Oanda Funding and Withdrawal Review
For those who are yet unfamiliar, Oanda is a private, US-based forex broker. It is operated via several worldwide entities and regulated by some of the most trusted authorities, such as the National Futures Association (CFTC), the US Commodity Trading Futures Commission, and the UK's Financial Conduct Authority (FCA). Given that many people are not aware of this platform and how it works, there are plenty of questions most people have before using the platform. That said, the following is a closer look at Oanda deposit and withdrawal methods and fees.
Oanda Funding Methods, Speed, and Fees
If you are wondering how to make deposits to this platform, the methods are as follows:
| Method | Speed | Fee | |
|---|---|---|---|
Bank cards |
No |
— |
— |
Wire transfer |
Yes |
1 to 5 Days |
(May be charged a bank fee-varies) |
Payment services |
Yes (Automated Clearing House/PayPal) |
Up to 6 Days |
None |
Crypto |
No |
— |
— |
Checks |
Yes |
4-6 Days |
None |
Oanda Withdrawal Methods, Speed, and Fees
| Method | Speed | Fee | |
|---|---|---|---|
Bank cards |
Yes |
3 Business Days |
Typically, Free |
Wire transfer |
Yes |
1 to 2 Business Days |
$20+ |
Payment services |
No |
— |
— |
Crypto |
No |
— |
— |
What is Oanda's Minimum Deposit and Withdrawal Amount?
When using the Oanda platform, there are no deposit fees. However, when using wire transfers, you may be charged a fee by your bank. When it comes to withdrawals, you can take out all of your money minus the amount of margin used. You can withdraw virtually any amount if you can cover the fees.
Oanda fees reviewWhat are Oanda Deposit and Withdrawal Currencies?
If you are looking to make a deposit into the Oanda platform, you must use major currencies such as USD, GBP, EUR, etc.
Similarly, when you are withdrawing from the platform, you can use the same major currencies.
How to Deposit Money to Oanda
If you are ready to deposit funds into your Oanda account, here are the steps you need to take:
Open Your Account: Before you can deposit funds into your Oanda account, you must open an Oanda account. To do so, you will first need to provide some personal details (i.e., name, address, birth date, employment status, etc.). In order to assess your level of expertise, you may also be asked to complete a quiz about your financial knowledge. You will then be asked to verify your identity and residence. To do this, you will need to upload a copy of your ID and a document proving the accuracy of your home address.
Make the Deposit: Next, you need to make a deposit. This requires logging in to your account and navigating to the deposit interface. From there, you select your chosen deposit method. After that, you will need to enter the amount of money you want to deposit. If you are doing a bank transfer, you will have to add your bank account number to the interface. The bank account must be in your own name. Next, you will need to initiate the transfer. Your broker will give you a reference number, which you will then enter as a comment in your transaction. This makes it possible to recognize the deposit. On the other hand, if you are making a deposit with credit or debit cards, you may only use a card that is in your own name. In some instances, you may also need to verify your card by scanning it and sending it to a broker.
Review the Transaction: Lastly, it may take up to a few days for your deposit to become available. In those cases, you will be sent an email to provide the confirmation.
FAQ
Which currencies are supported by this platform?
Oanda uses only mainstream currencies such as follows:
Canadian dollar (CAD)
US dollar (USD)
Euro (EUR)
Hong Kong dollar (HKD)
Hungarian forint (HUF)
India rupee (INR)*
Indonesian rupiah (IDR)*
Israeli shekel (ILS)
Japanese yen (JPY)
Kenyan shilling (KES)
Kuwait dinar (KWD)
Malaysia Ringgit (MYR)*
Mexican peso (MXN)
New Zealand dollar (NZD)
Norwegian krone (NOK)
Omani rial (OMR)
Philippines peso (PHP)*
Polish zloty (PLN)
Qatar rial (QAR)
Romanian leu (RON)
Russian ruble (RUB)*
Saudi riyal (SAR)
Singapore dollar (SGD)
South African rand (ZAR)
Swedish krona (SEK)
Swiss franc (CHF)
Thai baht (THB)
Turkish lira (TRY)
Ugandan shilling (UGX)
UK sterling (GBP)
United Arab Emirates dirham (AED)
What happens if the payment fails?
Although it is not common, sometimes payments do fail. In those instances, you can either resend the payment or sell back the returned amount. This requires either adding new payment details or allocating a new payment against the original trade.
What is the conversion timeline?
97% of Oanda conversions are made the same day. However, all currencies are converted on the same or the next day from when the funds are received. 12-month forwards are also available in all currencies.
What is the fastest the money can be sent and received by the platform?
Your payments will be sent out within two hours of receiving the settlement.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!