Oanda Broker’s Decision to Join PropFirm world!
OANDA, a well-known brokerage brand in forex and contracts for differences (CFDs), has expanded its services with the introduction of OANDA Labs Trader, a proprietary trading platform.
This new offering aims to provide the most capable traders with streamlined access to global financial markets across various asset classes.
While OANDA is regulated in multiple jurisdictions, the prop trading services will specifically be available to clients registered under its Global Markets division, which is authorized by regulators in the British Virgin Islands.
Traders interested in participating in the program will need to pass an assessment test, similar to other prop trading platforms. To join the OANDA Labs Trader program, traders are required to pay a starting fee of $249, which can go up to $2,400 depending on the tier of the challenge.
The funding amount provided to traders ranges from a minimum of $25,000 to a maximum of $500,000. It is important to note that the capital provided in the OANDA Labs Trader account is virtual, but the company’s proprietary capital is put at risk due to the real market positions taken based on the traders’ signals.
One notable aspect of OANDA’s prop trading program is its profit-sharing model. OANDA will share the profits with traders on all trades, even those made with virtual capital. This provides an opportunity for traders to earn a significant portion of the profits generated through their successful trading strategies.
The introduction of OANDA Labs Trader comes at a time when the demand for prop trading services is on the rise. Several other brokers have also entered the prop trading space in recent months. However, due to the controversies surrounding the business model, some brokerages have carefully branded their offerings, avoiding the term “prop trading.” With OANDA’s reputation as a trusted brokerage brand and its commitment to regulatory compliance, the launch of OANDA Labs Trader provides traders with a reliable and regulated platform to showcase their trading skills and potentially earn substantial profits.
