Oanda just another bucket shop

Discussion in 'Forex Brokers' started by MickMason, Apr 6, 2007.

  1. Another NFP day and yet another farce at Oanda!

    Looks like Oanda have finally realized, after falling profits, that playing it fair and transparent just doesn't pay the bills.

    They started out with the best of intentions, it's just a shame they couldn't keep it up. First they widen spreads, then they widen spreads even more, now NFP traders have to contend with a 30 pip spread at times like NFP and 20 pip spreads across other data!

    Despite the wide spread traders still made money so their final resort has been to take the trading platform off line during NFP, a typical bucket shop practice.

    Congratulations Oanda, you're now a fully fledged bucket shop, the only difference is that now you have wider spreads than your competitors, good move!
  2. 2006


    I deleted my post because in a sense it is pointless. I would have completely no trust in trading at such places during news/events.

    If you want to trade events/news use GLOBEX !!
  3. Whining? lol, who's whining, I'm just stating fact.

    I'm happy trading spot, I trade NFP regularly through another marketmaker without problems, why would I want to change to futures?
  4. 2006


    Of course its a fact. Would you expect any less from such places.

    That's why you shouldn't trade there.
  5. I don't expect any different from these types of set-ups, that's the whole point, so why trade a 30 pip spread with Oanda when you can trade a 2 pip spread with a similar set-up?

    Oanda claimed to be the first 'transparent' marketmaker, fair to their clients, Forex Traders Bill of Rights blah blah blah. Nice marketing but that's all, that was my point.
  6. 2006


    Fair enough.
  7. Pocketjacks

    Pocketjacks Guest

    Having read these forums for the past couple of months they have started to become quite predictable:

    Topic: XYZ Firm is a Bucketshop Becuase they (Insert slipped me, hunted stops, etc)

    Reply: "You are right they are awful"

    Reply: "Of course they are a bucketshop. You should trade with ZYX, they have better fills"

    Reply: "Why are you trading spot FX, you should trade futures!"

    While I read this forum more for entertainment than educational purposes, I am wondering why so many futures traders, who are much wiser than us forex traders, hang out on the forex brokers forum.
  8. Surdo


    I saw the spreads were 20 PIPS in spot in EURUSD, even EC dropped like a rock during NFP, so you better know WTF you are doing or have plan B during any major news release regardless of what you trade, futures or SPOT.

    el surdo
  9. they dont let the platform run during news? i dont get it. why would they allow orders to go through if they know they cant fill the other side? id imagine during major movements they would just delay the fill until the order is accepted by a market maker or another client, that is if they jump the gun and do fast fills during normal market times.
  10. cashflos


    NFP is a nasty event, but if you are talking about yesterday then that could well have been because the liquidity providers had skeleton crews on hand. Many banks were completely closed and others had maybe 2 guys running the whole desk. I am just playing devils advocate here, but I do think market conditions could have a factor in their execution.
    #10     Apr 7, 2007