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Oanda-review

OANDA is a prominent, popular, and multi-regulated US Market Maker online forex broker. While OANDA is not regulated by the Central Bank of Nigeria (CBN), it is regulated by several other authorities such as IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, and MFS.

OANDA at a 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%

OANDA Review – 17 key points quick overview:

  1. ✅OANDA Overview
  2. ✅OANDA Regulation and Safety of Funds
  3. ✅Account Types and Features
  4. Account Registration
  5. OANDA VS Exness VS Tickmill – Broker Comparison
  6. Trading Platforms
  7. OANDA Range of Markets
  8. OANDA Broker Comparison for Range of Markets
  9. Trading and Non-Trading Fees
  10. OANDA Deposits and Withdrawals
  11. The process to Withdraw Funds from an OANDA Account
  12. Education and Research
  13. Bonuses and Promotions
  14. OANDA Affiliate Program
  15. Verdict on OANDA
  16. OANDA Pros and Cons
  17. Frequently Asked Questions

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

on Oanda’s website

OANDA Overview

👉 While OANDA is headquartered in the United States, the broker accepts Nigerian traders. OANDA was founded in 1996 by experienced traders who noticed a need in financial derivatives markets for complete, better trading solutions and services.

👉 Offering an extensive selection of tradeable products, OANDA also provides traders with favourable trading circumstances. OANDA has offices throughout the globe – from Japan to Singapore – with local legislation and authorization that are in line with global operations.

👉 To help traders navigate the intricacies of futures trading, OANDA employs a team of analysts that provide regular news updates, thorough market analysis, and expert commentary.

👉 To date, OANDA has won over 50 industry awards for its own mobile trading software, first-rate client service, comprehensive trading education, and other aspects of the company.

👉 Market Maker broker OANDA has a unique and successful business strategy and is the exclusive execution venue for all trading orders, as a Market Maker broker. As a result, an order book is unnecessary, and OANDA neither takes nor provides liquidity.

👉 As a result, OANDA has earned a solid reputation over the last quarter of a century by fulfilling all its customers’ orders at low, competitive costs and with fast, dependable service.

👉 This OANDA review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

Distribution of Traders

👉 OANDA’s distribution of traders is as follows:

➡️️​ United States – 18.72%

➡️️​ Germany – 7.77%

➡️️​ United Kingdom – 6.24%

➡️️​ Canada – 3.81%

➡️️​ Italy – 2.99%

Popularity among traders who choose OANDA

🥇 OANDA is a global broker that has high popularity in the United States and other major economies. However, many African traders use OANDA, ranking it in the Top 100 forex brokers that serve Nigerian traders.

OANDA Regulation and Safety of Funds

Oanda Regulation

👉 OANDA is a multi-regulated broker with a global presence. Even though OANDA is not regulated by the Central Bank of Nigeria (CBN), the broker is overseen by other reputable regulatory entities including the following:

➡️️​ Canada – OANDA (Canada) Corporation ULC is available to Canadian traders with a bank account in Canada. OANDA (Canada) Corporation ULC is well-regulated by the Investment Industry Regulatory Organization of Canada (IIROC). This regulation includes the online advisor check database, with all client accounts protected by the Canadian Investor Protection Fund.

➡️️​ Australia – OANDA Australia Pty Ltd is overseen and regulated by the Australian Securities and Investments Commission (ASIC) under registration numbers ABN 26 152 088 349 as well as AFSL No. 412981.

➡️️​ United States – OANDA Corporation is a registered member of the Futures Commission Merchant. It is also a Retail Foreign Exchange Dealer registered with the Commodity Futures Trading Commission (CFTC) and it is also a member of the National Futures Association (NFA) under license number 0325821

➡️️​ The United Kingdom – OANDA Europe Limited is registered in England (7110087) which is well regulated by the Financial Conduct Authority (FCA) under license number 542574.

➡️️​ Japan – OANDA Japan Co., Ltd. forms part of the Kanto Local Financial Bureau (Kin-sho) as a Financial Instruments Business Director, regulated by the Financial Futures Association of Japan, with subscriber number 1571.

➡️️​ Singapore – OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) is regulated by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services License.

➡️️​ Malta – OANDA Europe Markets Limited is registered in Malta under C95813. In addition, it is regulated by the Malta Financial Services Authority (MFSA).

👉 By law, OANDA must declare its finances to regulatory authorities and keep a certain amount of capital reserves. OANDA’s financial accounts will be audited by a reputable accounting company from outside the country.

👉 Since OANDA is obligated to retain client money in top-tier banks, the broker may only remove them in connection with customers’ trading activity or requests for withdrawals.

👉 In addition, OANDA collaborates with the world’s major banks and financial institutions to both access and offer liquidity for global currency and CFD markets.

👉 For currency risk management, OANDA utilizes advanced risk management technology to net aggregate customer holdings automatically and anonymously, and the broker instantly hedges outstanding aggregated positions beyond predetermined criteria with partner banks.

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

on Oanda’s website

Account Types and Features

👉 OANDA offers three distinct retail investor accounts that are suited to the varying needs of different types of traders. These accounts not only provide access to complex instruments, but also feature negative balance protection, access to OANDA’s Market Pulse, and several other benefits.

These accounts are:

  • ➡️️​  Standard Account
  • ➡️️​ Core Account
  • ➡️️​ Swap-Free Account

Live Trading Accounts

✅ Standard Account

👉 This account type is the entry-level, standard account that suits most traders despite their trading objectives or trading styles.

Account FeatureValue
✔️ Full Account Verification Needed?No, not for account deposits under 3,753,090 NGN
📈 Average SpreadsVariable, from 1 pip
🔎 Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
✴️ Minimum lot size0.01 lots
📊 Instruments81
🔎 Stop-Out50%
🌐 One-Click Trading offered?Yes
📈 Strategies allowedAll
📊 Base Account CurrencyUSD, EUR, HKD, SGD

✅ Core Account

👉 The Core Account offers tight spreads and more competitive conditions which are perfect for expert advisors, day traders, high-frequency traders, those who use algorithmic trading, and all other short-term traders.

Account FeatureValue
✔️ Full Account Verification Needed?No, not for account deposits under 3,753,090 NGN
📈 Average SpreadsVariable, from 0.1 pips
🔎 Commissions (Per 1 mil traded)40 USD / 16,680 NGN
📈 Maximum Leverage1:200
✴️ Minimum lot size0.01 lots
📊 Instruments81
🔎 Stop-Out50%
🌐 One-Click Trading offered?Yes
📈 Strategies allowedAll
📊 Base Account CurrencyUSD, EUR, HKD, SGD

✅ Swap-Free Account

👉 This Account is suitable for traders who do not want to pay or receive interest on their trading accounts, for instance, Muslim traders who comply with the Sharia law.

Account FeatureValue
✔️ Full Account Verification Needed?No, not for account deposits under 3,753,090 NGN
📈 Average SpreadsVariable, from 1.6 pips
🔎 Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
✴️ Minimum lot size0.01 lots
📊 Instruments26
🔎 Stop-Out50%
🌐 One-Click Trading offered?Yes
📈 Strategies allowedAll
📊 Base Account CurrencyUSD

✅ Demo Account

Oanda Demo Account

👉 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

Oanda Islamic Account

👉 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.OANDA offers a Swap-Free live trading account with unique additional features and trading conditions, providing Muslim traders with a dedicated account.

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

on Oanda’s website

Account Registration

Open an Oanda Account step 1

👉 To register an account, traders can visit the official website of OANDA and select the option to create an account. Traders can complete the form, fund their accounts, and start trading. Traders are not required to provide documentation to verify their identity of residential address when they register a trading account and deposit less than/up to 3,753,090 NGN (or equivalent to $9,000)

👉 To apply for an account, Nigerian traders must be 18 years old, or older. The questions that are asked in the application are only relevant to this process and are necessary for regulatory purposes.

👉 Once submitted, the application will be reviewed and approved by the onboarding OANDA team. Once the account is approved, Nigerian traders can log into their new account and they can deposit, withdraw, or transfer funds.

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 trading platforms

👉 OANDA offers the following trading platforms:

➡️️​ MetaTrader 4

➡️️​ MetaTrader 5

➡️️​ OANDA Web

➡️️​ OANDA Mobile

👉 Many brokers and millions of traders across the globe use MetaTrader 4, making it one of the most widely used in the forex market. Intuitive, customizable, and filled with a wide range of helpful features, the MetaTrader 4 platform is ideal for traders. OANDA offers MetaTrader 4 in two forms: as a desktop download and as mobile trading apps available on either iOS or Android.

👉 OANDA offers both the MetaTrader 4 and the MetaTrader 5 platforms, the latter of which is the platform’s successor. This platform retains many of the MetaTrader 4 platform’s features and functions, but it also contains a few more sophisticated ones.

👉 One-click trading, an integrated economic calendar, built-in market depth, enhanced trading tools, and increased charting capabilities will all be available to traders. MetaTrader 4 is extremely versatile and can be used on the web, desktop, and mobile devices on a live and demo account.

👉 The user experience of Nigerian traders will be enhanced because of MetaTrader 5’s increased speed and efficiency. Automated trading techniques, one-click currency trading, and other market research tools are available to clients. Using MQL5, customers may build custom expert advisors to help automate their trading processes.

👉 Developed in-house by OANDA, the proprietary platform is considered the “next generation” and has already earned several industry rewards. Trade management and market analysis are among the features of this software.

👉 Traders of all skill levels can benefit from a wide range of options. A web, desktop, and mobile version are all accessible. The online version is accessible from any computer with a current web browser, regardless of the operating system.

👉 Both iOS and Android applications are available for the OANDA and MetaTrader platforms for mobile trading. One benefit of a mobile trading platform is that it features the same functionality as desktop platforms.

10 Best Forex Brokers in Nigeria for 2022

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

AvaTrade Islamic

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

Tickmill Review South Africa

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

OANDA Range of Markets

OANDA offers the following range of markets that can be traded:

➡️️​ Index CFDs

➡️️​ Forex

➡️️​ Metals

➡️️​ Commodity CFDs

➡️️​ Bonds CFDs

➡️️​ Precious Metals

➡️️​ Real-time Rates

OANDA Broker Comparison for Range of Markets

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

Trading and Non-Trading Fees

Spreads

👉 OANDA is known for offering competitive spreads across all financial instruments. According to OANDA, there are certain market times when spreads may be wider including when the markets open and close, and when there are major international events or geopolitical events.

👉 Traders have two pricing options with OANDA namely spread-only pricing and commission as well as core spread pricing. With spread-only pricing, the commission that would ordinarily be charged is included in the spread, which makes it the only trading cost that the trader pays.

👉 The other option is that traders can access reduced spreads according to their spread-only accounts. Traders will only pay a commission per trade and the overall trading cost is the total applicable spread, plus commission.

👉 With core pricing spreads starting from 0.1 pips, a $40 commission is charged per million USD that is traded. The average spreads that traders can expect are:

➡️️​ Standard Account – from 1 pip

➡️️​ Core Account – from 0.1 pips

➡️️​ Swap-Free Account – from 1.6 pips

Commissions

👉 The only commissions that traders pay is when they choose the Core Account, which features commissions of $40 per 1 million USD traded.

Overnight Fees, Rollovers, or Swaps

👉 Except for the Japan 225 Index, which is paid per 100 lots traded, traders who use the Swap-free account get access to 26 popular products, but they are subject to commissions between $4 and $7 for each lot trader. If a Muslim trader keeps their position open for more than five days, they will be charged these costs.

👉 Overnight fees on forex pairs are calculated by averaging the tom-next SWAP rates of the underlying liquidity providers, adjusting for the instrument-specific admin fee, and then annualizing the results.

👉 In terms of indices, rates include a 2.5% administrative charge and the corresponding annualized financing rate. A negative rate, and hence a charge, is used to represent this.

👉 The average overnight fee that traders can expect on popular products such as EUR/USD is a long rate of -2.03% and a short rate of -0.03%. This translates to a cost of -$6.36 on a long position and -$0.09 on a short position.

Deposit and Withdrawal Fees

👉 OANDA does not charge any deposit fees but withdrawal fees of $20 are charged on bank wire transfers.

Other Fees

👉 An inactivity fee is charged monthly on trading accounts that have become dormant after 12 consecutive months. Inactivity fees are deducted at a maximum of $10 per month until the account balance reaches zero, after which the account will be closed automatically.

OANDA Deposits and Withdrawals

👉 OANDA offers the following deposit and withdrawal methods:

➡️️​ Local Transfers

➡️️​ Debit Card

➡️️​ Credit Card

➡️️​ Bank Wire

➡️️​ Bank Transfers

➡️️​ Skrill

➡️️​ Neteller

➡️️​ Mobile Bank Transfers

➡️️​ International e-Wallets

The process to Withdraw Funds from an OANDA Account

Oanda Fees

👉 Funds can be withdrawn from the OANDA account to a landing account, after which traders can submit a withdrawal request. From here, traders can use a range of withdrawal options including a debit card, credit card, and several other methods.

👉 Traders must note that all withdrawals from the OANDA account is subject to hierarchy rules. If traders have used several different deposit options, they must withdraw the overall sum by every means in a specific order. For instance, by debit cards, followed by wallets, and finally bank transfers.

Education and Research

👉 OANDA offers the following educational tools:

➡️️​ Introduction to Trading Analysis

➡️️​ Introduction to the trading platforms

➡️️​ Introduction to Capital Management

➡️️​ Live and Recorded Webinars

👉 The range of trading tools offered by OANDA include the following:

➡️️​ MetaTrader Premium Tools

➡️️​ Technical analysis offered by AutoChartist

➡️️​ VPS

➡️️​ Economic Calendar

Bonuses and Promotions

👉 OANDA offers the following bonuses and promotions to Nigerian traders:

➡️️​ Welcome Bonus

➡️️​ Referral Bonus

OANDA Affiliate Program

👉 OANDA offers a comprehensive affiliate program that provides broker clients additional income when they attract new traders to the platform. This referral initiative offers traders from 5% up to 15% of the spread of the clients that were referred.

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

on Oanda’s website

Verdict on OANDA

👉 Despite its long history, OANDA remains at the forefront of the industry when it comes to implementing innovative trading strategies. As a result, the broker must adhere to stringent regulations from several different jurisdictions.

👉 They offer a wide range of trading instruments to suit the needs of all kinds of traders, from individuals to corporations to those from around the world. Nigerian traders can easily use OANDA’s trading services, regardless of their money or trading expertise since there is no minimum deposit requirement.

👉 OANDA is the ideal forex and CFD broker for both beginner and professional traders in Nigeria, regardless of their financial restrictions, trading objectives, or their overall trading experience.

OANDA Pros and Cons

✔️ Pros❌ Cons
Proprietary desktop trading platforms offered alongside MetaTrader 4 and 5Fixed spreads are not offered
Offers an impressive array of financial instruments including most currency pairsThere is a monthly inactivity fee applied
Innovative mobile trading apps and mobile platforms provided
There are several advanced charting tools and charting features offered
Negative balance protection is applied to accounts
The broker accepts a wide range of trading strategies including algorithmic trading, hedging, scalping, and more
There is a comprehensive range of trading tools and analytical tools offered
Deposit fees are not charged and there are several deposit options
Offers a decent selection of educational materials including educational articles
Client funds are kept in segregated accounts

 

Frequently Asked Questions

 

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

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

What account types does OANDA offer?

OANDA offers its traders the following accounts:

  • Standard Account
  • Core Account
  • Swap-Free Account

Is OANDA regulated and by whom?

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

Which trading platforms are supported by OANDA?

OANDA offers the following:

  • MetaTrader 4
  • MetaTrader 5
  • OANDA Web
  • OANDA Mobile

What is the overall rating for OANDA out of 10?

Overall rating for OANDA is 8/10.

8.5/10 - (19 votes)

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