One word: Oanda or IG?

S

Saltynuts

I'm about to begin my massive(ly small) campaign shorting the U.S. dollar versus currencies where the government is apparently not printing money at anywhere near the clip we are. So my only question - which to go with, Oanda or IG? Oanda seems like a long-time favored, but IG apparently is new and has some really good features or something or other, and some say Oanda has slipped.

Thoughts?

Thanks!!!
 
One word: Oanda or IG?

-They are EXACTLY the same, both market-making brokers that trade against you and both claim they don't as they are always neutral in net positions against their clients through hedging.
 
Saltynuts said:
I'm about to begin my massive(ly small) campaign shorting the U.S. dollar...
More...

You have not had good luck shorting recently. Why do you keep fighting growth in the world economy?

Cover your GME shorts and put it all long in Amazon, man.


It's not going anywhere man.
 
Saltynuts said:
I'm about to begin my massive(ly small) campaign shorting the U.S. dollar versus currencies where the government is apparently not printing money at anywhere near the clip we are. So my only question - which to go with, Oanda or IG? Oanda seems like a long-time favored, but IG apparently is new and has some really good features or something or other, and some say Oanda has slipped.

Thoughts?

Thanks!!!
More...
Since your trade could take months, if not longer to play out, what are the carry cost for each broker? As a day trader I've not kept up with rate changes for overnight positions, but have read forum complaints of Oanda increases since change of ownership.
 
I'm trading with both. Oanda works better with small positions, on IG you really want to have min 10k per position due to (large) commission.

On Oanda's financing charges: https://www.oanda.com/us-en/trading/financing-fees/ or (if you're not US bound and need to know about indices/commodities?) https://www.oanda.com/sg-en/trading/financing-costs/

IG has a lot of other stuff than forex and indices to trade though, so if you need to mix in e.g. equities that would obviously be preferable.

As for these "brokers" "trading against you". You can compare their prices vs another price source. If they do stand on the other side of your trade or not, it otherwise doesn't matter if you get a market based price (beyond counter party risk). What does matter is the spread that's going to be larger than on market, and that is also manipulatable. I haven't excessively seen that from these two though, it's clear Oanda is keeping me in the trade as long as possible.

For the record, I also have IB but in my country IG is more convenient (also than Oanda) due to better interfacing with the Swedish tax system.

As for shorting US dollar: Make sure you actually understand what you're doing and not just superficially do so. You're not going to make money based off the latest clickbait headlines on e.g. Zerohedge.
 
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JSOP said:
One word: Oanda or IG?

-They are EXACTLY the same, both market-making brokers that trade against you and both claim they don't as they are always neutral in net positions against their clients through hedging.
More...


Thanks JSOP. I asked this a long time ago in another thread that has been lost to me in time, so I don't know if anyone answered - but since there is no central market for foreign currencies, how do you KNOW you are getting a fair price? Is there not some central price reporting agency or site or something that has like reference prices so you can compare those to your broker's quote?
 
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