To improve the trading experience for all of our clients, OANDA Prop Trader is introducing three enhancements from 14 March. These are a direct result of our focus on clients' feedback and commitment to provide you with greater flexibility and expanded trading opportunities.
We're thrilled to announce a series of updates to our prop trading offering designed to enhance your trading experience. These updates, starting March 14, are part of our ongoing ‘You asked, we listened’ initiative; designed to provide more flexibility, more opportunities, and better risk management.
1. Lower minimum trading lot size for FX and metals
From 14 March, the minimum trading lot size will be reduced from 0.1 lot (10,000 units) to 0.01 lot (1,000 units) for FX and metals. This update applies to both new and existing traders, making it easier for everyone to access the markets with lower thresholds.
Smaller minimum lot sizes allow traders to control their exposure more effectively, reducing the risk per trade. For seasoned traders, this means that they are better able to fine-tune their orders to fit their strategies. For new traders, this is useful for them to experiment and refine their strategy with a lower risk of exposure.
Here’s a numerical illustration of the effect of reducing the minimum lot size from 0.1 to 0.01 for trading XAU/USD (Spot Gold).
The prices below are for reference only; visit our Trading Instruments page for the latest prices.
- Gold price per ounce (Sell): $2,988.450
- Gold price per ounce (Buy): $2,988.550
- 1 standard lot of gold = 100 ounces
Numerical illustration of the effect of reducing the minimum lot size from 0.1 to 0.01.
2. Expanding tradable instruments
Besides reducing the minimum lot size tradable, we have expanded our list of tradable instruments to give traders more opportunities to trade. The following are six new currency pairs added to our offering:
- USD/PLN (US Dollar / Polish Zloty)
- EUR/PLN (Euro / Polish Zloty)
- USD/CZK (US Dollar / Czech Koruna)
- EUR/CZK (Euro / Czech Koruna)
- EUR/HUF (Euro / Hungarian Forint)
- USD/HUF (US Dollar / Hungarian Forint)
With the expansion of instruments, traders can diversify their portfolios and explore new markets. These additional currency pairs offer new ways to trade global economic trends and regional movements. Moreover, exotic currency pairs often present strong price movements, providing more opportunities for traders to capitalise on volatility. These six new currency pairs present traders with the potential for higher profitability.
3. Increased inactivity period from 20 to 30 days
Most prop trading firms have an inactivity rule. Likewise, for OANDA Prop Trader Challenges, there is an inactivity period rule. The inactivity period is the maximum number of consecutive days a trader can be inactive (not place an opening or closing trade) and maintain access to the Challenge account. This rule is in place to ensure that traders stay engaged in the Challenge. The inactivity period starts from the date of the purchase of a Challenge and then restarts on any date of trading activity.
Previously, the maximum inactivity period was only up to 20 calendar days. With the change, the maximum inactivity period for new plans is extended to 30 calendar days. With this longer time period, traders can take time to analyse the market, refine their strategies and enter trades at the right moment without feeling the need to place an order just to keep the account active. This also encourages traders to focus on quality trades rather than quantity. To learn more about the inactivity rule and other rules and conditions, visit our website here.
Summary
At OANDA Prop Trader, we are constantly looking at ways to improve the trading experience for traders of all levels by providing better tools, greater flexibility, and more opportunities.
Early this year, we launched our Boost plans, offering a higher profit share and a drawdown level fixed at 90% of the starting balance, which means traders have a strong foundation to build their strategies. Next, we revised our pricing model for FX and metals. The revised pricing model helps traders benefit from significantly tighter spreads (starting from 0.1 on gold) and only a fixed commission starting from USD7 per round lot. With the latest updates, traders can expect a more trader-friendly environment with a lower minimum trading lot size, six new currency pairs and an extended inactivity period.
Besides the enhancements to our Challenges, we also offer a plethora of resources to traders via our OANDA Labs blog and our OANDA Prop Trader Community. The Community provides traders of all levels with a place to discuss, share ideas and earn points redeemable against discount vouchers. Sign up for the OANDA Prop Trader Community now.
We are excited for you to take advantage of these enhancements to elevate your trading. Let’s make this a game-changing year for your trading. Take up a Challenge now.
