Oanda Minimum Deposit: Key Information & Guide (2023)

The Oanda minimum deposit is $0 for each account type offered. There is one exception though, and that is for the Oanda Advanced Trader and Premium accounts which require respectively a $10.000 and a $20.000 minimum deposit.

Oanda do their best to provide a low-cost trading environment: this also includes no deposit and withdrawal fees from their part.

Every detail about the Oanda minimum deposit is unfolded below.

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We have covered up everything you should know about Oanda account types if you’re interested.

Oanda accepted deposit currencies

Making a deposit with Oanda you should know that there are several currencies that they accept for deposit. These are the:

• AUD
• CAD
• EUR
• GBP
• HKD
• JPY
• SGD
• CHF
• USD

This means you can deposit any of these currencies, though some deposits may accept only one or a few.

An important point to note is that you can open different sub-accounts with one of these currencies. The default base currency for the first trading account will be the domestic currency depending on where the client lives. Though, in some divisions it is in USD by default. Then, if you feel the need, you can opt for opening a new sub-accounts with a different currency.

Note that any deposit you make which is not in your base currency will attract a conversion fee.

If you still can’t avoid the conversion fee, Oanda has a currency converter for you to use that may come in handy.

Oanda Funding Methods (+ Withdrawals)

Moving on to how to get money in and withdraw money from your Oanda account. There are a few main deposit methods available to you. These are making:

• A wire transfer from your bank
• Using any major credit or debit card that is Visa or MasterCard
• Making an eWallet deposit through PayPal.
• Other deposits may be available depending on your location, like Skrill, Neteller or any other local deposits.

As you would expect these deposits can be processed pretty quickly depending on the method you choose. Typically though a bank wire transfer can take a little longer. In any case, the usual waiting time to clear any of the methods is 1-2 business days though this may be faster after your first deposit.

Oanda Deposit Fees

Oanda deposits are usually fee-free. The only exception here where you may encounter some fee is if you deposit a currency that is different from your base currency. You would then have to pay a conversion fee.

Oanda Withdrawals

Making an Oanda withdrawal is an easy process. Once you have deposited any money then you are free to withdraw it whenever you like. Again the withdrawal process is usually free when you have a matching base currency.

Considering withdrawal time, the standard here is up to 2 business days to complete your withdrawal. Another point to note here is that only you are allowed to withdraw your funds. This means you can’t have anyone else making withdrawals on your behalf or vice versa.

How to deposit funds into your Oanda account: Steps to follow

Making a deposit with Oanda is actually no different from making a deposit with many of the top brokers and should be a relatively easy process to follow. Here are the best-recommended steps for you to get started easily:

1. If you are a beginner in trading, or just very new to Oanda then you can easily avail of their free trial by opening a demo account. This requires minimal information, recreates a live trading environment perfectly, and has no obligation for you to make a real deposit. It is the perfect way to get to know more about trading and the broker. The best thing is the Oanda demo account is completely unlimited. Even though Oanda doesn’t make it in our best forex demo account top ten it still remains a very good demo account for every trader.
2. As a more experienced trader, you are perfectly welcome to skip this step and open a live account right away. You will just need to follow the registration steps which include verifying your account. To do this you will need a proof of residence and a proof of identity document. The most convenient documents are usually your passport and a recent utility bill showing your address.
3. You are almost there at this point. You just need to make your first deposit once your account is verified, taking note of the Oanda minimum deposit which in this case could be very low, and once this deposit has been processed you are free to trade. Having a low minimum deposit is a good starting point for traders and should you want to know more you may also check our selection of the best low no minimum deposit brokers.
4. In all, the entire process from signing up to starting to trade can be done in less than an hour if you have all of your verification documents ready, though it could take a little longer depending on the situation. You can definitely be done within 24 hours.

Oanda Minimum Deposit vs Other Brokers

Here is how the Oanda minimum deposit and available methods stacks up against some of the other top trading brokers:

Oanda Deposit Bonus

At the moment, there are no deposit bonus offers in place from Oanda on any of the account types. This complies with the regulatory requirements of the bodies which oversee the broker and while it may be disappointing to some traders it does show a positive image of a highly compliant and trustworthy broker.

However, there are some brokers that offer some bonus and you can check what are the best by reading our forex brokers with free bonus article.

Oanda Minimum Deposit Pros and cons

Of course, even with a top broker like Oanda, there are areas to work on. These come alongside many things they do great though. Here are some of each that we have found.