I have an account with pretty much every major US broker out there, and boy oh boy getting an account with OANDA proved to be by far the worst experience I've ever gone through. What I went through in a nutshell:
- ID verification using my driver's license failed (the same one that worked on every other financial account). This should've been a red flag. They sent me an email to re-upload my driver's license at another website, along with some more questions that were already answered in the original registration form.
- I re-uploaded my driver's license, and this time it appears to have passed, but then I get a reply from them saying "You have confirmed a lower [Net Worth] figure than you initially declared", which is odd because the amount was smack in the middle of the RANGE that I selected in the original registration form.
- In order to prove to them that there was no discrepancy in my net worth, I went through the registration process again just so I can take a screenshot of that Net Worth field with the dropdown menu. Little did I know at the time, this was a big mistake because I used the same phone number when I registered a second time (see below). I replied to them to explain the Net Worth field was a range, not a specific amount, and attached the screenshot.
- Then things started getting out of control. They replied saying "Due to inconclusive results from our Electronic ID verification process, unfortunately, the SSN provided could not be validated in our system" and "We noticed that the phone number and address information you provided upon registration is already associated with another account".
- After I explained to them why there was another account with the same phone number, and in fact closed the other account, they replied saying: "At the current time, OANDA is unable to accept your application. As a regulated entity, OANDA reserves the right to refuse a business arrangement without cause. We are sorry for any inconvenience caused, however we are not required to disclose the reason for the account closure."
Thus concludes the comedy known as OANDA Account Registration. I advise everyone to stay far away from this company.
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