How do currency pairs work?
When you trade in forex, each transaction will involve the simultaneous buying of one currency and selling of another in pairs. These currency pairs quote the value of one currency in relation to another and will be named after the two currencies involved. The first currency quoted is the base or transaction currency, while the second will be the counter or quote currency.
Example: AUD/USD 0.69853 means 1 Australian dollar can be exchanged for approximately 0.7 US dollars.
Major forex pairs
OANDA’s trading platform gives our clients access to all major forex pairs five days a week, 24 hours a day. Majors are the most traded forex pairs in the world, all involving the US dollar. According to the Bank for International Settlements, EUR/USD is the most traded currency pair on the forex market – comprising 23.1% of average daily trades in April 2016.
Cross currency pairs
In addition to all major forex pairs, OANDA’s trading platform also provides our clients with the ability to trade in cross currency pairs. The main difference between these and our major pairs is that cross pairs do not involve the US dollar.
While major pairs are more popular for traders, cross pairs can also offer attractive risk/reward opportunities to those familiar with the forex market.
Cryptocurrencies
OANDA has partnered with Paxos, so you can spot trade cryptocurrencies on Paxos's itBit exchange through our platform. You’ll enjoy competitive commissions and spreads on a range of popular cryptos, with two-way streaming prices:
| Token | Min Trade Size | Max Trade Size | Tick Size |
|---|---|---|---|
| Bitcoin | 0.0001 | 10 | 0.25 |
| Ethereum | 0.002 | 135 | 0.05 |
| Litecoin | 0.05 | 3759 | 0.01 |
| Bitcoin Cash | 0.02 | 1342 | 0.05 |
| PAX Gold | 0.002 | 211 | 0.01 |
| Chainlink | 0.4 | 33277 | 0.01 |
| Uniswap | 0.6 | 51480 | 0.01 |
| Aave | 0.04 | 2577 | 0.01 |
All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.
Already have a live trading account? It's easy to fund your account using one of the following payment methods.
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Frequently asked questions
Our hours of operation coincide with the global financial markets. In the US, trading is available from approximately 5 PM Sunday to 5 PM Friday (New York time). Please note: there is a 6-minute daily break from 16:59 to 17:05, and these times are subject to change during daylight saving time.
Our deposit options vary based on the OANDA division with which you hold your account. Please check the relevant deposit funds section for more details on how to fund your account.
You can find a comprehensive list of available currency pairs and current spreads for currency trading here.
To add pairs to your Rate list on the OANDA trading platform, go to Tools > User Preferences > Rates. To view all pairs on your MT4 platform, right-click any of the symbols listed in the Market Watch section and choose "Show All".
Only those who have live trading accounts with OANDA Corporation can choose to open a crypto trading account with our crypto services provider, Paxos Trust Company, which provides all crypto exchange and custody services for trading and holding cryptocurrencies. The activation of your crypto trading account is subject to approval by Paxos.
If, for any reason, your live forex trading account is terminated, your crypto account will also be terminated (which will include the enforced closure of any remaining open crypto positions).
Corporate accounts, Individual Retirement Accounts (IRA), Eligible Contract Participant (ECP) accounts, and Legal Entity accounts are not eligible at this time.
All eligible clients of OANDA can spot trade cryptocurrencies through our mobile app with our partnership on Paxos. Currently, you can’t spot trade cryptocurrencies through our web, MT4, and other third-party platforms.
To get started trading crypto coins, activate your crypto account with Paxos from the HUB or our mobile platforms.
Through Paxos, we offer some of the world’s most popular cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Aave, Chainlink, Uniswap, and PAX Gold. Like with any trade, do your research and consider factors affecting which crypto is ‘best’ to buy right now before you trade.