Introduction
By all accounts, Oanda was a traditionally accepted name in the trading world. However, certain recent social anecdotes reflect quite a troubling picture. On a global scale, many traders have raised the red flag of withdrawal problems, platform concerns, and failure of customer support services.
Broker Overview
Name: Oanda
Websites: https://www.oanda.com/
Address: 17 State Street, Suite 300, New York, NY 10004-1501.
Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Account Access & Withdrawal Challenges
Many traders have complained about sudden access restrictions to their accounts, all the while having submitted every required document. Others say that their accounts were closed with no clear try to reach a resolution for the money in their accounts after they had been active for years. Users have alleged their withdrawals were refused by Oanda when they submitted bank confirmations, stating that the evidence was inadequate. One user specifically cited that $5,000 was withheld with no way to verify or match the details due to account inaccessibility.
Platform Limitations
The other serious issue was brought up by users regarding the functionality of the Oanda trading platform itself. Slow response from the interface and long load times make it impossible for active trading or day trading. Chart timeframe switching can reportedly take up to 30 seconds, significantly hindering trade executions and missed opportunities.
Customer Support Concerns
One of the most common issues complained about is Oanda’s customer service being unresponsive. Traders say they get no reply for weeks to their emails, and the questions related to access to money remain unanswered. Some said they were tricked into accepting terms that waived their right to withdrawals without being made aware.
Frequently Asked Questions (FAQs)
Q1: Is Oanda a regulated broker?
Yes, Oanda is regulated under various jurisdictions; however, regulatory supervision cannot always check companies from operational perspective.
Q2: Why are some users unable to withdraw funds?
Many relate back to convoluted verification requirements and repeated rejections of documents, making it troublesome to get their money.
Q3: Can I trust Oanda’s platform for high-frequency trading?
Some traders also experienced slow response times on the platform that might be unsuitable for active and day trading strategies.
Lost Money to Oanda? Here’s What You Can Do
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