Oanda – Is it scam or safe?

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Oanda – Is it scam or safe?

The company is licensed in several countries and is regulated by the relevant financial supervision commissions. Licenses allow it to conduct financial services, including forex.

However, there are some publications in forex forums that inform about changing the key parameters of profitable accounts to prevent further winning deals. Customers reviews also show excessive spreads widening even when the volatility is weak, intentionally triggering of stop loss orders and poor and at times aggressive customer service.

So far, we haven’t received any complaints from clients of Oanda.com.

If you feel frustrated by Oanda.com and have something to share with us, please fill in the form below, describing your case:

7 Complains

  1. Forex market is decentralized and brokers can do what they want. All market makers make money from your losses – they are the closing side of each of your trade. That means they’ll do all they can do to steal your money – stop loss hunting, slippage, requote, etc. They will do their dirty tricks when you start winning. I wanted to withdraw all my profit of USD16k. Oanda told me I could get only the same amount money I have funded. I said I would complain and then they sent me the money. Later, they closed my profitable position without ecplanation – just stop loss hunting. Stay away!

  2. They have extreme spreads and profitable trading is almost impossible. For example, the spread for EUR/USD was 4.7 pips! Conditions are from the last century!

  3. Oandaa’s platform is good but their customer service sucks. I gave them some advice for some way of withdrawing and instead of thanking me, they locked my account. I guess the reason was I told them I wanted to withdraw my money because of the lack of this way of payment. I found their behavior similar to scam companies. Stay away!

  4. This is the company that has the worst customer support in the world. I made a withdrawal request and a month later I am still waiting for it. I wrote them a lot of emails but no one bothered to answer me. I tried via their live chat – no one responses there. They say expected wait to be within maximum 10 minutes. I’ve been waiting for nearly one hour and nothing happens. Do not deal with them!

  5. I’ve been with this broker for some months but now I am very disappointed with their services. In general, their customer support is useless. But there are worse things. They steal money! Many times, I place pending orders whose prices passed several pips but they have never been executed. Their platform is too shaky – it disconnects you constantly. I decided now-I leave these scammers!

  6. I have been trading with Oanda for many years. Everything was OK, nevertheless I lost much more money than I won. But this is entirely my fault and I don’t blame anyone for this. The problem appeared when I wanted to withdraw my money. They tell me I can withdraw only to the same bank account I sned the money from. But it is closed now and the situation is stuck. I am waiting for some solution.

  7. Although Oanda’s platform is somehow good, their spreads are awful. During the news announcement, the spreads widen unstoppable. The situation is the same during the normal market volatility(most of the time). Recently they have made spreads of some instruments double without any reason. Unfair cheaters!

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