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To me the 2-pip spread on EUR means very little. I do have a small account at OANDA, but I only trade there once or twice a week. There are a number of things that I don"t like about OANDA. They are:
1. Spreads for the first 12 hours of the week is wider than other market makers (6 to 10 pips or more on the majors).
2. The wider weekend spreads kick in too early on Friday. I can still get 4 or 5 pip spreads elsewhere.
3. Do not like the way orders are placed. Have to click on buy or sell first. I trust OANDA and I am sure they don"t take advantage of us. But I prefer to get a bid/ask quote and be given the choice of buying, selling or no deal.
4. The 2-pip spread is a bit misleading. When I want to go long, the offer is almost the same (within 1 pip) as my other market makers. When I want to go short, then the ask is less than 1 pip from the others. Sometimes, the 2-pip spread is actually worse than 4 or 5 pip spreads elsewhere for the direction I wanted to go. Also, I don"t usually get the prices I see on the screen most of the time (slippage can be up to 3 or 4 pips).
5. No multi-currency accounts. Yes, they finally have accounts in euros. But I have accounts in USD, CAD, JPY, CHF, GBP, and EUR with my other market makers.
6. Can"t trade easily with multiple accounts. With one of my market makers, I can buy x amount and have 5% of it pre-assign to one account, 10% to another, etc.
7. With large accounts, my clients and I feel a lot better when the accounts are kept with very well known investment banks.
8. Also, I hate the continuous interest calculations. I prefer the standard 2-day settlement. That way I can daytrade without having to pay/earn any interest. I can also take advantage of going long on a interest positive pair such as EURUSD minutes before the close on Wednesday and covering minutes later to scalp a few pips and earn 3 days of interest.
To me the 2-pip spread on EUR means very little. I do have a small account at OANDA, but I only trade there once or twice a week. There are a number of things that I don"t like about OANDA. They are:
1. Spreads for the first 12 hours of the week is wider than other market makers (6 to 10 pips or more on the majors).
2. The wider weekend spreads kick in too early on Friday. I can still get 4 or 5 pip spreads elsewhere.
3. Do not like the way orders are placed. Have to click on buy or sell first. I trust OANDA and I am sure they don"t take advantage of us. But I prefer to get a bid/ask quote and be given the choice of buying, selling or no deal.
4. The 2-pip spread is a bit misleading. When I want to go long, the offer is almost the same (within 1 pip) as my other market makers. When I want to go short, then the ask is less than 1 pip from the others. Sometimes, the 2-pip spread is actually worse than 4 or 5 pip spreads elsewhere for the direction I wanted to go. Also, I don"t usually get the prices I see on the screen most of the time (slippage can be up to 3 or 4 pips).
5. No multi-currency accounts. Yes, they finally have accounts in euros. But I have accounts in USD, CAD, JPY, CHF, GBP, and EUR with my other market makers.
6. Can"t trade easily with multiple accounts. With one of my market makers, I can buy x amount and have 5% of it pre-assign to one account, 10% to another, etc.
7. With large accounts, my clients and I feel a lot better when the accounts are kept with very well known investment banks.
8. Also, I hate the continuous interest calculations. I prefer the standard 2-day settlement. That way I can daytrade without having to pay/earn any interest. I can also take advantage of going long on a interest positive pair such as EURUSD minutes before the close on Wednesday and covering minutes later to scalp a few pips and earn 3 days of interest.
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