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Oanda Minimum Deposit

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Minimum Deposit

Oanda does not demand a minimum deposit. This implies it’s an excellent broker to use if you only wish to trade or invest a small amount of money. It’s an excellent broker to start with since you can always add more money to your account as you get more expertise in managing your finances.[1]

Depending on different payment options, it takes anywhere from instant deposits to 7 working days to complete the deposit process. The broker does not charge any fees for deposits.

Read: Oanda review

Currency Preference

The broker offers nine base currencies to choose from: EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY and SGD.  Once you have selected a base currency, say USD, all deposits made from anywhere in the world are converted and visible in your account in USD. The conversion rate from your local currency to your account’s base currency applies while depositing, so keeping an eye on the conversion rate might help you calculate how much local currency is required for a deposit in your account’s base currency.

Account Types

The company offers six types of accounts:

  1. Personal
  2. Premium
  3. IRA
  4. Joint account
  5. Business entity
  6. Eligible Contract Participant (ECP)

Please see the below table for minimum deposit in each type of account: 

Account TypeDeposit
Personal No minimum deposit
Premium (you can upgrade any account to premium status)USD20,000 minimum deposit or USD10m+ monthly volume traded
IRANo minimum deposit
Joint account No minimum deposit
Business entity No minimum deposit
Eligible Contract Participant (ECP)Your individual account can be on-boarded to our ECP division if you have more than USD10m invested on a discretionary basis. You can also upgrade your business account to ECP, provided your business has assets of greater than USD10m

Payment Options

For its clients’ convenience, the broker provides a range of payment methods. Below is a list of the available methods:

1: Bank Transfers

The broker accepts payments via a range of different bank wire and bank transfer options.

2: Credit/Debit Cards

The company allows two types of cards for deposits:

  • Master Card
  • Visa Card

3: Alternatives (E-wallets)

This broker allows deposits from the following alternative methods such as E-wallets:

  • NETELLER
  • Skrill
  • PayPal
Payment MethodProcessing FeesProcessing TimeMin. Deposit
Bank TransfersNo Fees2-7 working days$1
Visa CardNo FeesTypically within a day$1
Master CardNo FeesTypically within a day$1
SkrillNo FeesTypically within a day$1
PayPalNo FeesTypically within a day$1
NETELLERNo FeesTypically within a day$1

How to Deposit Funds

When opening a trading account and depositing up to US$9,000*, the majority of clients will not be required to provide any evidence for identification verification.[2]

See exceptions below:

  • ID verification is needed for deposits over US$9,000.
  • Based on the broker’s review of your account it may contact you for additional documentation and verification.

Following documents are required for verification:

  • Driver’s Licence (proof of identity and address)
  • Government-issued passport or ID card (proof of identity)
  • Utility bill, bank statement or another document with your name and address on it (proof of address)

Deposit Funds

You may log in to your OANDA account and deposit, withdraw, and transfer funds once our onboarding staff has authorized your account. It can be done using your portal’s transfers tab. You may fill your account using various methods, including debit and credit cards, wallets, and bank wire transfers. You can deposit up to US$9,000 (or currency equivalent) using your OANDA account*, and there is no minimum deposit amount.

Sign up Bonuses

Oanda does not offer a signup bonus or any other type of bonus or promotion.

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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