OANDA is a leading online forex broker that provides traders with access to the global financial markets. As a trader on OANDA, you are required to have a certain amount of cash on deposit in order to trade forex contracts. The level of cash on deposit required by OANDA depends on the type of contract you are trading.
For traders looking to trade forex $1 contracts, the minimum cash on deposit required by OANDA is $1. This means that you can trade forex $1 contracts with just $1 in your account. However, it is important to note that trading with such a small amount of cash on deposit comes with significant risks. The forex market is known for its volatility, and even small movements in currency prices can result in large losses. Therefore, it is advisable to have a larger amount of cash on deposit before trading forex.
For traders looking to trade forex $5 contracts, the minimum cash on deposit required by OANDA is $5. This means that you can trade forex $5 contracts with just $5 in your account. Again, it is important to note that trading with such a small amount of cash on deposit comes with significant risks. The forex market is known for its volatility, and even small movements in currency prices can result in large losses. Therefore, it is advisable to have a larger amount of cash on deposit before trading forex.
It is important to note that the amount of cash on deposit required by OANDA may vary depending on the type of account you have. For example, if you have a premium account, you may be required to have a higher amount of cash on deposit in order to trade forex contracts. Additionally, the amount of cash on deposit required by OANDA may also depend on the type of currency pairs you are trading. Some currency pairs are more volatile than others, and therefore may require a higher amount of cash on deposit in order to trade.
In summary, the level of cash on deposit required by OANDA to trade forex $1 or $5 contracts is $1 and $5 respectively. However, it is important to note that trading with such a small amount of cash on deposit comes with significant risks. The forex market is known for its volatility, and even small movements in currency prices can result in large losses. Therefore, it is advisable to have a larger amount of cash on deposit before trading forex. Additionally, the amount of cash on deposit required by OANDA may vary depending on the type of account you have and the type of currency pairs you are trading.
