Oanda is a website that offers poor trading conditions to all its customers. The firm is not safe for trading, and it disheartens clients’ mood when they try options on it. The broker website has a convoluted design, and amateur market players might face grave difficulties understanding all the features and services. The brokers have limited research section, and the education content is of low quality. The demo service account is limited to thirty days, and the customer service is wrongly exhibited as 24/7 everywhere but fails to live up to the mark. It renders improper assistance which adds salt to your existing wounds in the market.
Oanda Scam or Safe?
Oanda is a sure shot sham and scam broker. You don’t get clarity on its services and information that a trader deserves to know from a broker. The firm has several financial irregularities. Also, you cannot back upon its safety measures. The process for registering a company is unclear, and the broker does not mention anything. The transparency factor is missing like a smell in some flower. It is finding the registration through illicit and unverified means.
Further, the broker’s doesn’t have top regulatory bodies regulating it.
Thus, trading on Oanda is akin to playing with an atom bomb. It will burst, and you’ll have serious repercussions. So, save yourself from low-spirited services that will burn your dreams if you use it.
The broker’s account types are fewer in numbers that don’t offer adequate trading services. Every account fails to arrive at the attention of your need. The client’s requirements are not on the list of priority for the broker. The cost of trading one round lot is much higher than the industry’s top brokers’ average cost per round.
The number of forex exchange currencies you find here are lesser than ten. So, what are you left to trade then? These options can dump the aspirations of investors. They will have to find better brokers like Global Trade ATF, PrimeFin and others. The clients can also trade via a demo trading account, but the account offers only thirty days. That is in no way sufficient. Instead, it replicates that the broker is in a hurry to gulp down your funds.
The broker provides the commonly uses inferior platforms and not MetaTrader5. No matter how great your dreams are; they will come shattering when you start trading with Oanda. The platform does not offer many services and would seem frustrating to clients. The UI/UX designs are missing from head to toe. What you see on display is a mess and not a work of art. There are fickle and patchy charts, indicators, charts, timeframes and technical analysers for the market players. As a result, the available results are far from accuracy.
Markets and Products:
The broker offers bad instruments for trading and which has potential for only losses. The site does not give a clear picture of trading instruments that it offers CFDs and not actual assets possession. It marks the end of trust and transparency on the trading site for all the users.
Apart from it, you do not find any information that can lead you to conquer the market. However, it does everything to derail you from the financial market.
The account opening process is tumultuous, which aggravates uncalled for issues. The broker doesn’t explain the process anywhere, and the clients need to offer details without getting much in the process of verification.
The processing time for verifying accounts is much longer than other top trading brokers, and the user needs to wait for more than multiple days. It can discourage professional users and waste newcomers time which would have been used for practice and learning.
Commissions and Fee:
The broker charges are extremely high. The commissions and spreads are seemingly looting you. Besides, the several hidden fees derive all your funds without you knowing about it. That’s a fraudulent tactic.
Some of the worst hidden charges include a penalty on inactivation, weird swap charges, and other costs. None of them you can find on the website.
Deposit and Withdrawal:
The firm offers paltry methods of payment, and none of them is widely recognised. Hence, a trader faces stark difficulties while depositing and withdrawing finances. At the same time, the broker also has myriad charges on depositing and withdrawal. It takes so long uninvited time for depositing and withdrawal that you will give up trading in the financial market. The payment delays play on the mind of clients and it can affect their trading skills. Also, prolonged time can hamper bidding. Hence, people can lose out on earning opportunities. How do you define this pathetic attitude of a broker?
The trading site does not have anything in terms of analysis or research. That takes the trader to an archaic place and destroys the confidence of an investor. Without research tools and elements, one cannot develop a strategy and sans that the success remains out of hands.
The broker’s performance is of substandard quality and you can see it from anywhere on the world wide web. Oanda has no intentions of offering a good range of updated content for enhancing the information of a regular client that can help them learn the market dynamics and prospects.
The broker’s customer service is useless, and the executives fail to clear clients’ doubts. The firm boasts 24/7 customer service everywhere, but no calls were answered, and the email response took extended time than usual. The normal response time was elongating and took precious days of your life which can drain your imagination to hibernation. The live chat has nothing lively in it. A system bot offers irrelevant responses on every question, which toys with your emotions and money at the same time.
All in all, Oanda is a scam broker, and if you trade with it, then you are bound to suffer a massive loss. It has severe issues with authenticity. The trading tools and services offered by the broker are cringeworthy. People can adhere to top brokers like Global Trade ATF, ETFinance, PrimeFin, and Brokereo, which offer amazing trading facilities sophisticated account services and trading platforms. More importantly, all these brokers are the safest ventures for traders and investors to trade as the leading financial institutions regulate them.