Oanda Forcing Customers To Hold Trades?
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Thread: Oanda Forcing Customers To Hold Trades?

  1. #1
    I had been trading on OANDA and got a call from them telling me I have to hold trades for at least 5 minutes or they'd close my account. About a week after my account was shut. I was wondering if anybody had undergone this? I think because I made a significant amount with my trades, they did it, and all of my gains were coming out of the pockets since they take the other side of the transaction.

  2. #2
    Quote Originally Posted by ;
    I had been trading OANDA and received a call from them telling me that I have to hold trades for at least 5 minutes or they'd close my account. My account was closed. I was wondering if this had been experienced by anyone? I think because I left a considerable amount with my trades they did it, and all of my gains were coming out of the pockets because they take the side of the trade.
    Can OANDA inform you that you aren't permitted to close your trades, either carrying a loss or profit, within 5 minutes after launching the trade? And they closed your account because your trades in general were closed within 5 minutes? I know I'm basically repeating exactly what you posted in the first place - it just sounds weird...I have been an OANDA client for quite a while and never heard anything similar to this.

  3. #3
    Thats exactly why, pretty weird ? They said by holding under 5 minutes that that is not allowed, I'm scalping. I laughed when they called me to tell be about the 5 minutes. I explained to them that I do exactly the same when I trade stocks. Its not like I was putting in a amoun of trades for 1 or two pips profit. I was placing in 20 to 30 lot trades and making anywhere between 10 to 40 pips. I maybe placed 3 to 4 trades per week. The funny thing was that the trade once their five minute ultimatum was obtained by me, I dropped about $3500. Needless to say I didn't hold it for over 5 minutes. No complaints from Oanda whatsoever. My trade after that week I left it back and more. My account was closed down after that day.

  4. #4
    Oanda sucks. Go with FXCM.Their spreads are higher but at least they have a reputation.

  5. #5
    I've seen very little negative feedback regarding OANDA about the trading forums however if they are currently beginning that fxdaytrader clarifies it would be disappointing.

    Fxdaytrader - simply out of curiosity - were you trading the spikes around news occasions? It looks like the market manufacturers are currently trying to make it harder for traders during those times since they obviously have difficulty to pay for themselves during the'radar shows'. And yet one thing is certain - they won't allow any client to make money! Their policy regarding guaranteed fills has changed. Straddling the market just before important news comes out was simple money for a while but I suspect not any more...

  6. #6
    It was about the times of news. The funny thing is that most of the time that I was in profit when I'd have held it longer I'd have made. Ihad that issue and never've used other fcm's to clean.

  7. #7
    Quote Originally Posted by ;
    It was about the times of news. The funny thing is that probably the majority of the time I was in profit if I would have held it longer I would have made. I've used fcm's to clean and never had that issue.
    Go with MB Trading, (I had been using them over two yrs) and you'll never have that issue, period.

  8. #8
    I'd just typed out a response, I realised that this thread has been over 5 years old. I assume that nothing?

  9. #9

  10. #10
    Quote Originally Posted by ;
    I had just typed out a reply, then I realised that this thread was over 5 years old. I assume that theres nothing to this?
    You understand... holding trades for more than 5 minutes might not be a bad idea. LOL. That's a generalization that has not changed in the last five decades.

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