One of the most popular brokers out there, Oanda is one of the main options for beginners. The company provides interesting trading conditions and a decent variety of trading instruments. In this article, we’re going to explain why Oanda is so popular and give you a brief guide for creating a new account on the platform, including the list of required documents.
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:
- Apply to the platform on the website. You’ll have to answer a couple of questions about your identity, nothing too special.
- 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.
- 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.