How to Open an Account on OANDA?

OANDA is a technology-driven broker that was founded in 1996. The aim was to offer access to the market for trading to everyone. OANDA has 8 financial centers in the USA, UK, Canada, Japan, Singapore, and Australia all over the globe that serves clients from over 200 countries. It offers its support in 9 different languages.

Why Need to Open an Account on OANDA?

OANDA offers an excellent trading platform which is aimed to protect the clients and his trades. OANDA uses a proprietary platform FxTrade, which is known to be an easy to use platform. The trading platform is best in its class and is meant to be enjoyed by all kinds of traders. OANDA’s platform supports web trading, desktop trading, and Mobile trading.

OANDA Account Opening

Steps for Opening an Account on OANDA

A trader can start trading on OANDA in three simple steps: by completing the application form, verifying the identity, and depositing the funds.

Step 1: Apply for the account on OANDA, To apply for trading on the platform of OANDA, one must be over 18 years of age and must be a legal resident of the country from which you are applying.

Step 2: Verify your identity and residential proof, You can verify your identity and residential proof by submitting either of these documents:

  1. Driver’s license
  2. Passport or any other government-issued ID card
  3. Utility bills or bank statement or any other document having your address and name on it.

Step 3: After you have completed the process of registration, you need to fund your account to start trading. In order to deposit the funds, you need to go to “manage funds” from your OANDA account. Click on the deposit button and you can select any given methods to fund your account. The different funding methods that OANDA supports are debit & credit cards, bank wire transfer & Paypal.

Documents Required to Open an Account on OANDA

To open an account with OANDA, you will need the following documents:

  1. Driver’s License: The driver’s license can be used as an identity and residential proof. You can scan the photo of your license and upload it. Make sure that the details are visible in the scanned document.
  2. Government-issued Passport and ID Card: In case you don’t have a driver’s license, you can also scan or take a photo of the government issued passport or ID card which should be valid on the date you are submitting the document. Please ensure that your photo, date of birth, and the name is visible in the document.
  3. Utility bill, bank statement or any other document with your name and address on it. You can also submit a scanned copy of your utility bills or bank statement or any other document having your name and address on it. Make sure that the address matches with the address that you have filled in the OANDA account application. The bank statement should be dated within the last three months and it should be issued in your name. There is no minimum deposit amount to open an account on OANDA.