OANDA Approval Time
OANDA is one of the world's most reputable forex brokers. But how long does it take to get your account approved? Read on to find out.
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Want to use OANDA but you're in a rush? Great news, you won't have to wait long to get your OANDA account approved.
In this guide, you'll learn about OANDA's approval period, including a step-by-step guide on how to open an account.
How Long Does It Take for OANDA to Approve an Account?
OANDA takes 1 to 2 days to approve an account.
This starts from the moment you submit the registration form. Once your account has been approved, you can then start depositing funds so you can start trading.
Yes, OANDA requires verification. OANDA will ask you to verify your identity and address. You will need to submit a copy of your ID and residence certificates such as bank statements.
Some Reasons for Account Disapproval
Here are the three common reasons why accounts don't get approved:
- Age
OANDA will automatically disapprove an account if you're under 18 years old. Only those of legal age are allowed to trade. - No Income
If you don't have income, OANDA will also disapprove your account, as this would mean you don't have the necessary funds to invest or trade assets. - False Declaration
Avoid lying in the registration form and trade experience survey. Also, make sure your documents support your statements on the registration form.
Is OANDA Safe?
Yes, OANDA is a safe and credible broker. It is regulated by multiple top-tier authorities.[1] It is highly trustworthy.
This means, your money is in good hands with OANDA. It will not require you to pay anything when creating your account.
Also, you can easily close your account whenever you feel like you don't want to continue with the broker anymore.
How to Open an Account at OANDA?
Opening an OANDA account is easy. Just follow these steps:
Complete the registration form
OANDA will ask you to fill out a form to indicate your age, residence, salary range, and financial assets, among others. Questions about your financial background are a necessary step in risk assessment. This will ensure that you won't take trades you can't afford.
To open an account, you need to be 18 years old or above. You also need to be a legal resident of the country from which you are applying.
You also need to fill out a trading experience survey. This is a necessary step to ensure that you have basic trading knowledge.
This is just a standard procedure for brokers because they need to make sure that you have the basic knowledge needed to place a trade and that you are aware of trading risks.
Verify your Identity
You need to submit documentation that will verify your identity. A scanned copy (or just a picture) of your ID card will suffice. OANDA prefers a copy of your passport or national ID card.
You will have to scan or take a photo of the original document. Then submit it to OANDA's secure portal on its site.
OANDA does not accept black and white copies of your ID.[2] So make sure to only submit a colored copy of the original.
Verify your Address
You also need to verify your current residential address. OANDA prefers to receive a copy of your bank statement (within the last three months) that has your name and address on it. This should be the bank account that you intend to use to fund your account at OANDA.
There are cases when OANDA asks for more than one document to verify your address.
Keep reading to know the other documents that you can submit as proof of your address and identity.
Wait for Account Approval
After you have submitted the registration form and the documents, you just need to wait for OANDA to approve your account. This can take one to three days.
Once approved, you can then start funding your account through various deposit methods, such as debit cards, wire transfers, and ACH bank transfers. Additional funding methods are available depending on your country of residence.
You can deposit any amount as OANDA has no minimum deposit requirement.[3] Once your account is funded, you are now ready to place your first trade with OANDA.
Required Documents for Verification
Here are some documents that you can submit to verify your identity and address:
- Identification documents
- Passport
- Identity card
- Driver's license
You will be asked to provide additional information if OANDA cannot confirm your identity based on the documents you submitted. - Passport
- Residence certificates
- Bank statements
- Credit card statements
- Utility bills: gas, electricity, water
- Court documents or subpoenas
- Wired telephone or internet invoices
- Social Security card
- Property management bill
OANDA does not accept mobile phone bills as proof of address. - Bank statements
Trading Hours
OANDA follows the trading hours of the global financial markets.[4]
The foreign exchange market is normally open from Sunday 5pm to Friday 5pm (EST). It starts with the opening of the Asian trading market and continues to the closing of the New York trading market.
When the market is closed on weekends, you can still delete or modify profit orders and market orders. But these orders will only take effect when the market opens.
Bottom Line
OANDA's approval time takes 1 to 2 days. During this time, OANDA verifies your identity, address, and financial background based on the documents you submitted.
Make sure the documents you submitted support your statements on the registration form. This way, OANDA can quickly verify your identity and you won't have to wait too long for your account approval.
References
- ^ OANDA. Regulatory public disclosures, Retrieved 11/24/2023
- ^ OANDA. How to open an account, Retrieved 12/11/23
- ^ OANDA. FAQ: What is the minimum deposit requirement?, Retrieved 12/11/23
- ^ OANDA. Hours of operation, Retrieved 12/11/23
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OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States. Affiliate receives a commission for accounts opened through the link on this page
OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA's regulatory oversight and examinations.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.
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