Oanda Units

Beginner Questions
1

I just started using Oanda’d demo account having previously done so with another broker.

Although the balance I have is £5000.00 I am trying to make it releastic for a newbie and am pretending I only have £50.00.

With Oanda the way you enter the ammount of lots is different to other brokers.

Say I wanted to enter 0.09 of a lot on Oanda, you can’t put 0.09 as you would with others.

Does anybody know a) how much 1 unit is on Oanda and how many units 0.09 would be?

This is all probably very simple however any help would be appreciated as this is the only aspect of the service I am confused about.

Best Regards,

Rob

2

with Oanda a trade of 1 is basically one unit of base currency or is it one unit of your deposit currency… hmm… so if your trade is 1 and you are trading the GBP/USD then you are trading one British Pound. To trade one full lot then in Oanda your trade size would be 100000
I may be getting pounds and dollars mixed up but you get the picture

3

Guybrush13,

Talon D is right. You can trade units at OANDA. The units will be your deposit currency. You can use this calculator to better understand the implications between your account currency, the pair you want to trade and the leverage used:

Currency Pair Units Calculator | OANDA fxTrade

4

No, that’s not correct. The units are denominated in the base currency of the pair you’re trading. Thus, if you trade 1 EUR/USD that’s 1 euro.

5

Thanks for the correction rhodytrader. I made the mistake of having the deposit USD and the base of the pair USD/CAD be the same. So yes, the units are expressed in the Base currency.

6

So if you typed in .1 unit, thats basically 10 cents in a USD pair correct?

7

Oanda doesn’t allow fractional units.

8

So if you typed in .1 unit, thats basically 10 cents in a USD pair correct?

If you are using Oanda MT4 and you trade .1 that would be 1/10 of a standard lot or 10,000 units. On Oanda MT4 the smallest trade that can be made is .01 or 1000 units or 1 micro lot.
On Oanda java platform you can make trades at 1 unit. 1 unit is 1 unit of base currency on EUR/USD 1 unit would be 1 euro.

9

At which point, it would take 100 pips to net $0.01 in profit…

:smiley:

10

sorry, but this 1 Unit in base currency isn’t equivalent a 1cent of base currency?
I’m thinking to connect by API at OANDA instead od MT4, little bit confusing now to manager lots!