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Oanda Reviews

2013/14 Oanda Reviews

May 1, 2013 - Apr 30, 2014

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Current Ratings

This broker did not allow us hedging. So, be careful to invest.
- Reviewed by Malik, September 16, 2013. Rating = 5/10
I have been trading with Oanda for 5 years now. I recommended about 6 friends and relatives to trade with it, now I regret that I did. Not only over time are its quoted currency spreads widening, its trading hours are also shortening. Its rule on funds withdrawal is the most strange and rigid. Customer funds must be withdrawn by the same method as a customer deposited ie whether by cheque, bank transfer, credit card, etc. When a customer uses various methods of deposit, he must also use exactly the same methods to make withdrawal of the same proportional amounts. Otherwise withdrawal will be denied. This creates unnecessary confusion and frustration for the customer.I don't know of any other broking house in the world that does that. Customer's equity balance changes over time (years) with profit/loss, interest and so do customer's bank accounts and credit cards. I believe this rule is deliberately developed and strictly enforced to delay and inconvenient clients in their withdrawals so as to help in the company's liquidity position.
- Reviewed by daniel, May 22, 2013. Rating = 3/10

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Current Oanda Ratings
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2012/13 Oanda Reviews

May 1, 2012 - Apr 30, 2013

Closed my trade locked my account cause my balance was more than my net worth pretty cheap if you ask me. "FIND SOMEONE ELSE TO TRADE WITH"
- Reviewed by permm, April 18, 2013. Rating = 1/10
I've been trading forex for seven years and after having tried numerous other brokers I've settled for Oanda because of their fast execution and some of the lowest retail spreads in the business even for a small investor.
- Reviewed by Piprider, November 30, 2012. Rating = 10/10
Have been with Oanda for over 9 years.

Generally find them a fantastic, full-feature, broker. Recently service & spread quality has deteriorated significantly but having said that the flexibility they offer is still pretty hard to beat.

- Reviewed by Boyan, September 21, 2012. Rating = 9/10
Market maker trades against you.
- Reviewed by DinDin, September 8, 2012. Rating = 1/10
Money refunded in TEN days! They like 'to float' your money. Besides, these are MARKET MAKERS, for fools only. The thieves at FXCM refunded my money within HOURS! THX FXCM thieves (stop runners/slippage EXPERTS).

My THIRD broker will be.... (no thieves need apply!)

- Reviewed by mandilon, August 22, 2012. Rating = 1/10
i have a account with oanda. my platform is m.t.4. when i place the new order, most of the times it tell me please wait it may take 10 to 50 seconds you cannot cancell the order. it is your luck at what price it will be filled, same way when you want to exit the order.
raja
- Reviewed by raja, August 14, 2012. Rating = 3/10
Great Broker !!!!!!!!!!! Ive been with them for a little while now and i love it! very fast execution and charts!! HIGHLY RECOMMENDED!!
- Reviewed by P, July 6, 2012. Rating = 10/10

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2012-2013 Oanda Ratings
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2011/12 Oanda Reviews

May 1, 2011 - Apr 30, 2012

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:
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------

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.
----------------------------------------------------------------------
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.

- Reviewed by machiavel, April 29, 2012. Rating = 3/10
Chat InformationPlease wait for an agent to respond.
Chat InformationYou are now chatting with 'Eileen'
Eileen: Thank you for choosing OANDA. How may I help you?
ace lu: ticket #921628339
ace lu: stoploss of 1.30955 should not be hit
Eileen: For your security, before I can continue I will have to ask you your security question.
Eileen: What is your mother's maiden name?
ace lu: the highest price was 1.3084 after last friday's closing
ace lu: ******
Eileen: Thank you.
ace lu: i've been monitoring fxcm and esignal and they both confirm my claim
Eileen: One moment please whille I retrieve your account information.
ace lu: even with oanda's wide spread during weekend it still should not have hit 1.30955
ace lu: with ticket 921127646 i changed stoploss from 1.30905 to 1.30955
ace lu: oanda's own hourly chart shown 1.30842 was the highest price
ace lu: i firmly believe esignal's price is the collection of all prices from the world and it shows 1.3084 was the highest
ace lu: [after noon of last friday pacific time]
Eileen: Thank you for waiting.
Eileen: I have taken a look at your stop loss.
ace lu: thanks
Eileen: I can see that your weekend data is hiden.
ace lu: my data feed is esignal. i use ensign windows for analysis
Eileen: Can you please allow your trading platform to show weekend data? You should be able to see that the High Ask price during the time that your stop loss was triggered was at 1.30969.
Eileen: OANDA is a market maker. We may not offer the same prices as the other brokers.
ace lu: i don't see any weekend price on esignal close to 1.30969. you mean oanda can hunt stops at will during weekend regardless esignal's (world prices collection) 'official' prices? then i would be speechless...
ace lu: i will definitly publish my story on every fx review sites as i can.
ace lu: thanks
Eileen: We do not hunt stops.
- Reviewed by Ace Lu, April 16, 2012. Rating = 2/10
Made good money with them. pays interest for account balance - great if you keep your account in AUD (approx 4% interest)
- Reviewed by fm, December 26, 2011. Rating = 10/10
I have traded 25 years and these are the worst ever!!!
- Reviewed by fr, August 18, 2011. Rating = 1/10
Trading live acc <1000 ?

Very quick getting my acc all set (1 day).
Oanda has very little spreads, I had no re-quotes so far.
Their platform has bad charting (I use a different charting platform now..)
Exectution is very fast as well..
Awesome Monthly detailed reports.

- Reviewed by bibauporto@portugal, July 26, 2011. Rating = 9/10
Oanda goes 50 pips off the spot market to hunt my stop.
- Reviewed by despe906, July 8, 2011. Rating = 1/10
Just when you have made some money Oanda's screens will start freezing up.

You will try to close a position and there will be no response from pusing the button. You will try and try. Then you will get disconnected from your account.

You many or may not be able to log in. With my account the charts would freeze up and the data would be matched up with the wrong chart.

Happened MULTIPLE TIMES EACH DAY!!!
They will then tell you it is ONLY YOU.

I could not place trades at critical times as the data and the chart did not match up. I could not see the 5 sec or 10 sec or 30 sec or 1 min screens. The only screens that were operable were 15 minute or 30 minute.

The thing is the Oanda people act professional. But if you ask them pointed questions they will always manage to change the subject.

You will never get your money back becuase they will tell you you have a bad internet connection even when you can access every other account on your computer EXCEPT YOUR ACCOUNT AT OANDA.

Do no give them ANY MONEY. READ THE REVIEWS ON THE INTERNET. THE ONLY PEOPLE WHO WOULD STAY WITH OANDA TO NOT TRADE. THEY JUST LET THEIR MONEY SIT IN THE ACCOUTN SO THEY HAVE FOREIGN EXCHANGE.

OANDA WILL EAT YOUR MONEY. THEY CAN KEEP YOU FROM GETTING INTO YOUR ACCOUNT AT KEY TIMES. READ THE REVIEWS.

- Reviewed by Forever21, May 3, 2011. Rating = 1/10

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2011/12 Oanda Ratings
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2010/11 Oanda Reviews

May 1, 2010 - Apr 30, 2011

Now with MT4.
- Reviewed by matka, April 28, 2011. Rating = 9/10

hi guys heres a bit of info for all you newbees out there, free of charge from a trader who actully knows what hes talking about, Not many of them here!

200:1 leverage is way to high especially if your forced to buy "set lot sizes" exp. FXCM used to MAKE you trade "set mini lots" if you had $5000 or less, but if you had >$5000 you would be forced to trade "full lots" why? because if you could trade "mini lots" with $10000 then you could effectively diversify your total market exposure with more position while keeping the leverage risk to your account relitively low alowing you a chance to make money, so another way to use leverage effectively is to include the ability to manipulate the "lot Size" thus making your overall market exposure more managable with respect to you account size, if you dont have any idea what am talking about you shouldnt trade. Oanda allow you to manipulate the lot and leverage size, not many out there will allow that.

Ok on to my gripes, i cant seem to find a way to execute a "one cancels the other" order n also id like to see a weekly chart and chats with no weekend break, dead bar are pointless!!

Aslo would like to make referance to a review by "K" who says hes had >20 "futures forex brokers" in 25 years and Oanda is his most recent, Futures and Spot Forex are different and i believe Oanda deal in spot forex as market makers.

- Reviewed by now I am the master, March 5, 2011. Rating = 8/10
Oanda being a confessed market maker and non ECN indeed verify this when trading with them. They promote complete transparency however i beg to differ.They will trade against you to their benefit and basically use every advantage at their disposal.Actual spread entry is not on average 1-3 pips but a rather hidden 10-15 pips.To mention but one of their many faults.So know what you are doing...
- Reviewed by nick, January 12, 2011. Rating = 3/10
I tried Oanda and their policy to charge interest in both direction (long and short) for positions for more than a day was the reason I left them. Other than that, they have an OK platform and slippage will happen in most internet based platforms
- Reviewed by Abe, December 8, 2010. Rating = 5/10
Hello, I have experienced frequent service interruptions trading with Oanda for the past year. Also, I have experienced several price spikes and tripped stop losses. After numerous incidents I decided to look on the BBB web site to see if any complaints have been filed. A couple complaints have been filed.
- Reviewed by Evan, October 27, 2010. Rating = 1/10
I've had more than 20 Futures Forex brokers over 25 years. Oanda is my most recent Forex broker. They have a fairly reliable trading platform and I give this a good rating. The integrity of the employees and the owner is lacking though; this weakens their position as a good Forex broker. They will cheat you if they think they can get away with it.
- Reviewed by K, October 17, 2010. Rating = 7/10

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2010/11 Oanda Ratings
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2009/10 Oanda Reviews

May 1, 2009 - Apr 30, 2010

The best spreads, the best conditions, the best.
- Reviewed by fxismylife, March 22, 2010. Rating = 10/10
Hunt stops (who doesn't ?) Poor charting.
- Reviewed by Gotin, March 16, 2010. Rating = 3/10
I have been with Oanda for more than a year. Oanda is a market maker so they actively trade against there customers. They actively hunt stop losses. Oanda's trading platform freezes often. I have lost my connection to my trading account while trading and they told me that I was having internet connectivity problems even though I could get to other web sites and log in to my email without a problem. They also did not know that I used to be a network administrator before telling me that I was having internet connectivity problems. Oanda is a highly manipulated environment. The correct term for this type of broker is a "Bucket Shop"

ECN brokers are the most free market breed of broker. They do not have a dealing desk that can be manipulated. ECN brokers want you to be successful because they make money when you make money. Oanda makes money when you loose. As time moves forward traders will opt for ECN brokers and market makers will go bust.

- Reviewed by asdf, December 17, 2009. Rating = 1/10
I have been with Oanda for 6 years. I am not an active trader, but use them as a means of allowing me to keep my savings outside of the US Dollar. So, with them, I have established subaccounts in several different currencies, Canadian dollars being one of them. I can easily move money between the accounts and do play the movements of the currencies. This has worked well for me and I am happy with the ease of movement. I used to use Everbank CD's to gain exposure to foreign currencies, but found Oanda to pay better interest and not charge almost 1% to make a change. Using a check to deposit/withdraw money is unbearable (too much time). Use a wire and pay the fee of $30. It is the only way to go with them.
- Reviewed by Gib, December 12, 2009. Rating = 9/10
Good Platform and Good Value for Customers.
- Reviewed by shamrulez, November 13, 2009. Rating = 10/10
Wonderful, but charts terrible.
- Reviewed by yilomka, October 23, 2009. Rating = 10/10
I've been trading for about five months now, and Oanda is the only broker I've used.

Pro's:
- no deposit/withdrawal fees as long as you do both by check
- The demo platform behaves in exactly the same way as the actual one
- lot sizes as small as $1
- fast execution
- never had a problem with stop-loss or take-profit order execution; always happens at exactly the level I specify
- very good spreads
- not a bucket shop, Oanda is actually a legit online broker
- customer support has been good
- adequate indicators
- graphical representation and click-and-drag movement of orders, stop-losses, and profit-taking levels is a real plus for me

Cons:
- had one issue with slippage; an order was filled when the price clearly should not have triggered it
- on one order had bigtime slippage (actually in my favor, but it could easily be against me next time)
- pivot point indicator is nonsensical; you cannot specify the start and end of the day for calculation, nor can you get daily pivot lines to persist on any chart other than the daily one
- can only make one withdrawal per month without fees (annoying)

- Reviewed by Hunter, October 8, 2009. Rating = 8/10
A lot problem happened these two years, and since I open my account, never happied. connect is poor and often broken and man made margin calls are often and only can get portion of your loss back. Too bad! don't risk your money here. or after a while you'll regret your decision.
- Reviewed by Netboy, September 2, 2009. Rating = 1/10
Good, fast execution and I've never been requoted. Good platform to use - not as many indicators as some, but enough. Leverage only 50:1, so conservative. Terrific tight spreads. Also a terrific practice account that stays open as long as you like. I noticed no difference from the practice account and the real thing. Recommended.
- Reviewed by Joe, August 9, 2009. Rating = 1/10
I was trading with oanda and cost me $12000.00 when they have there system was down for 8 hours and I have open trade witch I can not close even when I call oanda they promise lies to me so I have to close my account with them.
- Reviewed by shankar, July 24, 2009. Rating = 1/10
More than 5 years and had also other brokers. Now, I just keep Oanda. The possibility to open sub-account in other currency is great. Global Transfer is very convenient as well.
- Reviewed by Nouche, July 9, 2009. Rating = 10/10
Oanda is the best! Great Trading client. Easy & Quick fills. Very good spreads In Major CCYs.
- Reviewed by xfn, June 26, 2009. Rating = 9/10
Great for new traders to learn their own trading strategy without lossing a lot of money. The ability to trade small lots give new traders the chance to stay in a trade long enough for it to become profitable. Most firms have an interest in you making money, that is after all what makes them money. Customers without money in their accounts is certainly not a good thing for any broker. Online Forex is due for some consolidation and regulation. I think oanda will be a long term survivor. A larger percentage of Oanda's traders will become successful because they have a chance to learn on a small scale and eventually will trade on a larger scale making more profit for the broker.
- Reviewed by bobbob1, June 5, 2009. Rating = 8/10

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2009/10 Oanda Ratings
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2008/09 Oanda Reviews

May 1, 2008 - Apr 30, 2009

Great execution. Visual stop-loss moving is very useful. Very simple platform, I would be glad to see much more features. Spreads are low. I trade with Oanda 1 year and I have nothing bad to say.
- Reviewed by OFX, March 12, 2009. Rating = 10/10
If you do not trade news this broker for you. In volatile market spreads become unbearable. Support is one of the best.
- Reviewed by Tom Laud, February 28, 2009. Rating = 8/10
Not recommended for news traders due to gargantuan widening of spreads, glitchy but easy to use platform, no trailing stop, mediocre charting, hit and miss customer service. Positives are best spreads around (when they aren't arbitrarily jacked up), easiest, straightforward platform around. Oanda is good for me because I am short term trader.
- Reviewed by goonboy, January 29, 2009. Rating = 5/10
Traded with this Canadian firm for a short period during the liquidity crisis between June to Oct 08. Can't say they are better than average other than their daily rollover rates. If you are not trading intraday and you have a practice of using a wide stop on your longer term position (weekly/monthly), I think it is considered rather safe.
- Reviewed by grentone, January 29, 2009. Rating = 5/10
Software although looking nice is riddled with bugs, on many occasions it stops updating completely so you sit there thinking a trade is not moving, then move your mouse to find it has been moving the entire time. Also graphical glitches that cause display corruption and flickering.

I was recently spiked into and out of a trade with a large 20 pip spike in the space of ONE tick. after investigating 8 other brokers, not one of them showed a spike, or a price within 12 pips of the high on Oanda. Oanda insist it is valid price movement and refuse to reverse the trade.

I have recently had stops slipped by 5 pips, and this wasnt a jump, i watched it move through my stop and their systems were simply too slow to close it.

I have also noticed that sometimes trades magically close despite the chart getting nowhere near the stop and yet the closing price indicates it hit the stop.

I am looking for another broker.

- Reviewed by ewokuk, January 28, 2009. Rating = 2/10
Decent Platform. Good Customer Service, Competitive spreads during non-volatile markets. Spreads become unreasonable during volatility. Platform keeps crashing.
- Reviewed by Hedgehog, January 15, 2009. Rating = 7/10
Please, this is a scam. Do not open your account in the forex market period. Nothing but SCAM. The chart is fake. If you invest more than 5000 unit as they call it you will lose your shirt. SCAM SCAM.

When trading I realized after two weeks of trades weird things happening such as the chart I was basing my trades on was not reflective of the curent markets data. I will put 30 pips stop loss I got picked 36 times in the row. What is the odd of something like that happening? It happened twice last week. I will go back to check my works on the historical charts of 5mn and it does not reflect any event that has happened. Everytime I traded more than 10000 the market will change direction and go very fast in the opposite direction.

The updates of winnings dollars is slow to upadate when a trade is against them.We are not mad just desappointed to see that you will have company like that acting in such a manner and getting away with it. The account was closed last thursday to our surprise our bank account was credited properly. We were expecting something bad to happen. I was so amazed I decided to see if this company was legit. I googled it by asking. I was stunned to see that i was not loosing my mind. I intend to open another account but this time I will select a company with less problem and certainly not a market maker.

- Reviewed by Jeremy, January 8, 2009. Rating = 1/10
Charts are ok but often times goes down. Tried to open live account after using their demo for a year and got nothing but problems. I faxed documents to them twice because they said it was too dark, BS. I then sent them a photo copy of my ID which they said was too dark. The photo was perfectly readable and clear. Customer service couldn't pull their heads out of their butts with a crowbar.
- Reviewed by techy, October 10, 2008. Rating = 6/10
Oanda has some nice features - e.g. continuous interest, no fixed lot size - but also some major issues:

1) Their customer service is lousy to non-existent (apparently an Indian call center whose job it is to get rid of callers).

2) Their rates are actually occasionally incorrect. For example, their rates for USDCNY have been incorrect for the past 10 days - currently off by 1.6%. But their customer service couldn't care less - their attitude is "tough luck", you take what we give you.

3) They occasionally reverse trades with the excuse that "it was a spike". No matter if the so-called "spike" lasted for 15 minutes. Again, typical customer service attitude "customer is always wrong".

4) Their platform can be extremely unstable at times. Once it shut me out for 4 hours costing me US$10K. As usual, their CS attitute was to basically useless.

- Reviewed by Look Carefully, October 8, 2008. Rating = 4/10
Poor quality java client, poor charting, requires multiple logins for cash management or trading, huge spreads in commodities, good interest bearing accounts, good rollovers, good in providing multiple subaccounts.
- Reviewed by bottomfisher, October 4, 2008. Rating = 5/10
Flexibility goes a long way.
- Reviewed by wazzup, September 11, 2008. Rating = 9/10
Instant execution, however I've seen spreads over 50 pips wide. Insane widening, but rare slippage.
- Reviewed by Leroy, September 6, 2008. No Rating.
Oanda has become a great concern for me. The platform is of this writing a BETA for live trading and is now down a great deal and at the worst times. Competition is now creating some pressure on oanda as other brokers are getting into the micro-lot market such as FXCM and Think or Swim has micro-lots under consideration. The TOS platform is very stable and if they enter the micro-lot arena they most likely will take a great many clients from oanda and others.
- Reviewed by pipslammer, August 26, 2008. Rating = 1/10
This blasted platform is forever going down and becoming unusable.
- Reviewed by ziggy, August 20, 2008. Rating = 2/10
One of the few brokers that allow microlot trading. They don't call them microlots as they use "units", but you can literally trade pennies while you learn Forex. Nifty platform, fabulous spread, and you can kind of hedge of using subaccounts to your primary account, although you don't get free margin when you hedge. I was a loser 4x trader until I got a grip on money management by using broker that allowed trading very small positions.
- Reviewed by Kimbo, August 2, 2008. Rating = 10/10
Overall Oanda is good broker, but the leverage only 50:1. It will be perfect if leverage may change up to 200:1.
- Reviewed by lilianchan, August 2, 2008. Rating = 9/10
Really like the simplicity of oanda. Contacted them a few times via email with questions and got prompt replies. Like the overall ease of use. Charts are basic but work for me as I trade longer term. Would have given then a 10 if they had better charts and trailing stop loss.
- Reviewed by ideadirect, July 15, 2008. Rating = 9/10
Those who shout about moves against them, spikes and pips scam are insane. Get to work and learn about markets before you trade you baby boys. I do not give 10 because they need trailing stops and weekly charts.
- Reviewed by despe609, July 14, 2008. Rating = 9/10
Pathetic charting system. No trailing stops. Spread increases tremendously when news reporting.
- Reviewed by xelor, July 6, 2008. Rating = 3/10
On this writing of June 18 2008, their platform is now broken and they actually use beta in live trading! I don't know what they were trying to accomplish but no one should trade on this platform until it is fixed. Candles misreport time/date; indicators misreport, the whole thing is hosed.
- Reviewed by Outraged, June 19, 2008. Rating = 1/10
It's platform forced me to update application programs many times, although I changed to FXCM half month ago, still found a shadow following me, whether on-line or not was being detected. I scanned my computer on 15th May 2008, many (tracing information, spyware, highjacked and Trojans.exe) was found.
- Reviewed by Sam, May 17, 2008. Rating = 1/10
0.9 pip spread on Oanda is the tightest anywhere. No slippage. Stops not run by broker. Platform could be greatly improved by adding trailing stops, auto-break even, etc.
- Reviewed by joecgoodman, May 7, 2008. Rating = 8/10

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2008/09 Oanda Ratings
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2007/08 Oanda Reviews

May 1, 2007 - Apr 30, 2008

The best.
- Reviewed by ficdmo, April 28, 2008. Rating = 10/10
Great broker. The only reason why I didn't give 10 is because they need to improve their charts (add 4 hours and weekly)
- Reviewed by Alexander, April 20, 2008. Rating = 9/10
I've had an account with Oanda for 2 years. Never had a problem reaching someone when I had a problem. Very good broker.
- Reviewed by Roy, April 19, 2008. Rating = 10/10
As one said below they are pure CRIMINALS. Strange but market moved against me all the time. My statistic was 50:1 with the demo account and 9:3 with the real. With TP=10 and SL=100 that means 5:1 on the demo and 9:30 on the live. You do the math.
- Reviewed by fireeee, April 16, 2008. Rating = 1/10
Lol if you want to trade intraday, beware....

Oanda will tell you they have no problem with it or scalping for that matter. But they will have a spread of .9 pips and execute your trade for 2.9 pips off of quote and then on the back end get ya for another 2. They seem to have no problem executing a trade at the quoted price when in the red. now in their traders bill of rights they claim everyone should be like them and be fully "100% automated (instant execution and settlement)" and you the trader should not have to put up with anything less.

They say they have transparent trading and they "work to eliminate the hidden processes in pricing and execution that exists elsewhere in the forex market" lol RIIIIGHT... .9 = 6

They say "access to the forex market is overwhelmingly controlled by a handful of market makers whose intervention does not act in the best inerest of traders"- they should know, they are one of the biggest ones. .9 = 6

They say " execution and price are a function of the MM's greed" - yes it is and they do it well (.9pips = 6pips)

They also say that "retail traders accepting these "bad practices" only perpetuates the problem". and i do believe that one. why do we have to accept this poo? if their were no retail traders they would have to feed on each other.

I could go on and on about stuff they say the OTHERS do, and yet they do it the best. but i still have an account with them. why, because i can still make a profit and i don't have enough evidence to cause them pain yet. give me another week.

Hey, btw did you all know that $148 really is $99 LOL

I rated them a 2 because they are not the worst.

- Reviewed by Shock, April 13, 2008. Rating = 2/10
I formed an LLC in Dec. 07 and opened a business brokerage account with Oanda. Prior to that I had traded with them using a personal account. The main advantages with Oanda are tight spreads, fast execution and prompt customer service. As others have noted, the charting provided isn't the best, but it doesn't matter to me as I use a different charting package on a second computer to make my trading decisions. My Oanda account is on my main computer to execute trades. Finally, each month I have Oanda send me a check or wire transfer. The funds transfer interface is easy to use and they don't charge me additional fees. As a business its important to watch out for hidden fees and charges.

Overall, if you're looking to trade the Forex, I recommend using Oanda.

- Reviewed by Johnc, April 6, 2008. Rating = 10/10
Oanda is great if you're a long-term, medium-term, or short swing trader. Scalping is frowned upon, and news trading is practically impossible. Their spreads are great (EUR/USD 0.9 pip!) and they pay interest incrementally every minute, which is great if you have a strategy to leverage strongly on high yielding currencies when they are in their uptrends (and get out on their downtrends).

Their analysis tools are great... if you can understand what they all mean :). Their charting platform is decent, though not very configurable and not as full-featured as MT4 or some others. If you're trading the daily, 3 hour, or 1 hour timeframe, especially on a smaller account, choose Oanda. Their tight spreads and appropriate risk management will keep you in the game. Ignore reviews here that talk about getting margin-called and the like... if you're leveraged so highly that a 200-pip movement gets you margin-called, of course you're gonna get screwed. That's just a lack of risk-management. If you want to make 2-5% on your account per week or per month, then you're more on track, and Oanda will suit you well. Note that making 5% per week will grow your account by 1,260% by years end. That is, you could turn a $1,000 account into $12,600. Set a reasonable goal, trade with reasonable targets and stops, and use Oanda's infinitely adjustable lot-sizes to manage risk appropriately, and you may be one of the forex traders who actually makes it.

- Reviewed by Alec, March 17, 2008. Rating = 7/10
I've been trading with Oanda for a little over 2 years now. The only 2 things that would make them better are option of higher leverage and trailing stops (both are no-no's generally but work well with short term trades). Their charts are stellar and their platform is very flexible. Deposits and withdrawals are no problem. This is a good place to do run your long term positions. I have no real complaints about this firm.
- Reviewed by Osiris, March 15, 2008. Rating = 10/10
OK.
- Reviewed by LEVV, March 10, 2008. Rating = 9/10
When it comes to Oanda instead of using the title of scam I do not know whether to use the title of FX-RAT and or CRIMINAL. If using a stop loss they will get you and if not using one their sneeky margin call policy will. If not using a stop loss their margin call policy is so calculated that it will get you too quickly. Is this REALLY for your safety or another way to screw you out of your profits?

I first started out with them using a stop loss but after awhile I had to literally stop using one because 95% of the time I was stopped out. I was using around a 30 pip one. Afterall, one is frowned on if one does not use one because one is told one will loose all his account if one does not. One of my trades with a stop loss was stopped out by the market moving within a pip or so past my stop loss and of course immediately went the other direction. The market did not move there on other brokerage charts. It looked so suspecious that I complained with no resolution. For the market to have moved to that peticular pip especially with no S&R present or near and immediately change directions had an odds of one in a million. I knew right then I was being hunted! So, now with no stop loss I finally started making a profit. But wait! that did not last for long. What else could it be? It was Oanda's very sneeky Margin call policy. Their policy is so manipulated that they have to have math calcultors on their site for their clients to use to figure a margin call, profit, units available, etc. God forbid if one did not gratuate from college!! I went to college, so I wipped the sweet off my brow.

Anyway, what happened next is the margin calls started coming in. By the way, on a pratice account I had around a 95 % positive trade record. But when I went live with Oanda's platform, FO-GET ABOUT IT! Ok! so now that the margin calls started coming in it did not make sense. My trades were not moving THAT much. So I started taking a closer look at the Margin call policy and low and behold I found out that their policy is that if ones trade moves around 50% of ones margin used then one gets the big MC. In all my years of trading I have never seen a margin call this tight with any other broker. For example: If your primary account currency is USD and your balance is 400.00, the pair is GBP/USD, opening rate is 2.0000, you are buying, using 10,000 units, margin ratio is 50:1, your margin call rate will be 1.97979 and your loss will be $202.10. Thats half of your account margin lost. The market moved 203 pips to hit the MC. But that is SMALLER than the range of the ADR of the GBP/USD pair.

So :I asked Oanda about this. What was their excuse? It was that they didnt want their traders to loose their whole account funds because the trader would not have any funds left over to keep trading with them. Well, this touched my heart so much that I had to get my Violin out and cry in my beer. Not really. hee hee. It really sounded like a lode of crap! What really is going on is a sneeky way of taking your money. Let me explain. Each currency pair has its own average daily range (adr). The pairs volitility will move up and down inside this range on the daily chart. It will hit a high and a low point. Oanda's margin call being soooooooo tight within this range one will suridly get hit with a MC if the trade goes against you with no stop loss. Ones trade should be able to BREATHE in this range. In other words be able to move throughout the range without getting stopped out by the MC while also not using a stop loss.

If one is trading WITH the trend on the weekly and daily chart the market can move against you a couple of hundred pips or so depending on the currency pair and USUALLY reverse and move in your favor again. So your trade needs this room to breath and should not get a MC. One could use a stop loss outside the adr to avoid the stop loss hunting but if hit it will be a big loss but so is being continuously stop loss hunted. The only way to keep this MC from happening is use a tight stop loss near your enter and get hunted, or adjust the amount of units and or leverage used. About half or less of your units and or a smaller ratio of leverage, say from 50:1 dowm to 20:1 or more. Ok thats fine but what happens is that your profit per pip drops to a rediculous amount to the point that there is no point in even trading in the mini market. One is forced to use large amounts of capital in your margin account. So one in the mini market is forced to gamble with this around 50% of your account margin call business. You could use a stop loss to prevent this whole thing but we all know about the stop loss hunting gamble. If one wants to invest in FX on the long held trades (with no stop loss) you will probably get a margin call. Scalping may only be a way to make a profit at these odds.

I argued with Oanda about this whole MC business and they said that they can't keep adjusting the MC to fit the ADR of each currency pair. What I understood them to say is that it would be too difficult. But they have these math calculators for every little thing as mentioned above so, I guess their computers would get exhausted and burn up if they had to do all that computing. God forbid! The other day I had a trade move within a PIPETTE (INCREMENT OF A PIP) of my take profit point then shot back the other direction into a MC. This would not have been suspecious except that this happened two days in a row. Either the price was manipulated by Oanda or everyone should kiss my butt cause I am a Freckin market genious! :I can predict down to the pipette where the market is going to go. Just kidding! And the positive reviews of Oanda on this site make me want to FROW-UP. Either these people work for Oanda, have little experience in trading FX, or have the IQ of a monkey. Probably the first two.

The answer to getting around the FX-RATS and all this could be to NOT use a stop loss, only use a broker that has a loose margin call with more breathing room or one that stops at zero funds. It will be a gamble of course if your trade keeps going against you and you loose all of your account. It will be less of a gamble if you use a currency pair that has a daily ADR that will give you plenty of breathing room far from the MC point. The Adr should be much smaller than the MC range. Also, one needs to still have funds in the account to recover if the MC is hit. As of this date because of Oanda's MC policy my account funds are $6.93. I lost it all because of deciding not to use a stop loss and their rediculous MC got me. Since Oanda has kicked me out of trading with them for arguing with them I am looking for a broker that will let me have a reasonable Margin Call and let me BREATHE!

- Reviewed by Mike, March 6, 2008. Rating = 1/10
Spreads are horrible. Trading app is confusing and cluttered. Can't prove it but my whenever I tried to trade on a price my system would "go down". THESE GUYS ARE A JOKE.
- Reviewed by FX Guru, February 25, 2008. Rating = 2/10
Using it as my first broker. Not bad. Execution is fast and the whole trading platform is Java based. I do have some reservations about them calling Stop losses early and take profit late. Also there is always a small difference I noticed while trading two accounts with them. One account was for short the other for long. The live current rates are different for both favouring Oanda.

Other than that, good customer support and good all round service.

Recommended.

- Reviewed by Abbas, February 7, 2008. Rating = 8/10
I have used them for a year and a half. I don't know any other brokers. I am relatively happy with them. I have never tried to take money out yet, though. I hear people talk about insured funds. Which brokers do insure funds?
- Reviewed by Ken, January 28, 2008. Rating = 8/10
Oanda could be the best broker out there if they would add trailing stops, OCO orders, be able to straddle the account (long/short) and increase the leverage to 100 to 1.
- Reviewed by Barnacle, January 19, 2008. Rating = 7/10
The only true retail forex broker, since they let you precisely adjust your position size down to a single unit (e.g. 1 EUR/USD). Trade execution is fast and reliable. Their API is robust and flexible. No reason to nag within the last 3 years. If you want to be consistently profitable in forex, check out OANDA.
- Reviewed by numeric, December 19, 2007. Rating = 10/10
I've been trading with Oanda for over a year now, the charting software is not very good. The only thing I like is the ease of execution. That said, as soon as I started making money consistent they slowed down my execution; on one trade I lost almost 50 pips because of the delay. ECN is the way to trade, seriously if anyone have comments about ECN please post.
- Reviewed by scalpter1, November 11, 2007. Rating = 7/10
The charting is not very complex though pretty easy to use so I still suggest using a different charting tool like Metatrader 4.

IMO the biggest PRO of Oanda is the ability to dictate whatever lot size you want even weird lot sizes like 25000 or even 21000. This is very important to me so when I feel very confident on a trade I increase my lots and decrease it on riskier trades. Many people say that the widening spreads is a CON, sure it is but most of us don't really trade on the news (for me personally its gambling) and under normal market conditions they always offer a consistent 0.9pip for the EUR/USD. Another CON is ease of funding, I wished they had credit card funding but its not a big deal. Overall the best broker I have tried and I have tried FXCM, Forex.com, Alpari, MGForex.

- Reviewed by tidus1203, October 21, 2007. Rating = 9/10
I've been with Oanda for 2 years. Never had problems with excuting trades. The spreads are low. The platform is ok. what I like most is that they allow any lot size. That really fits my trading strategy. The only thing I don't like about them is my fund is not insured in the event of Oanda goes bankrupt.
- Reviewed by Patrick, October 19, 2007. Rating = 8/10
Arrogant and rude reps. If you need help or make requests they will insult and threaten. If you have questions and do get through they will not answer your questions and give you the impression that you are a waste of time. No way to get emergency help. Refuse to provide basic trading tools.
- Reviewed by trader, October 15, 2007. Rating = 1/10
It is the only real retail broker. Try trading 1 NZD on other platforms.
- Reviewed by narbonne, October 12, 2007. Rating = 8/10
Their own made spike during during the news, makes the spread as high as 100 pips, which hits your stoploss whereever it is, regardless what the market is doing, and that's capable of taking all your money away, since there is always news, my first deposit of $6000 disappeared, my other deposit of $8000 disappeared in no time with OANDA, because I could not use the stoploss no more, since they hit whereever it is.
- Reviewed by feeefee, September 24, 2007. Rating = 1/10
I have used them for six months. Their fills are relatively fast. Platform is basic. Never spoke to them on phone. Never had big problems with disconnects. They are pretty good at warning you when they do maintenance. I have never made withdrawals.
- Reviewed by Ken, August 21, 2007. Rating = 7/10
It has some selling point, but one by one they all gone. So stay away from them, mostly scam. But still not the worst broker though. But it's the second worst.
- Reviewed by Fly, July 5, 2007. Rating = 2/10
I have withdrawn most of my funds after 1 1/2 years of trading with Oanda. All I can say is...good riddance! After experiencing connection problems on a regular basis (esp. on heavy traffic days like non-farm payrolls, PPI, etc.), I've had it. Even after numerous emails to their IT dept., they still do not have a solution after 8 months. Meantime, a sudden outage can cost you as their help desk cannot help place a trade to offset your exposure.

Spreads also widen before and after figures - which is understandable. However, the degree to which it widens is off the charts...believe me I've been on the other side for 20+ years and no banks will go that far unless it's in panic mode like 9/11 or other cases where liquidity really dries up. Also, normalization of spreads are way slower than other brokers. And on Friday's after 4 PM and Monday morning's in Asian market, Oanda is virtually untradable with their 10+ point spreads. C'mon, the real market isn't that way and we all know it.

(Oh and by the way, you get stopped out on your position in Oanda if their spread touches your order no matter how wide they may be. Even if the real market traded no where near the price.) For some reason, Oanda has a sort of cult following where loyal users rave constantly about them...WAKE UP PEOPLE! Just because the platform is user friendly, it doesn't mean it's the real thing.

To be fair, if you are a swing trader making trade decision only once in a while, most of the things I've said shouldn't bother you. But if you are a spot trader/day trader looking to job/scalp the market like myself, RUN! As far as you can.

I still feel like an enormous dufus tolerating Oanda for this long. Just keep 10 bucks in their FXTrade account to access their chart (which is still sub-par but better than nothing) and their new News service (which is not bad).

- Reviewed by Bob W., June 18, 2007. Rating = 3/10
I've used Oanda for a year and a half and have been mostly very satisfied. However, slippage and long delays in filling orders has been a big problem much of the time. The problem seems to depend on load, being better or worse at various times. And there is a very nasty sudden jump in the spread to (typically) 10 pips when there is a major scheduled economic news report. These two flaws pretty much negate the advantage of the very low spreads advertised. Finally, the API is too expensive. However, the user interface is pretty good, customer support good and withdrawals dependable.
- Reviewed by MP, June 7, 2007. Rating = 7/10
I have used OANDA for a year and haven't had any major problems. The spreads do get crazy during news...more than necessary in my opinion. I saw the GBP/JPY go to 28 pips on an interest rate announcement by BOE. Announcement matched expectation .25%, but spread was way too high in my opinion. I think they try to use their system like in house ecn matching internal bid/ask of OANDA traders or something.
- Reviewed by ftraderx, May 26, 2007. Rating = 7/10

Rate & Review This Broker
2007/08 Oanda Ratings
More Broker Reviews

2006/07 Oanda Reviews

May 1, 2006 - Apr 30, 2007

Major performance issues in the past weeks (why ??)
- Reviewed by Gianni, April 16, 2007. Rating = 6/10
I like their small units.
- Reviewed by WTC, March 18, 2007. Rating = 4/10
I am extremely happy with Oanda. I have had accounts with FXCM and FX Sol and I have to say Oanda has been the best of the three. Most of the poor reviews are due to the spread increase during the news, but to be quite honest if you are position trading you should be able to handle a 10 to 20 pip spread that usually lasts all of a minute during the news, and a little longer over the weekend of course. Very rarely does it go higher than that, at least with the EUR/USD & GBP/USD pairs. If you are day trading and using tight stops then trading the news is just gambling anyway, there is noone out here that can tell you how the market will react to news in the short term. Besides if it that big of a deal compared to everything else then decrease your trade size until you can handle a 10 or 20 pip spread during the news.

The advantages of Oanda seriously outweigh the spread increase when the news hits. Great execution, stable platform that can be accessed from any computer with java. Financially sound company, which should rank very high on the list of importance. Great spreads during regular times, most notably the 1.2 pip spread on the Eur/Usd. Ability to easily scale in and out of trades. There is no perfect retail broker out here, but I beleive Oanda is the best.

90% of traders fail due to their own actions in the market, yet the blame usually falls on the broker in some shape or form. 50/1 leverage should be more than enough for any trader that wants to have a growing equity curve, the brokers you should not trust are the ones that lure new traders in with things like 400/1 leverage. Anyone who feels they need that much leverage will not stay in this business long. Proper money management equals longevity in this business, not pulling the trigger and hoping for a 100 pip bar using 400/1 leverage.

If you are not trading with the numbers you are trading with your emotions, and you will lose. Anyone who is sincere about you making it will suggest less than 50/1 leverage for a new trader, and a good trader shouldn't need any more than that.

Alright, I just felt that needed saying, overall I would recommend Oanda to any new or seasoned trader.

- Reviewed by Slugger, February 24, 2007. Rating = 10/10
Their service has deteriorated over the past year, and if you are willing to be ripped off then stay with them. They widen their spreads on the GBPUSD by 20 pips during news. It has gotten so bad that during the last NFP payroll they widened their spreads by 200 (yes two hundred) pips. Good luck.
- Reviewed by I Pipster, February 18, 2007. Rating = 2/10
I had my 4 live trading plaforms opened today when the NFP news came through. As usual the Oanda spread widened by 10 pips but my trade was executed. On my FXCM platform there were delays in the execution of my trade so it was executed 36 pips higher than when I put the trade through. Fast execution with a 10-pip spread is always better than slow execution with a 36-pip spread.
- Reviewed by Bill, February 3, 2007. Rating = 9/10
Oanda, by far, has them all beat. Sure the spread widens at news times and they need to be a little more pleasant on the phone...lol (which I never have had to use.), but you have no business jumping into those trades when that happens unless you already have a nice trend position. That is strictly for the fools of "the greater fool theory." The biggest plus with Oanda over the others is their "Tight spreads (as low as 1.5 pips) on all major currencies offered - REGARDLESS OF TRANSACTION SIZE." That is what matters to most successful day traders. This 3-5 pip spread on a 1 lot which is nothing more than a schmooze game and should be unacceptable and an insult to all traders.

These companies that charge that kind of money to trade are hitting you, for example, with a 30-50 pip loss on a small 10 lot before you even get out of the gate. Amazing! This is on par with the volume commission game Vegas ....I mean Wall Street has done for years.

If you're a successful day trader your trade costs are your biggest factor between winning or losing. Oanda may have a few faults, but when I compare those few to the absolute best transaction costs in the Forex market today, I'll throw my hat in with them every time. My money's with Oanda and I have nothing but praise for those people.

I've been a commodity trader for 22 years, so I understand a little bit about commissions and cost of doing business. The Forex market is so new and new traders can be so very gullible in thinking this is the way it has to be. Traders are not vocal enough with their money and so these high operating costs become acceptable. In this modern electronic age those costs are ridiculously unacceptable and you should vote with your best interest in mind, not hand holding.

Traders started Oanda not commission artists.

Thanks Oanda.

- Reviewed by voodoo, January 29, 2007. Rating = 10/10
Previously good platform which is becoming one of the biggest SCAM in the FX world!
- Reviewed by Emu Sadhu, January 26, 2007. Rating = 1/10
I started the account with $500 on Jan.11 actively traded through Jan. 19. The account is currently $709. I am more pleased with this broker than my other two accounts.
- Reviewed by petera513, January 22, 2007. Rating = 10/10
I first traded with FXCM then FX Solutions and finally OANDA. So far, OANDA is the best FX broker I have experienced. I like the fact that OANDA has no minimum trade size, which gives me the edge in position sizing. Also, the tight spreads offer by OANDA is an advantage. Another plus, is that I get to earn interest for my account balance, and the interest rate beats most savings accounts.
- Reviewed by Clemt, January 21, 2007. Rating = 10/10
You cannot call in a trade... I got really screwed once... I had to call in my trade, my comp. crashed. and they just said no. unbelievable.
- Reviewed by Chris, January 20, 2007. Rating = 1/10
Used to like Oanda but they have a poor customer relations problem. They seem to believe that they are the only broker out there and when I made a suggestion they told me to like it or go away.
- Reviewed by pips are fun, January 13, 2007. Rating = 1/10
When I first found Oanda, I was probably their biggest fan. I completely bought their "we are looking after your rights" marketing ploy. Other reviews on this page talk about not knowing anything about trading, if you don't accept 20 pip spreads at news time as normal. I'm here to tell you, as an institutional trader, that Oanda is little better then any other retail broker. The only difference is their marketing has confused everyone into thinking that they are looking after your rights. If you trade with Oanda or any other retail broker you are not a Forex trader. You are an Oanda, FXCM or whatever broker, trader. Your order never reaches the inter bank market but is matched internally. Oanda claim to hedge your positions, so they "don't care if you win or lose". That is simply not true. The inter bank market does not accept fractional order like you can place on Oanda. Try placing an order for 133,467 on the open market, it wont happen.

So then how do they hedge you? They internally match your order. Don't be fooled, Oanda putting their spreads to 15 and 20 at news time is NOT due to forex market conditions but due to the weakness in their systems. Inter bank spreads don't go that high. I guarantee it. I have access to 30 actual bank feeds and i have watched them. Widen they do. But widen by 20 they do not. Typically around 5 to 10. If they really stood for traders rights, they would have changed the weakness in their system and worked with news traders, instead of making an enemy out of them.

They really missed a great opportunity to sign and seal their position as the "peoples broker" instead they have now become the biggest hypocrites. And their latest trick of slipping orders by up to 40 pips at news time relegates them to being just like all the rest. Mark my word. There are brokers out there right now eagerly working away to deal with the shortfall that will allow news traders. I predict this new breed of broker will emerge to dominate the broker market. To Oanda I say "Talk is cheap! Why did you not work with the people who you claim to protect the rights of? News traders have rights too!"

- Reviewed by Pauly, January 13, 2007.
Very good broker, I've switched to Oanda, after being with FXCM, no problems with order execution, everything is good...
- Reviewed by peter_m, December 1, 2006. Rating = 10/10
Trading platform is not as good as it seems.
- Reviewed by ki6ania, November 27, 2006. Rating = 4/10
Simple and straightforward. Great tool this Oanda Box. Why do people complain when spreads get wider at news time and w/e ? It is beyond me. After many years as a broker, news time is not recommended to trade. I wish they had a trailing stop and high and low for the 24h span. Plus they started Silver and gold a few months back.
- Reviewed by Chris, November 24, 2006. Rating = 10/10
Pros:
Good interface
Exotic pairs (USD/ZAR!!)

Cons:
Big interest rate spread - bad for carry trading.
Extremely wide spreads during news. 20+ pips in some instances. What sucks is that even if you are not trading news, a lot of times your stops will get hit (and limits will not get it) on Oanda's price feed because of the widened spread. For news trading or scalping go with PropFX (if you have the $$$) or no dealing desk at FXCM if you don't.

- Reviewed by Rufus, November 21, 2006. Rating = 4/10
Oanda is very honest in their dealing and it gives people flexibility with trading from $1 to Millions of dollars always with the best possible spreads and all market orders are filled right away. I have been with Oanda for 3 years on live account (with real money). For those concern with widening of the spreads, here are some tips. For EUR/USD the trade widens to 10 pips during weekend until 6pm PST (Los Angeles time) on Sunday. The spread also widends to around 10 pips on the EUR/USD and can be more for other crosses at or around 5 AM (PST Los Angeles time) on every First Friday of the month this is when the US Job Report is coming out. I think it's understandable during low liquidity like on the weekend or during fast market condition like the release of Job report. Other brokers does not let us trade on the weekend or charging more to have open position on the weekend. I give Oanda 10. I recommend Oanda to all my friends and my Boss and they all with Oanda now.
The only negative is I cannot trade using my cellphone.
- Reviewed by marcvs, November 3, 2006. Rating = 10/10
Superior liquidity and order placement. Get in get out even with slippage. Lots of currency selections. Good crosses. Awesome spreads (1.5 pips on EUR/USD). Negatives. Terrible platform. And "I could care less" customer service.
- Reviewed by surfermsc123, October 31, 2006. Rating = 9/10
Very good but should improve their policy for deposit via echecks and debit/check card! Should raise the leverage too at least, 100:1. Platform terrific. We are able to manage orders from charts.
- Reviewed by Taurus, October 8, 2006. Rating = 8/10
As a professional trader for more than 35 years this is the best retail platform available. Anyone who can not grasp the concept that spreads in the real world of trading DO NOT remain constant but vary according to market conditions hasn't a clue and shouldn't be trading at all. Also the complaints about "mere" 50:1 leverage are senseless. Anything more is sure disaster. I also find gripes about "being" unable to trade on weekends" absurd, ever try to buy or sell a stock or futures contract on Saturday.

I could go on but if you are a serious trader interested in a professional level trading platform and honest dealng, ignore the amateur slams and check out OANDA. You won't be sorry.

- Reviewed by dly, October 4, 2006. Rating = 10/10
Watch out for those spreads going up 15-20 at news times ,and unusual spikes at news times. Whiplash both ways 30-40 pips. Couldn't say they intended to knock out everyone with stop-loss set but they sure came close. Cost me and many I know.
- Reviewed by Larry, September 27, 2006. Rating = 4/10
They have been taking me out of the market with huge spreads. 25pips or so. I closed my account just a few days ago. It's too bad because they have gone from the best to the worst in about a month.
- Reviewed by rb, September 18, 2006. Rating = 1/10
I know many people like Oanda. My personal experiences were near horrible. I had so many problems during fast moving markets that I had to quit it altogether. It is good for technical trading and their service is excellent. Just don't try to trade the news there. Maybe it was only my experience, but it was very painful.
- Reviewed by a trader, September 18, 2006. Rating = 4/10
I have to concur with the comments most recent here also. I get kicked out with huge, crazy spreads like 16 pips for the eur/usd, 20 pips for gbp/usd. In fact on their forum their CEO has categorically stated that their spreads have increased during news time and will continue to do so to cover their backs at volatile market times. I caution anyone being a fundamental trader as you will get burned huge! I have been trading every day the last few weeks with these guys and they have pocketed huge $$ from me. I have made minimal profit. I was up 30 pips a few days ago and decided to hit close market order. As I closed it, without warning, the spread jumped to 16 pips minimizing my profit seriously and they take a huge chunk of it! Research other brokers, seriously. Oanda is inconsistent and perilous for trading!
- Reviewed by Andy, September 15, 2006. Rating = 2/10
BEWARE OF OANDA!!!! I have used quite a few brokers and I used to love Oanda. Lately they have been getting absolutley ridiculous with the spreads around important news. 25+ pips, sometimes higher. I thought no problem I'll just stop trading the major news with them right! Wrong! Now they raise the spreads for almost everything, so even if you are already in a trade they decide to raise the spread and take out your stoploss. I contacted them and they basically told me "too bad spreads are unpredictable and it's part of trading". They have gone COMPLETELY DOWNHILL as a broker and are now just "ROBBING" their clients..... BEWARE.
- Reviewed by Ray, September 15, 2006. Rating = 1/10
I like Oanda BUT i will change now to an other broker. In the last time the spread always got 15pips on the cable even at "nonevent" news. What I also dont like is that the spread is always higher in the evening (its when asia session starts) on gold and cable. But why during this slow times? Last but least I dont like the 1:50 leverage. If they could increase it to 1:100 for mini accounts like 10000 then it would be nice but with this leverage I have always the problem that I cant open a few swing trades and trade intraday becos I have no margin left...
- Reviewed by artimon, September 1, 2006. Rating = 5/10
Beware! Recently something kept me troubling at night and the name Oanda came uo inexplicably. So I went online to see what is happening. Yes, there it was. The margin of one of my account has been secretly increased from 1:50 to 1:6 and a few more cents would have resulted in a margin call. They cannot claim any special circumstances as my other subaccounts did not have this problem even though they were trading almost thesame pairs. So beware.
- Reviewed by Warning, August 19, 2006. Rating = 1/10
Oanda were a good broker but for some reason recently the spreads at news times are really high. Usually 15 pips or more on GBP/USD and 10 plus on EUR/USD.
- Reviewed by shadwell, August 19, 2006. Rating = 3/10
I don't like the charting; the spreads; support not good at all.
- Reviewed by patapon, August 13, 2006. Rating = 4/10
As a newbie, I appreciate the intuitiveness of this platform. Trades are executed quickly. Spreads tend to widen more than I like during news, but this is not unexpected. I wish they had trailing stops. All in all, after demos with 4 others, Oanda was the only practical choice for me.
- Reviewed by cherrysundrop, August 12, 2006. Rating = 10/10
Great, Simple, Intuitive trading platform. You can trade just $1, which means risk management is greatly simplified. This also allows hedging techniques to be simply applied. All in all a great trading experience.
- Reviewed by Carl Foley, August 9, 2006. Rating = 10/10
Most everything is great. The only thing they lack are trailing stops. This is a pain when you can't watch the screen all the time.
- Reviewed by ampris, August 4, 2006. Rating = 8/10
Great execution and position sizing. Poor charting and 50:1 leverage is maximum. Spreads are low during normal hours but tend to widen on news quite a bit.
- Reviewed by fxUSA, August 1, 2006. Rating = 9/10
Fast, simple platform and 1.5 pip eur/usd spread!
- Reviewed by Omar, July 31, 2006. Rating = 10/10
Very fast Execution. Not the best of charts like the MT4 brokers.

Minimum of $0 to open an account and a minimum of $1 per trade.

- Reviewed by DonPerry, July 29, 2006. Rating = 9/10
Platform and charts are horrible.
- Reviewed by cambist, July 8, 2006. Rating = 2/10
Easily the most professional set-up in a forex broker I have encountered.
- Reviewed by don, July 8, 2006. Rating = 9/10
Best there is. Did my due diligence before opening an account and have not been disappointed. Always up and ready for trading. Software so easy and clear to use it's easy to concentrate on making money.

The spreads widen a little at news times in order to reflect the market spread situation. Typical is eurusd 1.5->3.5 pips. This is much better than many other brokers who either prevent you from trading news completely, whose platforms go down or lock up, delay and requote the prices or widen their spreads to tens or even hundreds of pips. Oanda offers the best of realistic expectations.

Possibility to trade gold and silver a definite plus.

- Reviewed by MillionPipMan, July 2, 2006. Rating = 10/10
My best broker - you get interest on your money even if you don't do anything, bigger than in any bank - great thing for conservative, risk avoiding traders like me.
- Reviewed by Krystek, July 1, 2006. Rating = 9/10
Happy with OANDA so far and I think the best for a retail investor. Forex brokerages for retail investor are yet to mature ; right now I feel OANDA is the only option available. It would have been a 10 rating if they had provided more currency pairs and spot crude.
- Reviewed by deepsa, June 27, 2006. Rating = 8/10
"Best" spreads disappear a lot.
- Reviewed by FXMaster, June 15, 2006. Rating = 2/10
Note: I opened an account with OANDA after I saw their high rankings on this website. It was perhaps the best move I made in Forex trading.

BIG PRO: Their spreads are the lowest I have seen and they only fluctuate during the weekends, sleepy markets, and immediately before major economic releases when the market liquidity dries up - and this is totally understandable.

BIG PRO: Their trading platform is extremely easy to use with a chart that ALWAYS provides accurate real-time service.

BIG PRO: You can access their trading station from ANY computer that supports java.

Pro: All market orders get hit - regardless of market movement. I have always had quick order fills - and if the market moves to give me a better position after I click enter - I get the better entry point. Bottom line - their order matching system is totally fair.

Pro: You can easily open EUR or GBP accounts.

Con: They do not offer phone order service.

- Reviewed by camarora, June 14, 2006. Rating = 10/10
Fast, reliable, easy to use. And they pay direct to my paypal account.
- Reviewed by Thomas, June 13, 2006. Rating = 10/10
Doesn't trade against clients; slippage isn't a huge problem. Widening spreads at news time a problem. Off-hours spreads a problem. Simple platform, quick order execution. Allows odd-lot orders. Overall, not too bad.
- Reviewed by iam, June 2, 2006. Rating = 8/10
I have been trading with them since 1998 and found them to be most reliable. Got multiple accounts and found their Flexible lot size, Simple Interface and superb data to be the best out there. Their platform is stable to the extreme to my knowledge. The things I don't like are,
1. No trailing stops
2. Huge spreads & slippage during news time
3. No weekly and Monthly charts.
I would give them 10/10 if they had fulfilled at least 1 & 3.
- Reviewed by gfxtrader, May 21, 2006. Rating = 9/10
Oanda is the best online broker. They're no. 1 for me. More power and keep up the good work!
- Reviewed by Reygie, May 13, 2006. Rating = 10/10
Superb broker...
- Reviewed by BBS, May 4, 2006. Rating = 10/10

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2006/07 Oanda Ratings
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2005/06 Oanda Reviews

May 1, 2005 - Apr 30, 2006

Changed my spread on an active trade from 2 pip to 10 pip!! Took all my profit away. Don't believe their "tightest spread".
Rating = 1/10 - April 21, 2006
You cannot beat Oanda's spreads, and the spread broadening only happen before news releases when the market is thin - which makes total sense. The best thing with Oanda is that all orders are always filled at the click of a button.
Rating = 10/10 - April 11, 2006
Change the price against you after you trade.
Rating = 3/10 - April 9, 2006
Refuses to respond to customer needs. Refuses to add more time charts. Refuses to add trailing stop. Insults customers who ask to have these added.

On good side: can trade pennies to develop strategy and consistency, can trade natively from Mac.

Not staffed 24/7
I called once on a Sunday not knowing their hours and was hung up on by crabby employee.

Rating = 1/10 - April 2, 2006
Oanda is the best that I have used I have had a look at some others offering greater leverage CMS, and MG to name two but their platforms are so unsuitable unless you are trading with multiple monitors.
Rating = 8/10 - March 28, 2006
Oanda is very good, but they should have better charts (longer period - now it is only for one year) and more currency pairs like CAD/CHF,CAD/GBP,CAD/AUD and other pairs. If they have charts and pairs like SAXO BANK, they would be perfect! I had only demo with SAXO BANK.
Rating = 8/10 - February 25, 2006
Oanda is by far the best broker out there. I have no slippage and the spreads only widen before news and during the weekend. They are very honest and have a lot of info on their site. Very tight spreads, great for daytraders and you can trade any amount, great for money management.
Rating = 10/10 - February 11, 2006
Good spreads and fills are on target. The trading interface will hang sometimes in times of great volatility, however the order seems to always get filled.
Rating = 8/10 - January 12, 2006
Very fair and honest!
Rating = 10/10 - December 30, 2005
Pros: Slick Java Application, runs behind firewalls.
Cons:
  1. No trailing stop!
  2. Spreads widen from 3:45 PM Friday to 8PM !!?? on Sunday to TEN PIPS. This has caused my limits not to execute and stops unnecessarily triggered on four occasions.
  3. No phone orders accepted.
  4. Low leverage.
  5. Light weight charting.

Now while I may be able to live with the points 4 and 5 the first 3 are truly damaging in my opinion and until these are fixed I am moving elsewhere.

Rating = 5/10 - December 28, 2005
Simply the best thing to happen to Forex market. Tight spreads. Honest executions. Userfriendly interface.
Rating = 7/10 - December 28, 2005
I'll be using Oanda with the Java API. The regression testing on historical data purchased from Oanda shows that a few pips makes a huge difference. So far dealing with Oanda has been pleasurable. So this will be my next broker.
Rating = 9/10 - December 11, 2005
Pros: 50% margin requirement, unit from $1, quick execution, multiple execution window, hedge possible, no initial deposit, many currency pairs
cons: no credit card deposit, low leverage, wide spread for weekend and even Monday Asian morning time, cheap +swap/expensive -swap

Overall, OANDA is the best so far. I stopped using other 3 yet. (CMS, Forex.com & FXCM)

Rating = 8/10 - December 4, 2005
Generally cheap spreads, though they have some expanding spreads during high times. They also charged to have an automated program while some others do not. But those cheap spreads have kept me there so far.
Rating = 8/10 - December 3, 2005
Oanda is honest...woopty do. Thats is a basic requirement for sure. But they don't offer hedging or trailing stops. And you better be careful trading on Fridays and Sundays because they beef up the spreads big time and without warning. How can they not offer hedging????
Rating = 6/10 - November 28, 2005
OANDA offers instant straight-through order processing with no middleman dealing desk that can potentially trade against you. This is true even with news announcements, since every order is fully hedged to minimize their risk. OANDA charts are not as good as some others, but instant execution and confirmation is why they're great. Java platform is a little unstable at times.
Rating = 9/10 - November 10, 2005
Oanda is the only thing needed for active daytraders. 1.5 pips spread on EURUSD, It sometimes widen but this happen then news comming out, and on weekend only. Just wait for couple of minutes after news to back to 1,5 spread. On their site everyone could check the last meaning of spreads for all pairs. You could trade lots start 1$ upto 10 mln $. Its good for risk management. I gave 9.
Rating = 9/10 - November 10, 2005
Oanda is the only platform in the FX retail world allowing multiple trade windows open for multi-order execution that I know of -- some high-powered platforms allow this, but will charge you over $150 a month between the feeds and the plug ins (like Terranova, etc.). I don't have a problem with the slippage and I don't need to worry about the widening spreads over the weekends, so there it is. Oanda may not be as sexy as other brokers, but for TRADING they are the better of those listed here. And that is what you all should be focused on anyway -- not pretty charts and obscure indicators.
Rating = 10/10 - November 8, 2005
Very good. Solid trading platform, only a bit short on indicators. May be a little pitchfork and a couple of deviation channels would give them a solid 10.
Rating = 8/10 - October 23, 2005
Oanda are trying to mislead with their tight spreads. Everytime they fill the orders with slippage and the spread usually doubles and triples. If you place boundaries to the order price the order is usually not filled because of BV (boundary violation).
Rating = 1/10 - October 6, 2005
Oanda is good, real good, but for their surprises when the spreads are increased! But overall, excellent interface and generally low spreads.
Rating = 7/10 - September 6, 2005
Very Reliable broker with good spreads and very little slippage.
Rating = 9/10 - September 2, 2005
Stands out for transparency of pips spread, wide choice of currency pairs and up-to-date analysis and news from 4cast. Charts ranging from 1 sec to daily intervals is ideal for daily or 1-week trades.
Rating = 8/10 - Aug 8, 2005
Clear, straightforward and, most importantly, honest.
Rating = 10/10 - August 3, 2005
I've used Oanda also and would've scored them significantly higher if they'd improve their charting. I also wish Oanda would offer a 400:1 margin as do some other Forex retailers.
Rating = 6/10 - May 13, 2005
Oanda is the best in retail.
Rating = 10/10 - May 3, 2005

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2005/06 Oanda Ratings
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2004/05 Oanda Reviews

May 1, 2004 - Apr 30, 2005

It is the best what can happen to a retail speculator.
Rating = 10/10 - Apr 29, 2005
If Oanda had some more exotics and crosses I would give them 10!
Rating = 9/10 - Apr 19, 2005
Except for the platform's charting and the fact that it is a java based app (I prefer a windows based one), the execution, service, integrity and oh the tight spreads make it the best out there by far.
Rating = 9/10 - Apr 19, 2005
SUPERB, very user friendly. Oanda has to be up there with the best.
Rating = 10/10 - Apr 19, 2005
I love the low spreads at Oanda and I've only seen them widen by 1 pip once and that wasn't for long. Haven't seen any slippage. Advisable to use free charts from another source.
Rating = 8/10 - Apr 17, 2005
They're good, honest, with low spreads (usually) but you really can benefit from another charting service - like a metatrader platform just to give signals.
Rating = 9/10 - Mar 14, 2005
Second thought, I had dicovered a bug I thought was their side, but wasn't. It was on my end, the damn buggy SunJava and something to that effect to do with my computer. I give 10 because I was looking for flexible trade size contract, Oanda is only one. The BEST of the BEST.
Rating = 10/10 - Feb 19, 2005
I am thrilled with Oanda - if they would make a few refinements to their already great UI, they'd be the perfect broker.
Rating = 9/10 - Feb 10, 2005
OANDA is the second online broker I've used to this point, FXCM being the last. I'm blown away by Oanda's GUI, the consistent super tight spreads, with little to zero slippage on orders of any kind. Plainly put, Oanda is just head and shoulders above the competition in every respect.
Rating = 10/10 - Jan 13, 2005
Nice spreads, great non-fixed contract sizes, but a problematic Java-applet platform and an avg to poor support service.
Rating = 1/10 - Dec 27, 2004
Oanda slips all the time. It is hard to trade properly.
Rating = 1/10 - Dec 1, 2004
Best broker so far for me.
- October 7, 2004
Low spread, variable position size. Many exotics, a trader's dream! Bad, you can't implement your own indicator in their trading platform.
- Aug 17, 2004
OANDA is simply the best ! Very slick platform. Adjustable leverage and position size is something one should highly appreciate. If they could do something about the spreads and slippage during news volatile times then I think all others will eventually lose most of thier cutomers to OANDA :-)
- August 8, 2004
Oanda is my preferred broker. They do not have guarenteed S/Ls but they do have an honest and hardworking management, smallest spread, stable user-friendly platform, efficient and non-manipulated pricing and instant ( where instant MEANS instant)execution. What I really like is their concept of 'democratization' of forex. No big guy-small guy. Everyone gets the same price and spread.
- August 8, 2004
Oanda is the best. Any broker that adds trailing stops, variable size trading, 100% stop loss guarantee and free API will beat OANDA big time.
- August 7, 2004
Oanda is best of the best fxbroker out there for tightest spread except during big news annouce. Excellent overall. Would have give 8 but for reason mean to compare others then oanda get 10.
- August 7, 2004
With no minimum size for deals, the most user-friendly trading platform and an open, ethical policy by it's management, OANDA is easily the best on-line fx "broker".
- August 7, 2004
About Oanda - Only have around 1 pip lower spread than other brokers when there is sufficient liquidity and market is not volatile. Spreads can go up to 5, 15++ when market is wild. Hard to control risk as large slippage (30++ to 100++) can occur for stops. Good for short term scalping when market is not wild. I prefer a fixed spread broker with zero slippage on stops. Oanda spreads are only about 1 pip lower than other brokers some of time and higher rest of the time - this certainly does not make up for its varying spread and slippage.
- August 7, 2004
Oanda not perfect but still the best.
- August 7, 2004
Oanda's platform is the best trading environment I have ever been to. It is tailor made to my trading needs. During volatile times every trader should be able to adjust their trading style to benefit from this volatility. The platform allows the trader complete flexibility to do so although some may not have been able to adapt yet. Also it is very pleasant to see Dr. Stumm himself personally address traders' issues with them in Oanda's superb trader forum.
- August 7, 2004
Oanda's incremental trade size possibilities opens up a whole new world to PSM (position size managment). One can enter in increments of just 1 unit for size of trade. Oanda's narrow spreads and giving you the price you see on their free charts gives one a tradable edge. I gave them a rating of 8 because they need to update their free charts more often with bells and whistles. I also decided on an 8 rating because of Oanda's policy of CHANGING SPREADS WHILE YOU ARE IN THE MIDDLE OF A TRADE!!! They do this before a news event and on weekends which they allow you to trade on. For those of us that do not necessarilly go flat on Fridays and are holding a longer term position this "spread changing" can be troubling especially when its a high a 35 points in EUR/USD. Overall Oanda is the best choice, however.
- August 7, 2004

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