Oanda Deposit and Withdrawal In Detail | No Deposit Fees

Pros

Cons

  • Limited account base currencies options
  • Free deposit
  • Free withdrawals on most of the options

Withdrawal fees when using bank transfers or PayPal.

Introduction

Oanda is one of the oldest CFD and forex brokers since 1996. It’s originally founded in America, and regulated by top-tier regulators like FCA and CFTC.

Account Currencies

The Oanda account has 4 main account currencies which are: USD, EUR, HKD, and SGD.

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.
  • You can open more than one account with one base currency per each if you want to be not charged with conversion fees.

Deposit

Oanda does provide a variety of options for depositing money. The following table shows the fees and commissions of each option.

Oanda deposit methods

 

Oanda

Credit cards

Yes

Bank Transfers

Yes

Electronic wallet

Yes

Oanda supports depositing using different methods such that:

  • Credit or debit cards
  • Paypal
  • Paysafe (formerly Skrill)
  • Neteller
  • Wire transfers

Fees

Oanda does not charge any deposit fees.

Time

Bank Transfers can take several business days while depositing using other methods is instant.

Withdrawal

Oanda does provide a variety of options for withdrawals like:

  • Credit or debit cards
  • Paypal
  • Paysafe (formerly Skrill)
  • Neteller
  • Wire transfers

Oanda withdrawal methods and fees

 

Oanda

Bank Transfers

Yes

Credit cards

Yes

Electronic wallet

Yes

Fee

$0

(for credit/ debit cards)

Fees

Oanda does charge $0 fees for withdrawals using debit cards. The first credit card withdrawal each month is also free of charge.

For withdrawals using bank transfers, Oanda does charge a fee of $25.

Time

It takes 2 – 3 business days to transfer your money in the best case.

Note:

For security reasons, you may have to verify your identity with the payment department for the first time through the registered email or the phone number.

FAQs

  1. How long does it take to verify my account?
  • It takes from 1 to 3 days in order to verify your Oanda account.
  1. Can I open more than one trading account?
  • Yes, Oanda offers you an option to open up-to 19 sub accounts under your main account in case you want to have more than one account with different currencies.
  1. Does Oanda allow bot trading?
  • Yes, you can develop automated trading strategies with our API from the developer portal of Oanda.
  1. Does Oanda give a bonus?
  • Unfortunately, you will not find any mention of any such promotion on the OANDA site.
  1. Does Oanda allow scalping?
  • Yes, Oanda does allow scalping and hedging.
  1. When trading forex, will you lose more than your initial deposit?
  • Both our MetaTrader 4 and Oanda web trading platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Does Oanda accept payments from third parties?
  • No, as you can only deposit money from accounts that are in your name.
  1. Can I transfer funds between my OANDA sub-accounts?
  • Ytes, you can transfer your money between your main account and any of your sub-accounts.

 



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