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@Bob, I needed to hear that five years ago after OTA took all our savings-sold us on Forex and lifetime Forex 'ProPicks' (now called 'OTAPicks' after FTC got involved) selling us dreck.
But as far as I am concerned, you can remind me daily and I wont complain!!
We are working toward the goal of never trading Forex again.
In Australia OANDA is regulated by the Australian Securities and Investments Commission (ASIC), and if their activity is suspicious ASIC will investigate them. In my experience Oanda has been pretty good sorting out issues.
In regards to spot trading in general, there are various kinds of CFD brokers - ECN, STP, NDD, Market Makers. Some of them also offer guaranteed fixed spread.
If anything, it is the variable spread that screwed me over a few times. You put the stop order, and it gets triggered 20 pips away during low activity time. Some brokers have the option of choosing either bid or ask for the stop or limit order, Oanda doesn't have it.
Oanda will, if you make enough fuss, reimburse you for at least the most of your loss. Then will chalk it up to "technical difficulties" with their liquidity provider(s).
One thing a bit frustrating is the lack of pippettes or a sufficient amount of fractional points in the case of 6E/EuroFX. If you do get stopped out it is a touch of the bid or ask price and not a breach from what I've noticed so far.
CFTC and NFA deems currency a commodity. Simply put there's only enough supply if you want to think of it that way.
Of course the options are regulated as well. I was selling RBOB options to unsuspecting "investors"....A part of my life I'd rather forget. This was before I became Finra registered, just before it was NASD, and regulated by the SEC.
Yes, as my profile (below my name shows), I'm from the US. I just can't find any references to support that the CFTC regulates spot FX. Currency futures, and options on them, of course. But spot FX? Can't seem to see anything that supports that they would have any jurisdiction to regulate a broker which does not have any futures business.