Home  Frequently
Asked Questions
FXTrade Accounts
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. OANDA currently handles US Dollar and Euro accounts. In the
future, OANDA will offer more currencies.
Can I deposit funds in
any other currency other than US dollars?
Yes. OANDA accepts US dollar and Euro deposits.
For USD accounts, please refer to Margin
Deposits for USD Accounts. For Euro accounts, please refer to Margin
Deposits for Euro Accounts.
Can I withdraw funds in
any other currency other than US dollars?
You may withdraw funds in the same currency as your
account's home currency. If your home currency is US dollars, you may only withdraw
in US dollars. If your home currency is Euro, you may only withdraw in Euros.
How can I open
an account?
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 opened 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?
Upon completing the withdrawal
request form, accessible via the FXTrade Web site and FXTrade Platform,
OANDA will process and transfer the funds back to the account holder within
3 business days.
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?
Yes. You may create new account(s) in currencies other than your home currency.
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 contact you and provide you with steps on how to "unlock"
your account.
What does it mean if my account is not activated?
Only FXTrade account holders can activate their accounts. When you complete
the account opening process, an email is automatically sent to your email address
including an activation link (the subject of this email is "OANDA FXTrade
User Information"). Click on this activation link to activate your account.
If you did not receive this email, please contact
us.
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.
Can I change my account leverage?
Yes. Click here: to
change your account leverage at any time using our online form.
What is my home currency?
Prior to April 15, 2003, the default home currency
for all FXTrade customers was US dollar (USD). If you opened an FXTrade account
prior to April 15, 2003, your home currency is US dollar. For accounts created
after April 15, 2003, your home currency is the currency you selected while
opening your FXTrade account. All deposits and withdrawals for your account(s)
are processed in your home currency.
What is my account currency?
Account currency is the currency that each account
is held in. An FXTrade customer may have multiple accounts in different currencies,
but only one home currency.
Can I change my home currency?
No. A customer's home currency cannot be changed.
Can I change my account currency?
No. The currency of an account cannot be changed.
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