The online brokerage firm Oanda requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with Oanda is $0, which can be deposited via various methods, including wire transfer, credit/debit cards and ewallet. It should be noted that the minimum deposit with Oanda may vary depending on the type of trading account chosen.
Oanda generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the Oanda minimum deposit?
The Oanda minimum deposit is $0.
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.
The Oanda minimum deposit features are listed in this table below:
| OANDA DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| Oanda Standard Account | $0 minimum deposit |
| Oanda Advanced Trader Account | $10.000* minimum deposit |
| Oanda Core Account | $0* minimum deposit |
| Oanda Swap-Free Account | $0* minimum deposit |
| Oanda Spread Betting Account | £0 (UK clients) minimum deposit |
| Oanda Joint Account | $0 (EU clients) minimum deposit |
| Oanda Professional Account | $0* minimum deposit |
| Oanda Premium Account | $20.000* minimum deposit |
| Oanda Premium Core Account | $20.000* minimum deposit |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | USD |
*Not available for all clients depending on your location.
73.5% of retail CFD accounts lose money
We have covered up everything you should know about Oanda account types if you’re interested.
What are the Oanda account base currencies?
The Oanda account base currencies include the USD.
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.
What are the Oanda funding and deposit methods?
The Oanda deposit methods features and fees are listed below.
- Wire Transfer: A wire transfer from your bank
- Credit/Debit Card: Using any major credit or debit card that is Visa or MasterCard
- eWallet: Making an eWallet deposit through PayPal.
- Other Methods: 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
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.
What are the steps to fund your Oanda account?
Here are the best-recommended steps for you to get started easily:
1. Create a Oanda account:
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. Verify the Oanda account:
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. Fund your Oanda account:
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. Wait for the Oanda approval:
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.
How does the Oanda minimum deposit compare with other major brokers?
The comparison between Oanda’s minimum deposit and those of other brokers can be found in this table below:
Here is how the Oanda minimum deposit and available methods stacks up against some of the other top trading brokers:
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| FEATURES | OANDA | FOREX.COM | ETORO |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | $50 |
| Wire Transfer | Yes | Yes | Yes |
| Credit Card | Yes | Yes | Yes |
| PayPal | Yes | No | Yes |
| Number of deposit methods | 6 | 7 | 9 |
| Account currencies | USD | EUR, GBP, USD | USD |
Does Oanda offer deposit bonuses?
Oanda doesn’t offer deposit bonuses at the moment.
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.