Oanda just another bucket shop

[MickMason]

Originally Posted by jailumar

I have seen some NFP that gave a jump of 30 or 40 pips in EBS EUR/USD with not a single deal matched between. Even for a big player is sometimes hard to guaranty fills, in that situation its a very dangerous game and its very easy to get caught.
From my experience, I seen a couple of big names in spot with huge problems after a NFP, really we cant pretend to get stable trading conditions on that moments in our platforms, NO ONE in this market will guaranty that.
Sorry for my English

There's a difference between the market and a marketmaker, companies like Oanda, CMC, FXCM, etc etc are marketmakers.

The issue isn't fills, requotes, or spread, it's about the dishonest tricks that some marketmakers use to get your cash or to prevent you getting theirs.

[jailumar]

Originally Posted by MickMason

There's a difference between the market and a marketmaker, companies like Oanda, CMC, FXCM, etc etc are marketmakers.

The issue isn't fills, requotes, or spread, it's about the dishonest tricks that some marketmakers use to get your cash or to prevent you getting theirs.

I think that the marketmakers in this market are Deutsche, City, UBS, Societe..... not Oanda and the others

[MickMason]

Originally Posted by jailumar

I think that the marketmakers in this market are Deutsche, City, UBS, Societe..... not Oanda and the others

What

[4xis2ez]

Originally Posted by MickMason

Another NFP day and yet another farce at Oanda!

Looks like Oanda have finally realized, after falling profits, that playing it fair and transparent just doesn't pay the bills.

They started out with the best of intentions, it's just a shame they couldn't keep it up. First they widen spreads, then they widen spreads even more, now NFP traders have to contend with a 30 pip spread at times like NFP and 20 pip spreads across other data!

Despite the wide spread traders still made money so their final resort has been to take the trading platform off line during NFP, a typical bucket shop practice.

Congratulations Oanda, you're now a fully fledged bucket shop, the only difference is that now you have wider spreads than your competitors, good move!

I'm quite supprised Mick. There are 120 hours in a week that the market is open and Oanda's spreads are normal and their connection works. It is only 15 minutes or so that things change during the course of a trading week. There are many opportunities to trade instead of only during data releases.

[MickMason]

Originally Posted by 4xis2ez

I'm quite supprised Mick. There are 120 hours in a week that the market is open and Oanda's spreads are normal and their connection works. It is only 15 minutes or so that things change during the course of a trading week. There are many opportunities to trade instead of only during data releases.

Hi Russell

I'm really surprised by the number of people who simply don't seem to understand the issue, it's not about being able to trade data or widening spreads.

Oanda have put themselves up as the new breed of marketmaker, honest, fair, transparent, fully automated, the trader's friend. People fell for it, myself included. It's a marketing tactic designed to entice punters, marketmaking is a very competitive business and companies like this promise the earth and deliver very little, in fact I'd go so far as to say they deliberately deceive. They're not the only deceitful marketmaker, not by any means, there are hundreds of companies out to fleece the gullible.

I did a brief comparison on page 4 of this thread, if you're going to debate anything then debate those issues, but realise this has nothing to do with being able to trade NFP or not, it's about the tricks dishonest marketmakers get up to and Oanda have taken that route.

I don't care who people trade with, it really doesn't bother me, it's their money and they have to decide for themselves but at least this thread may help them make an informed decision rather then relying on marketing hype and endorsements from people who know no better.

We're all in this to make money, trading is a hard enough business to be successful in without marketmakers playing tricks.

Cheers

Mick

[TRADE]

they can only play tricks in the short term.

either they will be caught out and go bust or we will realise that its to our advantage to trader in the higher time frames,

[4xis2ez]

I suppose if CMC gets a bunch of traders doing data release trades, they will probably do the same tricks as other brokers.
For what its worth about Oanda, I don't specifically trade news releases, so that is not a problem for me. I like Oanda for their low spreads, fast execution, and no requotes. I have never had any issues such as stop hunting or slipping entries deliberately in their favor. At times I enter a market order and my fill is better than my quote price at the time of clicking for the order. My only concern is safety of funds with a US broker since their is no regulation. I have some experience trading news with Chicago futures and that is not possible to trade there either, big slippage on orders.
I think if a trader avoids trading news then Oanda is one of the best USA brokers out there.

[MickMason]

Originally Posted by TRADE

they can only play tricks in the short term.

either they will be caught out and go bust or we will realise that its to our advantage to trader in the higher time frames,

They can't get caught because they're not doing anything illegal. Like all marketmakers they quote what they like, fill what they want to fill, reverse trades they don't like, stop people trading when it suits them etc etc, it's all in the agreement.

Go bust? On the contrary they'll prosper on the profits from the 90% club, the slot-machine players, serious traders will move on eventually.

Not sure I agree with you about higher time frames, there's plenty of opportunities and money in intraday scalping, harder work but just as rewarding if not more so.