Oanda Nigeria Forex broker Review

Oanda is a forex and CFD broker which is founded in the New York in the United States of America (USA). The Oanda company was established in 1996 as a company which offers global online brokerage in the foreign exchange market. The company is regulated in 6 different countries of the world under NFA, CySEC (Cyprus), CFTC,ASIC, MiFID and FCA.

Oanda made history in 1995 by being the first forex broker in the world to provide information on the currency exchange rate for free, without any charges. Today, Oanda is one of the leading forex brokers in the world due to the accurate and large database which it has. In this article, you will get an honest review of Oanda and with this post, you will know if it is the right broker for you to try out.

Oanda Trading Accounts

Oanda offers its clients with a standard account which doesn’t require any minimum deposit for the account opening. There is the availability of a demo account which is designed for traders who are new and beginners in the forex trading business.

There is another account which is known as Premium account. This account is made for big traders as it requires a minimum account deposit of $50,000.

Most forex brokers in the market set a deadline for the use of the demo account (30 days or more), but Oanda has no limited time for its clients holding demo accounts. Instead, the demo account is is being used and maintained by the trader to get more experience and beef up his trading skills until such trader is ready to open a real account.

The maximum leverage is 50:1 and the leverage can be changed at any time to test the trader’s comfort level.

Unique Features of Oanda Nigeria Forex Broker

  1. Oanda is regulated in 6 different countries of the world.
  2. They have different methods of payment for funding and withdrawing of funds.
  3. Their platform is used by traders in over 80 countries of the world.
  4. The account opening process takes not less than 10 minutes to register.
  5. Customers have the choice of choosing 2 different trading accounts.
  6. It has a demo account for beginners who are looking to get experience of how to trade in the forex market.
  7. The standard account doesn’t have a fixed amount for minimum account deposit.
  8. Oanda doesn’t charge extra fees whenever a customer makes a withdrawal request.
  9. Oanda trading platform is available on web, desktop and mobile devices.
  10. Oanda provides analytical tools which are made available for its clients.

Customer Care Support

The Oanda customer support is available for 24 hours a day but the response can get slow during market periods. Clients can reach the Oanda support team with email, live chat and telephone.

Payment Methods

Oanda has different payment options for customers to make deposits/withdrawal from their account. The Oanda payment methods include PayPal, Bank wire, debit/credit card.

Pros

It accepts clients from the United States of America

Oanda is a highly regulated forex broker

It provides analytical tools for traders

It offers educational materials and tools to help traders to excel in their trading.

Cons

It doesn’t offer multiple account as traders are restricted to opening the standard account.

The premium account is too expensive and costly for people to open.

They restrict some countries from trading on the platform

Conclusion

The Oanda website is responsive and designed in a way that makes it easy for customers to navigate and use their account without technical problems. If they are supported in your country, you can try them out.

 





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