Oanda is offering Dynamic spread!
Guess what it means?
Congratulations! You got it right!
It simply means WIDENING of spreads!
Today I opened EUR/USD trades with 1.8 - 2 pips spread, up from it's typical spread of 1 - 1.1 pips.
Im gonna close my account with Oanda very soon.
Showing posts with label Oanda. Show all posts
Showing posts with label Oanda. Show all posts
Wednesday, January 2, 2013
Wednesday, October 31, 2012
Best Forex Brokers in Singapore (Updated)
I decided to update this page to reflect the changes in Oanda Platform.
Oanda (MT4 trading platform, iPhone app and unit size trading)
I like Oanda because of (1) Low spreads (not anymore), and (2) Ability to trade in units, instead of the typical lot sizes.
For instance, normal brokers require you to trade in 0.1,0.2....1,2,3 lots. But with Oanda, you can trade 1unit, 1001units (1 micro lotand 1unit), 10,001 (1 mini lot and 1 unit), or 100,001(1 lot and 1 unit). This gives you the flexibility to manage your risk to the very unit.
However, I would like to add that Oanda has disappointed me of late. Their spreads are getting wider. Typical euro spread is 1.1 Typical AUD/USD spread is 1.8.
And Oanda do not practice carry trade. If you were to long EUR/USD overnight, you have to pay interest. If you were to long GBP/USD overnight, you also have to pay interest. The only pair that you will gain interest is if you long AUD/USD.
It NEVER used to be like that. And when I asked their customer service what is the reason for this, they gave me a link to calculate the overnight interest rate, and they expect me to understand just by reading their mathematical explanation. Oanda is very clever, you know why? They hide everything behind mathematics and codes.
Other brokers include GFT Asia, CMC Markets and IG Markets.
If you can find a better broker, please let me know.
Oanda (MT4 trading platform, iPhone app and unit size trading)
I like Oanda because of (1) Low spreads (not anymore), and (2) Ability to trade in units, instead of the typical lot sizes.
For instance, normal brokers require you to trade in 0.1,0.2....1,2,3 lots. But with Oanda, you can trade 1unit, 1001units (1 micro lotand 1unit), 10,001 (1 mini lot and 1 unit), or 100,001(1 lot and 1 unit). This gives you the flexibility to manage your risk to the very unit.
However, I would like to add that Oanda has disappointed me of late. Their spreads are getting wider. Typical euro spread is 1.1 Typical AUD/USD spread is 1.8.
And Oanda do not practice carry trade. If you were to long EUR/USD overnight, you have to pay interest. If you were to long GBP/USD overnight, you also have to pay interest. The only pair that you will gain interest is if you long AUD/USD.
It NEVER used to be like that. And when I asked their customer service what is the reason for this, they gave me a link to calculate the overnight interest rate, and they expect me to understand just by reading their mathematical explanation. Oanda is very clever, you know why? They hide everything behind mathematics and codes.
Other brokers include GFT Asia, CMC Markets and IG Markets.
If you can find a better broker, please let me know.
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