Oanda Demo Account: Opening & Key Information (2023)

The InvestinGoal team has tested the Oanda demo account in detail.

Here you will find every information on all aspects of the Oanda demo account, alongside an account opening tutorial.

Main features of the Oanda Demo Account:

• It’s unlimited
• It’s totally free
• Easy to open
• You can choose your virtual balance
• All live account markets and assets available
• You can install EAs

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Oanda Demo Account Opening Tutorial: Step by step procedure

Here is a closer look at exactly what to expect from your opening your Oanda demo account with our step-by-step tutorial.

Step 1: Visit the Oanda’s website

To operate an Oanda demo account, you need to register and sign up by visiting the Oanda homepage. From your smartphone or PC you will find a top menu bar where you can access the CFD trading section. By clicking on it, and the non “Try demo” in the top right corner of the page, you will be able to start the demo account registration process.

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73.5% of retail CFD accounts lose money

Step 2: Fill the registration form

This is the next step as you will be taken to a page with the registration form which has to be filled. Start by selecting the country you are residing in and input your email. Then choose a secure password, and username. The last step is filling in your name and phone number as well as any other required information to complete the rest of the form. The registration form can be a little different depending on your location.

Step 3: Verify your profile

Once the form has been filled, the next step is to submit it and receive the confirmation email with your account details.

Step 4: Customize the demo account

Oanda offers the following trading platforms you can choose among:

• MetaTrader 4 (or MT4), which is often chosen by forex and CFD traders, as well as algo-traders since there is a thriving community of EAs creators and users.
• Oanda Trade Platform, which is available in both desktop and webtrader versions. The webtrader version can be accessed from your browser.
• Oanda Mobile Platform which can be accessed from your smartphone.

Step 5: Login into the demo account

After you’ve chosen or downloaded the MT4 platform, the broker will send you the MetaTrader login details. Use your login details or the MT4 login depending on your platform chosen in order to login into the demo account

Oanda’s demo account features

The Oanda demo account is simple to open. A phone number and an email address are all that is needed. The account is unlimited and more than one account can be opened at one time. A total of more than 120 tradable markets are available with virtual funds and access to MT4, Proprietary Desktop, Mobile, and WebTrader trading platforms. There are also tools to speed up learning including social trading, research, and educational tools.

Differences between live and demo Oanda accounts

With Oanda you’ll be able to demo trade with the Standard account which has all the markets and assets Oanda offers to live users.

Another key difference is the occurrence of slippage, which is the difference between the expected price of a trade and the actual price at which the trade gets executed, and can occur due to volatile market conditions. In fact, while slippage can happen only during live trading, it cannot occur while trading with a demo account.

The demo account never expires with Oanda. There is also no inactivity period that leads to account closure.

For live accounts there is a $10 inactivity fee per month after 12 months of inactivity.

How to switch to a live account

When switching to a live account, your demo will still be available. To open a live account you will need to upload proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) in order to get verified by the broker. Depending on the country, you may be asked more questions to certify your trading experience. Once the broker accepts your account and verifies it, you can proceed to fund your account. Note that an Oanda minimum deposit is not required.

How to best use your Oanda demo account

Below are a few pointers on how to get the most from your Oanda demo account.

• Do not open large positions if you are not planning to trade with large amounts of money
• Treat money as if it were real
• Practice daily
• Use the study materials provided by the broker

Pros and cons of the Oanda demo account

Pros:

• Unlimited trial
• Easy to open

Cons:

• Only one account available as a demo