OANDA Ends leveraged trading in precious metals

[AlbyVA]

OANDA(R) fxTrade(TM)
-------------------------------------

As a result of the recently enacted Dodd–Frank Wall Street Reform
and Consumer Protection Act, U.S.-based retail forex dealers such
as OANDA are prohibited from offering leveraged trading in
precious metals to retail clients after Friday, July 15, 2011.

As a client based in the U.S., you will not be able to trade our
four precious metal pairs (XAU/USD, XAG/USD, XAU/JPY, XAG/JPY) on
a leveraged basis, effective end of day July 15. Leveraged
trading in other currency pairs will remain unaffected, with the
same margin requirements.

You will still be able to trade precious metals, but only on a
1:1 non-leveraged basis (requiring substantially more margin). If
you do not have sufficient margin to cover your open metal
positions in full, you need to reduce your exposure to gold and
silver pairs before end of day July 15, or risk a margin call of
all your open positions when this change is implemented.

We sincerely regret any inconvenience caused by this change in
legal requirements. If you have any questions, please do not
hesitate to contact our Customer Service Team at
frontdesk@oanda.com.

We appreciate your business with OANDA.

- The OANDA fxTrade Team

-------------------------------------

Why is this change required?

Effective the end of Friday, July 15, 2011, Retail Foreign
Exchange Dealers (RFEDs) registered with the Commodity Futures
Trading Commission (CFTC) will be prohibited from offering
leveraged retail trading in commodities, including precious
metals such as gold and silver. This change in the U.S. law is
being enforced by the CFTC as an outcome of The Dodd–Frank Wall
Street Reform and Consumer Protection Act.

[golditiki]

OANDA(R) fxTrade(TM)
-------------------------------------

As a result of the recently enacted Dodd–Frank Wall Street Reform
and Consumer Protection Act, U.S.-based retail forex dealers such
as OANDA are prohibited from offering leveraged trading in
precious metals to retail clients after Friday, July 15, 2011.

As a client based in the U.S., you will not be able to trade our
four precious metal pairs (XAU/USD, XAG/USD, XAU/JPY, XAG/JPY) on
a leveraged basis, effective end of day July 15. Leveraged
trading in other currency pairs will remain unaffected, with the
same margin requirements.

You will still be able to trade precious metals, but only on a
1:1 non-leveraged basis (requiring substantially more margin). If
you do not have sufficient margin to cover your open metal
positions in full, you need to reduce your exposure to gold and
silver pairs before end of day July 15, or risk a margin call of
all your open positions when this change is implemented.

We sincerely regret any inconvenience caused by this change in
legal requirements. If you have any questions, please do not
hesitate to contact our Customer Service Team at
frontdesk@oanda.com.

We appreciate your business with OANDA.

- The OANDA fxTrade Team

-------------------------------------

Why is this change required?

Effective the end of Friday, July 15, 2011, Retail Foreign
Exchange Dealers (RFEDs) registered with the Commodity Futures
Trading Commission (CFTC) will be prohibited from offering
leveraged retail trading in commodities, including precious
metals such as gold and silver. This change in the U.S. law is
being enforced by the CFTC as an outcome of The Dodd–Frank Wall
Street Reform and Consumer Protection Act.

RETAIL Exchange dealers excludes big herrings GS and Morgan ?
If so the game isn't very "republican", should be either for ALL big and small 1:1 or for ALL free. Smells to Animal Farms' ten commandements changes ; - some pigs are more equal than others. -

Democracy is the cloth behind which undemocratic secret powers hide themselves.

Golditiki +++

[vintage1904]

I have a little bit off-topic question. How many of you guys have an account with oanda? Any feedback?

[hpw12]

As a client based in the U.S., you will not be able to trade our
four precious metal pairs

Why only in the U.S.?

[eqrgargbargb]

Why only in the U.S.?

because the rest of the world can ignore US laws?

[insidedealer]

OANDA(R) fxTrade(TM)
-------------------------------------

As a result of the recently enacted Dodd–Frank Wall Street Reform
and Consumer Protection Act, you will not be able to trade our
four precious metal pairs (XAU/USD, XAG/USD, XAU/JPY, XAG/JPY) on
a leveraged basis, You will still be able to trade precious metals, but only on a
1:1 non-leveraged basis (requiring substantially more margin). OR< YOU CAN MOVE YOUR ACCOUNT TO A REGULAR EXCHANGE BROKER AND CONTINUE TO TRADE WITH LEVEREDGE AT 25/1. Plus, you'll be trading real contracts, not the toilet paper you trade with us.-..


The OANDA fxTrade Team

-------------------------------------

.

I changed the letter to make it more accurate.

[nguyenbn]

I have an account with forex.com & got the same letter after transferring my account from FXPROS last due to the same sh**.
What a shame! We need to do some thing before loosing verything one by one...

[hanymike]

Oanda sucks
I have a acc with them and tried to migrate to the UK. Not possible either because im a international customer from Antigua. Now I tried to migrate to Oanda singapore but this takes forever. I believe this is just a one men Firm.
Feedback to my questions are also very poor.

From Oanda:
"
Thank you for contacting OANDA.

I'm extremely sorry as that I just checked up your country of residence (Antigua and Barbuda) and fount that it is not a Financial Action Task Force or an European Economic Area country. Therefore, in this case you will NOT be able to migrate to the Europe division. We suggest you close your metal related trade as soon as possible before the July 15th deadline to avoid a margin call."

[Nannie]

I also received this same message from Forex. I agree that something should be done about this, but what can anyone realistically do? It seems that the problem is so out of hand, and my concern is that it is to late to salvage. I was thinking about finding a independent broker. I feel that this may benefit my needs more than a large faceless corporation. I'm thinking about checking out some reviews on angies list to see if I can find someone who will be a good fit for me. Does anyone think that this would be a good idea? I could really use some advice here, so if anyone can offer me some suggestions I would appreciate it. Thank you.