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Author Topic: Bitcoin on Oanda  (Read 5515 times)
Mageant
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April 04, 2013, 05:03:22 PM
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Bitcoin is now one of the currencies on Oanda (a professional forex trading and exchange rates services company).

Try it:
http://www.oanda.com/lang/de/currency/converter/
 Shocked

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April 04, 2013, 05:05:08 PM
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Great! I regularly use it to convert USD/EUR and I know that it's a quite popular website.

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April 04, 2013, 05:19:49 PM
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Fascinating.  Looks like they've been at it for awhile.

I wonder what their lag is when they get busy...

Dankedan: price seems low, time to sell I think...
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April 04, 2013, 05:23:58 PM
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cool but no historic prices yet

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April 04, 2013, 05:26:01 PM
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Cool. If they added BTC pairs to their platform that would be pretty crazy.

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April 04, 2013, 05:49:40 PM
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Cool. If they added BTC pairs to their platform that would be pretty crazy.

Looks like you create your own pairs, no?

Dankedan: price seems low, time to sell I think...
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April 04, 2013, 06:16:07 PM
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Cool. If they added BTC pairs to their platform that would be pretty crazy.

Looks like you create your own pairs, no?

On the converter yes, but not on their trading platform.

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April 04, 2013, 06:30:43 PM
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Bitcoin is now one of the currencies on Oanda

Since they give the quote for whatever pairs you pick, the USD/BTC shows a 0.00779 BTC per dollar.   I guess I just haven't seen that pair order in a while and it shocked me a little.

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April 04, 2013, 07:07:49 PM
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This is amazing news!

OANDA is probably the most respected forex trading platform available to retail clients.
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April 04, 2013, 07:10:25 PM
 #10

Oanda accepts credit cards immediate funding up to $10,000USD and Paypal how long until they're frauded out of all their coins

Also:
Quote
For your security, you can only withdraw funds by the same method you used to deposit them into your OANDA account.

So how do I pay in with my card, buy coins and then withdraw those coins back to my card. Guess you are buying virtual coins and don't get to keep them
Mageant
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April 04, 2013, 07:12:13 PM
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Cool. If they added BTC pairs to their platform that would be pretty crazy.

Looks like you create your own pairs, no?

On the converter yes, but not on their trading platform.

I think once it's on their converter it's only a matter of time before they add it to the trading platform, too.

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April 04, 2013, 07:12:29 PM
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Oanda accepts credit cards immediate funding up to $10,000USD and Paypal how long until they're frauded out of all their coins

The aren't exchanging coins. All they've done is add BTC to their FX conversion utility. No trading possible.

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April 04, 2013, 07:21:34 PM
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Cool. If they added BTC pairs to their platform that would be pretty crazy.

Looks like you create your own pairs, no?

On the converter yes, but not on their trading platform.

I think once it's on their converter it's only a matter of time before they add it to the trading platform, too.

Maybe. There are tons of currencies on the converter that they don't offer on their platform though. I could maybe see them adding it as a deposit method.

Mageant
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April 04, 2013, 07:23:16 PM
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Cool. If they added BTC pairs to their platform that would be pretty crazy.

Looks like you create your own pairs, no?

On the converter yes, but not on their trading platform.

I think once it's on their converter it's only a matter of time before they add it to the trading platform, too.

Maybe. There are tons of currencies on the converter that they don't offer on their platform though. I could maybe see them adding it as a deposit method.

Technically, it wouldn't be hard for them to do so and there are no legal or political hurdles as with some state currencies.

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April 04, 2013, 07:24:26 PM
 #15

Ahh yes it's just for the calculator. Too bad because they offer zero fee money transfers I've used in the past, you only pay for exchange rate spread. Dump in coins, send local funds anywhere
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April 04, 2013, 08:00:43 PM
 #16


Also:
Quote
For your security, you can only withdraw funds by the same method you used to deposit them into your OANDA account.


If, as you quote Oanda, this remains true...

And if, as Mageant posits:

Quote
Maybe. There are tons of currencies on the converter that they don't offer on their platform though. I could maybe see them adding it as a deposit method.

...they add it as a deposit method:

Then they become essentially an exchange for bears only.

BTC in > convert to dollars > wait for price to go down > convert back and withdraw BTC.

Makes no sense.  If they accept BTC in any way, they are almost forced to provide a full exchange - or lose money on fees buying the BTC to pay out.  Am I missing something?


Dankedan: price seems low, time to sell I think...
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April 04, 2013, 09:01:04 PM
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Am I the only person who thought this was a topic about Bitcoin being featured on  a radio show?

Cool news, though.

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April 04, 2013, 09:01:18 PM
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Ahh yes it's just for the calculator. Too bad because they offer zero fee money transfers I've used in the past, you only pay for exchange rate spread. Dump in coins, send local funds anywhere

Not anymore they don't. Regulations forced that service down. See "Important Notice: fxGlobalTransfer, for third parties, has been discontinued". http://fxglobaltransfer.oanda.com/

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April 05, 2013, 12:04:22 AM
 #19

I would love to see BTC traded on Oanda, they have one of the best trading platforms in the world. Amazing technical analysis tools, and no you don't get "lagged" although reality is there will always be slippage in high volume market moves.  Forex trading typically uses a LOT of leverage and most people lose their initial investment.  Bitcoin needs to stabilize before it can be traded in a market like Oanda (or perhaps being traded on major exchanges can create the stability that Bitcoin so badly needs).

I wouldn't recommend forex trading because I don't like the math on it, but still you all should check out their trading platform by creating a free game account.
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April 05, 2013, 12:16:59 AM
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People on reddit have posted about Oanda support telling them actual conversion isn't in the books anytime soon.

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