Oanda Demo Account – Opening Process, Charges, Features, Benefits & more
Check out everything on Oanda Demo Account or Virtual Trading Plaform here.
Oanda is an old but trustworthy American Forex broker that was founded in 1996 by Dr. Stumm and Dr. Olsen.
It provides all kinds of training services and also services that include currency conversion, FX data services, and investment in retail Fx and CFD markets.
The company is regulated and monitored by top tire authorities that include US Commodity Trading Futures Commission, the National Futures Association, and the UK’s Financial Conduct Authority.
The trading firm provides two types of Trading accounts, standard, and premium.
The company also provides a product catalog that includes a various range of assets, CFD, and spread betting offerings.
In addition to investment in FX trade, the company also allows the traders to invest in indices, commodities, precious metals, and bonds.
Oanda provides various types of protection for clients belonging to different parts of the world.
For the benefit of all the users, the trading company has developed a demo account which is a replica of the original trading account provided by the company.
Using this demo account you can practice trading as long as you want, you can understand the market behavior and develop better trading strategies.
Oanda Demo Account
A demo account is a free account that is provided by the trading firm for all its users. Oanda Demo account can be availed free of cost.
The demo account is usually a virtual account that has virtual currencies or dummy money which the traders registered to the company can use to practice trading.
All the services and the trading instruments are available for the main trading account and also available for the demo account provided by the company.
One simple benefit of the demo account is that there is no risk of losing any money. In simple words, you would get to learn about the market, get to learn about the trading strategies and other things with the use of fake money.
The Oanda demo account will also help the users experiment with trading strategies and point out the areas where they’re weak.
The demo account can also be accessed using the trading platform.
The users who have opted for the demo account will also have unlimited access to the Oanda virtual trading mediums and all the instruments that are linked to the demo account.
Oanda Europe limited negative balance protection for all the clients belonging to that region while the Asia Pacific section offers guaranteed stop-loss orders.
Some of the exclusive key points are
- Oanda is the second-best FX broker in the US in terms of customer funds.
- The company accepts US clients only through Forex and they are registered with CFTC, NFA, and FCA.
- The company also promises all its users one of the best desktop trading experiences and superior research facilities.
Company also provides a well-equipped trading platform that can be customized according to the user’s requirements.
The trading company has also developed mobile trading applications for Android and iOS users especially for the people who want to trade on the go.
So, to become an expert trader and to gain more profit from the various types of trading instruments provided by the company, you would need to practice trading.
Open Demo Account Now! – Zero Commission on Trades
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Oanda Demo Account Features
The demo account provides some exclusive features which are many and have been included according to the needs of various types of traders.
So, the idea behind the development of the demo account has been discussed, and right now we will be discussing the features provided by the Oanda Demo Account.
The demo account is an exact duplicate of the real trading account provided by the company. Instead of real money, we would be using virtual currencies.
Some of the features provided by the company’s demo account are:
- The traders who have opted for the demo account will find the basic aspects of trading that include monitoring the market, market analysis, understanding of Forex, order placement, and more.
- Also, advanced market analysis tools and other research products and instruments are provided to the users in this demo account. The users have to familiarize themselves With these trading tools and then follow up accordingly.
- The demo account comes with unlimited access across various platforms that include MT4 and MT5, the two types of trading platforms provided by the trading firm.
- The Oanda demo account and the trading platform is quite user-friendly and has advanced tools.
- You can check your order levels, time frames at any time.
Oanda Demo Account Charges
|Demo Account Details|
To start with, a company does not charge any amount for getting associated or for opening a demo account with the company.
This simply means that anyone can apply for the demo account with the company free of charge.
The company promises no hidden charges or any other commission charges.
Upon successful registration with the company for the demo account, the users will get a certain amount of virtual currencies in the demo account which cannot be converted to real currencies.
But, with the help of this dummy money, the users can practice trading and develop trading strategies and the demo account.
All the important features of the original trading account are also available with the demo account.
This allows the trader to use all the premium trading tools free of cost.
How to open Oanda Demo Account?
The total process of opening and owning an Oanda devil account is quite crisp and can be completed in about 5 minutes.
The whole process has to be done on the official website of the company. To learn about the process, you will have to follow the steps given below. Check the entire step-by-step process for easier access.
- Firstly, the trader has to visit the official website of Oanda, click on open a demo account which is available on the top right-hand side corner of the website.
- When you click on the bottom, an application page will open. Here you need to fill up all the necessary details that include name, address, phone number for my email address, and a password. And then click on submit.
- After successful submission, an agent from the company will contact you for the KYC verification process. Now you will be asked to upload scanned copies of government authorized identity cards for the verification process.
- After successful verification, your demo account login credentials would be provided to your email and all your phone numbers.
- Remember to change the password after logging in for the first time.
- Now you can enjoy all the benefits of the demo account and practice trading as long as you need.
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Advantages of Oanda Virtual Trading Platform
Just before you are applying for the demo account for the company, you must know about the advantages and benefits of the Oanda Virtual Trading Platform.
- The traders have the option of using the virtual currencies or dummy money provided in the demo account to practice trading instead of using real money.
- The traders will have unlimited access to indicators and charts so that you can understand the process of trading and select your favorite instrument.
- The company gives full access to the traders to use the trading terminals provided by the company.
- The traders will not incur any loss with this account as the traders would be using dummy money.
- The traders can practice their investment strategies and this account would help them be prepared for live trading.
Oanda Demo Account – Conclusion
In this article, we have discussed everything that is known about the demo account provided by Oanda.
The benefits, advantages, exclusive features, and the process of setting up the demo account have also been discussed.
You can go through the entire article and then decide whether you want to apply for the demo account or not.
Just remember, that Oanda is one of the best forex trading companies and has enough experience in the field of trading.
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Oanda Virtual Trading Account – FAQs
Here is a list of Top FAQs related to the Oanda Virtual Trading Account –
Does Oanda provide Demo a/c?
Yes, the trading firm provides a demo account for all the traders who have registered themselves with the company.
The demo account can be available and used free of cost and the traders will get to learn a lot about trading and the forex market with the help of this demo account.
How to Set up an Oanda Demo Account?
Setting up or owning a demo account is pretty simple. Simply you have to visit the official website of a company, click on open a demo account, fill up the necessary details and click on submit.
After submission, you will be prompted for the KYC verification where you have to provide a government-authorized identity card.
After successful verification, the login credentials would be provided in your email address or phone number.
Is Oanda Virtual Trading Platform Free?
Any trader can get free access to the virtual trading platform provided by Oanda.
But for gaining access you will have to register for the demo account with all the necessary details.
The company does not charge any amount for the demo account and it is available free of cost.
What are the Fees of the Oanda Demo Account?
There are no specific fees or commission charges for the free demo account.
This simply means that the traders who have registered themselves with a company will have free access to the demo account.
The company will not be charging any extra fees for gaining the demo account features.
Is AMC levied on the Oanda Virtual Trading Platform?
No account maintenance charge is required for opening a demo account with the company or for gaining access to the Oanda Virtual Trading platform.
No extra fees are required to maintain and Operate the virtual trading platform or the demo accounts.
Is the Oanda Demo Account the best?
The trading company is one of the most experienced companies in the trading market.
The company also provides a demo account that can be availed free of cost.
The demo account also has the exclusive features of the actual trading account.
This simply means that the traders are allowed unlimited access to the trading instruments.
What Documents are required for an Oanda Demo Account?
Some of the documents that might be required or might come in handy during the account opening process are:
- PAN card
- Government-authorized identity card
- Residential proof
Is PAN required for Opening an Oanda Account?
Yes, the company will ask you for your PAN card during the KYC verification process after the successful submission of the application form.
The PAN card is required for your verification process
Does Oanda Charge a Demo Account Opening Fee?
No, the company doesn’t charge any kind of account opening fee whenever a trader is trying to open an account.
This simply means that the account opening process is totally free and anyone can open an account with the company.
Open Demo Account Now! – Zero Commission on Trades
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