Look a broker up before you trust it

Ten quick answers

Does OANDA hold a licence?
It does. OANDA is supervised by NFA/CFTC, FCA, IIROC, ASIC, MAS, and its licence number is NFA 0325821. You can look that number up on the regulator's own public register.
How much do I need to open a OANDA account?
OANDA asks for a first deposit of at least $0. Certain account types may require more, so confirm the current amounts on the broker's official website.
Can I trust OANDA with my money?
OANDA has been trading since 1996 and is regulated by NFA/CFTC, FCA, IIROC, ASIC, MAS. Before you deposit, check on the regulator's public register that the licence is still valid, and put in only money you can afford to risk on leveraged products.
Can US residents open an account with OANDA?
Yes. People who live in the United States can sign up with OANDA through its US-regulated entity.
How much leverage does OANDA offer?
The highest leverage at OANDA is 50:1 US / 30:1 retail FCA. The limit for retail clients depends on where the account is regulated: under tier-1 regulators (FCA, ASIC, CySEC) it is lower than under offshore regulation.
Can I use MetaTrader 4 or MT5 with OANDA?
Yes. MetaTrader 4 and/or MetaTrader 5 are available at OANDA next to its other platforms.
Which trading platforms can I use at OANDA?
At OANDA you trade through OANDA proprietary platform and MT4. Where applicable, each of these comes in a desktop and a mobile version.
How quickly does OANDA pay out withdrawals?
How long a OANDA withdrawal takes depends on how you are paid: cards are usually handled the same day, e-wallets within 24 hours and bank wires in 1–5 business days. Your KYC verification has to be finished before any withdrawal.
Will OANDA charge me for withdrawing?
As a rule, OANDA makes no charge when you withdraw to the method you deposited with. A payment processor or bank may still add a fee of its own, which the broker does not control. The broker's payment terms give the current details.
Does OANDA have a demo account?
Yes. OANDA provides a demo account at no cost. It is loaded with virtual funds, so you can try the platform, practise your strategies and look around the available markets before you risk real money.