Oanda Minimum Deposit And Payment Methods
Oanda is a privately-owned forex broker based in the US. It was founded in 1996 and currently operates worldwide via several entities. It is a trusted global brand that is authorized by six tier-1 (high trust) regulators, zero tier-2 (average trust) regulators, and one tier-3 (low trust) regulator.
They allow traders to operate on their fxTrade mobile app alongside the popular MetaTrader 4 (MT4) app. If you’re looking to start investing in forex, this is one platform you can try out.
An important consideration for most traders looking for a platform to work with is the minimum deposit required. In this guide, we cover all you need to know about creating an account with Oanda, including the minimum amount required to start trading with them and the payment methods allowed.
What is Oanda Minimum Deposit?
If you open an account on Oanda, you can qualify for up to $1,000 in bonus money. However, not everyone gets a $1,000 bonus.
You have to deposit $25 or more into your account to qualify for the offer. Once you deposit your initial amount, Oanda will credit your account with 50% of your initial deposit. It's a one-off welcome bonus. You can get a maximum of $1,000 in Oanda bonus per account.
OANDA Account | Acceptance criteria |
---|---|
Standard |
Available to all |
Core |
Available to all |
Swap Free |
Available upon request at OANDA’s discretion |
Premium |
Must maintain USD 20,000 minimum balance and trade more than USD 10 million notional or equivalent per month |
Premium |
Must maintain USD 20,000 minimum balance and trade more than USD 10 million notional or equivalent per month |
Oanda Minimum Deposit vs Competitors
Oanda | IC Markets | XM | |
---|---|---|---|
Minimum Deposit |
0$ |
$200 |
$5 |
Oanda Deposit Methods and Fees
Depositing to Oanda is easy, with their array of payment methods to choose from. These include:
Bank Transfer
Debit/Credit Card
Payment Apps such as Skrill
Mobile banking
Oanda Deposit Methods vs Competitors
Oanda | IC Markets | XM | |
---|---|---|---|
Bank Transfer |
YES |
YES |
YES |
Debit/Credit Card |
YES |
YES |
YES |
Payment apps |
YES |
YES |
YES |
Mobile Banking |
YES |
NO |
NO |
Oanda Deposit Fees
Oanda doesn't charge any fees for the receipt of deposits. However, this is not to say your payment provider will not charge you extra in the form of a transaction fee.
For bank transfers, you will be charged a transaction fee. Any intermediary bank you involve will also deduct a fee. For credit cards, you should expect extra international processing and transaction fees. With debit cards and Paypal, however, you’ll only need to worry about the service fee.
Oanda Deposit - Processing Time
How long it takes to deposit funds to your Oanda account depends on the particular deposit method you choose.
Bank transfer payments can take up to 3 days to be fully processed.
Credit/Debit card transfers are usually instant, except for ChinaUnion Pay which can take up to 1 day.
Apps such as Paypal may take up to 1 day.
Mobile banking apps are usually instant but this may vary on the mobile banking policies in individual countries.
Oanda Account Currencies
Here are the currencies you can use to trade with Oanda, with a breakdown of how it compares to its major competitors:
Oanda | IC Markets | XM | |
---|---|---|---|
Account Currencies |
All major currencies |
USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD. |
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
How to Deposit Money On Oanda? Step by Step Guide
You can deposit money to Oanda in 3 easy steps:
Step 1:Apply for an Account
The only requirement is that you are 18 years old or above and a citizen of the United States. The application steps are easy to follow.
Step 2:Verify Your Identity and Proof of Address
To do this, you will scan and upload the following documents onto their secure site.
Driver’s License
Government Issued Passport of ID Card(Identity Card)
Utility bill, bank statement, or any other document with your current address on it to act as the proof of address.
For all of these, the full front image of the document must be visible.
Step 3: Fund and Trade
Log into ‘Manage Funds’ and click on the ‘deposit’ button. Use any of the available deposit methods that are most convenient for you. However, you can only deposit up to 50% of your net worth.
FAQ
What trading platform does Oanda Use?
The Meta Trader 4 web platform
Does Oanda Trade Bitcoin?
Yes. Oanda trades in Bitcoin, Bitcoin Cash, Etherium, and Litecoin
What does Oanda Stand for?
Olsen and Associates.
Who Regulates Oanda?
Oanda is registered with the U.S. Commodity Futures Trading Commission (CFTC), and a Forex Dealer Member (FDM) of the National Futures Association.
Team that worked on the article
Bruce Powers is an expert trader and technical analyst with over 20 years of experience in Forex, commodities, ETFs, cryptocurrencies and other assets. He is an active trader, technical and fundamental analyst, media commentator, educator and a writer. As an author for Traders Union, he contributes his deep analytical skills, expertise and understanding of the global economy and financial markets to provide market analysis and insights. Powers is also a frequent guest on business TV news shows.
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!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.