I have used OANDA since 2006, and they are professionals. OANDA is NOT a scam. Actually, they have steadily provided additional services which I have found very helpful such as — the Global Transfer, the desktop platform etc. Every trader should plan to use more than one broker — please diversify!

But NOTE, every broker is there to make money and part of their income is your LOSS — that is the reality in any financial market. So it does not surprise me that OANDA servers "conveniently" crashes when the market moves rapidly; and it does not surprise me that OANDA suddenly limited allowable daily transfers to 20 from one account to the other; and it does not surprise me that they hunt traders' stops — believe me, every other broker does that.

Your job is to protect your investment; if you don't have solid plans to protect your trades, then get out of forex trading.

Summary: OANDA is a very good and professional broker and "market maker". They give you the tools to make money, but if you don't protect yourself, they will not hesitate to profit from your loss — and I think that's what every other broker does.

Cheers!

I have been with Oanda for about a year. Oanda is a market maker so they actively trade against there customers. They actively hunt stop losses. Oanda's trading platform freezes often. I have lost my connection to my trading account while trading and they told me that I was having internet connectivity problems even though I could get to other web sites and log in to my email without a problem. They also did not know that I used to be a network administrator before telling me that I was having internet connectivity problems. Oanda is a highly manipulated environment. The correct term for this type of broker is a "Bucket Shop"

ECN brokers are the most free market breed of broker. They do not have a dealing desk that can be manipulated. ECN brokers want you to be successful because they make money when you make money. Oanda makes money when you loose. As time moves forward traders will opt for ECN brokers and market makers will go bust.

When I started trading in the Forex-market in June 2001 I compared several brokers and my decision had the name OANDA. I was new in FOREX and I did not want to risk much money, only OANDA offered trading with very small amounts of real money in that year.

Another reasons for my decision was the possibility to use Paypal because only US-Dollar-accounts were offered first, and only a New York Chase Manhatten account for wire transfers was offerd in 2001 (Euro-accounts came later). Wiretransfer from Germany to the USA was very expensive in that years, especially for small amounts of money, so Paypal was an interesting alternative.

Another reason was the small spread compared to others in EUR/USD in the year 2001 already (today the normal spread is much smaller then 2001, today its 0.9 when London or New York market is open, and its increased for a minute or so when news are on the way).

And another main reason were the people behind the name OANDA.

More then 8 years later I am still trading with OANDA and there have been no problems with them.

I only changed the way to transfer money in these 8 years, because OANDA is offering serveral wire-accounts in several countries since many years now. Thats fast and cheap, I dont have to use Paypal any more - wonderful.

Hi there,

I have been trading with OANDA for several years now, and there have never been any major problems except for a few connection issues. The connectivity problem is something that happens with almost every Web based trading platform. If you are lucky and the trading company of your choice is located in your home country you will probably have a much better and more reliable connection to your trading platform. Anyway, OANDA is a solid and reliable Forex trading broker. Your money is as safe with them as with any other bank nowadays, if you know what I mean. So don´t put all your eggs into one basket.

i trade them from1998.at 9/11 they have been afected but they have backup servers so they managed well.They were on market before the scams begin.A very profesional behaveur indeed.

Hi Jacky from Indonesia. Just to let you know, I'm no expert however Marketivia is listed in the brokers on the main page.

Now for my comment. I haven't "physically" traded with Oanda, but I have been using their demo platform for a while now. It seems to be all I'm looking for in a web based trading platform. My concern goes to the comments made by Edmund and Adam. Have these concerns been solved yet guys? The comments were made on 03/12 and 03/13 2009. Thanks in advance.

Hi Edmund,

I read with concern on what you wrote about your account not being funded...

I have just opened an account with Oanda and they told me that my account is ready for funding as well.

I was just about to send my funds over but after reading what you wrote, I'm a little concerned now. Has your problem been solved?

I just open a new account with oanda on end of feb.and on the 2/3/09.they send an email and ask for funding to my account.

on that day,i have wire transfer my hard earn money to oanda.

but unfortunately,until today 13/03/09.my account totally can not login,and they said my account hav been close,and now i also dont know how can i get back my money.

and i have live chat with them,they just said sorry,and wait.

can anybody here to help me?

tq

Thank you for teriffic listing. I did trade with marketiva some months ago, since marketiva didn't support with my E-Bullion.

Why Marketiva isn't listed in here? and how do opinion about Marketiva, I want to know from expert.

Regards

Jacky

Hello Ivan from Bulgaria, can you explain why do you think that Oanda is a scam?

I have been traiding with Oanda since july 2005. I have opened some 30 accounts with other Forex systems and also banks that offer such a platform to trade, my personal experience has been that Oanda is one of the best Forex brokers.

Have I lost money with Oanda?, YES, I have had quite a few "Margin Calls" but not provoked by Oanda. The Margin Calls have been my personal fault. I have made a bad decision on the market analysis also my greediness has block my commonsence to ponder and react.

This year has been awkward to handle.

In May 40.46% in profit, in Juni 38.31% in profit, in July 36.57% in profit, but on the first 4 days of August I had to take a Margin Call with 79.32% loss, but then again I made some mistakes in my analysis of the market als well on my Money Managment and that is the price one has to be ready to pay.

The market is implacable when you make mistakes.

Forex trading needs a lot of reading (3 to 4 hours a day) but not comics. Get hold of Wall Street Journal, Bloomberg News, The Economist, Finalcial publication, Banks news and analysis and have to be ready to sit 4 to 10 hours a day in front of the trading platform and follow up your trades.

So if you have a good reason to say that Oanda is a scam roll it out, if not then write no nonsence about a solid company like Oanda.

Pure SCAM.Stay away or you will loose money.