Oandas bill of rights for traders

Discussion in 'Forex Brokers' started by sgsaxton, Oct 27, 2005.

  1. They sent that out in a nice box to members (at least I got mine) a while back. I thought it was a nice gesture showing that these guys are a class act.

    Been a member for several years, have a 6 figure personal account. Never had one complaint with their service.


  2. pretty good stuff - thanks!
  3. KS96


    I hope you are aware that your six figures
    aren't insured.
  4. Maybe not but here is what their site has published concerning the security issue.

    Safety of Funds
    "OANDA is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM), and OANDA is a member of the National Futures Association (NFA # 0325821).

    OANDA maintains all customer funds strictly separated from operational funds in accounts maintained at highly reputable banks, such as JPMorgan Chase, Citibank, UBS, Deutsche Bank, Royal Bank of Canada, etc. Funds are withdrawn from these accounts only as a direct result of customers' trading related activities or customer withdrawal requests. In the unlikely event of an OANDA bankruptcy, all customer funds maintained at these banks are legally protected.

    Moreover, OANDA continuously meets specific financial requirements, including minimal capital requirements based on customers' open positions. OANDA compiles and submits to the CFTC and the NFA financial data on a daily, weekly and monthly basis. Both the operational and the financial aspects of OANDA are audited by the NFA as well as financial auditors, which in our case is Deloitte & Touche.

    As any other financial institution, OANDA has numerous internal procedures in place designed to prevent the possibility of fraudulent activity of OANDA employees.

    Finally, OANDA uses sophisticated risk management technology so as to minimize currency risk. In particular, customer positions are continuously (and in an automated fashion) monitored, and, when appropriate, our back-end FX traders hedge accordingly."

    I can't seem to find any info which would indicate how strong the company is.
  5. looking at the 100odd threads around refco & the account security issues, it'd be nice to know how oanda has structured this 'legal' protection in case they themselves go bankrupt... to take an example, this is what i found on IB's website this week:

    also agree it'd be nice to see some form of financial statements... cldn't find anything on oanda nor olsen associates tho'...

    anybody got anything?
  6. Look I know this next question is "iffy" and I'm going to seem like a right Git for asking, but I think it needs to be brought into focus.

    Are there any "full time" traders who have an account with Oanda and could shed some light on quality and integrity of their service?