Oanda looks to be a no frills order execution platform. Only negative thing I see from their site is that they only offer a max of 30:1 margin whereas other FX dealers offer 50:1 or 100:1 Anyone have an account with them that can comment on their recent experience with them? DNAJ65000
What?!?!?!? Only 30:1? Geez, that means the Euro would have to move more than a full .03 to wipe out an account! Like that is ever going to happen.
Who needs more than that? 1:4, 1:5 is what I use...gearing 1:100??? madness.. wanna loose - go for it...1:100 is one way ticket to loose money...you have 50k account, enter market with 200k position, its 1:4 gearing. If you use 50 pip stop, its 2% risk per trade... use 1:100 gearing and you risk 50% per single trade...you're welcome if you're wiling though. Good luck with that. Sure, you can win 50% and more with such a huge position, but is it worth risking 50%? I dont think so. Not in the long run...as I said - one way ticket.
Forever? I no think so...last 2 days Sep 4 and sep 5, move of 1.08 to 1.11 exactly 0.03...2 days - not forever and thats what it takes with "Only 30:1" to wipe out an account...2 days. And taken you'll get Mcall lets say after 25% left ( I dont know exactly oanda, but it cant be less), so you are closed after 225 pips... cheers
Did I say "Forever"? Anyway, when I was a young meerkat, I worked in the colony paying my dues, accepting without question the prevailing views that a meerkat's life was one long grind, digging holes, standing guard till it crossed my mind. I was wrong and all alone and what I needed was to have heeded ...
I use Oanda- it is great for training for sure- I also have an account with gain but the 50 to 1 margin is too much for me right now- for recommendations I use www.FX24.com They have a bi-weekly market analysis and also an on-line service that changes throught out the day- It includes the eur/usd, usd/jpy and yen, plus S&P and Gold futures-
when I opened an account with Oanda, I was concerned about where i was putting my money... this is a cut and paste from an email from one of the staff at oanda: BTW: the people at oanda always have answered their phone immediately for me. 2nd BTW: feel free to pull the below quote apart "We fully understand your concerns. FXTrade accounts in U.S. dollars are maintained in an FDIC insured account with J.P. Morgan Chase Bank. OANDA does indeed abide by the rules of the Commodity Futures Modernization Act of 2000, and is registered as an FCM with the CFTC (Commodity Futures Trading Commission). To alleviate your concerns, we would also like to point out the following about OANDA: · OANDA has two lines of business. One is FXTrade. The other is Web services and information (<http://www.oanda.com/>www.oanda.com). With the latter, OANDA has thousands of customers who use OANDA Web content on their Web sites and in return pay a licensing fee. · Funds for FX Trade are managed separately from OANDA's operational funds. · OANDA has numerous internal procedures in place so as to prevent the possibility of fraudulent activity of OANDA's employees. · OANDA uses sophisticated risk management technology so as to minimize risk on the FX side. In particular, customer positions are continuously (and in an automated fashion) monitored, and when appropriate, our back-end FX traders hedge accordingly."