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Happy with Oanda

I have been trading live with Oanda for about 6 months now. Keep in mind my account is still rather small, and I do not trade the news, but so far, I like Oanda for their capability for:
(1) any size account (almost no minimum account balance)
(2) any size trade (not limited by set mini or micro lot size)
(3) possible funding via PayPal
(4) very tight spread (at least during non-news period)
(5) can be traded from my MacBook (not tied to Metatrader)
(6) almost instant execution
(7) very rare (if any) slippage (again, I do not trade news events)

Some possible negatives:
(1) If you trade news, I have seen spread jumping up to 10 pips, (and even once up to 20 pips for fraction of a second on EURUSD,) so Oanda can easily take out news trader's stops.
(2) The charts are a little basic. But I have experimented with analyzing potential setups on a demo Metatrader, and then placing trades with Oanda, without much problem.

Overall, I think most non-news traders can be well served by Oanda.

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25 November 2009
View Sariputra's Profile

Good Introductory FX

This is a great broker for beginners in forex trading. Orders are straight forward with simple exits. There is practically no minimum deposit and there is no minimum order size, an practically no minimum deposit(I believe it's $1) or account balance requirements.

Spreads are pretty small (~1-2 pips). I have yet to find any other broker with smaller spreads.

OANDA was recommended to me in a forex trading course I purchased and I have been pleased with it and would recommend it to others

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25 November 2009
View Lostfox's Profile

The following review is from www.elitetrader.com

What an improvement!

It's amazing how things have changed so dramatically at Oanda in just a few short months since my last review!
Oanda without doubt went through a bad spell and had some serious platform, connectivity, and trade execution issues but it looks like they have resolved most of those problems and are back to being one of the best marketmakers out there.

Platform and connection reliability and stability are excellent, fills are fast and in the majority without slippage even in thin volatile market...

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31 October 2009

Review of Oanda

I have been with Oanda for many years, and in general I have been rather pleased. They state that their spreads starts from 0.9 Pips on EUR/USD and that is true. However they often increase the spread, specially around fundamental news events and psychological numbers. I have seen the EUR/USD spread go up to 10 pips. But this is almost seems like common practice these days, and I think it is difficult to find a broker with fixed spreads these days.
The platform is okay, but nothing amazing. I normally do my analysis through metatrader, and then use Oanda to place my trades. However, you can easily go with the Oanda platform to do this as well. The platform offers a wide variety of technical analytical elements, and they have a free news service which is working alright.

One thing I really enjoy about Oanda is that you have the option to add funds to your account balance through PayPal.
Overall I have been pleased with Oanda

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25 November 2009
View Tradeprofits's Profile

The following review is from www.elitetrader.com

from 1$ to 1M

Reliable ( 95% but nothing to do with volume or news more natural instability of java ), fast, scalable, start with as little as 1$ don't need to take more risk to enjoy !

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31 October 2009

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