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I have been wanting to expand my horizons into forex for awhile. Unfortunately, IB does not allow margin capabilities for US residents. I was about to commit some money with Oanda but after reading reviews about them i am weary. Any input about experiences, good or bad , with Oanda is much appreciated.
Best,
-RJV
Ask the developer of Currency VIX, he had some problems with OANDA not too long ago.
Thank you for the tip Karl
I autotrade a currency system w/ Oanda. It generally works. Last month, though, it entered two trades that weren’t part of the C2 signals. I lost 3-4%, and so far the only real response I’ve gotten was “We are investigating these trades and I will revert when I have further information.”
If I had more time, I’d check every trade over the entire time I’ve been trading w/ Oanda (6+ months).
I continue with it, though, as the system is profitable, but it’s one of those things where if it was in a drawdown, these types of errors might cause me to panic.
Hello,
I trade there. I connected autotrading my system “PFSignal com” in Oanda US. There were no problems. Everything is going. Customer support works well.
Michael
Thanks for taking the time Mathew and Map.
The UK brokerage IG has recently opened up here in the U.S. and is accepting U.S. clients for spot forex trading. They are very large and widely considered to be one of the better forex brokers around in terms of service and stability, and now they are registered with the US regulatory agencies. I still trade with Oanda, but I will probably go ahead and open an account with them. I have dealt with some Oanda support people that I could tell english was not there native language. I have read that IG has very good phone support for english speakers.
I’m getting VERY mixed reviews for IG. Some people say they’re a bucket shop and most of the FX forums really dont like or highlight them which is strange for how long they’ve been around. Dont know about IG but Oanda is DA BOMB!! Superfast Execution. No hiccups, No problems. I’ve had a variety of accounts with them over the years and their latest MT4 setup is pretty flawless for user management and execution.
I want to give em a shot as an Oanda alternative and prob will since they’re the only possible decent choice (hopefully) but their lack of FX presence doesnt have me hopeful. US market is new but they havent kicked up any steam overseas either. Most overseas traders prefer others.
I especially like Oanda’s different software platforms and integration with Tradingview. I’ve never had a bad fill. As far as bad reviews for IG go, I will definitely read some more reviews. I’ve learned to tell the difference between a review written by a seasoned professional versus a rant written by a rookie that doesn’t understand the difference between demo and live trading in a fast market.
Thank you for taking the time to respond.
Could anyone please share what a good commission rate is at Oanda?
Appreciate it.
There is no commision rate at a FX broker - This lies implied in the spread.
This is one of the best brokers. There is no commission, only a spread, input is fast, withdrawal is fast, customer service is fast. BUT! Do not forget to diversify. 3-4 brokers have accounts. So more reliable.
If you were working with the OANDA help desk and not the assigned (to your acct.) acct. manager you may have some minor communication issues, but my personal experience is that my account manager at OANDA is super helpful, and the help desk has never led me astray nor been unable to satisfy my request.
If you’re in the USA its prob your best best. Still researching IG but all data looks like Oanda hands down!!
I autotrade a currency system w/ Oanda. It generally works. Last month, though, it entered two trades that weren’t part of the C2 signals. I lost 3-4%, and so far the only real response I’ve gotten was “We are investigating these trades and I will revert when I have further information.”
UPDATE: Today Oanda made a Credit Adjustment to my account. I’m impressed, as after my initial emails I just left it alone and didn’t bother them further. It took 2+ months, but they made it right!
Good to here Mathew. Thanks for sharing.
I have been with Oanda about a month now and my experience is that it is expensive. Yes, it is commission free but instead you pay the spread. Well, that spread is usually 4 pips minimum and usually 5-8 pips even on the thick Euro dollar. Ive even been hit with a 100 pip spread more than once. Bottom line it is way more expensive than Interactive Brokers. The con with IB is no margin for US residents.
Oanda entered me into trades again on Sunday that didn’t match the C2 signals. While I do have hope that they’ll refund the losses (since they did last time), this is kind of time consuming. And, it makes me want to go back over months of trades that may also have some errors (there are couple of months where my performance was significantly lower than the strategy).
I wish I could use IB, but the no margin on forex for US residents really puts a limit on things.
“I wish I could use IB, but the no margin on forex for US residents really puts a limit on things.”
Couldnt agree more. Thnx for your feedback.
