Sincere opinion on Oanda

[Putin's puppet]

Quote from Pippi436:

But you do actually trade with IB ?

Commission is $20 per 1m USD traded. For 1m eur/usd its $20 * eur/usd rate. So its ~$26 or or 0.26 pip, one way. Double that, since you have to exit your trade too, and add 0.5 pip spread.

Yeah, sounds quite logical to me because commission is stated for half turn most of the time. Then there is the thing that Mr. IB can't calculate correctly as it seems.

 

[Putin's puppet]

Quote from dhpar:


2. if you double that then you need to double Oanda's 0.9 too

lol What?

Yeah, pretty silly. lol

 

[mr.az]

Quote from dhpar:

not sure i follow. the commission is 0.2 on top of 0.5 spread. in total 0.7.

i agree there is a minimum of USD2.5. so if you trade only 62,500 small "lots" the commission is in fact 0.4 making it on par with Oanda.

i just do not see if you trade 1MM how you get it cheaper with Oanda. If that's the case maybe i need to reevaluate where I execute some trades (and allocate the capital). btw, is your money at Oanda finally insured in the same way IB is? I doubt that....

Segregated Customer Funds at OANDA Asia Pacific
OANDA Asia Pacific holds a Capital Markets Services (CMS) License (number CMS100122-2) issued by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act (SFA) of Singapore.
As required by SFA regulation, OANDA has set up a trust account at Standard Chartered Bank in Singapore. All funds you send to OANDA Asia Pacific must be deposited in this trust account, and held there in trust for you. Your money is:
segregated and maintained separately from OANDA Asia Pacific's own funds.
only accessed for your trading-related activity or your withdrawals.
never used for our operating costs or covering of our obligations. No matter what.

Deposit Insurance Register

Our wide range of accounts ensure that you are never short of choices and your money is in safe hands.

The Deposit Insurance Scheme was established under the Deposit Insurance Act which came into force on 18 October 2005. The Scheme aims to provide limited protection to individuals and charities in respect of their "Insured Deposits" placed with banks and finance companies who are members of the Scheme. Standard Chartered Bank is a member of the Scheme.

Standard Chartered deposit accounts which are eligible for deposit insurance coverage under the Deposit Insurance Act are listed in the Insured Deposit Register below.

does it qualify?

 

[dhpar]

Quote from Putin's puppet:

lol What?

Yeah, pretty silly. lol

ok you are right - my wrong. so that makes IB exactly equal to Oanda when round turn is considered - at 0.9.

still, can somebody answer the question about the security of the deposit?

 

[mr.az]

Quote from dhpar:



2. if you double that then you need to double Oanda's 0.9 too - this is becoming silly.

have you ever scalp-trade with oanda before?

 

[mr.az]

Quote from dhpar:

ok you are right - my wrong. so that makes IB exactly equal to Oanda when round turn is considered - at 0.9.

still, can somebody answer the question about the security of the deposit?

I believe dukascopy is cheaper plus you can get 45% rebate if you join under an IB

 

[dhpar]

Quote from mr.az:

Segregated Customer Funds at OANDA Asia Pacific
OANDA Asia Pacific holds a Capital Markets Services (CMS) License (number CMS100122-2) issued by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act (SFA) of Singapore.
As required by SFA regulation, OANDA has set up a trust account at Standard Chartered Bank in Singapore. All funds you send to OANDA Asia Pacific must be deposited in this trust account, and held there in trust for you. Your money is:
segregated and maintained separately from OANDA Asia Pacific's own funds.
only accessed for your trading-related activity or your withdrawals.
never used for our operating costs or covering of our obligations. No matter what.

Deposit Insurance Register

Our wide range of accounts ensure that you are never short of choices and your money is in safe hands.

The Deposit Insurance Scheme was established under the Deposit Insurance Act which came into force on 18 October 2005. The Scheme aims to provide limited protection to individuals and charities in respect of their "Insured Deposits" placed with banks and finance companies who are members of the Scheme. Standard Chartered Bank is a member of the Scheme.

Standard Chartered deposit accounts which are eligible for deposit insurance coverage under the Deposit Insurance Act are listed in the Insured Deposit Register below.

does it qualify?

thanks - was just asking the question again. but i am also confused - does it mean they take only the maintenance margin and the rest is in trust account with STAN? even then is it insured if Oanda goes BK like e.g. Refco?

 

[Putin's puppet]

Quote from dhpar:

ok you are right - my wrong. so that makes IB exactly equal to Oanda when round turn is considered - at 0.9.

Well, if I would act as fussy dhpar in a Hollywood flick then I wouldn't use the words 'exactly equal' too loudly.

For 1 million traded you have costs at IB of $102 and at Oanda you have $90. That's a 12% difference to me.

 

[Putin's puppet]

Quote from dhpar:

even then is it insured if Oanda goes BK like e.g. Refco?

Ask support to be 100% sure. frontdesk@oanda.com

 

[dhpar]

ok - i checked IB webpage and see that comms is actually 0.2bps of trade value vs 0.2pips which I thought it was. I have to admit i am surprised to see Oanda cheaper than IB...

there is still the problem with no netting of currency exposures and charging interest by pairs - which can add quite some costs unless you are a short term scalper (which I am not in FX).