Oanda Account Types Compared
Given that Oanda is a popular platform within the investment realm, it attracts users from all walks of life. As such, they must take the time to learn about the platform in order to make a more informed decision. For instance, Oanda has multiple account types, each of which has its own unique features and purposes. That said, the following is an overview of Oanda account types.
Oanda Standard Account
Oanda standard accounts are best for beginners and those who are interested in investing on a smaller scale. This is because it was designed to cater to those who are interested in starting an investment account but don't have tens of thousands of dollars to do it. No matter if you’re new to investing or are simply trying to use the Oanda platform as a way to diversify your investments, the Oanda standard account may be ideal.
Here are some of the most notable features:
No minimum account balances
70 FX pairs
24/5 support
MT4 open order indicator every 20 minutes
API trading
Priority service queues
Variable contract sizes
Spread-only pricing
Oanda Pro Account
On the other hand, an Oanda pro account is for those with more investing experience. This is because the stakes are much higher than when dealing with the standard version. If you have a great deal of experience in terms of making substantial investments, this account can allow you a chance to flourish. This makes them ideal for those who have been investing for many years or otherwise have a profound understanding of how to make money in the field.
Oanda Account Types Comparison
| Standard | Pro | Swap Free account | |
|---|---|---|---|
Minimum deposit |
US $0 |
US $20000 |
US $0 |
Base currencies |
USD, EUR, HKD, SGD |
USD, EUR, HKD, SGD |
USD |
Trading instrument |
70+ Forex pairs. CFD markets: Metals, Bonds Indices, Commodities |
70+ Forex pairs. CFD markets: Metals, Bonds Indices, Commodities |
70 Forex pairs. CFD markets: Metals, Bonds Indices, Commodities |
Max leverage |
30:1 |
100:1 |
30:1 |
EUR/USD average spread |
1.5 |
1.5 |
1.5 |
Forex Fee |
No |
No |
No |
Forex Swap |
Yes |
Yes |
No |
Oanda Account Types vs. Competitors
| Oanda | Forex.com | eToro | |
|---|---|---|---|
Standard account |
Yes |
Yes |
Yes |
No |
Yes |
No |
|
Pro Accoun | Yes |
Yes |
No |
Yes |
Yes |
Yes |
|
Cent Account |
No |
No |
No |
Yes |
Yes |
Yes |
How to Open Oanda Account
If you are interested in creating an Oanda account, the steps to do so are as follows:
Apply: the first step to opening an Oanda account is to apply for one. To do so, you must be at least 18 years of age and a legal resident of the USA. You will also have to answer a series of other questions that will allow the platform to verify your identity. You will also likely have to upload proof of address (i.e., your driver’s license). However, if you pass eID, you won’t have to submit this type of verification again.
Verify identity and proof of address: You cannot trade on the platform until your information has been fully verified. The first thing you will need to do is scan the documents and upload them to the system. Therefore, they may send documents to verify your identity. Oanda accepts ID types such as driver's license or government-issued passport/ID. In terms of proving your address, you may also need to provide utility bills.
Fund and Trade: Lastly, you will need to fund your account and start trading. In order to deposit funds into your account, you must first navigate to ‘manage funds’ on the Oanda platform. From there, you will need to click on the ‘deposit’ button. After that, you can fund your account with your chosen method. You can choose from check, debit card, bank wire transfer, and Automated Clearing House (ACH). There is no minimum deposit. However, you cannot deposit more than half of your net worth.
FAQ
Which ways can you trade on Oanda?
If you are interested in trading on Oanda, you can use a desktop, their mobile trading platform, or rest API.
What educational tools does Oanda offer?
If you want to learn more about trading on the Oanda platform, one of the best things you can do is set up a demo account. This will allow you to try out the features of the platform without risking your own money. On the other hand, the platform also has several educational resources. For instance, users can learn all the tips and tricks needed to begin using the platform. On the other hand, if you want to learn more about risk management tools to help preserve your capital, you will want to check out the capital management category. If you need help developing your trading strategy, they have tools and resources to help you do that as well. The platform also holds frequent webinars, forex and CFD instruments tools, and much more.
Are Oanda rates accurate?
Oanda rates are considered to be highly accurate and trustworthy. In fact, these rates are used by tax authorities, auditing firms, major corporations, and more. When it comes to major currency pairs, their rates are taken from tens of thousands of various price points. These price points are collected every second, 24 hours a day, seven days a week. In addition, they are collected from live data suppliers and filtered to remove false data.
What’s the difference between subscription and online registration?
On the one hand, registration is easy and can be completed by virtually anyone. To register online, you simply need to create an Oanda account, which requires you to provide them with specific details, create a username, etc. Nevertheless, you may not trade or use any of the services until you are subscribed to the platform.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!