Explore OANDA's diverse account types, including Standard, Elite, Core Pricing, and Premium accounts. Learn how to switch account types, benefits, and key features
OANDA offers a diverse range of OANDA account types to suit different traders' needs. Whether you are a beginner or an experienced trader, OANDA provides accounts designed to fit your trading goals. Below, we'll take a detailed look at the various types of OANDA accounts, and guide you through how to change your OANDA account type. OANDA’s accounts are suitable for forex, indices, and CFD trading with competitive spreads, commissions, and features that cater to both retail and professional traders.
OANDA Standard Account
The OANDA Standard Account is ideal for most traders, especially those who are new to forex trading. It provides access to over 68 currency pairs and CFDs on commodities, indices, and metals. With spread-only pricing and no commission charges, this account is perfect for traders looking for simplicity and flexibility.
Features of the OANDA Standard Account include:
- Spread-only pricing: No commission fees, with spreads starting from as low as 0.8 pips.
- Access to multiple platforms: OANDA's proprietary trading platform, MetaTrader 4 (MT4), and TradingView.
- Flexible lot sizes: Trade in increments as small as 1 unit.
- 24/5 customer support: OANDA offers around-the-clock support when the markets are open.
The Standard Account is the most popular choice for OANDA traders. To learn more about the features and requirements, check out our OANDA minimum deposit review.
OANDA Elite Trader Account
The OANDA Elite Trader Account is designed for high-volume traders who trade significant amounts. This account provides a range of benefits that standard accounts do not offer, such as rebates and lower spreads.
Key features of the Elite Trader Account include:
- Cash rebates: Earn up to $17 per million traded, depending on your trading volume.
- Dedicated relationship manager: Personal support for high-volume traders.
- Lower spreads: Starting from 0.0 pips with commission-based core pricing.
- Priority service queues: Faster assistance for Elite Traders.
- Free VPS and TradingView subscription: Advanced tools and services.
This account type is perfect for professional traders or institutions. You can explore more about the OANDA Elite Trader fees and rebates here.
OANDA Core Pricing Account
The OANDA Core Pricing Account is designed for experienced traders who prefer tighter spreads and are comfortable paying commissions on trades. It is particularly suitable for short-term traders, high-frequency traders, or those using Expert Advisors (EAs).
Core Pricing Account features include:
- Commission-based pricing: A fixed commission of $3.50 per 100,000 units traded.
- Lower spreads: Spreads starting from as low as 0.0 pips.
- Same market access: As the Standard Account, with over 70 forex pairs and CFD indices, commodities, and more.
This account is ideal for traders who prioritize low trading costs and are comfortable with paying commissions. Check out the full details on the OANDA account opening process for Core Pricing Accounts.
OANDA Premium Account
The OANDA Premium Account is designed for professional traders who need higher leverage and personalized support. This account is best suited for clients with significant trading experience and capital. Premium account holders benefit from:
- Higher leverage: Available to professional traders who qualify for this account.
- Dedicated support: Access to experienced brokers and market analysts.
- Exclusive tools and features: Such as API trading and priority access to OANDA's services.
The Premium Account is perfect for those who trade large volumes and require additional support and tools. To get more information about leverage and fees, visit our OANDA withdrawals and fees guide.
How to Change Your OANDA Account Type
If you want to change your OANDA account type, the process is straightforward. Here's how you can switch between different OANDA trading accounts:
- Contact OANDA customer support by email or live chat to request the change.
- Provide the necessary documentation if required. For accounts like Elite Trader, OANDA may ask for proof of trading volume or experience.
- Once approved, your new account type will be activated, granting you access to additional benefits.
Changing your account type typically doesn't incur a fee, but be sure to check the specific requirements for each account. For more details on this process, visit our OANDA customer support guide.
FAQs
How do I know what type of OANDA account I have?
You can check your account type by logging into your OANDA profile and viewing your account details. Your account type will be displayed under the account information section.
Can I switch from a Standard to an Elite Trader account?
Yes, you can upgrade to an Elite Trader account if you meet the minimum trading volume requirement, which usually starts at $10 million. Learn more about this upgrade on our OANDA review.
Is there a fee to change my OANDA account type?
There is no fee to switch between different types of OANDA accounts, but some accounts, like the Elite Trader program, may have specific eligibility requirements. For more information, check out the OANDA fees.
Can I hold multiple types of OANDA accounts?
Yes, you can open and maintain multiple accounts under OANDA, such as a Standard and a Core Pricing account. This flexibility allows you to use different strategies for different market conditions.
Do I need to verify my account again when switching account types?
In some cases, yes. For example, upgrading to the Elite Trader or Professional account might require additional documentation to verify your trading experience or volume. Find out more about the OANDA account opening requirements.
Published by:
Daniel Carter