Discussion in 'Forex Brokers' started by paulr, Jan 16, 2003.
How is Oanda for the small Forex trader?
Any other brokers better?
OANDA is the best place for small FX traders. They have no standard lot size of 100,000 units or mini lot size. You can trade one USD, EUR, AUD, etc. if you want.
For small or inexpericend traders, you can try your strategies or whatever with small trading accounts without losing your shirts.
Try the demo/game first. It works just like the real thing.
try GFT Forex there dealbook is the best FX platform there is.
Dtg proedge has an attractive platform also.
Are Oanda's competitors bid/ask spreads as good as theirs?
This is what really matters.
An Fx broker is good, if their spreds are between 1 and 3 pips and you pay no commissions. Otherwise it is cheaper to trade GLOBEX futures.
Yes Oanda's may be good for small players ( under $1000 ) but if your deposting /trading larger funds stay away. The fact that Oanda never botheard to regester with CTFC and never intends to leaves more risk on the table with your funds. Their customer agreement includes pretty scary words about a trader giving them full control over his/her money and how they use it.Their spread is too narrow to give them steady income, thus putting your money at risk. Their spread is too narrow to give them steady income, thus putting your money at risk. A long thread on OANDA Forum discussing their legitimacy and reliability did not contain a single post from a trader who had withdrawn money from them, even though there were several appeals to post such an expirience.
If they survive without defaulting, they may become the best in business, but I think it is too early to trust them with money.
It is also a fact that they target the smakker players only becose they know new traders lose 99% of the time..
Thnk about it.. Just my two cents
Lots of traders at OANDA have withdrawn money without any problems, some on a regular basis such as monthly. For myself, I withdrew my initial deposit after having the account for 3 or 4 months and currently trade with the profits and interest earned. The money I withdrew was in my bank account within 3 business days as promised in their documentation.
I would stick to a known and reputable firm
whose accts are secure ...
The Olsen Group (formerly Olsen & Associates) has been around many years. That's more than I can say about most online FX firms. Do your own research before opening an account with any firm.
Is there any particular reason that OANDA is not registered with the CFTC and NFA? I thought that it was now a legal requirement for all Forex brokers in the USA to do so.
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