Oanda Europe aka "OANDA Europe Markets Ltd" based in Malta is closing business and reopening in Poland under the name: OANDA TMS Brokers S.A. registered in Warsaw.
But now comes the brutal truth: In order to make the transfer to Poland , Oanda will close all clients positions .... ON THE CLIENT EXPENSE !!!!!! This means .... I have an open position of -1000$ on a 10.000$ account .... Oanda will close your position and the 1000$ negative will be for the client to swallow ! Even though we learned from the Jan. 15, 2015 Swiss Frank Shock that Oanda is a bucket shop style broker. So it basically means Oanda Europe is closing and simply taking our money on all negative open positions !
In the case of the Swiss Frank Shock, Canada-based foreign exchange broker OANDA said in a statement it “will pardon our clients’ negative account balances associated with this market event” and would not “re-quote or amend” clients’ trades on the Swiss currency. This was a public confirmation of their "Bucket Shop Broker model".
What ever the technical financial complications of the move from Malta to Poland may implicate, it is extremely UNETHICAL and UNCORRECT to make the client pay for the move.
Who else is a client of Oanda Europe "OANDA Europe Markets Ltd" here on Forex Factory ? Please comment here .
But now comes the brutal truth: In order to make the transfer to Poland , Oanda will close all clients positions .... ON THE CLIENT EXPENSE !!!!!! This means .... I have an open position of -1000$ on a 10.000$ account .... Oanda will close your position and the 1000$ negative will be for the client to swallow ! Even though we learned from the Jan. 15, 2015 Swiss Frank Shock that Oanda is a bucket shop style broker. So it basically means Oanda Europe is closing and simply taking our money on all negative open positions !
In the case of the Swiss Frank Shock, Canada-based foreign exchange broker OANDA said in a statement it “will pardon our clients’ negative account balances associated with this market event” and would not “re-quote or amend” clients’ trades on the Swiss currency. This was a public confirmation of their "Bucket Shop Broker model".
What ever the technical financial complications of the move from Malta to Poland may implicate, it is extremely UNETHICAL and UNCORRECT to make the client pay for the move.
Who else is a client of Oanda Europe "OANDA Europe Markets Ltd" here on Forex Factory ? Please comment here .