NY Trader 18:05 GMT 01/29/2019
Finally after nearly 4 weeks Oanda is reimbursing me for a small loss resulting from its platform issue. This took too long but glad that Oanda made good on its platform going down. .
NY Trader 14:06 GMT 01/22/2019
In the U.S, there are only two choices for retail forex brokers, slim pickings as there are no alternatives. When FXCM closed down in the U.S. I opened an account with Oanda but am now having second thoughts.
I hesitated writing a review but I am doing so in the hope that it will be read by someone at this broker and lead to changes.
1) Oanda has the worst customer service I have seen in a broker. The wait time for a customer service representative is rarely less than ten minutes and can be as long as 30 minutes or more before someone picks up.
2) There is no dealing desk so if there is a platform issue you cannot enter or close out a position on the phone.
3) The lack of a dealing desk means when the platform goes down for an extended period there is no way to trade. This has happened twice recently (that I know of but could be more) and at least one other time over the past few months.
I was told in each case that Oanda would review the situation afterwards and at its discretion, determine whether to reimburse any losses. In the first case I closed out my position when the platform came back online as I was unable to book a profit during the outage, I was subsequently reimbursed for a small loss on the position after several days.
I had a similar situation when its platform went down for around two hours. During that period I was on January 4 where I was unable to book a profit and took a small loss when the platform came back online. It os now nearly three weeks since I sent in an email as instructed and am still waiting to my issue to get resolved.
There are two issues here.
First the unreliability of the platform makes me wary to put on trades.
Second, there is the opportunity cost of not being unable to trade when the platform goes down. I asked for an explanation from Oanda to see if this is a chronic problem but was told it is now a priority. I am not sure why it wasn’t a priority months ago when this first occurred. .
My hope is someone high up at Oanda reads this and looks to improve its service as we have only one other alternative broker to choose from in the U.S. I am opening an account with that broker to protect me if Oanda’s platform goes down again.
test 13:29 GMT 03/05/2018
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East Coast Trader 12:03 GMT 10/06/2014
I asked this before and would really like to get some responses to find out if it is Oanda legacy issues or my computer?
it happened again in Friday after nfp when the platform show prices 30 pips off the market but if you traded on them, you got filled at the real market. It makes it i8mpossible to trade on key data days but I need to confirm it is Oanda and not my internet connection causing the legacy issue.
I would appreciate any replies.
Chicago IM 12:45 GMT 09/05/2014
I just had the same problem with Oanda. My fills after nfp (and this was minutes after) saw slippage of 6-10 pips from what was quoted on the platform. Fortunately this time I made money but my first fill was 10 pips below where I tried to sell.
If anyone is trading with this broker please let me know if it is my computer or typical after key data????
This is not the first time it happened to me.
GVI Forex Jay Meisler 11:37 GMT 06/23/2014
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There have been two reviews posted on the same subject and they relate to broker spreads.
For those trading with this broker, please post your experience. If you are reluctant to post, then send me an EMAIL and I will post it using your name.
East Coast Trader 14:12 GMT 06/19/2014
Can someone who trades with Oanda confirm whether it is my computer or latency in its platform when it gets busy.
East Coast Trader 18:15 GMT 06/18/2014
I just opened an account with Oanda and had a similar experience, It was quoting EURUSD right after FOMC at 1.3548-64 spread when the bid was 1.3595 elsewhere. I was scared to arb as I am sure I would get filled in the 90s.
My question is whether it is my computer causing the lag or is it typical of this broker?
USA FXTrader 13:11 GMT 06/06/2014
What's the story with its customer service? I called to inquire about the slippage and recording says estimated wait time is between 2-10 minutes. I have been on hold for 25 minutes. Is this typical?
I like the price feed but now having questions whether it is worth it.
USA FXtrader 12:43 GMT 06/06/2014
I just started trading with Oanda and have an issue. I sold eurusd a few minutes after nfp and got filled 9 pips below the price showing on MT4. That is a big slip and I know prices are moving fast but I should have gotten filled at or close to my price.
If you can't trust pricing then you can't trade.
Is anyone else having a similar experience with this broker?
GVI Forex Jay Meisler 22:10 GMT 01/30/2014
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