Discussion in 'Forex Brokers' started by frank99, Mar 3, 2007.
Does anyone know why Oanda has been down since Friday?
Maybe the took your money and left the Country.
According to cgibson an Oanda employee,
The maintenance of our FXTrade servers has been taking longer than originally anticipated. There are a number of operating system and user-level software patches required in order to properly support this year's adjustment to Daylight Savings Time. The updates raised a number of issues that we are working on resolving, and are confident that we will have resolved in time for regular market trading. This work is progressing at a careful pace, as we need to test all systems to ensure their stability before placing them back on-line for live trading.
We can assure you that this maintenance has no impact on your account funds, positions or records, and that we are working as quickly as possible to bring the servers back on-line.
Thank you for your continued patience as we work to resolve this issue.
Thanks! I'm glad they finally posted something. I wasn't worried until they shut down the thread with all the complaints.
Of course they are going to post something good. You still should be worried. You should start making phone calls first thing on Monday if they aren't up and running.
I do not have all of my money there...Thats how I deal with it...
P.S. Not that I have a lot of money or anything like that...BUt I got some cash in money market account just in case.
Yup, the old adage to "diversify your portfolio" is applicable in other areas besides stock portfolios.
It's very tempting to painstakingly search for the perfect broker and put all of your money there. But I've met several traders who have accounts at several brokerages and move it around periodically. They're hedging against a brokerage failure.
It makes sense but I'm a looooooong way from having so much capital that I need to do that.
For what it's worth, I believe that the panic observed on the Oanda forums will prove groundless come Monday. They're not out of business though they probably should have communicated better about the outage status.
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