Frequently Asked Questions

The OANDA Prop Trader Program lets traders who pass an assessment gain access to an OANDA Prop Trader account and share in the P&L they produce. OANDA Prop Traders are signal providers to OANDA’s proprietary trading models. OANDA’s proprietary trading models use the trading signals produced by OANDA Prop Traders to make decisions about placing trades in the market. OANDA’s proprietary capital is at risk, so OANDA asks potential OANDA Prop Traders to complete a Challenge to qualify for the program and demonstrate an ability to generate profits and manage risk. Although the capital provided in the OANDA Prop Trader account is virtual and the trades placed by signal providers are virtual, signal providers are entitled to a share of any profits that they make in the virtual account. OANDA Prop Traders are given access to our technology and market relationships to help them use their trading skills to generate profits. 

Anyone aged 18 and over from our approved list of countries can take a Challenge and qualify to be an OANDA Prop Trader. To qualify, we ask potential traders to pass a two-phase Challenge using a demo account. In the Challenge, traders will have to trade following a set of rules and also meet a number of objectives.

If you pass the Challenge, the second step is a verification stage, where we’ll ask you to provide your ID and conduct a liveness check. You must own an active OANDA Global Markets account, which is where the P&L share will be paid.

If you do not have an account with OANDA Global Markets, we will send you the link to apply for the required account after you pass the challenge. For more information, please refer to the terms and conditions.

We’re keen to welcome traders from all over the world. At present, the OANDA Prop Trader Challenge and Prop Trader program are available in the countries stated in the Terms and Conditions.

Proprietary or prop trading is a practice where traders engage in trading activities using the capital of a prop trading firm rather than their own financial resources. The trading done and capital used can be either virtual or real depending on the operations of the prop firm.

A prop trader is someone who engages in prop trading, using real or virtual capital provided by a prop trading business. Prop traders usually have a high level of autonomy in making their trading decisions, but a firm’s own capital may be at risk, there will often be higher levels of scrutiny around their trading activities, with stringent conditions imposed. Prop trading firms will usually set a loss threshold (known as a maximum drawdown limit) – if the prop trader’s trading account drops below a predetermined threshold, it will be suspended. Find out more here.

A prop trading firm allocates an agreed amount of capital to a trader to trade with. Prop traders face the same challenges as standard traders and like standard traders, they can use different strategies for trading.

In a standard brokerage trading setup, a trader uses their own funds to place trades, and the firm would derive its income on a commission or percentage basis from acting as a broker on behalf of its clients. 

In the case of prop trading, the firm is using its own funds, so it earns 100% of any profits or losses that it makes on trades placed in the market. Props traders earn an agreed share of any profits that they make in their own portfolio of trades.

The OANDA Prop Trader Challenge is a demo environment that gives traders the chance to test out their strategies and skills.

The Challenge is in two phases, each with different objectives and profit targets. If you pass both phases of the Challenge, you’ll move onto a verification stage where your identity is confirmed, before being given access to an OANDA Prop Trader Account.

To successfully complete the Phase 1 Challenge, you’ll need to achieve an 8% profit target, calculated from the unrealised P&L of the account as per MT5. For Phase 2 of the Challenge, it’s a 5% profit target (calculated in the same way).

We charge a fee to participate in the Challenge, and this varies depending on the size of the account that the trader wants to trade with and the profit share. There are a variety of challenges we offer, each with their own fee, available level of virtual capital and profit share:

To successfully complete each Phase of the Challenge, you’ll have to meet a number of conditions,

The full details of the challenge rules and conditions can be found here.

We charge a fee to cover the administration costs of evaluation and assessing your trading. The OANDA Prop Trader Program is a highly valued service for dedicated, talented and serious traders – with the trading systems and potential for profit for traders, we think that our fees represent excellent value. If you pass the Challenge and become a signal provider, you will get 100% of the fee you paid for the challenge you passed refunded to you on your first payout.

You can pay for the OANDA Prop Trader Challenge via a credit or debit card, Apple Pay (depending on jurisdiction), Google Pay and cryptocurrency  (depending on jurisdiction), Union Pay  (depending on jurisdiction)

There is no limit on how many times you can take the Challenge. Feel free to take on multiple challenges.

We’ll start processing your OANDA Prop Trader Challenge Account as soon as we receive payment. When we create your OANDA Prop Trader Challenge account, you’ll receive your OANDA Prop Trader Challenge notification via email, and your login credentials for the trading platform will be found directly in your Prop Trader dashboard. Please check your mailbox, including your spam and junk folders. It’s important that you safeguard your login credentials and don’t share or authorize their use with anybody else.

Yes, If you don't pass a Challenge on your first try, you'll get a discount when you retry. The discount depends on your plan and account size. 

• For Classic plans:
  • 20% discount on 5k - 50k plans
  • 10% discount on 100k - 500k plans
• For Boost plans:
  • 10% discount on all plans

After you’ve passed all the trading objectives in the OANDA Prop Trader Challenge, we’ll let you know you’ve been successful. Your account will be placed into read-only mode and we’ll automatically be alerted that you’ve passed your OANDA Prop Trader Challenge. We’ll then evaluate your trading results within 1-2 business days and you will proceed to the verification stage.

You will need to go through a verification process and also set up an OANDA Global Markets account.

To issue your contract to become an OANDA Prop Trader following our review of your trading, we’ll need to verify your identity via a series of checks.

It’s important to keep everyone participating in the OANDA Prop Trader program safe. Our checks help to increase that safety and reduce the risk of fraud. That’s why they’re also a legal requirement in many countries and territories across the globe.

In order for you to become an OANDA Prop Trader, you’ll need to log in to your dashboard and complete Know Your Customer (KYC) verification. We will ask for your ID at this stage, as well as a liveness check.

The forms of ID that we accept may vary according to your country of residence, but will usually be from the following list:

• Passport
• Government-issued ID card
• Driving license
• Official or government-issued residence permit

You can find a full list of accepted ID forms for your countryon this link.

Additionally, it’s important to note the following:

• The document must be valid for at least one month from the upload date
• The document must not be damaged, scratched, stained or torn.
• The applicant's full name, date of birth, MRZ (Machine-Readable Zone is a codified element of identity documents), and other important information must be present and legible
• All the documents in the application must belong to the same person

In order for you to receive payouts, you will require an OANDA Global Markets account. If you do not have an existing OANDA Global Markets account, we will send you an exclusive invite to create your account once you complete the challenge.

Please note:

• You are not required to open an OANDA Global Markets account prior to completing the challenge.
• OANDA Global Markets currently only accepts countries listed here to set up a self-funded trading account via the website. If you reside in countries outside this list, you will be provided with the OANDA Global Markets registration invite link when you complete the challenge.

In the OANDA Global Markets application, we will ask for your:

• Country of residence
• Full name in English as per your ID card or passport
• Date of birth
• Country/region of birth
• Email address
• Mobile phone number
• Residential Address
• Employment status and financial details

Once your application is submitted and approved, you will receive an approval email from OANDA. Processing time typically takes 1-2 business days and can vary depending on additional information. required. 

You will need to provide your OANDA Global Markets account details to complete the process of becoming an OANDA Prop Trader.

After you complete your verification and accept the applicable terms and conditions (referred to as the signal provider terms and conditions and privacy policy) , you will receive your OANDA Prop Trader credentials and you can start trading as a signal provider.

A signal provider is a term used to describe a trader who shares access to the data on their trading platform.  In the case of our Prop Trader program, the trading data is shared with OANDA. These trading signals  are used by OANDA as an input to help with decision making in OANDA’s proprietary trading.

A trading signal is a notification of a trading opportunity in financial markets. 

OANDA Global Markets Limited is a private limited company registered in the British Virgin Islands (company registration number 2026433). OANDA Global Markets Limited is authorized and regulated by the British Virgin Island (BVI) Financial Services Commission.

The OANDA Global Markets account is the account that will be used to receive your payouts, which is the only role it plays in relation to the OANDA Prop Trader program. Any trading you may choose to do on a self-funded basis in that account has no impact on your performance in the OANDA Prop Trader program. 

We do not allow multiple signal provider accounts, you can only have 1 active signal provider account. If a trader successfully completes multiple OANDA Prop Challenges, the virtual capital of plans with the same profit share percentage will be merged into a single account up to a maximum of $500,000. If a trader completes a Challenge that would result in the virtual capital allocation being greater than $500,000, the capital will not be merged into or allocated to a virtual account until such time as the trader no longer has an active allocation, and a new virtual allocation will be created.

Please note, that Boost Plans can not be merged.

The allocation of virtual capital depends on the fee at your chosen tier of the Challenge Phase:

The Black Challenge brings a virtual allocation of $500,000, which is also the maximum amount of virtual allocation for a given participant. Please note that if you pass multiple Challenges, the virtual capital will be merged in a single account up to a maximum of $500,000. Please note, that Boost account cannot be merged. 

No. The capital that you trade as a signal provider is virtual and as such, it cannot be withdrawn. However, you are entitled to a share of the profits that you make in your virtual account.

Yes. In addition to a breach under the applicable terms and conditions, a breach of the rules will result in the loss of your account:

You can trade a wide variety of instruments. Factors such as the contract sizes, positions and step sizes will vary depending on which instrument(s) you choose. You can find a full list here.

Up to 100:1 for FX and Gold

Up to 50:1 for CFD  Indices and Commodities

Margin required for each instruments can be seen here

The Daily Loss Limit is a crucial risk management tool that helps you avoid losing more than a set amount of your trading account in a single day. Think of it as a safety net that protects you from excessive losses.

For Classic plans, the Daily Loss Limit is dynamic, meaning it adjusts daily based on your account's end-of-day equity. This allows greater flexibility for traders to take on additional risk as your account grows.

For Boost plans, the Daily Loss Limit is static, meaning it's a fixed percentage of your initial account balance. This helps preserve trading capital, provides predictability and simplicity in managing your risk.

Regardless of the plan type, the Daily Loss Limit remains the same throughout the entire trading day, even if your account balance increases. This ensures consistent risk management and prevents you from taking on excessive risk after a period of gains.

Here are some examples on how daily loss limit works in combination with the rest of the Rules.

The Daily Loss Limit helps you manage risk by setting a maximum amount your account can lose in a single day. On Classic Plans, this limit adjusts daily based on your account's performance.

Every day at 5:00 PM EST (New York time), your account equity is recorded.

Your daily loss limit for the following day is calculated as a percentage of that end-of-day equity. 

For example, if your end-of-day equity was $150,000 and the daily loss limit is 5%, your limit for the next day would be $7,500. 

This daily loss limit remains fixed throughout the trading day, even if your account equity increases due to profitable trades. The limit considers all aspects of your account, including unrealized profits and losses and swaps (overnight financing costs). If your account equity falls by the daily loss limit amount or more during the trading day, you will have breached the rule.

The Daily Loss Limit helps you manage risk by setting a maximum amount your account can lose in a single day. On Boost Plans, this limit is fixed and easy to understand.

For a Boost plan, the Daily Loss Limit is always 5% of your account’s initial (starting) balance. It never changes, regardless of your trading activity.

For example, if you start with a $100,000 account, your Daily Loss Limit is always $5,000 per day (5% of $100,000). 

This daily loss limit remains fixed throughout the entire trading period, even if your account equity increases due to profitable trades. The limit considers all aspects of your account, including unrealized profits and losses and swaps (overnight financing costs). If your account equity decreases by $5,000 or more in a single day, you will have breached the Daily Loss Limit rule.

Our hours of operation are aligned with the global financial markets. The trading hours are subject to change during daylight saving time and certain public holidays. If you decide to leave trades open over the weekend, your trades will be subject to the weekend trading rules.

The Maximum Drawdown Limit is a critical risk management tool that protects your trading account by setting a "floor" for your account balance. If your equity falls below this floor, this is a hard breach and your challenge ends.

The Maximum Drawdown Limit is calculated differently for Classic and Boost plans.

For Classic plans, the maximum drawdown limit is a Dynamic (trailing) limit that adjusts with your account balance. The limit becomes a fixed level when it trails to the account starting balance.

For Boost plans, the maximum drawdown limit is a Static limit fixed at 90% of your initial account balance.

Understanding the Maximum Drawdown Limit is crucial for managing risk and selecting the plan type that aligns with your trading style and risk tolerance.

The maximum drawdown limit depends on your plan type:

The Classic Plan uses a trailing drawdown limit that adjusts as your account grows allowing you to take on more risk as you become more successful.

Each new peak balance sets a "High-Water Mark" (HWM). Your drawdown limit is calculated from the current HWM, allowing it to increase with your success. However, the maximum trailing drawdown limit is capped at your initial account balance. If your balance drops, the drawdown limit stays at the highest HWM reached, protecting you from larger losses. 

This is ideal for traders aiming for significant growth who are comfortable with dynamic risk management.

The Boost Plan has a static drawdown limit fixed at 90% of your initial balance. This limit remains the same, regardless of your account's performance. This suits traders who prioritize consistent risk management and capital preservation.

Here are some examples scenarios on how max drawdown works in combination with the rest of the Rules.

The maximum trailing drawdown limit protects your trading account by setting a "floor" below which your account balance cannot fall. This floor moves up as your account grows, allowing you to take on more risk as you become more successful.

When you start, your maximum drawdown is calculated as a percentage of your initial account balance. For example, if your initial balance is $100,000 and the drawdown is 10%, your initial drawdown limit is $90,000.

As your account grows, the drawdown limit "trails" upwards. Each time your account reaches a new peak ("High-Water Mark" or HWM), the drawdown limit is recalculated based on that new HWM. However, the maximum trailing drawdown limit is capped at your initial account balance.

If your account balance declines, the drawdown limit does not decrease. It remains at the highest level it reached. This protects you from significant losses even after periods of growth.

Here’s an example. If trading starts with an initial account balance of $100,000, the maximum drawdown is 10% ($10,000), or $90,000. If realized P&L goes up to $105,000 (new HWM balance), the maximum drawdown trails up to $95,000 (HWM of $105,00 - $10,000) . The max drawdown limit will trail up to the maximum of the initial balance, so in this case, it will go up until $100,000.  If the balance of the account decreases, the maximum trailing drawdown will not decrease with it, but will stay at the same level.  Here are some examples scenarios on how max drawdown works in combination with the rest of the Rules

The combination of trailing drawdown limit and a dynamic daily loss limit creates a robust risk management framework. This framework provides traders with a safety net, encourages disciplined trading, and ultimately increases their chances of success in the challenging world of prop trading.

The Maximum Static Drawdown limit is 90% of the account's initial balance.  This means your account will be considered in breach if your equity falls to or below 90% of your starting balance. This calculation includes any unrealized profits and losses, swaps, and dividends. 

Here’s an example,  If trading starts with an initial account balance of $100,000, the maximum drawdown is 10% ($10,000), or $90,000. If realized P&L goes up to $105,000, the maximum drawdown remains at $90,000. 

The combination of a static drawdown limit and a fixed daily loss limit creates a robust risk management framework. This framework provides traders with a safety net, encourages disciplined trading, and ultimately increases their chances of success in the challenging world of prop trading.

We do not allow copy trading between multiple or into any accounts involved in the OANDA Prop Trader program. Please note that if we identify copy-trading behavior or opposite hedging/trading behavior between accounts, this will be considered a trading rule violation and your account(s) be disabled.

Copying from the OANDA Prop account to other non-OANDA companies and 3rd parties is not restricted.

However, copying into the OANDA Prop account from OANDA Brokerage accounts, or from external companies or from other 3rd party service or platforms is not allowed and would be considered hard breach, resulting in account closure

OANDA Prop Trading has restrictions on trading during major financial news events such as NFP, CPI, GDP, FED, ECB announcements. Participants should avoid executing any new trades or closing existing trades within a four-minute window: 2 minutes before and 2 minutes after the release of major news announcements. It’s important to note that executing a trade refers to either opening or closing trades from triggered pending orders (Entry Stops or Entry Limits),  market orders, or  EAs (Expert Advisors). 

Exceptions to the news trading rules may be applied in some cases on review, for instance where open positions are closed due to triggered SL/TP orders.

News trading is a forbidden trading practice as per our terms and conditions (available here). Engaging in news trading can lead to profits realized from such trades being removed from the account, and/or termination of account access.

Any trades that are opened during this timeframe regardless of instrument traded will be automatically closed, and any profits or losses will be reflected in the account. This action will be marked as a soft breach in the transaction history.  

You can reference the major economic events from your Dashboard > Economic Calendar to see the exact economic events flagged as  ‘ high importance’ where  News Trading restrictions will apply. For more details, please visit this link.

OANDA Prop Trader has daily max profit or consistency rules during the trade assessment phases (Challenges). These rules do not apply once a Prop  Trading account is allocated. The rules during the assessment phases are  designed to foster stable and sustainable profits while adeptly managing risks. 

We are looking for profitable traders who can deliver consistent and steady  results with proper risk and money management controls. Relying on occasional big wins on the back of a handful number of trades during volatile markets could be a result of pure luck and may not be consistent. It's all about building habits for long-term success. By avoiding unnecessary risks, you maintain steady growth, leading to better financial outcomes and a more stable trading journey.

During the two assessment phases, the following conditions apply:

Phase one: 5% daily max profit 

Phase two: 2% daily max profit 

If an account reaches the max profit during a particular day, all positions will be closed and profit and loss carried from all open positions will be realized on the account. Trading on the account will be disabled until the next day.

Here are some examples scenarios on how Daily max profit works in combination with the rest of the Rules

You can take multiple Challenges and have multiple challenge accounts. After passing the Challenge, you will only be able to have one Prop Trader account at any given time.

Yes, hedging is allowed. Note that our margin requirements vary based on the specific instrument you are trading and the level of exposure in your position. For more information on our trading conditions, please refer to our website.

Yes, you can use EAs, scripts, and indicators. However, we do not allow copy trading, or EAs that engage in price or latency arbitrage techniques and other trading behavior as described in the applicable terms and conditions. 

You can trade on MetaTrader 5. MetaTrader is a third-party trading platform – if you have any problems using it, please refer to our guides on using the MT5 trading platforms.

You can request the payouts from your User Portal. When you do so, the MetaTrader account will be temporarily disabled  from trading while we process your request. Trading can resume  once the payment request is approved, and the money is debited from the MetaTrader account. Please note that you can only make a payout request every 14 days, and that you’ll need to close all open positions before your request for a payout will be processed. All payouts will be made to the OANDA Global Markets account you create when you established your OANDA Prop Trader account.

You can further request a withdrawal from your OANDA Global Markets account.

You can contact us via email. Our customer support email address is support-proptrader@oanda.com.