Step-by-step guide to setting up an OANDA demo account, accessing MetaTrader and TradingView integrations, and building a professional-grade trading workstation without risking real capital.
Whether you are a seasoned pro trader or just starting, a free demo account is the most valuable asset. It can act as a "sandbox" where trading strategies can be built and tested without the immediate risk of capital.
Here is how you can set up a professional-grade trading workstation in just a few minutes.
Visit the OANDA website
The journey begins at the official OANDA website: (https://converter.a6smile.com/au-en/trading/trading-accounts/). Scroll down the page, and click on a “Free demo account” button.
Next, it will take you to the requirements page where you need to select your country of residence and fill in the required details, such as your email address. This isn't just a formality; OANDA is a regulated broker, and your location determines which legal documents, leverage limits, and asset classes are available to you.
Accessing the OANDA Hub
Once registered, you will enter the OANDA Hub. Think of this as your mission control centre. To start practising, look for the "Demo" toggle to switch from live trading to your simulated environment.
Inside the Hub, you can:
- Create sub-accounts: This allows you to isolate different strategies, such as macro swing trading versus higher-frequency technical setups on the lower time frames. To create a new sub-account, click on the “Add new account” button under the Accounts tab.
OANDA Hub Account tab for Australia-based demo accounts.
- Choose different types of accounts: There are three different account types available for you to select based on your preference. Please see the table below for more details.
| Account type | Assets classes offered | Platforms |
|---|---|---|
| OANDA One & MT5 (Hedging is always enabled) Guaranteed stop loss orders are not available. Stop loss orders are available. Margin relief applies to Pro clients only. | Forex, Metals, Indices, Commodities, and Shares. | Mobile, MT5, and TradingView. |
| V20 Guaranteed and standard Stop Loss orders available. Margin relief applies to Pro clients only. | Forex, Metals, Indices, Commodities, Bonds, and Crypto. | Mobile, Web, Desktop, and TradingView. |
| v20 MT4 Guaranteed and standard Stop Loss orders available. Margin relief applies to Pro clients only. | Forex, Metals, Indices, Commodities, Bonds, and Crypto. | Mobile, Web, Desktop, MT4, and TradingView. |
- Manage finances: You can reset virtual balances, transfer funds between demo sub-accounts, and view detailed transaction reports to audit your performance.
Power up with MetaTrader
For some traders, MetaTrader is the gold standard for custom indicators and trade automation. MT4 is available for the v20 account, and MT5 comes under the OANDA One account. To connect your MetaTrader demo account:
- Download from OANDA Hub: MT4 and MT5 can be downloaded from the Trading Tools tab on the upper right corner of the Hub.
- Get your credentials: Retrieve your unique server name (e.g., OANDA-Demo-1) and account details from the Hub. Next, copied it over to the login box of the MetaTrader demo account and entered the password.
The TradingView integration
OANDA demo accounts can also be accessed via TradingView, a state-of-the-art technical analysis platform.
By connecting your OANDA demo account to the TradingView panel, you can:
- Trade directly on charts: Right-click to place market or limit orders and use the built-in trade calculator to establish your risk before clicking "buy" or "sell".
- Visual risk management: You can modify stop-loss and take-profit levels by simply dragging and dropping horizontal lines on the chart. The system automatically calculates pip values and potential profit in real-time.
Trade smarter on the go
Risk management doesn’t stop when you leave your desk. The OANDA mobile app is a game-changer for active monitoring:
- Economic calendar: Keep an eye on major news like CPI numbers directly from the app’s home screen.
- Custom alerts: Set personalised notifications for specific price levels or technical indicators (like SMA crossovers) so you don’t miss a move.
- Notifications: Get notified on the orders executed on your account in near real-time.
This article and its contents are intended for educational purposes only and should not be considered trading advice.
