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Oanda review

OANDA Review

Overall, OANDA is very competitive in terms of its trading fees and spreads. OANDA is a multi-regulated forex broker headquartered in Cyprus. OANDA is regulated by FSA, CBCS, FSC, FSC BVI, FSCACySEC, and the FCA. Exness is currently not regulated by the CBN.

Updated : January 20, 2023

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

OANDA Overview

OANDA Review Overview

👉 OANDA is considered a low-risk forex and CFD broker for Nigerians with a trust score of 91%. OANDA is an attractive option because of its competitive trading conditions, award-winning proprietary platform, and high-quality trading solutions.

 

👉 OANDA has regulations and authorization from several reputable entities and even though the Capital Markets Authority (CMA) does not regulate the broker, it is a viable option for Nigeria traders.

 

👉 OANDA was created in 1996 by Dr Stumm and Dr Olsen. OANDA is a prominent broker and trading platform that claims to handle “all things currency,” including currency conversions, FX data services, and an online brokerage service for retail FX and CFD traders from across the world.

 

👉 A large variety of indicators and charting tools are available to both professionals and novices on OANDA’s platform, making it ideal for both novices and experts alike. This OANDA review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

 

Distribution of Traders

OANDA Review Distribution of Traders

👉 The distribution of traders with OANDA is as follows:

➡️️​ United States – 18.4%

➡️️​ Germany – 8.2%

➡️️​ United Kingdom – 6.9%

➡️️​ Canada – 3.7%

➡️️​ Spain – 3.3%

 

Popularity among traders who choose OANDA

🥇 OANDA is a leading worldwide broker with a strong presence in the United States and other developed nations. However, OANDA is used by many African traders, placing it among the Top 50 forex brokers for Kenyan traders.

OANDA at Glance:

🏛️ HeadquarteredUnited States
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded1996
📱 Nigerian Office Contact NumberNone
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
🔎License NumberAustralia – ABN 26 152 088 349, AFSL No. 412981
United States – 0325821
United Kingdom – 542574
Japan – 1571
Singapore – 200704926K
Malta – VLT1455
⚖️ CBN RegulationNone
✴️ Regional RestrictionsNone indicated
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts3
📊 PAMM AccountsNone
📊 Liquidity ProvidersJP Morgan, Deutsche Bank, Royal Bank of Canada
Affiliate ProgramYes
📊 Crypto trading offered?No
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:200
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)0 Nigerian Naira
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
Active Nigerian-based OANDA customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsLocal Transfers
Debit Cards
Credit Cards
Bank Wire
Bank Transfers
Skrill
Neteller
Mobile Bank Transfers
International e-Wallets
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, OANDA web, OANDA mobile
💰 Tradable AssetsIndex CFDs
Forex
Metals
Commodity CFDs
Bonds CFDs
Precious Metals
Real-time Rates
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Chinese (Traditional), Spanish, Portuguese
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansYes
✴️Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is OANDA a safe broker for Nigerians?Yes
✔️Rating for OANDA Nigeria8/10
✔️Trust score for OANDA Nigeria91%

Regulation and Safety of Funds

OANDA Review Regulation And Safety

👉 Multi-jurisdictional OANDA is a worldwide broker. Other respectable regulatory bodies supervise OANDA, even though the Capital Markets Authority (CMA) in Nigeria does not control it. OANDA is overseen by the following entities:

➡️ For Canadian traders who possess a bank account in Canada, OANDA (Canada) Corporation ULC is an option. Under its membership in the Investment Industry Regulatory Organization of Canada, OANDA (Canada) Corporation ULC is well-regulated (IIROC). All client accounts are safeguarded by the Canadian Investor Protection Fund under this rule, which includes an online advisor check database.

➡️ The Australian Securities and Investments Commission (ASIC) regulates OANDA Australia Pty Ltd under ASIC registration numbers ABN 26 152 088 349 and AFSL No. 412981.

➡️ OANDA Corporation is a member of the Futures Commission Merchant in the United States. Under license number 0325821, it is also a Commodity Futures Trading Commission (CFTC)-registered retail foreign exchange dealer and a member of the National Futures Association (NFA).

➡️ OANDA Europe Limited is registered in England (7110087) and regulated by the Financial Conduct Authority (FCA) with license number 542574.

➡️ With a Financial Instruments Business Director, OANDA Japan Co., Ltd. is registered with the Kanto Local Financial Bureau (Kin-sho) as a subscriber number 1571.

➡️ The Monetary Authority of Singapore (MAS) regulates OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K), which possesses a Capital Markets Services License.

➡️ Malta – OANDA Europe Markets Limited is a Malta-registered company. The Malta Financial Services Authority (MFSA) is also in charge of overseeing it (MFSA).

 

👉 Law mandates financial transparency for OANDA, as well as a certain level of capital reserves. Accountancy experts from a respected firm outside the United States will conduct an audit of OANDA’s financial records.

 

👉 It is only in conjunction with clients’ trading activity or withdrawal requests that OANDA is permitted to remove funds held in top-tier banks. As an added benefit, OANDA works with major financial institutions across the globe to get access to and provide liquidity for the world’s currency and CFD markets.

 

👉 When it comes to managing currency risks, OANDA uses innovative risk management technology to anonymously and automatically net client holdings, and the broker promptly hedges outstanding aggregated positions with partner banks beyond predefined thresholds.

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Account Types and Features

OANDA Review Account Types And Features

👉 OANDA has three different kinds of retail investor accounts to choose from, each with its own unique features and benefits. OANDA Market Pulse, negative balance protection, and a host of additional perks are included with these accounts, as well as access to sophisticated instruments.

 

👉 The account options that OANDA offers Nigeria are:

➡️ Standard Account

➡️ Core Account

➡️ Swap-Free Account

 

Live Trading Accounts

Standard Account

Screenshot 2022 04 02 at 18.40.22

👉 This account type is a good fit for most traders, regardless of their trading goals or preferences.

Kwakol MarketseToroOANDA
🔥 RegulationASIC, FINTRACCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSAIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
eToro proprietary platformMetaTrader 4
MetaTrader 5
OANDA Web
OANDA Mobile
💰 Withdrawal FeeNoYesNo
💳 Minimum Deposit400 NGN83,000 NGN ($200)0 NGN
📊 Leverage1:10001:30 (Retail)
1:400 (Professional)
1:200
📈 SpreadFrom 0.0 pipsFrom 1 pipVariable, from 0.1 pips
💰 CommissionsFrom $2None40 USD / 16,680 NGN
📊 Margin Call/Stop-Out100%/no Stop-outNone indicatedStop-out of 50%
📊 Order ExecutionMarketMarket/InstantMarket
💰 No-Deposit BonusNoNoNo
📊 Cent AccountsYesNoNo
📈 Account TypesStandard Account
ECN Account
Professional Account
Cent Account
No-Swap(Islamic) Account
VIP Account
Retail Account
Professional Account
Standard Account
Core Account
Swap-Free Account
🔥 CBN RegulationNoNoNo
💳 NGN DepositsYesNoYes
🖥️ Nigerian Naira AccountNoNoNo
👨‍💼 Customer Service Hours24/524/624/5
📈 Retail Investor Accounts613
☪️ Islamic AccountYesYesYes

 

Core Account

Screenshot 2022 04 02 at 18.41.21

👉 It is ideal for day traders, high-frequency traders, algorithmic traders, and all other short-term traders who need low spreads and more competitive circumstances to trade.

Kwakol MarketseToroOANDA
️​ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoYesNo
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyYesYesNo
OptionsNoNoNo
EnergiesYesYesYes
BondsNoNoYes

 

Swap-Free Account

Screenshot 2022 04 02 at 18.41.55

👉 Muslim traders who adhere to Sharia law can benefit from using this account to participate in financial markets, with the advantage that there is no interest earned/charged.

Account FeatureValue
💻 Platform OfferedeasyMarkets Web/Mobile App
💵 Minimum Transaction Size (USD)70 USD
📈 Maximum Transaction Size (lots)50 lots
📊 Average Fixed Spreads (from)EUR/USD – 1.8 pips
GBP/USD – 2.4 pips
USD/JPY – 2.4 pips
WTI (OIL) – 0.06 USD
XAU/USD – 0.50 USD
💰 Minimum Deposit10,300 Naira (Equivalent to $25)
💸 Maximum Leverage1:200
💵 Commission FeesNone
💳 Account FeesNone
📱 Deposit and Withdrawal FeesNone
📞 Customer Telephonic SupportYes
👥 Personal Account ManagerYes
🗣 24/5 Customer Support Through Live ChatYes
✔️ Guaranteed Zero SlippageYes
🛑 Guaranteed Stop-LossYes
❌ Negative Balance ProtectionYes
📧 Daily Email on Fundamental AnalysisYes
✔️ Daily Email on Technical AnalysisYes
💻 Trading Central IndicatorNo
📱 Account Base Currency OptionsEUR, CAD, CZK, JPY, NZD, AUD, PLN, TRY, CNY, HKD, USD, SGD, CHF, GBP, MXN, NOK, SEK, ZAR, BTC

 

Demo Account

Screenshot 2022 04 02 at 18.42.33

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and OANDA offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

Islamic Account

Screenshot 2022 04 02 at 18.43.21

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 For Muslim traders, OANDA has created a Swap-Free live trading account with a variety of special features and trading conditions.

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Account Registration

OANDA Review Account Registration

👉 Nigeria traders can sign up for an OANDA account by visiting the company’s official website and selecting the option to establish an account. Filling out the form is the first step in getting started trading. A deposit of less than or equal to 1,035,000 NGN (or $9,000) does not need the submission of evidence verifying the identification of the account holder.

 

👉 Nigeria traders who want to open an account must be at least eighteen years old. Regulatory requirements necessitate answering the questions in the application since they are relevant exclusively to this procedure.

 

👉 The OANDA onboarding team will assess and approve the application after it has been submitted. Nigerians can log into their new account to deposit, withdraw, or transfer money once the account application is authorized.

 

How to Register your OANDA Account 

👉 Step 1 – Go to the Official Website

➡️ Go to the OANDA Website (https://www.oanda.com/us-en/) and click on “Open Trading Account”. 

OANDA Review How to Register your OANDA Account Step 1

 

👉 Step 2 – Follow The Sign Up Steps

➡️ Firstly, you will be asked what your country of residence is. 

OANDA Review How to Register your OANDA Account Step 2

 

👉 Step 3 – Follow The Prompts & Questions

➡️ Fill out further details and follow the steps until your account creation is comleted. 

OANDA Review How to Register your OANDA Account Step 3

OANDA Vs Exness Vs Tickmill – Broker Comparison

OANDAExnessTickmill
🔥 RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSAFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCASeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
OANDA Web
OANDA Mobile
MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoNoNo
💳 Minimum Deposit0 NGN4,100 NGN41,700 NGN
📊 Leverage1:200Unlimited1:500
📈 SpreadVariable, from 0.1 pipsVariable, from 0.0 pipsVariable, from 0.0 pips
💰 Commissions40 USD / 16,680 NGNFrom $0.1 per side, per lot$1 per side per 100,000 traded
📊 Margin Call/Stop-OutStop-out of 50%60%/0%100%/30%
📊 Order ExecutionMarketMarketMarket
💰 No-Deposit BonusNoNoYes
📊 Cent AccountsNoYesNo
📈 Account TypesStandard Account
Core Account
Swap-Free Account
Standard Account
Standard Cent Account
Raw Spread Account
Zero Account
Pro Account
Pro Account
Classic Account
VIP Account
🔥 CBN RegulationNoNoNo
💳 NGN DepositsYesYesNo
🖥️ Nigerian Naira AccountNoNoNo
👨‍💼 Customer Service Hours24/524/724/5
📈 Retail Investor Accounts353
☪️ Islamic AccountYesYesYes

Trading Platforms

OANDA Review Trading Platforms

👉 OANDA offers Nigerian traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ OANDA Platform

➡️ TradingView

 

Desktop Platforms

OANDA Review Desktop Platforms

➡️ MetaTrader 4

➡️ OANDA Platform

 

👉 OANDA’s pricing and execution are combined with MT4’s charting and analysis in a custom-built bridge. An MT4 premium upgrade offers traders access to additional indicators and expert advisors (EAs) such as tiny charts, OCO orders, tick-chart and keyboard trading, chart-ladder order input, five-minute order book, and alert trading.

 

👉 Awarded several times, this is Oanda’s “next generation” platform. Advanced charting and trade management are only a few of the features available. For traders of all levels of experience, the platform provides a straightforward and adaptable trading environment.

 

WebTrader Platforms

OANDA Review WebTrader Platforms

➡️ MetaTrader 4

➡️ OANDA Platform

➡️ TradingView

 

👉 The MT4 web-based platform is user-friendly, adaptable, customizable, and loaded with a slew of key trading features. In combination with an OANDA account, Nigerian traders can discover a wide range of trading opportunities in addition to taking advantage of:

➡️ Access to the market monitor window that displays real-time price quotations

➡️ Candlestick, bar, and line charts that can be presented across a range of time intervals

➡️ There are over 20 sketching tools and 30 technical indicators integrated right in

➡️ Access is given to Expert Advisor-based trading automation (EAs)

 

👉 OANDA’s WebTrader has received several awards and the platform is known for helping traders identify ideal trading opportunities. Nigerian traders are given unlimited access to technical analysis tools to validate trade ideas along with strategies, helping them make improved trading decisions.

 

👉 In addition, Nigerian traders can track and analyze their trade performance statistics through OANDA’s platform, helping them understand their unique trading behavior. Traders can also personalize their platform according to their unique trading needs and preferences.

 

👉 Nigerians can start trading immediately on TradingView’s industry-leading charts from the platform of their choosing, using either an OANDA real or trial account. OANDA’s partnership with TradingView enables Kenyan traders to take advantage of the best of both worlds.

 

👉 By integrating an OANDA account with TradingView’s platform, Nigerians receive the benefits of TradingView’s community, sophisticated charting, and analytical tools, as well as OANDA’s transparent pricing, fully automated risk management systems, and market data.

 

Trading App

OANDA Review Trading App

➡️ MetaTrader 4

➡️ OANDA Platform

 

👉 Apps for iOS and Android run on the MetaTrader platform. Its features and functionality are identical to those of the desktop programs and include some of the following:

➡️ The most updated prices in real-time across asset classes

➡️ Graphical representations of data for use in doing technical analysis

➡️ An easy-to-use interface that can be tailored to the preferences of the user

➡️ Monitor live trading, charts, and news while on the go

 

👉 OANDA’s mobile app is an extension of the company’s user-friendly desktop platform. The desktop and mobile platforms of OANDA are identical in terms of trading features, which Nigerians traders can access through the mobile app in addition to:

➡️ A complete set of charting options. OANDA’s mobile app provides traders access to charting tools and capabilities.

➡️ Traders can analyse the results of their trades. OANDA’s performance metrics are a great way to see how trading progresses over time.

➡️ Updates on the market are given to traders in real-time. In addition to all current events, OANDA’s market news stream provides analysis from market analysts.

 

Range of Markets

OANDA Review Range of Markets

👉 Nigerian traders can expect the following range of markets from OANDA:

➡️ Index CFDs

➡️ Forex

➡️ Metals

➡️ Commodity CFDs

➡️ Bonds CFDs

➡️ Precious Metals

➡️ Real-time Rates

Broker Comparison for Range of Markets

OANDAExnessTickmill
️​ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoNoNo
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyNoNoYes
OptionsNoNoNo
EnergiesYesYesYes
BondsYesNoYes

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading and Non-Trading Fees

Spreads

OANDA Review Spreads

👉 All financial products may be traded with OANDA, which is noted for its low spreads. If there are large international events or geopolitical events taking place, OANDA says that spreads might widen at specific periods of the day.

 

👉 Spread-only pricing and commission pricing are two of OANDA’s choices for traders. There are no additional costs associated with spread-only pricing since the commission is already included in the spread.

 

👉 Alternatively, traders with spread-only accounts might take advantage of lower spreads. Trading costs are based on the appropriate spread, plus any additional fees incurred by traders.

 

👉 The average spreads that Nigerian traders can expect are as follows:

➡️ Standard Account – from 1 pip

➡️ Core Account – from 0.1 pips

➡️ Swap-Free Account – from 1.6 pips

 

Commissions

OANDA Review Commissions

👉 Only if traders choose for the Core Account do they have to pay $40 every $1 million transacted in commissions.

 

Overnight Fees, Rollovers, or Swaps

OANDA Review Overnight Fees

👉 There are 26 popular products available to traders using the Swap-free account that are subject to fees between $4 and $7 for each lot traded except the Japan 225 Index, which is charged per 100 lots. A Muslim trader will be charged these charges if they leave their position open for longer than five days.

 

👉 Fees on forex pairings are computed by averaging the tom-next SWAP rates of the underlying liquidity providers, subtracting the instrument-specific admin charge, and then annualizing the result.

 

👉 A 2.5% administrative fee and the associated yearly financing rate are included in the indexes. This is represented as a negative rate, and so a charge.

 

Deposit and Withdrawal Fees

OANDA Review Deposits And Withdrawal Fees

👉 There are no costs for depositing with OANDA, however, $20 is charged for bank wire transactions to and from the trading account.

 

Other Fees

OANDA Review Other Fees

👉 After 12 months of inactivity, a monthly inactivity fee is applied to trading accounts. A maximum of $10 per month in inactivity fees is taken until the account balance is zero, after which it is immediately closed.

How to Deposit Funds with OANDA

OANDA Review How To Deposit Funds

👉 To deposit funds to an account with OANDA, Kenyan traders can follow these steps:

➡️ To fund an OANDA landing account for the first time, traders can log into the OANDA portal and click on “Fund Account” on the right-hand side of the screen.

➡️ To add a new bank account to your list of funding options, traders can choose between the available funding methods

➡️ Subsequently, once a trading account has been funded, the account will automatically be created.

How to Withdraw Funds with OANDA

OANDA Review How To Withdraw Funds

👉 To withdraw funds from an account with OANDA, Kenyan traders can follow these steps:

➡️ To withdraw funds from a trading account to a landing account, traders can use debit or credit card payments, bank transfers, or other methods.

➡️ Traders must understand that withdrawals are subject to OANDA’s hierarchical policies. This means that traders must withdraw the complete amount of money deposited by each method in the order they were deposited, for example, debit cards, credit cards, Skrill, Neteller, and finally bank wire transfer.

OANDA Education and Research

OANDA Review Education And Research

👉 OANDA offers the following Educational Materials:

➡️ Introduction to Trading Analysis

➡️ Introduction to the trading platforms

➡️ Introduction to Capital Management

➡️ Live and Recorded Webinars

 

👉 OANDA offers Kenyan traders the following Research and Trading Tools:

➡️ MetaTrader Premium Tools

➡️ Technical analysis offered by AutoChartist

➡️ VPS

➡️ Economic Calendar

How To Minimize Risk While Trading? 

How To Minimize Risk While Trading? 

1. Use Stop Losses

👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.

 

👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.

 

👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.

 

2. Use Proper Lot Sizes

👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.

 

👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.

 

3. Control Your Losses

👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.

 

👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.

 

4. Use Leverage Carefully

👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.

 

5. Choose The Time Of Day That You Trade

👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.

 

👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.

 

👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.

 

6. Buy The Rumor, Sell The News

👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.

 

👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.

Alternative Brokers to OANDA

Alternative Brokers to OANDA

➡️ TD Ameritrade

➡️ AvaTrade 

➡️ ACY Securities

➡️ FXCM

➡️ Pepperstone

➡️ Webull

All About OANDA’s Rebate System

All About OANDA's Rebate System

How much rebate can I pay back?

👉 Rebate percentage can be set to be anything between 0% and 100%.

 

Payment schedule

👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.

 

👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

OANDA Affiliate Program

OANDA Review Affiliate Program

👉 Customers of OANDA’s broker affiliate program can earn extra money by bringing in new traders to the platform. Traders could earn between 5% and 15% of the spread of the customers suggested by this referral program.

Bonuses and Promotions

OANDA Review Bonuses And Promotions

👉 OANDA offers Kenyan traders the following bonuses and promotions:

➡️ Welcome Bonus

➡️ Referral Bonus

Verdict on OANDA

👉 Online forex broker OANDA has a comprehensive trading platform for both novice and experienced currency traders. All OANDA’s desktop, web, and mobile platforms provide access to a broad variety of charting tools and indicators.

 

👉 OANDA offers a wide range of trading products to suit the needs of all types of customers, including individuals, corporations, and multinational firms. Anyone can utilize their services, regardless of their trading money or expertise since there is no minimum deposit.

OANDA Current Popularity Trend

👉 According to Google Trends, OANDA has increased in Google searches in Nigeria in the past month. 

OANDA Current Popularity Trend

OANDA Pros and Cons

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Frequently Asked Questions

Is OANDA regulated and by whom?

Yes, OANDA is regulated by IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, and MFSA.

Which trading platforms are supported by OANDA?

OANDA supports the use of these trading platforms:

  • MetaTrader 4
  • OANDA Platform
  • TradingView

Does OANDA offer leverage and what is the maximum ratio offered?

Yes, OANDA offers maximum leverage up to 1:200.

What is the overall rating for OANDA out of 10?

The overall rating is 8/10.

Is OANDA suitable for beginner and professional traders?

Yes, OANDA is an ideal broker that can be used by beginner and professional traders.

8.5/10 - (19 votes)

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