Oanda Account Opening

Reading time: 6 minutes

Choosing Oanda as your broker to do your first trade is a good idea, go for it. In this article, we are going to take you through all the steps necessary, from the registration all the way to setting up your first order. At Oanda, opening an account is easy, and needs no prior knowledge. If you have opened an account anywhere on the internet before, you pretty much already know what to expect.

To give you a brief summary: Oanda is a US forex broker. It is regulated by top-tier authorities like the UK FCA and Australia's ASIC.

My key findings in a nutshell

My key findings in a nutshell

Adam Nasli

Financial Wizard | Regulation • Fighting Scams • Market Analysis

I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.

Learn about our methodology

Adam Nasli

Financial Wizard | Regulation • Fighting Scams • Market Analysis

I've thoroughly tested Oanda services with our analyst team by opening a real-money account and these are my most important findings:

• Signing up just takes 15 minutes on average, while the approval of your account could take 1-3 days
• You will need to prove your identity and residency with documents. Some examples:
  • Proof of identity: ID / passport
    Proof of residency: bank statement / utility bill
• Oanda is a reliable broker regulated by a top-tier regulator
• Visit Oanda's site and start registering now!

First, let's see if Oanda is available in your country?

Disclaimer: 78.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Visit broker
78.3% of retail CFD accounts lose money

First you need to fill a registration form to apply for an account. Your application needs time to be verified [1-3 days] after which you can deposit and start trading.

Oanda account opening step-by-step guide

1. Go to Oanda's website to start the account opening process.
2. Follow the account opening process: it is self-evident, but you might need help at some point. Don't worry, we cover the main issues here.

Which Oanda account to choose?

If you want to explore the possibilities offered by this broker, you will need to choose an account type, and for that, you should consider how experienced you are in trading and investing.

We have more details about the available account types in our review for you to explore.

Visit broker
78.3% of retail CFD accounts lose money

Which base currency to choose?

Why does this matter? You can cut your costs.

• If you fund your trading account in the same currency as your bank account, or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.
• A convenient way to save on the conversion fees is by opening a multi-currency bank account at a digital bank, which is fast and easy.

The base currencies at Oanda are: EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD.

Once you have filled out the form, uploaded your documents, chose your account type, base currency and finished the trading survey, Oanda will verify your account very shortly.

Why do I need to fill the trading experience survey?

It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have a basic financial knowledge and you are aware of the risks of trading.

Also don't worry if the broker asks questions about your financial background e.g. your available assets, salary range. This is also part of the risk assesment process - to make sure you don't take on investments and trades you can't afford.

To do your first trade, you have to fund your account. Generally, brokers offer a Bank transfer / ACH / Credit or debit card / E-wallet transfer solution.

Is there a minimum deposit at Oanda?

Luckily, no. You can deposit to Oanda, without having to do a large commitment.

Also, if you feel like this service is not your cup of tea: no worries. You can opt out and withdraw your funds anytime.

If you received your verification email, you are good to go to fund your account and start investing!

Here's how to start after funding your account:

• First, check the products on the platform. You can also search for assets using its search tool,
• Here, you'll see a list of assets by certain categories, like asset classes,
• Click/tap on an asset to see its chart,
• After this step, it is easy to specify the transaction size, order types, and terms.

Visit broker
78.3% of retail CFD accounts lose money

Yes, Oanda can be considered a legit broker, as it is regulated by at least one top-tier regulator, which is a great sign for reliability.

For you, this means that your money is in good hands and you will most probably not become a victim of a scam by Oanda.

Throughout the account opening process at Oanda, you won't be required to pay anything to create your account. Also, you can close your account anytime you like.

Every time you are planning to dive into finances, make sure you know who you trust your money with. Make sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers on our site, meaning the broker's operations are overseen by a trusted body.

Visit broker
78.3% of retail CFD accounts lose money

You are awesome for having read through this article! Opening an account might seem cumbersome at first, but the best time to start dealing with your finances is always right now.

We want to help you along the way, so if you are stuck somewhere, have a question, or a suggestion, please drop a message on our Forum..