OANDA Minimum Deposit
OANDA is a suitable forex broker for traders of all levels. Wondering if it has a minimum deposit requirement? Read on to find out.
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OANDA is one of the top forex brokers in the world. It's why many traders are drawn to it. But before jumping in, it's important to know how much you need to get started.
So, what is OANDA's minimum deposit requirement?
In this guide, you'll learn about how much you need to get started plus a step-by-step guide on how to deposit funds.
What's the Minimum Deposit on OANDA?
OANDA has no minimum deposit requirement for its standard accounts. But premium accounts require a $20,000 minimum deposit.[1] A premium account is primarily for high-volume traders.
The standard account is the default account. That means you can start trading on OANDA with any amount.
Although OANDA's standard account has no minimum deposit, you do have a deposit limit. You're only allowed to deposit 50% of your net worth. This is based on the financial information you provided during account registration.
Now, let's get into the step-by-step guide on how to deposit funds into your account.
How to Deposit Funds on OANDA
Depositing funds at OANDA is easy and straightforward. Just follow these steps:
- Log into your account.
- Select "Fund Account." This is on the right side of the page.
- Choose your deposit method from the menu.
- Input the amount you want to deposit and click "Submit."
After that, you just need to wait for the amount to be reflected in your account. The processing time differs for each deposit method.
OANDA's no minimum deposit requirement makes it a good broker for beginners. This allows beginners to start trading even with a small amount. This is useful when practicing or testing a trading strategy.
How Long Does It Take to Deposit Funds?
The time it takes to process deposits depends on the method you use. For example, deposits through e-wallets take only a moment. But bank wire or bank transfer deposits may take up to three to five business days.[2]
Deposits made through credit or debit cards are also immediate. So if you want a faster deposit, better use a credit or debit card instead of bank transfers.
What Are the Deposit Options on OANDA?
You can deposit at OANDA through the following methods:[3]
- Credit and debit cards by Visa and Mastercard
- Bank wire and bank transfer
- PayPal
- Skrill
- Neteller
If you are in Southeast Asia, Latin America, or Africa, you may also deposit through e-wallets.
Are There Any Deposit Fees?
OANDA does not charge any deposit fees.[4] However, your card issuer or payment provider may charge you some fees.
The following payment providers have these usual charges:
- Credit Cards - transaction fee and international processing fee
- Debit Cards - service fee
- PayPal - service fee and percentage of total amount deposited
- Bank Transfer - service fee
Deposit Limitations
You cannot deposit on OANDA through a bank account that isn't yours. That means the account name from which your funds are coming from should be the same as the one on your OANDA account.
The deposit method you used is also the same method you can use to withdraw funds. If you deposited through PayPal, then you can only withdraw through PayPal.
OANDA requires your financial information during account registration. This is used to limit the amount that you can deposit in your trading account. OANDA will not allow you to deposit over 50% of your declared net worth.
Accepted Currencies
OANDA accepts deposits in these currencies: AUD, CAD, EUR, GBP, HKD, JPY, SGD, CHF, and USD.
You can open multiple subaccounts if you wish to make deposits in various base currencies. But do note that your main trading account is automatically set to the domestic currency where you live.
Now, let's see how other brokers compare in terms of minimum deposit requirement.
Other Brokers' Minimum Deposit
Here are the minimum deposit requirement of other brokers:
- Interactive Brokers - $0
- IG - $50 for card deposits
- FOREX.com - $100
Bottom Line
OANDA has zero minimum deposit. This makes it a suitable broker for traders, especially for those just starting out.
Depositing funds will depend on the method you use. How much you can deposit will also depend on your net worth. So if you're looking to get started on OANDA, make sure to go through their deposit limitations.
References
- ^ OANDA. What Is The Minimum Deposit Requirement?, Retrieved 12/03/2023
- ^ OANDA. Bank Or Wire Transfer, Retrieved 12/04/2023
- ^ OANDA. Funding And Withdrawals, Retrieved 12/03/2023
- ^ OANDA. Deposit Options, Retrieved 12/03/2023
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