Frequently Asked Questions
FXTrade Accounts
Who is OANDA's banking partner for the FXTrade Platform?
All client funds are deposited in a major United States financial institution.
Do I have to live in the U.S. to open an account?
No. FXTrade clients do not have to reside in the United States to open an account
with OANDA. However, OANDA currently handles only US Dollar deposits. In the
future, OANDA will offer multi-currency accounts.
Can I deposit funds in
any other currency other than US dollars?
In order to open an account, interested parties must complete the customer
application, customer agreement, account information and risk disclosure forms.
Once this process is complete, customers will be given instructions on how to
deposits funds into an account. Accounts can be openned online or by printing
the forms and mailing them to OANDA. For mailed in applications, all original
documents must be included. Visit FXTrade
accounts for further information and application forms.
What is the minimum account balance?
Unlike most Internet-based FX trading platforms, there is NO minimum deposit
for opening an account with OANDA.
How do I get money out of my account?
Does my margin deposit earn interest?
Currently, all customer funds are maintained in an interest bearing account. You will earn
the current money market rate on your deposit.
Do I pay interest on my account when there is a margin call?
When a trade is closed, whether via the trader's actions or the platform executing
a stop-loss, profit-take or margin call, the associated interest rate differential
will be applied against those trades.
Can I settle trades with a counter party?
The FXTrade environment is for speculation or investment purposes only. All
transactions are round trip back to
the customer's own account.
Can I set up a multi-currency account?
OANDA will offer multi-currency accounts in the very near future.
What does it mean if my account is restricted or locked?
If your account is flagged due to potentially unauthorized activity, your account will be
placed on restricted status. Restricted accounts are limited in their ability to deposit and withdraw funds.
Once an account is flagged as restricted, OANDA will require you to provide further
information to confirm your FXTrade identity.
How can I obtain last year's total interest and profit for my account?
Historical information on total amount of interest paid or received as well as the monthly and total profit and loss
for previous year is available from the "Full Transaction History" option under the "Account" menu bar.
