OANDA – Account Types

OANDA – Account Types

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Oanda - Account Types

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Our OANDA Account Types Revealed:

 

OANDA Overview

Established in 1996, OANDA is a multi-regulated United States-based Market Maker broker that was established by professional traders who saw that there was an inherent need in financial derivatives markets for comprehensive, improved trading solutions and services.

 

OANDA offers a wide range of tradable instruments in addition to competitive trading conditions. Today, OANDA has offices around the world in Canada, the United Kingdom, Japan, Australia, and Singapore, with respective and corresponding regulations and authorisation in each of these jurisdictions.

 

OANDA has a dedicated team of analysts who offer frequent news updates, comprehensive market analysis, and professional commentaries that serve to guide traders through the complexity of derivatives trading, allowing them to make informed and accurate trading decisions.

 

Since its inception to date, OANDA has collected over 50 industry awards relating to its proprietary mobile trading app, excellent customer support, trading education, and more.

 

OANDA employs a unique and effective business model and as a Market Maker broker, OANDA is the sole execution venue for all trading orders. Therefore, there is no need for an order book and neither does OANDA take nor provide liquidity.

 

All the orders of clients that trade through OANDA’s platform are filled at the lowest and most competitive prices at reliable speeds, adding to the overall good reputation that OANDA has built in the past 25 years.

 

OANDA Account Types

OANDA offers three comprehensive trading accounts that are designed to suit different trading needs and objectives. These accounts are as follows:

  • Standard Account
  • Core Account
  • Swap-Free Account

 

In addition to these accounts, OANDA also offers beginner and professional traders the option of registering a demo account that can be used before traders commit to registering a live trading account.

 

OANDA has a low barrier for entry and account verification is not needed for traders who do not have an account balance exceeding $9,000. Traders who wish to deposit $9,000 at a given time must provide further documentation to verify their identity.

 

Existing traders can easily upload the required documents to their client portal while prospective clients must contact OANDA’s customer support for further assistance.

 

OANDA Account Features

Standard Account

The Standard Account is a basic account that caters for most people. The features on this account are as follows:

  • Variable spreads from 1 pip EUR/USD
  • Commission-free trading
  • Leverage from 1:200 on Forex Majors
  • Micro-lot trading from 0.01 lots
  • Access to 75 tradable instruments spread across several asset classes
  • A stop-out level of 50%
  • The ability to use one-click trading
  • The ability to use any trading strategies
  • A choice between USD, EUR, HKD, and SGD as the base account currencies
  • Low barrier of entry into financial markets with no acceptance criteria

 

Core Account

The Core Account is suitable for traders who use Expert Advisors (EAs) in addition to short-term traders and high-frequency traders who need the most competitive spreads possible. The features of this account are as follows:

  • Variable spreads from 0.2 pips EUR/USD
  • Commissions of $40 charged per million traded
  • Leverage from 1:200 on Forex Majors
  • Micro-lot trading from 0.01 lots
  • Access to 75 tradable instruments spread across several asset classes
  • A stop-out level of 50%
  • The ability to use one-click trading
  • The ability to use any trading strategies
  • A choice between USD, EUR, HKD, and SGD as the base account currencies
  • Low barrier of entry into financial markets with no acceptance criteria

 

Swap-Free Account

The Swap-Free Account caters for traders who wish to be exempted from earning/paying overnight interest on the positions that they hold after the trading session has ended. To qualify for this account, traders must first own a standard account after which they can apply for their account to be converted.

 

The acceptance criteria on this account are subject to the discretion of OANDA. The account has the following unique features:

  • Variable spreads from 1.6 pips EUR/USD
  • Commission-free trading
  • Leverage from 1:200 on Forex Majors
  • Micro-lot trading from 0.01 lots
  • Access to 26 tradable instruments spread across several asset classes
  • A stop-out level of 50%
  • The ability to use one-click trading
  • The ability to use any trading strategies
  • A base account currency in USD

 

OANDA Demo Account

OANDA’s demo account can be accessed through the official OANDA platform or traders can access the option through MetaTrader 4, MetaTrader 5, or by accessing the native OANDA trading platform. Traders can use the account as a practice account where they can improve their trading experience.

 

More experienced traders can use the account to test their strategies in a risk-free environment using real-time market conditions, without risking their actual capital. Traders can use the demo account to gain valuable insight into the market conditions without risking their capital or by entering trades that could result in loss of funds.

 

OANDA Islamic Account

The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

 

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

OANDA offers the option of a swap-free conversion once traders have registered for their standard account. While the swap-free account exempts traders from paying/earning swaps, the spreads on this account are wider and traders do not have access to the entire range of markets.

 

In addition, the swap-free account that OANDA offers is not restricted only to Muslim traders of Islamic faith but can be used by any traders who want to avoid overnight fees, which is why it is referred to as the Swap-free account instead of an Islamic Account.

 

OANDA Pros and Cons

PROS CONS
OANDA is a well-established and well-regulated broker and platform Restricted leverage offered
Client funds are kept in segregated accounts Spreads are marked-up
Member of the CIPF and FSCS Spreads are not the tightest
OANDA supports powerful, innovative trading technology
MetaTrader 4 and 5 are supported
OANDA offers a choice in account types

OANDA AT A GLANCE

Broker's Name OANDA
Headquartered United States
Year Founded 1996
Regulating Authorities CFTC, NFA, IIROC, FCA, MAS, ASIC, FFAJ
Countries not accepted for trade Korea, India, Pakistan, Iran, New Zealand, Cambodia, and numerous other countries
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts No
Maximum Leverage 1:200
Minimum Deposit None
Deposit Options
  • Debit Cards
  • Credit Cards
  • Bank Wire Transfer
  • Skrill
  • Neteller
Withdrawal Options
  • Debit Cards
  • Credit Cards
  • Bank Wire Transfer
  • Skrill
  • Neteller
Platform Types
  • MetaTrader 4
  • MetaTrader 5
  • OANDA Trading Platform
OS Compatibility Linux, macOS, Windows, Android, iOS, web browsers
Tradable Assets
  • Indices
  • Forex
  • Metals
  • Commodities
  • Cryptocurrencies
Languages supported on Website English, Chinese (Traditional), Spanish, Portuguese
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

You might also like: OANDA Demo Account

You might also like: OANDA Fees and Spreads

You might also like: OANDA Islamic Account

You might also like: OANDA Minimum Deposit

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with OANDA?

You can trade any of the following instruments:

  • Indices
  • Forex
  • Metals
  • Commodities
  • Cryptocurrencies

 

Which platforms are supported by OANDA?

OANDA supports the use of:

  • MetaTrader 4
  • MetaTrader 5
  • OANDA Trading Platform

 

Does OANDA offer leverage?

Yes, OANDA offers leverage up to 1:200.

 

What spreads can I expect with OANDA?

You can expect spreads from 0.2 pips EUR/USD on the Core Account.

 

Does OANDA charge commission?

Yes, OANDA charges a commission of $40 per million traded on the Core Account.

 

Are there additional charges on the Islamic account?

Yes, there are additional charges applied to the Islamic Account when traders hold their position for longer than five calendar days. When this happens, traders are subject to an administration fee charged per lot traded ranging from as low as $4 up to $7. Traders must note that the Japan 225 Index is charged per 100 lots traded.

 

Is OANDA regulated and by whom?

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

 

Is OANDA a recommended forex trading broker for experts and beginners?

Yes, OANDA is recommended for use by beginners as well as experts.

 

What is the overall rating out of 10 for OANDA?

8/10.

 

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.

 

Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.

 

Does OANDA offer a demo account?

Yes, OANDA offers a demo account.

 

How long is the demo account valid?

The demo account can be used for an unlimited period but will expire if left dormant for 30 days.

 

Which live trading accounts does OANDA offer?

OANDA offers a Standard and Core Account, with the ability to convert the Standard Account into a Swap-Free Account.

 

Does OANDA offer an Islamic Account?

OANDA offers a swap-free account that can be used by Muslim traders.

 

What are the available deposit currencies for a live trading account?

  • USD
  • EUR
  • HKD
  • SGD

 

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with OANDA?

OANDA does not have a set minimum deposit requirement.

 

How do you make a deposit and withdraw money with OANDA?

You can use any of the following:

  • Debit Cards
  • Credit Cards
  • Bank Wire Transfer
  • Skrill
  • Neteller

 

Does OANDA charge withdrawal fees?

Some fees may apply when using certain payment methods.

 

How long does it take to make a withdrawal?

According to the official OANDA website, credit and debit card withdrawals can take between 2 to 3 business days.