driven18 replies to: OANDA Discussion

I find it funny how people try to puff themselves up by pretending to have knowledge on something. Why does anyone care who uses what broker? Personally I use Oanda, have so for 12 years. My spreads are always between 1 -1.5 when I make my trades. I trade all the majors within 1 hour of New York close and have never had an issue. I pay a commission that is a bit higher then some but for me it is the CODB to work with a good broker. Even with the added commission, it is usually less than 2 pips total round trip per pair on the majors on average. For example the cheapest is USDJPY and is around 0.9 total with full turn commission. The most expensive is GBPUSD which is 1.5 full turn. Full disclosure, I do have the premium account and get a discount on spreads and commissions. In the US, where I am based, we have 3 choices. Oanda, Gain Capital and Interactive Brokers. That is it. All are the same more or less but I just like Oanda. That does not make me wrong. It is my choice.

Some folks weigh the risk of higher leverage and or smaller spreads or commissions against the risk of having an overseas broker. My broker has an office in my city. I have been there, chatted with staff and the business office manager. For me, it seems silly and immature to argue about brokers. A few of the folks on here who have been posting recently are dead wrong in every way about Oanda and trading in general. It shows their inexperience and/or lack of knowledge. Which is fine. It is entertaining to watch, but it does get old and bad mouthing a decent broker is doing new traders a disservice.

There is a reason they have regulated offices in 7 cities around the world that are actual players (San Francisco, Toronto, New York, London, Tokyo, Singapore and Sydney) in the financial world and net capitals that far exceed what is required. They are a well respected Forex industry company that offers its services to major blue chip companies. They have have regular analysts on Bloomberg and other financial networks. They just got a cash infusion from CVC Capital Partners to buy all the outstanding equity in the company. They have also started a new Currenex based Institutional Trading platform. This is no ordinary “bucket shop”. They are as transparent a broker I have ever researched.

Just remember what they did during the CHF event. While other ‘Brokers’ closed their doors or wanted more money from “clients”, FXCM is a despicable company, Oanda not only honored stops but refunded losses that exceeded stops and honored gains. That is something you can respect.

– Ric

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