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Friday, January 16, 2015

By the way, the FX broker I use and the one I tell my students to use is fine

For those of you who have taken my Forex course in the past and many of you probably currently trade,  you know that the broker I use, Oanda, has gotten through this act of institutional terror by the SNB relatively unscathed. It's a testament to a great company and a testament to my course and the information I provide. I know that is not being humble, but I probably saved lots of people a lot of money and headaches.

Here is Oanda's statement:

In the wake of unprecedented market events this morning, OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients. OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough*.
Client inquiries are being handled normally and those making withdrawals and deposits are able to do so as normal.
OANDA is proud of its strong reputation for fairness and integrity. We thank our customers for their continued loyalty and welcome new traders who want to experience outstanding service and execution.

Very nice.

3 comments:

  1. Mosler's web has been hacked. I wonder if he knows.

    ReplyDelete
  2. Oanda is different. :)
    The leverage ceiling policy of 50:1 saved them and their clients.

    ReplyDelete
  3. RY,

    I noticed it too. I had to shut down my computer because I was not able to close the window unless I clicked "leave this page" in some navigation window that opened up, which means I risked infecting my computer.

    His site is fine now :-)

    ReplyDelete