OANDA sued in New York and California for fraud

I noticed that OANDA increased the spreads in EU/US over the years while falsely advertising low and competitive spreads.
Large spreads resulted in large losses because orders were not executed due to the large spread.
OANDA has presently lawsuits in New York district court and Santa Clara Superior court, California for false advertising and fraud.

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Platform Freezing - Dont take chance as ur money might get lost even before you modify the order

Stay away from this broker as their customer service sucks. How many customers write review of them, they dont bother to even address a single issue.
I have problems with the platform freezing every now and then. They said the reason to be my internet. I told them that MT4 of other live brokers are working perfectly, they do not have an answer, but they keep saying that they are looking into the issue seriously. Seriously for the last 2 weeks, still not having an answer. Atleast my time and energy writing emails with no response is the only result.
Will never recommend this broker. If you want a good broker, go for Global Prime, though they have only MT4. I was interested in Oanda as their platform is good (if it doesnt freeze) with Order indicators and Autochartist., but with a pathetic customer service and platform freezing, with no help from anyone, you would end up losing money. Avoid by all means. I have a live account, you may contact me for verifying the authenticity as I have chain mails with Oanda with their pathetic response.

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I have been with Oanda for some time now, I was forced over from Trade Station. And while I have may issues with oanda the biggest 2 are this.
1. Hold times to talk to anyone will be from 20 min to 1 hour 37 min.
2. They have THE WORST Spreads durring time of news. Friday i traded the US/Cad and was charged 15 pips spread. While on there web site for Aug 18 there live spread never got above 6 pips. and there Historic data shows less than 2. I have had multiple times that i set a stop loss 20 to 25 pips above the entry, only to be kicked in and out instantly because Oanda’s Spread rates.
I have contacted them and always get the same run around, they tell to review the historic data it will show that i was wrong, and there is noting they will do for me.
I have been comparing them with Forex.com (now gain capitol) and find, for so many reasons that Forex.com is head and shoulders, and body for that matter above Oanda. Take your business anywhere Except oanda

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Good platform, spoiled by the worst spreads I've ever seen. Avoid !

Whilst Oanda’s trading platform (fxTrade) is good, and they offer a good range of markets to trade (esp. in areas that allow CFDs) their spreads are hideous. During news, or periods of lower volatility (which is most of the time), they make extremely wide spreads thus making it almost impossible to trade FX. Recently they have also doubled spreads in many of their CFDs (for no reason) which seems like blatant ripping off of customers. For example, oil has moved from 2pt to 4pts, Nasdaq for 0.5pt to 1.0pt etc. If you run the maths, you’ll likely find that Oanda’s wide spreads stop you being profitable.

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Very disappointed client that cannot wait when leave this broker.

I’ve been with Oanda for couple of months and I am speechless how bad is their customer service. Basically they have no customer service you can rely on.
Try to contact their customer service anytime you want and you will see that I am right.
That’s not the worst thing – the worst is they are stilling money from you and I started very good notices when I placed trade and what exactly I bought etc.
Nothing helped – for example I put order to buy USD/CAD at 1.2424 price drooped to 1.2417 but I never get filled (happened too many times)
Couple of weeks ago I put my stop at 111.38 for USD/JPY and I got stopped out even though price never drooped below 111.41 (besides Oanda I checked many other brokers and could not find even one broker that showed that price dropped to 111.38 that day.
The platform is very unreliable and consistently logs you off and on – I tried it on 3 different computers and laptop and got the same results.
Very disappointed client and cannot wait when I leave this broker..

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Maybe some of the nay Sayers should go back to when the Swiss pulled there crap move and blew accounts all over the world. To the best of my knowledge, Oanda was the Only broker to freeze all accounts so no one lost a penny from the moment that s— hit the fan.

The spreads get wide around news and 5 to 7 Eastern, but most others do as well.

I can fund and withdraw with my debit card in an instant, with No Hassle at all.

I can almost give them 5 stars + is not for the spread fluctuations.

GREAT BROKER for those of us stuck with Dodd- Frank whako limitations in the US.

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Not trusted Bucket Shop like most others.Deposit is a hasle not to mention withdraw

They have shady advertisement about mini and micro lots.
For CFD they are not exist ( at least for Dow Jones US30US and JP225US)
Metatrader actually can open trade in minilots and micro lots but they took margin for 1 full size.I didn’t loose because I’m lucky to have price moved in positive direction but
they took $1500 then I opened 0.01 size position ( the same happened for JP225US). Live Chat is useless : I asked about CFD price for full 1 lot DowJones30 – answer was $132,463.
CSR have no idea about Dow Jones future cost.

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Fast, friendly, great broker

Only TWO(!) choices left for American traders and out of FXCM, FXDD, Forex.com that I have all used, these guys are the best.

The reviews here are shocking to me as people clearly don’t get how a real broker works.

Never had any issues, every withdraw processed in literally one day.
Nothing to complain about.

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Good platform, Bad terms

The folks at Oanda have a very appealing platform. They support all operating systems (including Linux) and their mobile and tablet apps are really nice.
However when it comes to hearing the voice of the customer – they suck.
Yesterday I gave them a friendly advice, telling them that they should support ACH withdrawals as these are at no cost and give the customer the convenience of withdrawing from the account for some consistent income generation. Currently they support wire transfers only at $20 each and then the bank may charge its “incoming wire fee” and that doesn’t make it very attractive for us which is a shame. I told them that this was the only reason why I decided to pull my initial deposit I made via my debit card (and you can do that for free only up to the amount of deposit, not beyond that).
In response to my constructive feedback – instead of saying “thank you for your input, we’re doing something about it” or “unfortunately we are not able to provide this at this time”, you know what they did? They locked my account so I can’t login again and never responded.
I find this behavior very snarky and unprofessional. I was super friendly to them but they apparently think that they are on top of the world in the US market.
I want you to know Oanda folks? This attitude will start costing you in losing customers.

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