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What Traders Say About OANDA
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A search through the Web can be useful to get an indication of what clients think about a broker. Below you will find a compilation of testimonials taken from large independent forex forums (*). You will find many more on OANDA's own FXForums. By following this link you can get an idea of what our earliest clients think about us.
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"Best Forex Broker There Is"
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I think it'd be tough for a retail forex trader to find a dealer matching OANDA's tight spreads, other than (promising but not quite there yet) IDEAL Pro from Interactive Brokers. Most MM's depend on IB's (introducing brokers) to generate new business, and their business model reflects that fact by building in as much as 1-2 pips to kick back to the IB. Oanda doesn't use IB's and, in fact, hardly seems to do any advertising.
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"a very good retail fx firm"
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This platform is completely automated - no human ever touches, approves, or requotes your order. The price you see is tradeable. Now how they calc these new box option things on the fly is an amazing feat. Haven't looked into that yet, just marvelling at the math - kewl.
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It is however, of credit to OANDA that they enable clients to communicate with each other in this way. Having opinions that are potentially damaging to Oandas reputation - on the OANDA forums - does seem to show that there is a level of openness and honesty at OANDA.
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"Best FX broker around for the retail trader"
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As far as honesty, well I can't complain. I believe their business model has taken automation seriously without human traders trading against you. They claim to hedge their positions and derive income from the spread. I have heard nightmares from users of other dealers or market makers, so I believe OANDA is the best choice today. I have not experienced any of the games other dealers/marketmakers are accused of playing.
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OANDA has the best web based trading platform.
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OANDA is another forex broker firm that is heading in the right direction. I think you will begin to see many more advancements with this firm in the future as they seem to take a lot of what their customer base recommends to heart. I personally recommend Oanda to everyone that starts out in the forex market.
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You make it (sound) like OANDA does not lower commissions. Just recently the spread went down from 1.8 to 1.5 on EUR/USD. And we are already seeing 1.2 pip some of the time. My guess is that 1.2 pip spread will be the standard at the beginning of next year.
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You'd be much better off at OANDA, thanks to their sizing in units (not mini-lots, etc.), a major advantage, among several others.
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Might you not want to have a look at OANDA? Not based in the UK, but you can have a # account with them and you probably won't find a broker that gets fewer complaints or fewer dissatisfied customers wherever they live.
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Yep, definitely go with OANDA to learn the ropes of forex. Once you understand the in's and out's you can start using the advance indicators and overlays on the visual-trading platform and the metaquotes platform.
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But if you care about "honesty" in pricing and tighter spreads (1.5 pips on EURUSD vs 3 pips on EURUSD on other brokers).. and variable size units so that you can open accounts with $1, OANDA is the best..
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I am an active intraday trader of EUR/USD currently using OANDA for my trades (10 trades per day on average). I like the Oanda platform due to the 1.5 to 2 pip spread and I find them very reliable.
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OANDA is far better than FXSOL
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OANDA will allow you to take very small trades, and not restricted to 'lots' so if you wanted to trade a position size of $2000 or $1276 or even $1 then you could.
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While most brokers allow only the standard ($100,000) or mini ($10,000) lot size, OANDA gives traders the ability to trade any lot amount.
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Although, as you may have read on other pages, I am an avid user and supporter of OANDA and its FXTrade and FXGame platforms, I am compelled to comment on the user forum they offer. To OANDA's credit is a quite open, non-moderated forum and in that regard I feel I have to comment on some recent developments that have taken place there.
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I like OANDA, mainly because I don't have to download software to use their services (Valuable to me on my work PC.)
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