Forex trading with Oanda

Quote from gemini_315:

Do you know of any other reputable Forex brokers that offer 1-3 pip spreads?

Thanks.
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No, I trade at OANDA and have had no problems, during the hours that other major countries trade almost always a 2 pip spread on eur/usd. I can not speak to their solvency or licensing.

wdbaker
 
I also know for a fact that most of the chater from people prasing Oanda are groups of gangs the firm pays to spread the word on all forums " Oanda is the best" !! Come on guy's tell them to register and start taking account for their clients. They will never because they simply don't want the CFTC to see what they are truly up to..
 
Quote from BigGun:

I also know for a fact that most of the chater from people prasing Oanda are groups of gangs the firm pays to spread the word on all forums " Oanda is the best" !! Come on guy's tell them to register and start taking account for their clients. They will never because they simply don't want the CFTC to see what they are truly up to..
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Hey biggun, you're shooting blanks if you are referring to any of the posts I've made here mentioning Oanda. I have absolutely no connection with them. But they have certainly caught my eye with their low-cost business model, and I do think anyone investigating forex trading should look into them because their spreads are unbeatable. If people don't like what they see, they're free to go elsewhere.

Oanda aside, you don't sound like a straight shooter to me, biggun. What's your game?
 
Got to ask him about Finotrade ...

http://biz.yahoo.com/e/020109/831378.html

The development of the Forexcash financial market trading system will be undertaken by the Company's Forexcash subsidiary. The Finotec subsidiary will be responsible for the marketing and license selling functions through its Internet site: www.finotec.com. To promote foreign exchange trading and clearing services to retail customers, a subsidiary will be established which will distribute its services either directly through an internet site, www.finotrade.com, or in partnership with local introducing brokers for whom the Forexcash system will carry the broker's own name and logo.

Although over-the-counter foreign exchange trading is the world's largest unregulated market, the Company intends to register with the U.S. Commodity Futures Trading Association and the National Futures Association to have its off-exchange trading of foreign currency with retail customers subject to regulation. The Company plans to become a Futures Commission Merchant ("FCM"). The Company believes that such registration will increase customer confidence.

As the Company has limited resources it will, in the first stage, focus on its foreign exchange market-making activity and invest in necessary computer hardware, communication lines, dealing room sales and trading personnel, and system maintenance.

Since the acquisition, the Company has started negotiations with one of Israel's largest brokerage houses regarding the distribution of Finotec's foreign exchange trading services to the brokerage house's customer base. The Company believes that a contract should be signed before the end of the current fiscal year, and anticipates that the financial impact of the contract will not be recognized until the second quarter of the fiscal year ending January 2003.

The Company's strategy regarding future financings as well as the trading of its common stock is linked to the development and success of its forex trading businesses.
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I'm not sure what your trying to prove here. I have nothing to do with finotec other then getting caught up with them a year ago before I really know to stay away from un regulated firms. I'm just a simple trader trying to help others looking into FX from fowling into the same traps with unregulated FX firms that I did. I have nothing to sell nor am I leading anyone to believe anything like you.. Go ahead trade with them if you want , just don't cry when they fold up with your funds.

Let me ask you guy's why almost 80% of your post have something to do with Oanda? And why would so caled FX Traders hang here and not where the other FX traders hang? One simple reason, To lead the new sheep to the Slater by spreding the word..

Have you ever tried to visit their office? LOL... Come on get real..

Here tell them to get on FCM's Financial Reports list and mabe real traders will start to take them seriously...


http://cftc.gov/files/tm/fcm/tmfcmdata0211.pdf
 
Quote from BigGun:


Let me ask you guy's why almost 80% of your post have something to do with Oanda? And why would so caled FX Traders hang here and not where the other FX traders hang? One simple reason, To lead the new sheep to the Slater by spreding the word..
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BigGun,

I spend time here because I am interested in technical trading in general, not just in technical trading in forex, and this is the best technical trading forum on the Web. If you are new to trading as I am and want to learn as much as possible about it, this is the place to come. I'm sorry that you had a bad experience with an unregistered forex broker. Your warning to beware the pitfalls is well taken. But I still say your initial statement was far too broad and casual in the way it tarnishes peoples' reputations. Many people here have been discussing Oanda because of it's low-cost business model. There may indeed be promoters active on the site, but narrow spreads will always be a topic of conversation for traders. IB has frequently been the focus of discussion for the same reason.

Good trading to you,

chaos
 
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