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Your First Oanda Account: A Guide for Beginners

© by Vector

Oanda is one of the most renowned brokers with competitive trading conditions and a decent range of trading tools. So it’s not too surprising that many novice traders consider choosing Oanda as their first broker. If you’re one of them, we’re happy to help you create your first account. In this article, we explain what options there are and how to sign up to the platform.

Oanda overview

One of the most popular brokers out there, Oanda has been on the market for more than 25 years. The company is heavily regulated by several major authorities, including the Financial Conduct Authority of the UK (FCA). Oanda provides its users with quite favorable trading conditions: for example, the minimum deposit for Standard accounts is $0, and the leverage goes up to 1:200, allowing experienced traders to use that potential for earning more.

However, Oanda isn’t too user-friendly. The website is outright inconvenient to use, and looking for some important information there can be a real challenge. Of course, there is a limited range of instruments for technical analysis there and a basic economic calendar, but the broker doesn’t provide any extensive guides for beginners. That’s why novice traders often ask questions even about opening their first account. Let’s cover that now.

Opening an account

If you want to create your first Oanda account, there are some documents you have to provide. The list of documents includes a government-issued ID, a recent utility bill, and a bank statement. Make sure that your personal data in the documents matches whatever you entered when signing up to the platform. You need to be at least 18 years old to create an account. The process itself is quite simple:

  1. Apply to the platform on the website. You’ll have to answer a couple of questions about your identity, nothing too special.
  2. Verify your identity. Here you have to provide your documents, just scan them and upload to the form. It will take some time for the platform to check that information, but it doesn’t take too long.
  3. Make a deposit and start trading. Go to ‘manage funds’ on the website and click the ‘deposit’ button. There you can find all the methods for making a deposit, including check or debit card. There’s no minimum deposit for Standard account, so you can start trading with any amount of money.

Congratulations! You’ve just opened your first account. If something goes wrong, make sure to call the support of the broker.