I haven't read good reviews about any Forex brokers
- Thread starter 1a2b3cppp
- Start date
I think you're right, it's an extremely competitive market and clients are getting wiser, marketmakers need to offer a good product or else clients just walk.
My connection problems seemed to disappear once I removed Oanda's charts and trinkets, I just have the bare minimum now and very rarely see anything less than a green bar.
I see they're updating the platform again this weekend, I wonder what we're in for next
I had a small account with them a while back running an EA and connection and platform seemed reliable enough. I'm not sure their spreads and interest rates are all that competitive but that may not bother you.
Having said all that they're an MT4 broker....
The spreads are reasonable (i.e. eurusd = 2 pips), except for news events. However, every broker widens spreads during news events. Personally, the overnight interest is pretty bad IMO, although I haven't recently compared/shopped the interest with other brokers. I guess I should be satisfied with less than desirable interest because I get excellent leverage (400:1). I know leverage is a double edged sword. However, there are many powerful tools that can be used for destructive or constructive purposes...
The platform rarely goes down. There is slippage from time-to-time; however, since I'm a longer term & bigger pip trader (i.e. 100 pip sl & tp over the course of 1 - 2 days typically), the slippage doesn't bother me much.
Walt
MT4 has always been synonymous with some questionable Russian based brokers underhand methods to separate clients from their cash, plus the negative publicity surrounding Boston Technologies Virtual Dealer Plug-In hasn't exactly helped improve MT4 brokers reputation for integrity :eek:
Apart from that I've found the platform awkward to trade on, charts are great but orders are fiddly imo.
On the plus side like you say there's the EA facility which is useful, and there are no end of customized indicators available around the net and plenty of people who will write one for a few bucks.
you dont need to be a *Citytrader* to grasp that the quality of the price feed (depth of liquidity, spread, slippage) always preceeds the ability to trade off a chart or being able to trade variable lot sizes. Sure, you seem to trade just small size and there is no issue with Oanda, but try to trade 2-5 mln USD positions and you will see what I mean. Also, I prefer a rather more conventional order entry platform that is on the other side stable and reliable than some fancy looking platform such as Oanda that miraculously fails you during some of the most important news release times, I wonder why ;-)
Also, have you ever noticed that the quotes in the quote window and the chart levels are sometimes not matching? I observed several times on 15min charts that the chart is 15-20 pips behind the quoted prices. Great platform I have to say...
Also, have you ever noticed that the quotes in the quote window and the chart levels are sometimes not matching? I observed several times on 15min charts that the chart is 15-20 pips behind the quoted prices. Great platform I have to say...
Quote from cabletrader:
Funny, I rarely get disconnected any more. Sure they had problems a while back but for the past >6 months things have been fine.
If you were seeing spikes of "50-100 pips during unexpected news events" on Oanda but not on Reuters then you should have taken advantage of the obvious arb opportunity. Spikes on unexpected news events or economic data aren't unusual in the market though, in fact it would be a surprise not to see some, are you sure there weren't any? What was the actual news event? Maybe you got disconnected from Reuters like you do from Oanda!
I can't see the point in trading on a platform I don't like when I can trade on one I do like, especially when they're comparable for everything else. Like I said before Oanda suit me just fine in pretty much every respect. I don't use their charts but I imagine being able to trade off a chart would be extremely useful, but maybe not impressive or realistic enough for those who want to play big City trader
Another important benefit of trading with Oanda is the ability to place and/or manage trades over the weekend. Look at the events that occur over a weekend, Iraq, Saddam, G20....just to name a few.
Again you are WRONG. Recently MT4 has also been opened up and licensed to FCM's and other brokers who use an ECN feed. Those brokers charge commission because they dont make a penny on the spread. I dont use MT4 and cannot even recommend it as I have never tried it really but I dont like half-assed research and comments, thats all....
Quote from cabletrader:
MT4 has always been synonymous with some questionable Russian based brokers underhand methods to separate clients from their cash, plus the negative publicity surrounding Boston Technologies Virtual Dealer Plug-In hasn't exactly helped improve MT4 brokers reputation for integrity :eek:
Apart from that I've found the platform awkward to trade on, charts are great but orders are fiddly imo.
On the plus side like you say there's the EA facility which is useful, and there are no end of customized indicators available around the net and plenty of people who will write one for a few bucks.