OANDA broker only provides two types of trading accounts for retail traders, namely demo trading accounts and real (live accounts). The demo trading account can be used by novice traders to practice without spending a penny. While a real trading account can be opened with any minimum initial capital. This means that you can even trade with a deposit of only 1 US Dollar.
Overall, real trading account facilities at oanda fx broker include:
- There is no minimum deposit requirement, so you can start trading with any initial capital.
- There is no minimum trading volume size. You can trade forex starting from nano lot sizes (equivalent to 100 USD per lot) or even smaller.
- Customer service support 24 hours, 6 days a week via Live Chat and email via an English website (Indonesian is not included in the multilingual option).
- Floating Spreads start from 1.3 pips for the most popular EUR/USD pairs.
- Maximum leverage is 1:50 for the US region but could be higher for OANDA Europe or other regions.
- Three trading platforms to choose from, namely MetaTrader (MT4 and MT5) and OANDA fxTrade.
- Free trading commission.
- Deposit and withdrawal payment options via bank transfer, credit card, PayPal, and China Union Pay. There is a special fee for withdrawing funds of varying amounts depending on the account currency and payment method, totaling between 20-35 USD.
In short, OANDA broker offers a credible and high-tech forex trading concept with low transaction costs. Instead, the broker charges a hefty withdrawal fee.
After opening the OANDA site, please click the “Open An Account” button on the homepage. Next, select the option “Live Trading Account” (for real accounts) or “Demo Trading Account” (for demo accounts). For registration, you will be asked first the country of origin. Don’t lie in filling it out, because later you will be asked to upload a self-identity verification document when opening a real account.