No serious trader would choose Oanda over Globex futures or direct access (like MB or IB). I suppose if you like the "fx game", microlots and java charts then Oanda would be right up your street.
The question of the OP is seriously flawed, since there is no "best FX broker". If you are daytrader, good executions and low commissions are important. One of the well known multibank-platforms are commendable. If i traded EOD, id choose the retail offering from a bank (DB or ABN i.e.), to have optimal security of funds. A few pips up or down wouldnt matter much with stops and TPs of hundreds of pips. If you are a carry-trader, obviously swap rates are important (oanda comes to mind).
IB is not targeting this segment of the market. If you are not actively trading and/or are trading small size then IB would not be on your short list. IB is targeting the active trader, who can comfortably meet our $10 per month in commissions (or you can cover this in data fees â for which you get all US stock, futures and options data for this price). Similarly, with the $2.50 per trade versus a no commission broker, this will be an issue if you are trading small size. But even at a small size of $25,000 nominal (which you only need $500 to make this trade), then a 1 pip price improvement covers this. With a no-commission broker you always have to pay the spread. For larger size it becomes irrelevant, and commissions of $10-20 per million are very competitive.
at a min. size of $25,000, 2 pips or more for round turn plus spreads, not competitive at all. with a $5m Maximum Order Size, but require a 100m+ or 200m+ daily trade amount to get the 'very competitive commissions'. strange marketing strategy. Most traders of this segment would probably prefer CX or other ECNs, even first tier pb.
I disagree. Nevertheless, $200m at $5m per order is only 20 r/t's. If you require a larger order size than $5m then PM me. If you're in that size bracket then we also have a number of other developments that haven't been generally advertised that you would be interested in.
True. However, we can accommodate larger per order size on a request basis. Although if you're trading more than the inside quote which is usually between $10m-$30m with IB, then you're probably better off working the order anyway.
Steve, Why you limit the max size per order to 5 million when there is usually between 10 and 30 million at the inside bid/offer ?! By coincidence that is the typical max size that the banks want to execute automatically , for anything above they prefer to have a "second look"
I heard the craziest thing the other day. Well, supposedly, a few of Felix's forexdiamonds subscribers, ended up making several thousand dollars on the NFP trade the other Friday, and they were trading over a million lots with Oanda. So Oanda shut down their accounts. Really makes me wonder, if you have a ton of money to trade with, who the heck can you use?