Forex trading with Oanda

Discussion in 'Forex Brokers' started by paulr, Jan 16, 2003.

  1. Just off of the top of my head I have seen the 1hr chart time frame, stops that can be modified from the chart, and an indicator or two that were suggested to OANDA appear on the demo and then after testing with the software they were moved to the live version.

    I am not sure but just recently OANDA was testing quoting EURUSD to 5 decimal places so that a 1.8 pip spread could be used. Many users noted that quating to 5 palces was rather confusing. I have not seen it in the live version yet but that is not to say that it won't show up.
     
    #71     Jun 3, 2004
  2. Please get a clue before posting in an archive on a public board.

    You say:

    Yes Oanda's may be good for small players ( under $1000 ) but if your deposting /trading larger funds stay away. The fact that Oanda never botheard to regester with CTFC and never intends to leaves more risk on the table with your funds.

    Oanda's website says:

    OANDA is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM), and OANDA is a member of the National Futures Association (NFA # 0325821). These organizations impose rules and regulations on FCMs specifically to protect the customer funds.

    In adhering to these regulations, OANDA maintains all customer funds strictly segregated from operational funds in accounts maintained at highly reputable banks, such as JPMorgan Chase, Citibank, UBS, Deutsche Bank, Royal Bank of Canada, etc. Funds are withdrawn from these accounts only as a direct result of customers' trading related activities or customer withdrawal requests. In the unlikely event of an OANDA bankruptcy, all customer funds maintained at these banks are legally protected.

    Moreover, OANDA continuously meets specific financial requirements, including minimal capital requirements based on customers' open positions. OANDA compiles and submits to the CFTC and the NFA financial data on a daily, weekly and monthly basis. Both the operational and the financial aspects of OANDA are audited by the NFA as well as financial auditors, which in our case is Deloitte & Touche.

    As any other financial institution, OANDA has numerous internal procedures in place designed to prevent the possibility of fraudulent activity of OANDA employees.

    Finally, OANDA uses sophisticated risk management technology so as to minimize currency risk. In particular, customer positions are continuously (and in an automated fashion) monitored, and, when appropriate, our back-end FX traders hedge accordingly.



    You say:

    Their customer agreement includes pretty scary words about a trader giving them full control over his/her money and how they use it.

    This is just normal. I suppose Interactive Brokers disclaimer would scare you off too. We all know how successful IB is.

    You say:

    Their spread is too narrow to give them steady income, thus putting your money at risk. Their spread is too narrow to give them steady income, thus putting your money at risk.

    This has got to be the most stupid thing you said. (try using spell check in other parts of your post, and check for redundancy, too.)

    You say:

    It is also a fact that they target the smakker players only becose they know new traders lose 99% of the time..

    Now dumbshit, how would this help their model if their clients lose? They would lose a commission earning client. They make some money on betting against their clients, but more money to keep them alive. Get a clue.

    You say:

    Thnk about it.. Just my two cents

    I have and I wish you would stop posting your crap. Please be more careful when posting such remarks and understand the market.

    Michael B. (not even an Oanda client)
     
    #72     Jun 3, 2004
  3. #73     Jun 3, 2004