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OANDA reviews

Average: 2.5 based on 25 reviews
OANDA Forex broker reviews
  • Website:
  • Year since: 1996
  • Headquarters: New York, United States
  • Company registration: OANDA Corporation, Delaware, United Sates
    OANDA Europe Limited, London UK
  • Regulation: NFA (ID# 0325821, #0406981), CFTC;
    FSA UK (reg. #542574); IIROC; MAS Singapore.

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Rating interpetation

South Africa, Willy

March 3, 2017

6 months Total
3 months with this Broker

The least explicit and most manipulative broker ever! Stay away from them.

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November 8, 2016

4 years Total
Oanda is very old and with this Broker

Oanda is very old and reliable broker, with many licenses. But still it's a market maker that will always be against you. So i advise you to choose only true STP/ECN brokers where conflict of interest will not exist. If you don't know what broker to choose, I can help you , just add me in skype - vovkfx.

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Italy, Mori

March 6, 2015

3 Total
2 with this Broker

Two orders of two changes related both touched and passed to news and not taken. CLOSED with OANDA and its variable spreads super manipulated. Excuse the outburst hopefully serve as a warning to those who still do not know this scam broker. Stay away from this broker

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MY, Yusri Nabil

February 25, 2015

2 years Total
5 months LIVE with this Broker

Well, for me it was not easy to get started but overall okay.
Customer service was helpful but his accent was very difficult to understand.
The spreads look good until a big news event. Then when market changes EUR/USD spread widens to an insane 10, 12, 15 pips.
I would rather pay a dealer regularly an extra pip or so for consistency.

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China, Jeff Zhou

February 18, 2015

3 years Total
3 months LIVE with this Broker

Frankly I thought OANDA should be better than some other brokers. Good reviews from not only the market but my own friend.

So I briefly traded with it in 2013, only found out many unreasonable stop-outs in my account.

Maybe it is just me (or the internet connection from China?) yet it had happened too many times.

Just want to tell my experience honestly since OANDA has many believers in China.

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united states, kaz d.

February 12, 2014

5 years Total
3 years with this Broker

stay away. it is a fantasy game, please don't fall for their honesty and openness statement , in mho, its a fraud as most of the retail fx services , again it is my own experience and opinion,, if enough victims would get together and hire professional algorithm genius , we could bring many of those companies down , including this one,, its a suckers game , don't be one of them,, kaz D.

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United States

September 27, 2012

2 Total
1 with this Broker

Spreads jumped up when I was close to winning. Why do you raise the spread so I can't win? Does seem rigged.

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August 10, 2012

6 months Total
2 months with this Broker

Closed my account. One week of waiting and no money ($300)! These thieves are 'market makers' (as all forex thieves are). Will NEVER go through a 'market maker' EVER. Am going to take these thieves to small claims court for theft.

The FXCM thieves refunded my money within a few hours (THX thieves!)!

99% of forex brokers are thieves, -BEWARE!

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May 15, 2012

22 years Total
5 years with this Broker

I have over 200 clients and provide a personal trading management service. Those clients who are with Oanda have been the least successful of all my clients and so I opened an account in each major centre to check where the problem was.

I must warn everyone, Oanda are perhaps not the worst of the bucket shops, but they are the most accomplished thieves of the lot. these people will do anything to cheat a client without being caught.

If you simply MUST join Oanda, Singapore is the safest and easiest to deal with. Stay well away from UK and, of course, USA is no longer possible since the Dodd-Franks legislation.

Save your money, look for a more professional and reputable online broker.

I still use the Oanda platform, but only because I still have clients using it. We will be changing our policy soon to refuse all clients who choose to trade through Oanda.

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April 28, 2012

4 years Total
1 month with this Broker

I am a Canadian and I have 4 years of experience trading with MetaTrader 4. I have been trading with OANDA Canada for 1 month. I decided to close my account for 2 reasons:

Number 1: The margin requirements that are calculated by MT4 and what is calculated by the fxTrade platform are very different, over 50% diffrence. This is due to Canadian regulation and as nothing to do with them; here was their reply to my email:
Thank you for contacting OANDA. The reason you have seen different margin requirements between your fxTrade and your MT4 account is because of the Canadian Margin Requirements. Canadian Regulations stipulate each currency pair has specific margin requirements associated with it. The fxTrade platform calculates each of these and combines them in its display of your margin used.

The MT4 platform does not allow us enough flexibility to set proper margin requirements on a per-symbol basis. This means it does not display the correct margin available and margin used for your Canadian account.

To view the correct margin requirements, please check your fxTrade account. Margin closeout levels are calculated on fxTrade.

Number 2: MT4 is not fully supported, they do not properly support “magic number”, here is what they had to say:

For the past three years, I have developed an EA that I have used with success with Gain Capital (www.forex.com). Since last week I have opened an account with you and I have been experiencing some problems.
I think that there is a problem with the synchronization of trades between your fxTrade platform and the MT4 platform.
The problem that I have is that some trades are closed for no reason. My EA does not close trades, when a trade is open it is closed by a TP. Here is a list of suspect trades:
Please let me know what you think.
Thank you for contacting OANDA.

MT4 is offered as a trade placement facility. OANDA's ability to resolve issues on MT4 is sometimes limited by limitations with the MT4 software, which is a third-party trading application.

Unfortunately we do not support EA as well as magic numbers. The magic number is generated by your own EA, and it is not recorded in our system. We corrected the display issue yesterday by assigning new order numbers to the trades from our internal system. Since the new orders were not executed via your EA, they were not assigned with a new magic number.

We have checked the affected trades again, and noticed that there are two trades remaining (ticket xxxxxx and xxxxxx) in your account. You may close these two trades and reopen new positions via your EA to obtain the magic numbers.
Here was my reply:

I understand your point, but let me say that I’m very disappointed. Anybody using MT4 is using it for its ability to use thousands of EA that are commercially available. Any EA out in the market uses a different Magic number. The magic number is need so that the EA knows what trades it owns.

When you correct a trade and do not correct the magic number, the EA loses track of that trade and cannot control it.

If Oanda does not support magic number on correction made by your staff then OANDA is not a reliable broker for MT4.

MT4 allows a user to trade using multiple EA on the same account. The only way that an EA can control the trades that it opens is by the magic number.

In your response, when you say : “Unfortunately we do not support EA as well as magic numbers”. I’m not asking for support for my EA, I’m just asking to be compliant with MT4. The fact is that EAs need magic number to operate correctly.

Please forward this email to your supervisor so that they know that OANDA is not a reliable MT4 broker.

This information should be made available to all MT4 users.

Here was their reply:

Thank you for contacting OANDA.

OANDA does not have the infrastructure set up to reassign correct magic number if the original one has been deleted due to the fact that MT4 platform is currently a third party platform. However, our technical team is aware of the demand for such features and most likely will be working to improve it in the future. Please note that in normal cases the magic numbers should not be changed and will function correctly. It only happened this time because there was a synchronization issue in our system which caused some trades to be out of sync. This issue has been resolved already, so if you are to place more trades, you shouldn't experience this problem again. We apologize for the inconveniences caused and will do our best to prevent it from happening again.

I hope this information was helpful. Please contact us if you have any further questions.

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USA - Ace Lu

April 15, 2012

8 yr Total
1 yr with this Broker

Chat InformationPlease wait for an agent to respond.
Chat InformationYou are now chatting with 'Eileen'
Eileen: Thank you for choosing OANDA. How may I help you?
ace lu: ticket #921628339
ace lu: stoploss of 1.30955 should not be hit
Eileen: For your security, before I can continue I will have to ask you your security question.
Eileen: What is your mother's maiden name?
ace lu: the highest price was 1.3084 after last friday's closing
ace lu: ******
Eileen: Thank you.
ace lu: i've been monitoring fxcm and esignal and they both confirm my claim
Eileen: One moment please whille I retrieve your account information.
ace lu: even with oanda's wide spread during weekend it still should not have hit 1.30955
ace lu: with ticket 921127646 i changed stoploss from 1.30905 to 1.30955
ace lu: oanda's own hourly chart shown 1.30842 was the highest price
ace lu: i firmly believe esignal's price is the collection of all prices from the world and it shows 1.3084 was the highest
ace lu: [after noon of last friday pacific time]
Eileen: Thank you for waiting.
Eileen: I have taken a look at your stop loss.
ace lu: thanks
Eileen: I can see that your weekend data is hiden.
ace lu: my data feed is esignal. i use ensign windows for analysis
Eileen: Can you please allow your trading platform to show weekend data? You should be able to see that the High Ask price during the time that your stop loss was triggered was at 1.30969.
Eileen: OANDA is a market maker. We may not offer the same prices as the other brokers.
ace lu: i don't see any weekend price on esignal close to 1.30969. you mean oanda can hunt stops at will during weekend regardless esignal's (world prices collection) 'official' prices? then i would be speechless...
ace lu: i will definitly publish my story on every fx review sites as i can.
ace lu: thanks
Eileen: We do not hunt stops.

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uk. just another fool.

December 18, 2011

long enough Total
2 months demo,4 months live with this Broker

If you want to keep your hard earned cash, stay away as they are up to all the tricks. Hunting stops, reversing candles even in long term trends as soon as you enter, platform disconections and I could go on. I have placed nearly 2000 trades with Oanda over this six month period and on smaller trade values everything is great having a 90% success rate but as soon as you increase your pip values I get 100% negitive trades wiping out all the prophit made over weeeks of trading. I thought it was just me as they could not be so obvious but as I have researched this further I am not the only one that this is happening to. I can now see why 95% of people fail at forex, it is not the trader but the sea of sharks waiting to con them with systems geared against you. I am going to sign up to a ECN broker as at least they can't mess with your trades (as often) Lost enough money to Oanda but at least had the sence to get out early and I would suggest you do the same.

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Canada, Infinit

November 13, 2011

7 years Total
1 year, bad experience last two months with this Broker

Just for the record, I am a trader with 7 years experience, trading daily and don't fuss around some 10-20 slippage things as some novices might do. But I must say that Oanda is basically not an honest market maker. This past last 3 months I have been experiencing the following tendency: I would usually have a couple of active orders, all with profit of course, some long term, some short and it happens once a week usually that one of my the most profitable orders with highest amount of pips earning and highest volume would just disseaper from the system. You don't see it anywhere nor in the active window, nor in activity log, nor in history, nowhere it could be found. When I call them or chat, they would pretend that they have no idea what I am talking about because obviously they don't see it either. It happens with different currency pairs, as I said on a weekly basis, the most profitable order just disappears from my activity window.... Making me neither loss, nor profit, no stop hunting, nothing like that, they are make it smarter, they take the most profitable out of the bunch and delete it from the system, that way you cannot prove anything. Well, of course, you may do screen shots and send it to them, but I am not going to waste my time with them. Amounts are not very big in terms of dollar value. I basically used them for my strategy polishing anyways. So folks for your future reference just so you know don't deal with Oanda. In my experience I would not recommend them at all.... I will post this review under them as well, so folks who are researching are aware of it.

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August 15, 2011

5 years Total
3 years with this Broker

Oanda is not a serious broker, they hunt stop losses, see in pictures : http://despe906.blogspot.com/2011/07/oanda-thievery-shabby-broker.html
Besides, their deceptive price move is a trap for scalpers, which grows your 0.7 EUR/USD spread effectively to 3pip spread.

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May 13, 2011

6 months Total
demo with this Broker

Bad charts and terrible platform, service.

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