Opened an account with OANDA - Questions...

Discussion in 'Forex' started by MasterGambler, Jul 21, 2012.

  1. yes,but you need to have 1,000,000 $ if you live in canada to trade with them
     
    #11     Jul 21, 2012
  2. yes, but you get free health care, so it all evens out.

    Eh?
     
    #12     Jul 21, 2012
  3. less of that Eh eh Oldtime


    all futures contracts are for a fixed amount/value, the 6E Euro FX - eurusd equivalent
    contract is for $125,000 and the M6E Micro Euro FX for $12,500
    the 'overnight' margin is first set by the CME Globex exchange but brokers may require
    more funds, AMP Global Clearing's amount is $4,725 for the 6E, $270 for the M6E and
    again, determined by the broker, AMP's daytrading margin for the 6E is $500 and $100
    for the M6E
    likewise fixed roundturn commissions vary by broker, some still charge $80 as a 'full
    service broker' whereas AMP and others charge $5.94 and $1.99 for the 6E/M6E

    above margins translate into a much higher leverage than the 50:1 maximum fx spot
    leverage permitted by the CFTC and in Canada. as Jack's already pointed out most
    fx brokers also have standardized trading amounts, lot, mini lot, micro lot, but Oanda
    permits non standardized amounts to be traded that they refer to as 'units', so Oanda's
    way means one can control both the amount of money per trade and also control the
    amount of leverage: http://fxtrade.oanda.com/analysis/margin-calculator

    there's a new CEO at Oanda and besides no longer offering weeked trading - not that
    there was much, there may be other changes that have been implemented. one is the
    'Recent Oanda Spreads' page, it used to show the different spreads during each of the
    daily sessions, so there'd be the lowest spread for the eurusd which was 1.2 pips and
    maybe going up to 10 pips due to say the NFP release. not sure if the min spread is
    still 1.2 , it used to be 0.9 , http://fxtrade.oanda.com/why/spreads/live weekend so the
    spread tables are probably not accurate, but can't find 'Oanda minimum spread'

    is Oanda's minimum spread for the eurusd now 5 pips ???

    pip value is 0.0001 x the value of the currency being traded, however Oanda and other
    brokers go to 5 values: $0.00001 - pipettes
    so the spread cost of 5 pips on one mini lot of $10,000 eurusd @ 1.2000 is:
    $0.0005 x $1.2000 = $0.0006 x $10,000 units = $6.00

    Oanda forum: https://fxtrade.oanda.com/community/forex-forum/
     
    #13     Jul 21, 2012
  4. No. Just no. This is not the case for Canada as a whole.

    Sigh...

    Some provinces have other restrictions for FX, namely Alberta just flipped some stuff around to require people to meet some extra requirements before they trade.

    However, residents of most other provinces are left alone.

    If you want to make a blanket statement about Canada-wide regulations, then go by IIROC's standards, as they are the only rules that apply to every Canadian.

    Just saying.
     
    #14     Jul 21, 2012

  5. What? Dude common. . . It's not 5 pips. It shows that live since it's the weekend. You know better than that.

    >:|

    Look at their recent spread chart:
    http://fxtrade.oanda.com/why/spreads/recent

    The majority of the time it rests between 1pip (London and London/NYC overlap session) and 1.2 pips (most other liquid sessions. It goes higher during news releases or times when the market gets liquid (the period after the day's close.)


    Also, the OP said he was going from futures to spot, so he's already aware of the currency futures world.


    PS. liking AMP a lot for equity index and interest rate trading.. I'm gonna shop around a bit more but when I venture into futures I may pull the trigger with AMP.
     
    #15     Jul 22, 2012
  6. I just don't understand why you guys put up with that. I can trade EUR/USD five minutes or less before jobs Friday and still get 1 to a half pip spread right up to 8:30 and all day long.

    Why would you subject yourself to that?

    What is the benefit?

    Just to save $2.50 in commissions?
     
    #16     Jul 22, 2012
  7. yes,but you need to have 1,000,000 $ if you live in canada to trade with them
     
    #17     Jul 22, 2012
  8. I don't get how you can say "yes" then make the same false claim.

    So, again, no.

    If you live in Alberta there are requirements "like" what you are suggesting (net worth is different from having cash.) BUT not the rest of Canada.

    Just because living in Alberta makes you living in Canada and you have some extra requirements for opening a spot account, doesn't make it apply to all of Canada.

    Unless something just changed recently.. but my quick google-foo didn't turn anything up.
     
    #18     Jul 22, 2012
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    #19     Jul 22, 2012
  10. I don't enter/exit positions near news events so OANDA is perfect for me.
     
    #20     Jul 22, 2012