Oanda blackmailing by ForexPeaceArmy

Ivan Ivanov, Bulgaria Rating: Date of Post: 2008-04-19 Review: I`ve been trading with Oanda for 1 year. In the beginning I started with 600$ and everything was perfect.Two months ago I decided to put 2000$ in my account and start making the real money.And suddenly I began loosing money, a lot of money.Before a week I have read the reviews on forex review sites like goforex.com forexpeacearmy.co etc. and realized that Oanda is pure SCAM. Once you put a lot of money they will hunt your stops down. They will ruin your life. After 1 year of hope and studying the market I`m now broke. So Do not ever go on a big account with them. You can trade with them only if you trade small amounts. I mean if you scalp for 10$ or 15$ per trade. This is the only way you can take money from Oanda.

Mario Filho, Brazil Rating: Date of Post: 2008-04-18 Review: I ever recommended OANDA for people who are looking for a forex broker, but today OANDA triggered a STOP LOSS in a short trade 20 pips away from the high price of the day. So, I am looking for another broker.

denis, new york Rating: Date of Post: 2008-04-16 Review: Oanda is a good broker when you’re losing money. Your orders are executed fine. Once you start making money they’ll flag you. Right now i’m slipped on almost every trade i make.

Mike W., Canada Rating: Date of Post: 2008-03-04 Review: I have an account with oanda and I notice that when you trade using any of the charts they provide, your orders are entered into the market without the price even actually touching your entry level. Even when there is no big market activity. Then you lose soon after. When you complain to them they say, oh it’s the min/max charts that show the true range of the market and the price did hit your entry. But no other firms show that price movement. Oanda has a hidden market beyond what they display to customers and they slowly chip away at your account until there is nothing left. Avoid Oanda at all cost or it will COST YOU MONEY!

Harandeo, New York Rating: Date of Post: 2008-02-28 Review: I took your first review way back then and joined Oanda after being scammed by fxcm and forex.com. I have not paid attention because I take mainly long term position. However of late I have noticed that the profit shown and the actual position of the trade have a vast difference. The spread remains the same and it was normal trading hours. I wrote them once and it was corrected. Then I started to see it happening again. Especially to trades that I have bought or sold more significant amounts. This is important, because I do not have time to monitor my trades and position by the hour or minutes. So my position remains open even though actually it should have been closed with a profit. I urge everybody to pay attention. Contact your state attorney general’s office. I already did for FXCM, Forex.com and late yesterday Oanda.

Big Rob, Melbourne Australia Rating: Date of Post: 2008-02-26 Review: I ‘m going to close my account with Oanda very soon. Days in fact. Just have to get around to it. The reason is simple, their quotes suck big time. If you think about it, the main purpose of your dealer is to provide up to date quotes and process these efficiently. Confirm your quotes and then place the order. None of this happens in the clients’ favour at Oanda. They deliberately hold back quotes for over a minute at times. They do not pass on fast market movements, instead, holding these so that you do not see them – hence trade them!!! Also, they say that they have STP – straight through processing. I would like to know where this occurs. You can place a market order and you will inevitably get slipped, and, the price you are quoted – end up with – bears no relationship with the screen price you see through the quotes feed. There is, to my mind a deliberate scheme by Oanda to misinform there clients regarding the actual prices quoted. There is another problem when dealing with Oanda, that only really becomes clear as you start to trade with them. They state that your maximum margin is 50:1. Is it? I think not. What really happens is that they divide your account balance by 2 and give you 100:1 margin on the balance. True 50:1 is actually that 50:1. So what we have here is your maximum investment ability is reduced by 50%. To effectively trade at the level you might like to, even at 50:1, you only have access to 50% of you funds, so you would have to double your account to trade at the level you might want to. Then there is the constant manipulation of the quotes. Either leading or lagging the market. Almost always one to two pips difference – not in your favour. Also, you will notice the regular increase in spreads when they see the market heating up. Again, not in the interests of their clients. What this menas in real time is that where they will advertise lowest quotes .9 pip spread for euro, the euro will end up costing you between 1.9 and 2.9 pips. I could go on. What is important for me to illustrate here is that Oanda has shown themselves in my opinion to be no different than that of any ordinary run of the mill Bucket Shop. I would urge you to proceed with caution when dealing with Oanda. Not a dealer with whom one should put serious money with. There are others who are manifestly better dealers and more up front with their quotes and feeds with relation to STP. E.G. Hotspotfx and MB Trading -although MB has some serious issues with their platform. Both demonstrate how STP should work. And, they confirm the quotes as they go through for processing!! Fucking try that Oanda.

John, New Jersey Rating: Date of Post: 2008-02-19 Review: Nice normal market condition spreads and great transparency services such as showing where all open orders are. However spreads widen to extreme levels during news. The 7 am CPI this morning for Canada had a 58 point spread!!!! how do you effectively set stop losses and limits when the spread can go that high. I’ll keep the account for long term trading it is great for that, but short term trading with the spread spikes like that is a crapshoot don’t try it.