How to Open Oanda Account

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If you haven't yet signed up for a trading platform, you may be a tad concerned about the Oanda account opening. Luckily, it's not overly tedious and requires you to provide some personal information and documentation and have a little patience. That said, if you are wondering how to open an Oanda account, keep reading.

Oanda Account Requirements and Documents

Open an account
Your capital is at risk.

If you are interested in opening an Oanda account, the process is relatively simple. However, you will need to provide the following documents:

Government-issued ID

Utility bill

Bank statement

When providing your personal information, be advised that the addresses on the documents must match the ones you entered in the system. Moreover, you may not use documents that include c/o or care of. Either way, once your account has been approved, you will need to make a minimum deposit to begin trading.

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 account. For example, suppose you have a great deal of experience in making substantial investments. This would make them ideal for those who have been investing for many years or otherwise have a profound understanding of making money in the field.

Oanda Account Opening Guide

If you are interested in creating an Oanda account, the steps to do so are as follows:

1

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.

2

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. To prove your address, you may also need to provide utility bills.

3

Fund and Trade: 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. 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.

How to Close Oanda Account

To cancel an Oanda account, simply do the following:

First, fill out the feedback form: The first step is to fill out a feedback form stating your intent to close your account.

Send an email: The next thing you want to do is send an email with the subject 'delete my account' from the email address you registered the account with. The email should make it clear that you wish to delete your account. You should also request that they wipe all of your data from their system.

Wait for response: You should receive a reply within days that your account will be deleted.

FAQ

Do you have to apply for an Oanda account?

Yes, in order to use the Oanda platform, you must apply for an account. To do so, you simply need to be over the age of 18 and provide answers to a series of questions for regulatory purposes. This may include several questions to prove you are legally allowed to trade in your country. However, if you have an eID, you won’t have to provide further details to provide your address or identity.

Who should use Oanda?

Oanda can be a useful platform, but it's not for everyone. Although it is relatively beginner-friendly, those who thrive on this platform tend to be seasoned traders who are interested in having a convenient desktop experience.

Does Oanda have a reputation for good customer service?

If you're concerned about the level of customer service you will receive when using the Oanda platform, rest assured that many assert they have had a pleasant experience. This is because representatives are available 24/7 via email. Moreover, the platform's business hours are from Sunday 1 PM EST - Friday 6 PM EST, which includes the 'live chat' option for a portion of those times. Lastly, their representatives are known for being exceptionally knowledgeable and helpful regarding product knowledge.

Is the Oanda platform safe and secure?

Yes, the Oanda platform is considered relatively safe and secure. Although there is no such thing as a trading platform that is 100% secure, experts assert that the platform is not only well-regulated but also well protected in terms of cybersecurity.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

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
Author and editor at Traders Union

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.

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