Review Detail

 
OANDA Asia Pacific
Brokers Database
Overall rating 
 
3.3
Funding 
 
1.0
Trading Platform 
 
5.0
Customer Service 
 
4.0

I have been trading with Oanda for 5 years now. I recommended about 6 friends and relatives to trade with it, now I regret that I did. Not only over time are its quoted currency spreads widening, its trading hours are also shortening. Its rule on funds withdrawal is the most strange and rigid. Customer funds must be withdrawn by the same method as a customer deposited ie whether by cheque, bank transfer, credit card, etc. When a customer uses various methods of deposit, he must also use exactly the same methods to make withdrawal of the same proportional amounts. Otherwise withdrawal will be denied. This creates unnecessary confusion and frustration for the customer.I don't know of any other broking house in the world that does that. Customer's equity balance changes over time (years) with profit/loss, interest and so do customer's bank accounts and credit cards. I believe this rule is deliberately developed and strictly enforced to delay and inconvenient clients in their withdrawals so as to help in the company's liquidity position.

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