When it comes to trading in Forex, it is imperative to always choose the best broker. It is the first step in your trading career, so you must take your time before you make a call on what platform you will use.
However, choosing a good Forex broker requires reading many reviews—one after the other—for each one.
So, to facilitate the work for you and lift some of the weight off your shoulders, we will provide you with a complete review for one of the most important brokers available today.
Being such a popular trading platform not only in Africa, but in the rest of the world, Ontega could be just what you are looking for.
But, is it?
Ontega has truly become a giant since its beginnings as an unknown broker only known in Nigeria.
However, having a big name does not always mean that you may benefit from it.
While reputation is critical, a broker can be very reputable without offering what you strive for. That is because every trader is completely different.
So, do not worry about reading a dozen reviews just to check if Ontega is what you need. Sit tight and read on.
1.Is Ontega a scam or reliable broker in Africa?
A great way to avoid scams is to pay attention to the opinion of other users and the overall fame of a broker.
Ontega has become one of the most famous brokers around the globe, even outside of its most profitable market in Africa.
You can rest assured that Ontega is actually a driving force to give Forex its legitimacy back. Yes, you heard that right. Ontega’s userbase is mostly from Nigeria, and there is a reason for that.
Africa has been the victim of many scams over the years; That is why an initiative was born to engage government institutions into keeping an eye for brokers in the region.
Ontega is one of the brokers under their watch, committed to help popularise Forex trading in Nigeria and Africa again.The firm even has a physical location in Nigeria! So Ontega is not a scam but a reliable broker!
2.Ontega Trading Plans (Accounts).
After a regulatory presence, the next thing to study carefully is the investment plans offered by the company.
Luckily, Ontega Nigeria offers several trading accounts for every trader, ranging from beginners to professionals. Whether you are looking for a permanent broker or just trying out its features, you can feel comfortable with the accounts available at Ontega.
These plans are not as different from other brokers’ in terms of feature distribution. The highlights are their accessibility and what is offered from the cheapest account.
This account can be accessed with only a $5 deposit.
Beginner accounts have no entry bonuses, but they come with a plethora of features that make it feel like a regular account from other brokers.
Its interface is simple, conceived for beginner traders, but it remains solid for experienced traders. While its risk level is low, the profit level is low as well; the ratio means that you will not be losing much, but it will cost you money as well.
This account grants traders with a free course and email support. Thanks to this, it is the best way to start trading.
Low risk, profit, and overall investment make this a great option.
The “medium” account; it costs $50.
Entry bonuses start appearing, with $25 in this plan.
The interface is more suitable for traders with more experience. Following suit, the risk and profit level is also medium.
Email support is also maintained here, but the learning centre is upgraded to a self-learning version.
With a self-explanatory name, this account can be opened with $200. Its entry bonus is $100.
The advanced interface can be a bit more complicated, but offers much more customisation options and works more fluidly once you are used to it.
The risk and profit ratio is “unlocked” completely, for higher stakes.
The learning centre is somewhat left behind (this is for skilled professionals, after all) as more advanced trading tools become available.
The Ontega customer support is upgraded from email to phone, for better accessibility.
Even more advanced, it can be opened with $1,000. The entry bonus is also $1,000.
It retains the same features as the advanced account. However, VIP traders receive priority when it comes to trading conditions and support.
This account is perfect for those who dedicate themselves to trading 24/7 and need the market to always be available for them before anyone else.
3.xPoints: Trading Experience Means More Bonuses.
Ontega Nigeria takes a special approach when it comes to promoting your development as a trader.
While rewards for becoming a master at trading come in the form of better profits from better trades, Ontega has a more direct approach.
That approach is xPoints.
Regardless of where you start, you always earn points from learning.
Ontega believes that measuring success by a trader’s account balance is too linear to be precise. Their philosophy is that as long as you’re improving, you are experiencing success.
It has taken Ontega to measure success with experience. This marks the birth of xPoints.
How do they work?
Well, every time you perform an action that can be translated to you gaining trading experience, you earn xPoints.
But, what gains trading experience?
- Closing and opening your positions.
- Trying out more than one trading tool.
- Partaking in trading courses.
Keeping up with the learning thematic, you can also present tests. If you pass them (85% of the answers count as passing), you are rewarded.
Why should you care about them?
Well, xPoints are worth money. You can redeem them accordingly.
Now, the most important part about xPoints is that they often offset your losses. Beginner traders often end up losing more trades than what they win.
But, with xPoints, closing a losing position means you are improving and entitles you to that reward. Then, your loss is not as devastating.
Ontega makes it a point that xPoints are not meant to be any form of consolation for “unsuccessful” deals. Instead, they have been thought as a way to incentivise traders to start opening positions without the fear of losing, which usually hinders learning for many people.
4.Comfort When Trading In Ontega.
At last, if a Forex broker is not comfortable to use, there is no regulation, investment plan, nor bonuses that can save it.
Luckily, Ontega Nigeria is a broker that is committed to its clients’ comfort regardless of whether they are from Africa or anywhere in the world.
That is evident from the beginning, as you have no need to register to take a look around their services.
First, we have that they offer several instruments for investments. If you feel that Forex is not enough for you, you can try your skills trading stocks, metals, or CFDs.
Such approach is kept along the entirety of their services. You do not even need to install anything to start trading in them; all of their services are available through the web browser.
Equally, the trading interfaces—as we mentioned earlier—adapt to your skill at trading. Depending on the plan you have purchased, the user interface will vary when it comes to difficulty and complexity.
However, the possibilities to customise and the trading tools available will also increase as you become a better Forex trader.
The xPoint system employed by Ontega also counts as a way to keep user comfort, as it eases the anxiety that can be generated from starting to trade.
All in all, Ontega Nigeria has proven its status as a legitimate Forex broker, which is why it has been a favourite for trading inside and outside of Africa.