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Oanda Reviews

This is a discussion on Oanda Reviews within the Forex Broker Reviews section, part of the Forex Reviews category; Oanda INFO Oanda (Oanda Corporation) is a forex broker based in Toronto, Canada and was founded in 1995. This broker ...


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Review Tools Display Modes

Member rating
Customer Support
57.2%57.2%57.2%
2.86
Honesty
91.4%91.4%91.4%
4.57
Quality of Execution
74.2%74.2%74.2%
3.71
Platform Features
71.4%71.4%71.4%
3.57
7 users rated 74% average
Oanda Reviews
Oanda Reviews
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Published by TheForexReviewer
07-20-2007
Default Oanda Reviews
Oanda INFO

Oanda (Oanda Corporation) is a forex broker based in Toronto, Canada and was founded in 1995. This broker is registered as a Futures Commission Merchant with the Commodity Futures Trading Commission and member of the National Futures Association (ID#0325821).

Oanda SPECIFICATIONS
Spread on Majors*
EUR/USD1.2 pips
USD/JPY1.6 pips
USD/CHF2.5 pips
GBP/USD2.5 pips
USD/CAD2.5 pips
AUD/USD1.8 pips
*Spreads during normal market conditions
AVAILABLE TYPE OF ACCOUNTS & LEVERAGE
Demo AccountYes
Universal AccountYes, micro-mini, mini and standard transactions are available on the same account. US$1 (Yes! one dollar) to open and up to 50:1 leverage.
OTHER INFORMATION
PlatformFXTrade (Java based)
Supported LanguagesEnglish
Accepted DepositsBank wire, checks, money orders and PayPal


How to rate this broker?

Customer service: are they efficient and willing to help on any issue?
Honest: Did they delivered what they were supposed to?
Trading Execution: evaluate slippage, requotes, etc.
Platform Features: Platform capabilities such as trailing stop, OCO orders, one click dealing, etc.

IMPORTANT NOTE: Please post only if you are going to rate this broker, everything else about this company please discuss it at our Forex Services Discussion Forum.

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  #1 (permalink)  
By mistic on 09-07-2007, 03:46 PM
Member reviews
Customer Support
40%40%40%
2
Honesty
100%100%100%
5
Quality of Execution
100%100%100%
5
Platform Features
100%100%100%
5
Average 85%
Default Everything is great but Customer Support

This review has been useful for 1 trader(s).
Ive been trading with Oanda for about two years now and havent had any real complaint about them.

Yes, they widen their spreads during news announcements but thats that happens on all markets, when liquidity falls spreads widen. Also Im a position trader so it doesnt affect me that much (only the big ones like NFP or Interest rates, etc).

The only concern is their custormer support, it falls down below average.

Everything else I like
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  #2 (permalink)  
By big P on 09-13-2007, 10:50 AM
Member reviews
Customer Support
40%40%40%
2
Honesty
100%100%100%
5
Quality of Execution
60%60%60%
3
Platform Features
80%80%80%
4
Average 70%
Default honest but could improve in other matters

This review has been useful for 1 trader(s).
Their spreads are one of the lowest in the industry which is a good thing since I executo a lot of trades in a day. But, since I moved to this broker I got extra careful during news announcements because their spreads widen.

There is one thing I never understood about Oanda, they widen the spreads during news announcements (a lot) even when they are not a non dealing desk broker.

Im still ok with them, from what Ive read there are no perfect brokers, so I can live with this...
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  #3 (permalink)  
By forexcaster on 09-18-2007, 09:35 AM
Member reviews
Customer Support
20%20%20%
1
Honesty
80%80%80%
4
Quality of Execution
40%40%40%
2
Platform Features
40%40%40%
2
Average 45%
Default tight spreads but not good for news traders

This review has been useful for 1 trader(s).
The only drawback about oanda is that they widen the spreads during news announcements, so if you dont trade durins news releases this one is definitely your option but if you do you are better off trading with someone else.

Their spreads when no announcements are due are tight, you are allow to trade fractional lots (good for money management).

They could improve with their customer support
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  #4 (permalink)  
By Ruchino on 10-25-2007, 01:20 PM
Member reviews
Customer Support
60%60%60%
3
Honesty
100%100%100%
5
Quality of Execution
80%80%80%
4
Platform Features
100%100%100%
5
Average 85%
Default is oanda the best broker????

This review has been useful for 1 trader(s).
I still have the small account I opened with when I started trading the forex market. And you know what, I think Oanda is probably the best broker around (if they just improved their customer service, not eveything has to be done via internet folks). Ahhh no, they need to improve their spreads during news announcements also...

Everything else I like and feel comfortable with Oanda.

You know what? I will probably come back to Oanda and fund it with another account I have with other broker... not sure yet, but will decide soon...
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  #5 (permalink)  
By fxrobot on 10-29-2007, 07:44 PM
Member reviews
Customer Support
80%80%80%
4
Honesty
100%100%100%
5
Quality of Execution
80%80%80%
4
Platform Features
60%60%60%
3
Average 80%
Default platform not so good, everything else is fine

This review has been useful for 1 trader(s).
I wish they had the 4H and weekly charts, I desktop application (or windows application) because their java plat takes so many resources from my laptop... but thats about it! I like their spreads (0.9 pips for the EURUSD) they are very very honest people and I think I saw a report about Oanda that they execute more trades than any other forex broker (is it true? I dont know, but I still think they are an excellent broker).
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  #6 (permalink)  
By frings on 11-14-2007, 03:52 PM
Member reviews
Customer Support
80%80%80%
4
Honesty
100%100%100%
5
Quality of Execution
80%80%80%
4
Platform Features
60%60%60%
3
Average 80%
Default another good broker

This review has been useful for 1 trader(s).
Oanda is another good broker!

Their best advantage if the tight spreads they offer to their clients (sometimes 0.9 pips for the EUR, thats about the tightest I have ever seen among all brokers I have experience with).

I think I read somewhere Oanda is the Forex Broker with the largest ammount Capital... another plus!

I think they could improve their platform and specially devise something like a desktop software because java eats up all my PC resources!!!!

Another plus for oanda is their uncensored forum, where you can talk about their platform, spreads, etc. A good way to stay in contact with them!

HTH
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  #7 (permalink)  
By tradergav on 11-17-2007, 04:52 AM
Member reviews
Customer Support
80%80%80%
4
Honesty
60%60%60%
3
Quality of Execution
80%80%80%
4
Platform Features
60%60%60%
3
Average 70%
Default Ok-ish platform, honest broker , widenning spread

This review has been useful for 1 trader(s).
I have been with Oanda for a couple of years. So far, I am pretty happy with them. Tight spread is always their selling point, but the widened spread during news announcement is annoying. It easily goes from minimum 10 pips to 30 pips spread.

I day trade pair with no news announcement on the day. And pretty wide stops.

The platform is pretty simple. But it is good enough to trade. Not for indicator maniacs though.

In short, it is an honest bucket shop, with strong financial background.
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