Here is the issue: "We're pleased to announce the launch of OANDA's FXGlobalTransfer You can now transfer money worldwide from your FXTrade account! Enable FXGlobalTransfer in your FXTrade account by visiting the following link: https://fxglobaltransfer.oanda.com/account/fxgt-registration.shtml Feedback is always appreciated." Since the FXGlobalTransfer can be registered online with only a FXTrade password, I am wondering whether there is a potential risk that as long as someone (such as Oanda's ex-staff) has my password could use this arrangement to send my money (with FXTrade) to anywhere (s)he wants to send, without my knowledge or approval, particularly when at a time I will be away holidaying without daily access to my e-mail notice. I think this feature is a serious security issue to be carefully reviewed first before launching? How about a trader is authorised by a relative to trade her FXTrade account with Oanda by providing the FXTrade passowrd for logging-in her account (and possibly the trader has been helping to look after her e-mails daily)? Do you feel safe and secure for this new feature?
If it worries you, don't sign up and enable it. If your account isn't enabled with this feature, then you can't use the feature. Personally, I wish Oanda would stop with the damned features and get more stability out of their platform. I haven't been able to log in for the past hour. Their forums are down, too.
Oanda has a ridiculous amount of features.. altho a few I think are very usefull like being able to look up the interest rates and the open positions / position ratios /open orders
The sign-up can be done simply with online application. That means anyone with my FXTrade password can do the sign-up with my knowledge. Agree that Oanda's platform has been quite unstable for some time recently, actually very unstable such as many times after log-in I had different settings on my screens for displaying trade information. Annoying!!!
Maturity and stability of existing core functionality and features are much much more important than new gimmicks, if Oanda still want to maintain the market share by retaining clients.
Probably no any other brokers in financial industry would be allowed to do that based on 100% online application and confirmation (Legally?), I am afraid.
Nice feature for those that need the ability to transfer monies wordwide, but like the man says, if you don't need it, don't sign up for it. If you're that worried about it, which it seems you're freaking out about it with your posts and poll, then don't activate this feature. And as to someone having your passcode, you should be changing it every month or so anyway. It is really the only way to protect your account.
Seems to me it was at one stage a client of Oanda couldn't even send the money to a different bank account of the same person's name without physically sending/ showing proof of ID paperwork.
Here is a comment by someone else from Oanda's forum: "Security seems a bit weak tho, having the ability to send all the monies to any account with just a simple password. That wasn't an issue before FXGlobalTransfer, because only wires back to the bank-account from where the funds were transfered from were possible. But now only a simple password seems weak to me." Seems no official response by Oanda to this query yet.