OANDA Account Types

Overall, OANDA is very competitive in terms of its trading fees and spreads. OANDA is a multi-regulated forex broker with 11 Tier-1 (High Trust) and 2 Tier-3 (Low Trust) regulators. OANDA has a Trust Score of 92% out of 100. OANDA is currently not regulated by the MFED, BoB, or NBFIRA of Botswana

Updated : October 12, 2022

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Overall Rating

Min Deposit

USD 0

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on Oanda’s website

OANDA Account Types – 9 key points quick overview:

OANDA Overview

👉 Overall, OANDA is considered low-risk, with an overall Trust Score of 92 out of 100. OANDA is licensed by eight Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and two Tier-3 Regulators (low trust). In addition, OANDA offers three different retail trading accounts, namely a Standard Account, Core Account, and a Swap-Free Account.

👉 OANDA, which Dr. Stumm and Olsen co-founded in 1996, promotes that it specializes in “all things currency,” including currency conversion, FX data services for corporations, and a worldwide online brokerage service for consumers looking to trade the retail FX and CFD markets.

👉 OANDA has two account categories, basic and premium, and a product library that includes various CFD and spread betting solutions across several asset classes. However, not all are accessible in every country it serves.

👉 In addition to foreign exchange, the broker provides indices, metals, commodities, and bonds for trading possibilities across all financial markets. OANDA is the top online forex broker in the United States, with global offices.

👉 Initially founded as a forex and CFDs (CFDs are complicated products) trading platform, OANDA now offers a wide range of asset classes, including stock indexes, bonds, commodities, and precious metals.

👉 OANDA offers more in terms of developing lucrative possibilities due to its award-winning proprietary platforms and accurate technical indications.

👉 OANDA’s customers find it simple and secure to trade foreign exchange with the company because of its innovative trading tools and regulation by international agencies.

👉 Consequently, foreign currency trading, which was previously a faraway fantasy for investors, became a reality through brokers such as OANDA as the markets welcomed more traders.

👉 OANDA provides commercial and standard access to over 70 currency pairings on the foreign exchange market. OANDA’s platform is extensive, providing a variety of indicators and charting tools for specialists and a straightforward and user-friendly interface ideal for novices.

👉 Market Insight is a podcast series produced by OANDA. The mobile app has an excellent mix of features and a good usability rating. In addition, the research tools, news, and market analysis provided by OANDA on mobile are superior.

👉 OANDA’s Social copy trading is accessible through ZuluTrade, albeit a $500 deposit is required. Additionally, OANDA offers the TradingView platform and multiple VPS offerings for MT4 hosting.

👉 As part of its Algo Labs service, OANDA offers numerous alternatives for algorithmic trading, including API access.

👉 OANDA has clients from around the world, and these areas have the largest distributions:

➡️ United States – 18.7%

➡️ Germany – 8.8%

➡️ United Kingdom – 6.4%

➡️ Canada – 4.1%

➡️ Spain – 3.1%

OANDA At a Glance

🏛️ Headquartered	United States
🏛️ Botswanan Based Office	No
👍 Accepts Botswanan Traders?	Yes
📅 Year Founded	1996
📱 Botswanan Office Contact Number	None
⚖️ Regulation	IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
🔎License Number	Australia – ABN 26 152 088 349, AFSL No. 412981 United States – 0325821 United Kingdom – 542574 Japan – 1571 Singapore – 200704926K Malta – VLT1455
⚖️ CBN Regulation	None
✴️ Regional Restrictions	None indicated
☪️ Islamic Account	Yes
📈 Demo Account	Yes
📈 Retail Investor Accounts	3
📊 PAMM Accounts	None
📊 Liquidity Providers	JP Morgan, Deutsche Bank, Royal Bank of Canada
Affiliate Program	Yes
📊 Crypto trading offered?	No
🚀 Offers a Botswanan Account?	No
💻 Dedicated Botswanan Account Manager?	No
📈 Maximum Leverage	1:200
📈 Leverage Restrictions for Botswana?	No
💳 Minimum Deposit (₦)	0 Botswanan Naira
💳 Botswanan Naira Deposits Allowed?	Yes
💰 Active Botswanan Trader Stats	1.3 million
Active Botswanan-based OANDA customers	Unknown
💰 Botswana Daily Forex Turnover	$1.25 million+
💳 Deposit and Withdrawal Options	Local Transfers Debit Cards Credit Cards Bank Wire Bank Transfers Skrill Neteller Mobile Bank Transfers International e-Wallets
💰 Segregated Accounts with Botswanan Banks?	No
💻 Trading Platforms	MetaTrader 4, MetaTrader 5, OANDA web, OANDA mobile
💰 Tradable Assets	Index CFDs Forex Metals Commodity CFDs Bonds CFDs Precious Metals Real-time Rates
🌐 Offers USD/NGN currency pair?	No
🌐 USD/NGN Average Spread	N/A
📈 Offers Botswanan Stocks and CFDs	No
👨‍💼 Languages supported on Website	English, Chinese (Traditional), Spanish, Portuguese
👥 Customer Support Languages	Multilingual
👥 Customer Service Hours	24/5
👥 Botswanan-based customer support?	No
💰 Bonuses and Promotions for Botswanans	Yes
✴️Education for Botswanan beginners	Yes
📊 Proprietary trading software	Yes
💰 Most Successful Botswanan Trader	Uche Paragon ($20 million net worth)
✔️Is OANDA a safe broker for Botswanans?	Yes
✔️Rating for OANDA Botswana	8/10
✔️Trust score for OANDA Botswana	91%

OANDA Account Types

👉 Three distinct account types are available to retail investors at OANDA, each with its features and benefits. These accounts include OANDA Market Pulse, negative balance protection, and access to more complex financial products.

👉 OANDA provides Botswana with the following account options:

➡️ Standard Account

➡️ Core Account

➡️ Swap-Free Account

💻 Live Account	📉 Minimum Dep.	📊 Average Spread	💰 Commissions	💸 Average Trading Cost
➡️ Standard	0 BWP	1 pip	None, spread	10 USD
➡️ Core	747 BWP	0.1 pip	$40 per million	6 USD
➡️ Swap-Free	0 BWP	1.6 pips	None, spread	16 USD

OANDA Account Features

Standard Account

👉 Trading foreign currency (FX) and contracts for difference (CFD) could be challenging. Thus, the Standard Account is designed to help traders of all experience levels get their feet wet in a competitive, volatile market.

Account Feature	Value
✔️ Full Account Verification Needed?	No, not for account deposits under 100,000 BWP or an equivalent to $9,000
📊 Average Spreads	Variable, from 1 pip
💸 Commissions (Per 1 mil traded)	None
📈 Maximum Leverage	1:200
📉 Minimum lot size	0.01 lots
🔨 Instruments	81
🛑 Stop-Out (%)	50%
📱 One-Click Trading offered?	Yes
✅ Strategies allowed	All
💰 Base Account Currency	USD, EUR, HKD, SGD

Core Account

👉 The OANDA Core Account is perfect for active Botswanan traders, high volume, and high-frequency traders (HFTs), and other Botswanan short-term traders that appreciate competitive pricing and narrower spreads.

Account Feature	Value
✔️ Full Account Verification Needed?	No, not for account deposits under 100,000 BWP or an equivalent to $9,000
📊 Average Spreads	Variable, from 0.1 pips
💸 Commissions (Per 1 mil traded)	40 USD
📈 Maximum Leverage	1:200
📉 Minimum lot size	0.01 lots
🔨 Instruments	81
🛑 Stop-Out (%)	50%
📱 One-Click Trading offered?	Yes
✅ Strategies allowed	All
💰 Base Account Currency	USD, EUR, HKD, SGD

Swap-Free Account

👉 Traders in Botswana who adhere to Sharia law can benefit by utilizing this account to engage in the financial markets since they will not incur any interest-related expenses or profits.

Account Feature	Value
✔️ Full Account Verification Needed?	No, not for account deposits under 100,000 BWP or an equivalent to $9,000
📊 Average Spreads	Variable, from 1.6 pips
💸 Commissions (Per 1 mil traded)	None
📈 Maximum Leverage	1:200
📉 Minimum lot size	0.01 lots
🔨 Instruments	26
🛑 Stop-Out (%)	50%
📱 One-Click Trading offered?	Yes
✅ Strategies allowed	All
💰 Base Account Currency	USD

OANDA Demo Account

👉 In addition to standard retail investor accounts, OANDA provides a risk-free practice trading environment to protect Botswanans from monetary loss. Regardless of your trading expertise, it is always advisable to experiment with virtual currency initially.

👉 If you are unfamiliar with forex or CFD trading, you might use this as an opportunity to gain experience before getting started in a risky and fast-paced market environment. A demo account from OANDA will also safeguard you from the risk of suffering catastrophic financial losses.

👉 The demo account offers real-time quotes and simulates real-time market circumstances for assets such as foreign exchange and CFDs on commodities, indices, and stocks. After gaining proficiency with a demo account, users may easily transition to a genuine account.

OANDA Islamic Account

👉 Traditional trading accounts, unlike Islamic ones, generate swap interest. Swap, the interest one party must pay or receive when an open position is left overnight in foreign currency trading, is banned by Islam.

👉 Islamic currency trading accounts eliminate these interests, allowing Muslims to trade in the financial markets.

👉 In addition, customers who are Muslims and use an Islamic trading account are responsible for the account’s margin, charges, and administration fees, none of which constitute Riba or Haram interest.

👉 Trading foreign currency does not contradict the fundamental principles of Islamic finance and is thus permitted. Since Forex trading is getting easier to partake in, more people are doing so daily, hoping to become wealthy quickly.

👉 Since the primary activity is buying and selling currencies, it might seem like a legitimate investment opportunity. A swap fee, like an interest rate, is often charged by a broker if a trader maintains open positions beyond the end of the trading session.

👉 The broker is using leverage to make this loan to you indirectly, which is why you’re paying such a high-interest rate. Also, the broker, who acts as the lender, will likely profit from the transaction.

👉 Since interest payments are required for a standard trading account to operate, such an account is forbidden in Islam. However, an Islamic trading account is permitted under the religion’s tenets since it does away with the need to pay swap interests.

👉 Botswanan Muslim traders may avoid interest payments and receivers thanks to OANDA’s swap-free Islamic account, which complies with Sharia law.

Overall Rating

Min Deposit

USD 0

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on Oanda’s website

OANDA Kenya Pros and Cons

✔️ Pros	❌ Cons
Proprietary desktop trading platforms offered alongside MetaTrader 4 and 5	Fixed spreads are not offered
Offers an impressive array of financial instruments including most currency pairs	There is a monthly inactivity fee applied
Innovative mobile trading apps and mobile platforms provided
There are several advanced charting tools and charting features offered
Negative balance protection is applied to accounts
The broker accepts a wide range of trading strategies including algorithmic trading, hedging, scalping, and more
There is a comprehensive range of trading tools and analytical tools offered
Deposit fees are not charged and there are several deposit options
Offers a decent selection of educational materials including educational articles
Client funds are kept in segregated accounts

Verdict on OANDA

👉 Overall, OADNA is very competitive in terms of its trading fees and spreads.

FAQ

What type of live accounts can I register with OANDA?

You can choose from the following accounts:

Standard Account
Core Account
Swap-Free Account

How much is the minimum deposit when I register an OANDA account?

There is no set minimum deposit with OANDA, and you can deposit any amount depending on the margin requirements of the trades you wish to execute.

Does OANDA charge extra when I register an Islamic Account?

Yes, OANDA applies an administrative fee when you keep your positions open for longer than five days. This fee ranges from 4 to 7 USD depending on the financial instrument.

For how long can I use the OANDA demo account?

The OANDA demo account is available indefinitely.

Which platforms can I use with OANDA?

You can use MetaTrader 4 or the OANDA trading platform.

10/10 - (1 vote)

OANDA Account Types

OANDA Account Types – 9 key points quick overview:

OANDA Overview

OANDA At a Glance

OANDA Account Types