Oanda - why you could lose all your funds

This known b4 not a new news, all US forex brokers doesnt have funds protection for their clients

foredog said:
Good research. like isaid before i think if people still want to use them then just keep the minimum necessary for margins in the account and take off any profits regularly.

Then any signs of financial trouble get the rest out.
Click to expand...

Agree
 
what about Oanda Asia pacific ? funds are maintained in Singapore in segregated trust accounts . Anyone knows about the law in Singapore ?
 
I think you'll find that (a) they're not segregated in the legal sense in Singapore and (b) even if they were (which they're not) you wouldn't be able to segregate your funds there unless you were domiciled there.

And I can think of worse places to be. Boat quay. Sunset. Fond memories. (Almost as fond as being mugged my a fortune teller in Hong Kong on Kowloon….)
 
OANDA Asia Pacific Risk Disclosure Statement : " Your trading account is not insured under any state or Federal insurance program or by any other entity. You should therefore familiarize yourself with the protections accorded money or other property you deposit for foreign currency contracts. The extent to which you may recover your money or property may be governed by specific legislation or trading rules. In the unlikely event OANDA Asia Pacific were to become insolvent and you have a claim for amounts deposited or profits earned on transactions with OANDA Asia Pacific, your claim may not receive a priority. Without a priority you are a general creditor and your claim will be paid along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that OANDA Asia Pacific keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors. "
 
" OANDA Asia Pacific maintains all customer funds in Trust accounts at Standard Chartered Bank "
 
I think Oanda can be used but with extra caution , only few Ks , always withdraw the profits ...
 
Hi everyone,

It seems there is quite some confusion about the issue of segregated accounts with OANDA Corporation and OANDA Asia Pacific.

I would like to clarify that you are indeed correct in that we can not offer segregated accounts for clients who sign up with OANDA Corporation. However at OANDA Asia Pacific we are legally obligated by the Monetary Authority of Singapore (MAS) to maintain all our customer funds in segregated trust accounts. Therefore OANDA Asia Pacific has set up a trust account at a major bank registered and licensed in Singapore. All funds you send to OANDA Asia Pacific are deposited in this trust account, and held there in trust for you. This means that your funds are segregated and maintained separately from OANDA Asia Pacific’s own funds, and can only be withdrawn as a direct result of your trading-related activities or withdrawal requests. No withdrawals can be made from this account for any OANDA Asia Pacific operations.

I hope this helps to resolve your concerns.

Regards,

Jan
 
Reading this excellent thread I have learned that rather than looking for broker safety one should look for country safety. Can one corolary be:
1) Broker safety depend on the countries laws (requires segregerated accounts)
2) Broker Financial stability
3) Others ...
 
Well done Bramble. wtf is the whole forex world one great big scam with everyone feeding us lies to get our money?
 
So basically, Oanda can't use your money for their own trading, but if they go bankrupt, priority creditors, of whom you aren't one, can take your money. Is this correct?
 
Yes the fact oanda do not hold clients funds in a segregated account is a real bummer.

And the 2% max leverage does not help the client feel secure.

However, the best way to deal with this is regularly withdraw profits & leave the minimum margin requirments in the account.

Oanda also does not publish their financial results (for what hey are worth) which does not help you trust them.

I just worry about what state this company will be in come the crash later this year.

I'm glad i got out with profits in tact, before the crash comes.
 
when Oanda opens Canda's branch it will be safe ...
 
So now Oanda has opened a branch in Canada.

http://fxtrade.oanda.ca/

It states there that:

"OANDA Canada is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Deposits held with OANDA Canada are insured by the Canadian Investor Protection Fund (CIPF). OANDA Canada accounts are available to anyone with a Canadian bank account."

Is there general opinion that your funds would now be safe if deposited at Oandas Canadian branch?
 
kcomplex said:
So now Oanda has opened a branch in Canada.

http://fxtrade.oanda.ca/

It states there that:

"OANDA Canada is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Deposits held with OANDA Canada are insured by the Canadian Investor Protection Fund (CIPF). OANDA Canada accounts are available to anyone with a Canadian bank account."

Is there general opinion that your funds would now be safe if deposited at Oandas Canadian branch?
Click to expand...

yeah up to 1 M $ i think , but u need a bank account in Canada to open an account with Oanda Canada , ask them for details ...
 
tar said:
yeah up to 1 M $ i think , but u need a bank account in Canada to open an account with Oanda Canada , ask them for details ...
Click to expand...

Hi, It is possible to open a canadian bank account if you are a UK citizen (as i am) and fund your oanda account this way. There is only a small cost in sending the money to and back between uk and canadian accounts.

However i am wondering what the law is as far as tax in concerned. Will you have to pay any canadian taxes since any profits will be payed into the canadian account and then transferred back to the UK where you must pay CGT. Would you be doing anything wrong by moving money this way? Can anyone shed any light on this as i can't find much researching on the web.
 
You must log in or register to reply here.

Similar threads

tar
OANDA attains FSA registration
Replies
0
Views
2K
tar
tar
ha0dho
oanda spikes
Replies
11
Views
4K
FrankP
F
S
Oanda
Replies
18
Views
6K
RF_TRADERTIP
R
M
Oanda vs Dukascopy vs Interactive Brokers
Replies
4
Views
8K
Pip Smoker
P
S
Oanda versus IB
Replies
5
Views
3K
jezza888
jezza888
Top