Oanda or IB?

Quote from cstfx:



* above comparative "opinion" based on experience with both brokers
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I thought you were going to give us all the 'straight-up facts' about Hotspot. Apparently not!
 
I have been an IB customer for just over a year after using etrade for 7 years. About 3 months ago I decided to give forex a go and for some reason did not even consider using IB. So I did my homework and decided to go with OandA.

I recently closed my account and now use IB to trade everything.

OandA was just too cartoonish for me. IB has an open and FREE (compared to $600/month at oanda) API that allows me to use external charting/analysis and trade execution software so that I can customize my trading environment to suit my trading style.

In my humble opinion you will be better served in the long run by dealing with IB.

Just my 2¢ - happy pipping
 
Quote from cabletrader:

I thought you were going to give us all the 'straight-up facts' about Hotspot. Apparently not!
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If you pm'd me like asked, then I did, but alas, you didn't. Besides, reading thru your posts since you joined, it seems you already have all the answers (the swagger to go along with it.)
 
Quote from enochbenjamin:


OandA was just too cartoonish for me.
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That's the impression I got too, right from their cheesy 'Forex Traders Bill of Rights', 1 unit trade size, and Paypal! They seem more like an amusement arcade for kids wanting to play at trading rather than a broker for serious traders.
 
If question was related to safety of funds ,than no doubt
only SEC related account,which is SIPC protected.

some of brokers,which offer trading with SEC and CFTC related
instruments offer possibility to end of the day switsch funds from
CFTC related account to SEC related SIPC protected ...


Best wish ...
 
Quote from enochbenjamin:

I

OandA was just too cartoonish for me. IB has an open and FREE (compared to $600/month at oanda) API that allows me to use external charting/analysis and trade execution software so that I can customize my trading environment to suit my trading style.
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You should better read the details before you distribute incorrect information.

Still IB is fine for me as well.

Hittfeld
 
Quote from dtjohnson01:

*update*

I am not so much worried about the trading aspect with oanda being a "bucketshop";as I feel I am being "stop hunted", cheated, or other fraudulent type things, then I can see it, maybe take a small loss and I can then make that decision whether or not to stay.

It's things I can't see that are "behind closed doors" at a company that are out of my control that would put my ALL my money at risk in one instance, that worry me.
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I heard of brokers who requote or fill you so that you almost lose your whole account, so i guess that should worry you.

You should also look into hotspot fx. Recently bought by knight capital who is listed on the stock exchange.Commision is 4 dollar and spreadis 95% of the time one pip on the majors. Very good and simple platform and great customer support. ECN type, and has got great reviews. at forexbastard.com The best thing about them seems to be their instant fills and executions.

I think your money should be safe with them as they are backed by knight capital, and from my research, they seem to be very honest. They are under regulation of two major parties(one of them is NFA)

This could be an alternative if you cant deal with the horrible platform for currency trading and customer support at IB.
 
Quote from Hittfeld:

You should better read the details before you distribute incorrect information.

Still IB is fine for me as well.

Hittfeld
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I can read:

Pricing

OANDA will charge a license fee of USD $600 for the Library, after which the customer is entitled to two free months of use. Monthly fees of USD $600 will commence following this two month period, discounted by USD $50 for each USD $1M in trading volume generated on the account. Note that a monthly volume of USD $12M would entitle the customer to free API use.

If you think I am making it up, you can goto the source: http://fxtrade.oanda.com/fxtrade/api/index.shtml
 
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