Hopes go for a toss when a trader hears Oanda. The broker has an ill reputation in the market because of the deeds in the past. Investors who rested their aspirations on it got subjected to deceit and money siphoning. The brokerage website makes false promises while luring a market player, but later on, shows the real colours. By the time a trader understands the vicious menace intentions, funds get siphoned off. The bank balance becomes nil and passion for trading dives down. So, it shuts down traders’ confidence and the negativity spreads like a wildfire. People stop believing in the concept of trading and the world loses out on potentially great investors. Oanda review 2021 exposes the agenda of the broker.
Oanda scam or safe?
The website of the broker is not what a brokerage firm should be like. It is registered with BVI number which has highly doubtful claims and it does not have a great reputation in the market. Several traders have filed a remonstrance against the broker for the false practice. Investors say that initially, Oanda behaved nicely, but later on, turned rogue and charged them with unnecessary charges. It did not go well with anyone. After stooping so low, no one can trust the brokerage company. Hence, it is unsafe trading on it. Save your funds and invest in HFTrading or 101investing.
Miserable customer care service
The customer service should work as a respite to traders and clients but it is contrary for clients using Oanda broker to trade in the financial market. The broker does not care if you are going through any issues. The contact us service is for namesake. No one represents them nicely. And the executives are insolent and use inappropriate language. They resort to abuses when you ask another question. Such shrill behaviour is intolerable. Moreover, your query remains unresolved post multiple attempts of trying a call. It leaves a trader dislodged and dilapidated.
Moving on to the live chat option, it does not help either. The answers are wrongly written with lots of grammatical errors and punctuation mistakes. The meaning of sentences changes abruptly. Also, the bot hangs intermittently and there’s hardly any help available from the other end. Moreover, you don’t get any response from the email address and from the message option. Overall, the contact options are not for facilitating but creating further trouble in traders’ lives. So, avoid being exasperated and seek services from cuts above brokers like T1Markets, ROinvesting, 101investing and Global TradeATF.
No educational course
An investor feels cheated and out of help from all corners after creating an account on Oanda. When a market player feels an urge to learn something new and move on in life, the broker acts flimsily with them. In short, there is no course material available with Oanda. When genuine brokers are offering webinars, seminars, ebooks, VODs, videos and other materials, the brokerage company comes up empty-handed. The missing services cost an investor heavily because lack of knowledge and information is a graveyard for a trader. No up-gradation is a recipe for disaster.
However, the self-proclaimed twenty-four-year-old broker does not believe in upgrading from a low-level state. It wants to offer the same old style services that can thug people because the latest technology exposes them in front of the global traders. Hence, getting hold of some reliable brokerage company is the way to earn profits and grow as a market player.
Old platforms
New platforms infuse life for every trader while trading, but Oanda brokerage company is adamant to never upgrade and continue the same old agenda as before. It’s maybe because that helps fetch more money and people get fooled easily. Latest platforms add quality to a broker’s list. But only a genuine brokerage company would try and get that feature onboard. Oanda is a scamster which works as a leech on people’s money. It wants to run its frivolous propaganda by rendering archaic platforms to put your money at risk. This way, neither can you grow, nor there is a future for your funds.
The biggest drawback is that the old platforms lack good features. They do not help in initiating bidding and channelising funds. If you trade on them, then it is equivalent to wasting your time and energy on them. Instead, take some time and select brokers like PrimeFin and ABinvesting.
Security compromised
The broker may say that there are security features on it, but in reality, there is no such thing. A market player feels compromised on all fronts, from depositing funds to withdrawing it and during registration. Oanda does not comply with safety regulations and hackers can steal funds in moments. However, the brokerage company has the temerity to talk about secured sections on the portal, when it provides none.
For saving your hard-earned wealth, staying away from the poor security of Oanda is the only way forward.
Zero account types
It is laughable that the broker does not give any options when it comes to different types of accounts. After searching a lot, you do not find any account to rely on and that leaves you disappointed. It creates doubts because the Oanda asks you to register directly. Hence, with zero alternatives, your chances for growth stops. A trader has to cow down to whatever the broker presents and does not have the freedom to choose different features from various accounts.
Furthermore, an investor gets stuck like a broken record when he/she wishes to grow as a trader, but the same old options and features do not let them fly high with clipped wings. Thus, they have to resort to quitting it.
Research tools
Oanda does not explain much about them or it tries to hide them. It seems the broker is not open to transparency which hints something is not right with it. Notably, tools are important for placing strategies in places in the competitive market, else you may cease to make profits and that hits hard. It can leave a professional investor wondering how to move ahead in the career of investment and financial trading. Signals, news alerts, charts, calendar charts and other elements help in coming out with a blueprint that assures safety and security from unforced circumstances that the market may force upon an investor.
Less options for depositing and withdrawing
Less options for depositing the cash clearly means that no reputed bank or e-wallet wants to associate with the charlatan broker and destroy the name. globally. Scam brokers resort to such tricks by proving fake options for money deposits so that it cannot be claimed back and there’s no evidence of the deposit. Thus, you lose your money and there’s no way to retrieve it further by appealing it. Understanding the diabolical efforts by Oanda, you can refuse to create an account.
Too high admin fee
The broker makes the job tougher for market players by imposing unnecessary fees and hidden charges. It does not talk openly about them otherwise no one would even try to visit it. So, it takes the truthless paths to cheat on the clients.
Furthermore, it does not let you know about the minimum, and maximum deposits spread and levies serious charges on every move and transactions. So trading with Oanda is impossible. Instead, it is not a broker but a proven scamster in the garb of a brokerage firm.
Dangerous CFD
The prime focus of the broker is to force the trader to enter the perilous territories of CFDs. The derivative market is dangerous and newbie traders lose their money. One can check the history. However, it does not warn against it because money is everything for the broker.
Nothing for new trader
Oanda preys on every trader. It does not spare new traders. That is why it does not provide any conducive platform or account type to help them learn. Also, the education courses are missing big time.
Conclusion
Oanda scam is true and its face stands exposed today. It is not a broker but a platform with bad activities and fraud behaviour that lies, deceits and cheats investors. It steals their money, works on creating traps and looting clients on every step through various means. It does not mention about credible sources of registration and regulatory bodies. Also, the data offered by it is unverified and creates big-time suspicion. For better trading circumstances, choosing 101investing, TradedWell, and ROInvesting deserve a chance.
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