expert Trader

Not as I expected...

10/31/2011

0 of 0 customers found this helpful (0%)

Pros:: Easy-to-use platform
Cons:: Spread widens frequently, Poor customer support, Wide spreads, Unstable platform
Bottom Line:: No, I would not recommend this to a friend
Quote:: Most of my friends agree, not sure what happened... I use to love Oanda, but recently not so much. I am using their MT4 product and my EA's are not performing well.

I have accounts with 7 different brokers. I use the same EA's on all 7 accounts (4xlounge, Matrix and a custom EA). The results are pretty much the same with all brokers except my Oanda account. My Oanda account frequently misses trades and/or slips the entry by as much as 18 pips. Take a close look at the candles. The Oanda spreads are all over the place.

It might be a technology issue with Oanda's MT4, but I would not use them at the moment.

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despe906

Expert Trader

Thievery stop hunting

7/7/2011

0 of 0 customers found this helpful (0%)

Pros:: Easy-to-use platform
Cons:: Spread widens frequently, Wide spreads
Bottom Line:: No, I would not recommend this to a friend
Quote:: You may be seduced by the charts and fancy indicators, but when your broker moves the price by 50 pips off the spot market to close your position with a loss, it means this broker is a thief. See description and screenshots here: http://despe906.blogspot.com/2011/07/oanda-thievery-shabby-broker.html

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joebutters

Casual Trader

Simple just the way I like it

3/4/2010

3 of 3 customers found this helpful (100%)

Pros:: Low spreads, Easy-to-use platform
Cons:: No custom indicators, Unstable platform
Bottom Line:: Yes, I would recommend this to a friend
Quote:: Oanda is my go to platform for entering trades. It provides a very simple, and self explanatory user interface. However, my only qualms with this program is that it does not have some of the more complex indicators that charting software like XTick has. I recommend this to any beginner learning how to trade as well as intermediate traders that need a simple trade station.

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odee911

Intermediate Trader

AVERAGE

2/18/2010

2 of 2 customers found this helpful (100%)

Pros:: Low spreads, Good customer support, Good transaction reporting
Cons:: Spread widens frequently, No custom indicators
Bottom Line:: Yes, I would recommend this to a friend
Quote:: Well Ive been using them for the past 6 months. I am a short term trader (scalping) so I figured id go with someone with the lowest spread. I would say they are good during non peak hours and non news hours. If you are planning to scalp avoid these times and you should be okay. Their support is bar none and the withdraw process is pretty speedy. I give them 3 out of 5 stars because of the unstable spreads and sometimes the platform connectivity isn't so great.

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Sel01

Expert Trader

Great Broker

2/6/2010

2 of 2 customers found this helpful (100%)

Pros:: Low spreads, Easy-to-use platform, Good customer support, Solid trading platform, Good transaction reporting, Web-based platform
Cons:: Poor charting software
Bottom Line:: Yes, I would recommend this to a friend
Quote:: This is a great broker, from the few that I have used this is the best, OK the charting isn't that great for more complex stuff, but I don't trade that anyway and if you want charting just run a demo account Metatrader.
The money transactions are great - simple and quick.

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Marielle

Casual Trader

Love Oanda

1/23/2010

1 of 1 customers found this helpful (100%)

Pros:: None
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: I love Oanda and its real easy platform. :)

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HonEB

Casual Trader

Interest on Unused Margin

12/24/2009

0 of 0 customers found this helpful (0%)

Pros:: Low spreads, Easy-to-use platform, Good transaction reporting, Web-based platform, Mobile platform
Cons:: Spread widens frequently, Poor customer support, No custom indicators, Poor charting software, Unstable platform
Bottom Line:: Yes, I would recommend this to a friend
Quote:: What drew me to this broker was the fact that every last possible cent I put into my account was busy making me money. If you follw the BabyPips Money Management Techniques, then you would know that you should only risk up to 3% of your entire account. That leaves between 97% of your account just sitting there doing nothing. Well, not anymore! its not alot of money but its better than nothing at all. And considering the fact that im a casual position trader, I can go months and months without making a single trade. At least im making a little something. Oanda may not have the most reliable/stable platform, the most fancy shmancy charting systems nor the most advances order placement options (ie, trailing stops). But thats just fine if you are a moderate term trader (1-12 weeks to get in and out of trades) or long term traders (3-6months+ to get in and out of trades). For me, it works when it needs to work.

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