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MB lets you trade < $10,00 unit size . They do state that 10k is the minimum but everyday I enter new positions with 4-$6,000 units without any problems .
I have never traded through them, but when I was looking for a currency broker/dealer a couple years ago, they seemed to have the fewest complaints. I do remember restictions as far as trading times, limitations as to platforms you can use and I read a couple people who indicated they were shown the door after becoming consistently profitable (someone else may be able to better speak to that though). If you have very small funds and don't like the idea of waiting, it may be a good option though. That said, it's not the choice I would make.
That's interesting, but good to know. I was looking at bigger picture scaling strategy that I would like to start in small increments of $5000 or so, so that may be a good option. Are you paying a minimum commission on those trades or does it still correlate to the position size? Thanks.
That's also an interesting point and something I have never considered before, because if you are trading directly against them, then technically you shouldn't have slippage on any of your orders. Has that been your experience?
As I stated before it has been proven over and over and over and over that Oanda does NOT trade against it's customers. Traders have complained and the prices were checked against the large ECNs - the compaining traders were ALWAYS wrong. Check out the Oanda forum if you need to see it. Need to go back a couple years since the old timers have left the forum and the newer traders no longer feel the need for multiple brokers. That plus the clueless complainers, who will never be able to trade anyway, are not tolerated by the increasingly hostile forum community anymore (it got so hostile recently that it looks like nearly everyone left).
Oanda simply facilitates the orders - very much like the floor traders in the old days. Sometimes they effectively hedge their exposure and sometimes like recently they do not.
A couple of years ago there was a very loud complaining trader who complained that Oanda took his profits away from him and closed his account. I believe that he was spouting about more than $190,000. If not, it was a big number. That forum thread was very active. Turns out that he wasn't trading the markets at all. He was gaming the lag time in the subaccount valuations (we can have up to 19 subaccounts set up in different currencies) thus the reason why he was so evasive when questioned. Oanda immediately limited subaccount transfers to 3 per day until they could fix the problem.
Seriously, there is so much money to be made by the spreads that these large US FX dealers do not need to trade against their customers. Currently US FX dealers are required to submit a record of every trade executed to the regulators. Consider the risks and consequences.
