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Exitright · 29-10-2004, 21:14

Hi all, I'm new to currency trading and just using demo accounts to get my feet wet. Yesterday I placed a limit order on the EUR/USD on Oanda. It was a sell order I placed at 1.27084 (about 30 pips lower then where the market was when I placed it). I placed this order at 23:30 gmt. When I woke up in the morning to check what had happened, I saw the my limit order had been hit at 7:05 GMT (it just barely hit it) the currency did a turn right after and caused my stop/loss to be triggered making me lose 20 pips. Later today I was looking at other charts from different brokers and none of them would have hit my limit order. CGI at 7:05 had the currency at 1.2712, and Currency Trading had it at 1.2715 at 7:05. If I was trading on either of those I would not have lost any pips since my order would never had been hit. So now I'm starting to think the Oanda is a scam and only hit my limit because they knew I would lose. The thing is, this is a demo account so I have no money at risk, so I don't understand why they would do something like that, unless it is automated to take advantage of people in this kind of situation. Anyone have an comments in regards to this or similiar situations with Oanda?

29-10-2004, 21:14	#1 (permalink)
Exitright level 1 Join Date: Oct 2004 Posts: 2 Rep Power: 0	Could Oanda be cheating? Hi all, I'm new to currency trading and just using demo accounts to get my feet wet. Yesterday I placed a limit order on the EUR/USD on Oanda. It was a sell order I placed at 1.27084 (about 30 pips lower then where the market was when I placed it). I placed this order at 23:30 gmt. When I woke up in the morning to check what had happened, I saw the my limit order had been hit at 7:05 GMT (it just barely hit it) the currency did a turn right after and caused my stop/loss to be triggered making me lose 20 pips. Later today I was looking at other charts from different brokers and none of them would have hit my limit order. CGI at 7:05 had the currency at 1.2712, and Currency Trading had it at 1.2715 at 7:05. If I was trading on either of those I would not have lost any pips since my order would never had been hit. So now I'm starting to think the Oanda is a scam and only hit my limit because they knew I would lose. The thing is, this is a demo account so I have no money at risk, so I don't understand why they would do something like that, unless it is automated to take advantage of people in this kind of situation. Anyone have an comments in regards to this or similiar situations with Oanda?