OANDA US Review 2024: Read Before You Trade | FXEmpire - FX Empire

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Account application with the US entity of OANDA (OANDA Corporation)

To open an individual account at the OANDA Corporation, prospective clients must answer the following questions.

Personal details

  • Name, date of birth, mobile phone, citizenship, residential address.

Employment and Financial Details

  • Company name, job title, industry, annual income, source of trading funds, personal net worth, liquid net worth.

Trading Experience

  • Level of experience trading futures, FX, securities, and cryptocurrencies.
  • Whether you operate a commodity pool, a pooled investment vehicle, or act as an intermediary accepting funds from others, or if you will be trading on behalf of others.

Verification of Identity

  • Fast track method using driver's license and SSN/TIN.
  • Standard method with 3 forms of ID (Government-issued Photo ID, proof of address, and SSN or TIN).

Nine base currencies (the currency in which your account is denominated) are available.

Cryptocurrency Accounts

Only individual live trading accounts registered with OANDA Corporation can access spot cryptocurrency trading. Account activation is subject to approval by Paxos Trust, a New York-based company specializing in blockchain.

When it comes to trading spot cryptocurrencies at OANDA US, there are some important differences to trading forex.

  • Spot cryptocurrencies can be traded via the OANDA mobile app only.
  • It isn't possible to sell short cryptocurrencies.
  • Cryptocurrencies can be traded 24/7 with the exception of OANDA maintenance hours.

Demo Accounts

OANDA offers free demo accounts via the OANDA Trade web platform, the OANDA mobile app, and MetaTrader 4. Demo accounts are a boon for beginners, allowing them to practice their strategies and get comfortable with the trading platform without risking any real money.

The demo account features live quotes and simulates live market conditions in multiple forex pairs. Once users have gotten up to speed on a demo account, they can easily switch over to a live version.

Leverage

One of the reasons that traders are attracted to the forex markets is the high degree of available leverage. Leverage is using borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

For US clients, OANDA offers a maximum of 1:50 in leverage. 1:50 leverage means that with $1,000 of funds in an account, a trader can take on up to $50,000 worth of market positions.

Leverage is often described as a 'double-edged sword' as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

Research

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