OANDA Offers Live Account with $50 Startup for Canadian FX Clients
OANDA has announced the launch of ’Seconds-to-Trade,’ an fx trading service for Canadians that lessens fx account registrations timeframes, allowing
OANDA, a broker specializing in FX trading services, has announced the launch of ’Seconds-to-Trade,’ a trading service for Canadian clients that circumvents traditional FX account registration timeframes, allowing for the use of live trading accounts in under two minutes, according to an OANDA statement.
Streamlined Approach to Live Trading
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Toronto-based OANDA provides a variety of services for forex clients, with this latest offering targeting new users who traditionally have to wait for account verification. It is most often the case that in light of legal and regulatory obligations, a period of approximately fifteen days or less will elapse for the approval of new accounts, and in which case an FX trader is then equipped with the capacity to trade.
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According to Natasha Lala, Vice-President of Engineering at OANDA Corporation in a statement on the launch, “OANDA is an innovator – from day one, we have been focused on upending the forex market using technology. We were one of the first to offer online trading and we introduced several other firsts to the marketplace, including immediate execution, instant settlement on trades, and trades of any size between one unit and 10 million units. In addition to innovation, one of our core strengths is customer service. Our clients asked for a simplified account registration in order to act quickly on market movements, and we are proud to deliver that today.”
New Users Receive $50 with Each Account
OANDA Corporation
OANDA’s launch of its newest offering equips traders with live accounts, also including a rebate of $50 upon opening an fxTrade account, as explained to Forex Magnates. Additionally, users are obligated to fund their account and verify their identity within thirty days of opening the account – following the successful verification of their identification they will be granted the privilege to withdraw money.
“We live in a digital world and customers online, rightfully, demand speed and quality from brands regardless of industry. OANDA has, and will continue to, use technology as an forex disruptor to help ensure we are delivering on customer expectations before they even exist. Today, we’ve enabled our Canadian clients to start trading as fast as the market moves and then execute their trades in near single-digit millisecond speeds. And we won’t rest there. This is only the beginning,” added Ed Eger, President and CEO of OANDA Corporation in a statement on the ’Seconds-to-Trade’ offering and recent interviewee of Forex Magnates.
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Did OANDA just become a Casino?
Profits from fresh meat will be short-lived. Such clients will come, lose their money and go. How is OANDA going to retain their existing customers who has been trading successfully for years?
O’s spreads are no longer highly competitive. That’s why customers started moving away. Fresh meat will not solve the problem.
It’s all about “dynamic” spreads which I would rather call “dynamic” rip-off. This is one of the reasons why customer base is in decline.
P.S. Laddered pricing anytime soon?
So they are just doing what UK brokers have done for years – using technology (experian/equifax etc) to verify and open an account in minutes.
So how is that “disrupting forex, using technology”?
The only new thing is that it allows Canadian clients to onboard quickly. I’d be interested to hear what rule exemption they have obtained with the various Canadian regulators – that’s what’s interesting.
These guys have hired stoneage X bankers who barely know how this market works and more or less have no idea on how to run a retail B2C brokerage.
They will most likely had 10 board meetings to sign off on this promotion .
I think it would be helpful to provide a little more background on our recent “Seconds-to-Trade” announcement. It is important to understand that this initiative was undertaken to reduce the administrative time it takes for a new client to open a new fxTrade account. This new, unique onboarding process in no way reduces the degree of scrutiny that is part of the overall ‘Know Your Client’ regulatory requirement. OANDA is proud of its stellar record with our various regulators and we remain committed to providing our clients with the tools and knowledge they need to improve their trading success. We… Read more »
3rd party verification ofspreads: http://myfxbook.com/forex-broker-quotes/oanda/676 , fxintel, or http://www.mt4i.com/spread/broker.aspx?brokerid=24 Seems like oanda has come back down to earth with their spreads for most of the majors. But beyond spreads, I wish their mt4 offering could offer separate type of metatrader 4 live account like a mini acct. Their regular fxtrade platform allows for 1 unit trades. The minimum trade size on mt4 is 0.01 (1000 units). A separate type of account + mini trades would be preferible. Also, oanda needs to recognize that not everyone wants positive interest applied to their account. I’m okay with swap on actual trades, but… Read more »
You DON’T want interest on your unencumbered funds? Funny thing.
^^It should not be forced on the user if they do not desire it. especially as it can mess up demo (or live) profit calculations.
BTWm Positive interest is one of the capstones of the scarcity built into national currencies: hoarding. Negative interest would actually promote spending and probably trading as there is no incentive for long term storage.