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 Forex Version XII, Foreign Exchange Market Discussion

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flowerhorn08
post Jan 15 2014, 11:13 AM

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QUOTE(morning06 @ Jan 7 2014, 11:56 PM)
Thanks smile.gif
If anyone have funding/withdrawing experience with OANDA do let me know. Thanks
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What would you like to know?
flowerhorn08
post Jan 15 2014, 03:47 PM

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QUOTE(morning06 @ Jan 15 2014, 03:21 PM)
Hey thanks for the reply.
I understand so far that for deposit and withdrawal, OANDA will process our withdrawal as of our deposit? e.g. if i deposit with paypal, i'll get my withdrawal on paypal right?

So is it possible to use maybank debit card/ any debit card (as a credit card) to deposit and get my withdrawal from them directly back to my debit card?

Sorry for the trouble.
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Yes, if you deposit with paypal, the fund will be withdrawn to your paypal account. If one withdrawal is done a month, no fee is charged. However, any subsequent withdrawal during the same month will attract a $15 fee.

Sure, no problem at all. The bank may charge a certain service fee for the fund transfer. I haven't tried it with debit card but I did it with credit card. The fund appeared immediately in the trading account after the transfer is completed. There was no bank charges. Only currency exchange loss. biggrin.gif

So, if you want to withdraw fund to the account of your liking (be it bank account, PayPal account or credit card account), try to deposit a small amount of money into your trading account with each method. And after you made a profit from trading, you can withdraw to the account of your liking.

Happy to be able to help! biggrin.gif

This post has been edited by flowerhorn08: Jan 15 2014, 03:50 PM
flowerhorn08
post Jan 15 2014, 04:09 PM

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QUOTE(morning06 @ Jan 15 2014, 03:54 PM)
Ohh ok, thanks for sharing your experience. I'll try with a debit card and see if they allow den wink.gif

The withdrawal fee of $15 for second and subsequent withdrawal /month is charge on paypal or its applicable for all withdrawal method? Meaning if i just made one withdrawal/month from OANDA account, i'll not be charged any fee?

For deposit, is there any charges apply? Coz when i fund my other broker account, they charge a $25 for each wire transfer and withdrawal.

Do let me know and sry for the trouble again.
Thanks.
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The specified $15 is applicable for second or more paypal withdrawal. I think this withdrawal fee is charged by Oanda.
The first withdrawal will still be charged a small fee, in this case, by paypal.

Other withdrawal method usually attracts some amount of withdrawal fee as well. For example, bank wire will attract a certain fee and it will also take a few days for the fund to reach your banking account. In fact, for withdrawal, any type of withdrawal, it will take a few days.

Yes, that is the normal practice. The charge is by the bank (usually by the intermediate bank used during the TT). TT charge is high, compared to credit card. When you do TT, you will be charged by the local bank. And then you will be charged again by the intermediate bank for the transfer. So usually the amount that you want to appear in your trading account will be less due to the broker minus off the bank charges. In my case, it was AUD22.

To make long story short, deposit and withdrawal will involved cost. Cost due to bank charges, currency exchange loss (usually) and it does take time. Normally at the end of the year, the ringgit will be lower against other currencies. So it is time to transfer money back to your banking account with lower cost.



flowerhorn08
post Jan 15 2014, 04:34 PM

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QUOTE(morning06 @ Jan 15 2014, 04:17 PM)
I see. Ok thanks for the info smile.gif and thanks for the tips on currency fluctuation.

They are charging you in AUD not USD? I did come across a post where they say with OANDA, we can choose the currency base (for transaction charges) we prefer and apparently USD (after conversion) is more expensive compare to some other currency. Is it true?
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My trading account is in AUD. So when they want to knock off a certain amount of my account, my trading balance show a lesser amount than the amount I want to fund.

So it depends the denomination of your trading account. If it is in USD, then the charge will be in USD. Expensive or cheap depends on timing. Timing on the exchange rate of the foreign currency against Ringgit. In fact, you can check out this USD Conversion rate link to find the USD rate against the ringgit at the current time. Use it as a guide.



flowerhorn08
post Jan 17 2014, 01:26 PM

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QUOTE(MNet @ Jan 17 2014, 01:21 PM)
short usd/cny will not go wrong
http://www.imghst.org/uploads/htfd1r82s30y.jpg

user posted image
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Hmm... this USD/CNY pair only available for Oanda custom platform and not its MT4 platfrom. sad.gif
flowerhorn08
post Feb 6 2014, 08:27 AM

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QUOTE(9kingsir @ Feb 5 2014, 11:15 PM)
gong xi fatt cai to all new and old forex traders....

I am still in holiday mood...

but trading as usual..

DARKFORCE: how are u bro?

hope everyone is having great time trading and happy pipping..

Those who are new to forex.. pls read up in babypips.com
once u finish or dont understand then u can ask few gurus here.

on which brokers u have to use... u can chose your favorites but regulated broker is a must .. stay away from US and australia brokers.
Markets makers also need to avoid unless is CITIpro.

if u r news trader, pls use ECN or tight spreads for better money management.
News trader please dun complain slippage/requote if any cos of volatility.
Technical trader will avoid news trading time.

Newbie should ask why in the hell when the news suppose to bullish but after the news come out still bearish for 8 hours?

Too many question can be ask and need many answer fot that..

Like whats ranging, swinging,scalping, hedging methology, what the pro and cons?

Technical analysis trader:- why in the hell indication show will bullish but still ranging...??

what the inside trading secrets we yet to know?

reading babypips.com is just like schooling but even after finish it wont gurantee u profits.. just like even u have a degreee wont land u a good job..

untill then.... happy pipping
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Stay away from US brokers? 'cos the low leverage?

Why stay away from Aus brokers?

flowerhorn08
post Feb 6 2014, 10:25 AM

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QUOTE(9kingsir @ Feb 6 2014, 09:38 AM)
many problem including retriving money...some said scammers..
requote,slipage,no answer, cs sucks, etc
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So it seems that your recommendations would be brokers in UK and Europe?
flowerhorn08
post Feb 6 2014, 12:30 PM

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QUOTE(zDarkForceSz @ Feb 6 2014, 12:19 PM)
I recently change from FxPro UK to pepperstone.
still in testing phase~

UK broker customer service is better.
Pepperstone i haven't try their cs~
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I have been with Pepperstone for a few years. Their CS seemed OK with me as I usually don't have high demand on them.
flowerhorn08
post Feb 28 2014, 08:47 PM

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QUOTE(nemoexcel @ Feb 27 2014, 09:23 PM)
Members trading with fxcm uk......
http://m.asia.wsj.com/articles/SB100014240...8?mg=reno64-wsj

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February 26, 2014 4:28 PM
Forex-Trading Firm FXCM Fined by U.K. Regulator
Firm to Pay $16.7 Million to Settle Allegations of Withholding Profits From Clients

By JENNY STRASBURG And MAX COLCHESTER
LONDON—Foreign-exchange trading firm FXCM Inc. agreed to pay fines and refunds totaling almost £10 million ($16.7 million) to settle allegations by a U.K. financial regulator that the company withheld profits from clients and failed to inform British authorities that it was under investigation in the U.S.
The Financial Conduct Authority said that U.K. units of FXCM withheld £6 million from customers on foreign-exchange transactions between August 2006 and December 2010. The regulator said the broker pocketed profits when exchange rates moved in its customers' favor while a trade was in process, but it passed on losses that occurred on other trades.
FXCM, which is based in New York and is publicly listed on the New York Stock Exchange, is a dominant broker in online foreign-exchange trading for retail clients and serves banks, hedge funds and other asset managers. The company in 2012 sought to boost its institutional-trading business by investing in, and trading with, an electronic-trading platform called FastMatch, in partnership with Credit Suisse Group AG. In trades with retail customers, FXCM matches orders electronically with quotes from more than a dozen banks and other so-called market-making firms, including high-frequency-trading firms. FXCM earns a "markup," or fee from clients based on trading volume, according to the company's description of its business.
As part of its settlement with the British regulator, FXCM agreed to pay £4 million in fines plus almost £6 million to refund money to U.K. clients.
In a statement, FXCM played down the impact on customers as "typically very limited," with individual traders suffering an average hit of $3.70 apiece because of the practices over the four-year period addressed in the settlement.
"It's not like this was a major source of profit," FXCM Chief Executive Drew Niv said in an interview Wednesday, adding that FXCM operated similarly to competitors when it pocketed price improvements instead of crediting customers. FXCM changed its practices in 2010 to pass along those price improvements to customers, Mr. Niv said.
"This is how the system was set up. As far as we were concerned at the time, the customer traded with us, and we hedged," Mr. Niv said. "The only thing we held back on was the price improvement. We still gave the customer the best price out of multiple market makers."
About the FCA agreement, Mr. Niv said, "The idea of a settlement is I don't argue with it."
The FCA said the fine wasn't related to any continuing probe into allegations that traders at banks and other institutions attempted to rig foreign-exchange markets.
FXCM said it had provisioned $15 million in the third quarter of 2013 for this matter. "All clients receiving restitution will be notified within 60 days," the company said. FXCM's U.K. customers who lost more than $1 as a result of its practices will be reimbursed to their accounts.
The FCA became aware of the practice in 2011. But it was unaware that U.S. authorities had begun their own probe into the matter a year earlier. In 2011, FXCM agreed to pay more than $14 million to settle allegations from U.S. market regulators that the company had failed to supervise customer accounts. As a result, regulators said, FXCM customers suffered detrimental pricing on trades.
FXCM's failure to alert the FCA breached requirements that businesses be open and cooperative with the U.K. regulator. "I'm not contesting that," Mr. Niv said, adding that an FXCM executive at the time responsible for informing the British regulator mistakenly "thought he had."
Write to Jenny Strasburg at jenny.strasburg@wsj.com and Max Colchester at max.colchester@wsj.com
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Hmmm.... I am wondering FXCM will pay all its UK customers or UK based customers. As I recalled the last suit in US, they only pay their US based clients. All other customers outside US got zilch!!!

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