Finally after nearly 4 weeks Oanda is reimbursing me for a small loss resulting from its platform issue. This took too long but glad that Oanda made good on its platform going down. .
NY Trader 14:06:39 GMT - 01/22/2019
In the U.S, there are only two choices for retail forex brokers, slim pickings as there are no alternatives. When FXCM closed down in the U.S. I opened an account with Oanda but am now having second thoughts.
I hesitated writing a review but I am doing so in the hope that it will be read by someone at this broker and lead to changes.
1) Oanda has the worst customer service I have seen in a broker. The wait time for a customer service representative is rarely less than ten minutes and can be as long as 30 minutes or more before someone picks up.
2) There is no dealing desk so if there is a platform issue you cannot enter or close out a position on the phone.
3) The lack of a dealing desk means when the platform goes down for an extended period there is no way to trade. This has happened twice recently (that I know of but could be more) and at least one other time over the past few months.
I was told in each case that Oanda would review the situation afterwards and at its discretion, determine whether to reimburse any losses. In the first case I closed out my position when the platform came back online as I was unable to book a profit during the outage, I was subsequently reimbursed for a small loss on the position after several days.
I had a similar situation when its platform went down for around two hours. During that period I was on January 4 where I was unable to book a profit and took a small loss when the platform came back online. It os now nearly three weeks since I sent in an email as instructed and am still waiting to my issue to get resolved.
There are two issues here.
First the unreliability of the platform makes me wary to put on trades.
Second, there is the opportunity cost of not being unable to trade when the platform goes down. I asked for an explanation from Oanda to see if this is a chronic problem but was told it is now a priority. I am not sure why it wasn’t a priority months ago when this first occurred. .
My hope is someone high up at Oanda reads this and looks to improve its service as we have only one other alternative broker to choose from in the U.S. I am opening an account with that broker to protect me if Oanda’s platform goes down again.
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