oanda: just as sketchy as the rest

Quote from riskaverse305:

just thought i'd do a little consumer advocacy work before i called it a day:

I recently opened an account with oanda because I had read they were the least bucket shop of all the bucket shops in forex. unfortunately, shortly after i opened the account I noticed they had blatantly triggered one of my overnight stops 40 pips away from the market. Oanda credited me my loss back, but this event made me withdrawal 90% of my money with them.

This weekend oanda demonstrated they had learned their lesson: they would have to actually move the market to my stop for 5 seconds in the aftermarket to trigger the stop. Now tech support can claim the stop was triggered legitimately.

Granted, this was only a $25 fleecing, but perhaps my food money will save somebody more in the future.
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I REPEAT!!!>>>>>>>>>>>>>>>>..................................

In all honesty, you should not be trading FX during the weekends. If you think there is any edge gained by doing this, then you should really do more research and educate yourself. There are literally no prices trading on the bank side which is where your prices are eventually derived from. If you haven't captured the move during the trading week then give it a rest for the weekend. There is really no market! Having worked in the interbank side for years, anyone who wanted a deal after hours ( read after 4 pm Friday) better had be special and even then , they were going to pay through the nose. ( Justifiably so in my opinion as there is was too much risk and little if any liquidity) After 4 p.m. CST on Friday, the markets are for all intensive purposes closed. Period. The open is noon or 1pm CST Sunday afternoon . I can't recall the "official interbank open" ( this changes in the summer when we and/or "down under" change their clocks. ) but I think it is noon now. On the rare occasion when there is a bombing, G7 meeting, or any other curve ball, then there may be some trading a little earlier. This is an exception though. Some banks dont even honor trades before the official New Zealand open if the prices arent justified. There is little sujbectivity here and I have only seen cash prices busted or not honored on one occasion on a Sunday in over 15 years. Many FX platform's sync / coincide their opens with the IMM open at 5pm CST these days.

Bottom line, any prices you are able to " deal" on during the weekends are not real prices so I guarantee any system that demonstrates an "edge" during the weekend will fail.

Now repeat after me..."There is no weekend market"
 
There may be no weekend market, but the fact is that at Oanda you can always trade in the weekend (at their price, which is basically the closing price on friday around the wider spread). Trades that are done in the weekend might not be hedged by oanda immediately but if they have sellers and buyers in the weekend it's a very nice moneymaker for them although there is a certain 'gap' risk for the opening on sunday.

So at Oanda you can trade in the wknd and although you make think prices are not real as to they do not exist outside Oanda.

Whether you think it's an advantage or disadvantage is up to you ofcourse.
 
Quote from riskaverse305:

just thought i'd do a little consumer advocacy work before i called it a day:

I recently opened an account with oanda because I had read they were the least bucket shop of all the bucket shops in forex. unfortunately, shortly after i opened the account I noticed they had blatantly triggered one of my overnight stops 40 pips away from the market. Oanda credited me my loss back, but this event made me withdrawal 90% of my money with them.

This weekend oanda demonstrated they had learned their lesson: they would have to actually move the market to my stop for 5 seconds in the aftermarket to trigger the stop. Now tech support can claim the stop was triggered legitimately.

Granted, this was only a $25 fleecing, but perhaps my food money will save somebody more in the future.
More...

When I see posts like these only 2 things come to mind.

Either competitor or complete fool.

Makes all the sense in the world fro Oanda to move their price feed to get the whole $25.

Even though I am totally against forex trading on retail level, Oanda is one of the best in this business.
 
It's bad enought the market is open 24hrs a day! I need the weekend to re-charge.

But yes, it's nice that Oanda offers this.
 
Quote from RedDuke:

When I see posts like these only 2 things come to mind.

Either competitor or complete fool.

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I'm going with the latter.

Che
 
Hello:
I had an unpleasant issue with Oanda.
I funded my FXtrade account, in order to trade through their API.
In the last step, when I was reading the API License Agreement (to sign it and pay the 600$ they ask for their API) I discovered this:
--------------------------------
(m) “Unauthorized Activity” means any money laundering, arbitrage, scalping or pip-hunting activities, or
any other hedged investment strategy involving the purchase of currency on one market for the immediate
resale on another market in order to profit from a price discrepancy or price error.
..............
14.0 NO ARBITRAGE
Licensee agrees and acknowledges that it shall not use the FXTrade System or the Licensed Materials in order to
engage in any Unauthorized Activity. OANDA reserves the right to reverse any Transaction, where in OANDA’s
reasonable opinion, such Transaction involved any Unauthorized Activity.
---------------------------------
I confess that I am a scalper, an arbitrager and a pip-hunter. Of course, I am going to close my account with Oanda, I feel quite outraged.
Can you tell me if these License Agreement conditions are usual in everywhere?
Would you recommend me another broker?

Greetings:
Pablo (Spain)
 
Quote from Pippi436:

You honestly think they are gunning for your $25 trade?

lol
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Maybe not his trade in particular, but maybe his stop was ay an obvious point where they figured they'd get a stop jackpot or something.....

Just being hypothetical...I actually use Oanda and am happy...but I don't fully trust any broker.
 
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