Anyone Have Any Experience With OANDA?

[kyle 10]

Ive heard alot of good things about OANDA and wondered if anyone has an account with them. Im looking to open a forex account and Im looking at many brokers right now... seems everyone has a bad opinion on every forex broker out there.

 

How is OANDA?

[Piptrader 10]

I would recommend OANDA. Tight spreads and great Forex broker for the retail trader. They also have their own forum for OANDA users. In my opinion they are one of the best.

[torero 10]

Ive heard alot of good things about OANDA and wondered if anyone has an account with them. Im looking to open a forex account and Im looking at many brokers right now... seems everyone has a bad opinion on every forex broker out there.

 

How is OANDA?

 

 

Kyle,

 

check out this site if you're still researching for forex brokers and about brokers:

 

The NDD Forum - Savvy Traders Want to Know - Powered by vBulletin

 

I got my dose of reality reading this stuff. We should open a thread on this one as well for people who are interested in trading forex.

[Soultrader 12]

If more people are interested in discussing different brokers, I might have a new forum just for it. Just concerned that people will come in here just to hype brokers up. (silent spamming)

[torero 10]

My intention was not to promote or demote anyone, but keep the truth about brokers and how they operate. This is a controversial topic I know, but it needs to be addressed. The closest term to the way some of these brokers operate are similar to "bucket shops" mentioned in "Reminiscences of a Stock Operator". We're here to protect traders, not slandering anyone else. So I suggest keeping a close watch on the posts is all, possibly by not mentioning brokers by name.

[Soultrader 12]

Sounds good Torero. If you would like to see any additions to the forum, please let me know. Always looking for improvement on the site.

[cowpip 10]

Not that it matters anymore, but for the record, I can vouch for Oanda. They're very good and fair, with minimal "stop-hunts," and good real-time support if you ever need it. Just watch that spread around news intervals. And don't expect any fancy graphing features with their platform (I don't use many price aids anymore anyway). Although they officially say that they don't stop hunt, the increased spread around news intervals often acts the same way. I would be happy to recommend them as a decent forex broker. I've been using them for over a year.

[Reaver 10]

Not that it matters anymore, but for the record, I can vouch for Oanda. They're very good and fair, with minimal "stop-hunts," and good real-time support if you ever need it. Just watch that spread around news intervals. And don't expect any fancy graphing features with their platform (I don't use many price aids anymore anyway). Although they officially say that they don't stop hunt, the increased spread around news intervals often acts the same way. I would be happy to recommend them as a decent forex broker. I've been using them for over a year.

 

I agree, I personally use Oanda, and it's good enough to do what I use it for, but like Torero mentioned, I would be leaning more towards calling them the lesser of the evils rather than the best thing since sliced bread. Not knocking them or any other broker, but my advice is to check a few out with a small deposit and see what fits you the best. Just watch out for the widened spreads around news time with oanda, it can trigger a stop. Hope that helped.

[euro_dude 10]

Overall, I quite like Oanda:

 

PROS:

1. No software to download - I can trade from any PC

2. Interface is simple

3. Seem to be very ethical and more financially sound than other shops

4. Can trade Gold and Silver (very risky!!!)

 

CONS:

1. Charting is basic with few indicators (enough though for real Forex traders )

2. No trailing stops

3. Spreads widen during news

[Moneybox 10]

Kyle,

 

You can also try Onada's software in demo mode, its called FXGame and it never expires.

[Reaver 10]

I agree, I personally use Oanda, and it's good enough to do what I use it for, but like Torero mentioned, I would be leaning more towards calling them the lesser of the evils rather than the best thing since sliced bread. Not knocking them or any other broker, but my advice is to check a few out with a small deposit and see what fits you the best. Just watch out for the widened spreads around news time with oanda, it can trigger a stop. Hope that helped.

 

I still stand by this statement....not too bad, but hey nothing's perfect.

[superbearxg 10]

well, the thing is they've got a free gameplay account that never expires; it's rather handy to test out some trading ideas and honing skills before commiting real cash to trdade forex.

[Jene 10]

OANDA had no problems at all. Trades are always quick to fill, never gotten a requote, and there are no problems withdrawing funds. No slippage, excellent customer service, Good spread, good lot size etc are impressive.