Home » Brokers » Oanda minimum deposit

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. 

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 forex 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:

  • 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.

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.
You may also be interested in reading

Fact checked

ForexToStocks is committed to delivering content that adheres to the highest editorial standards in terms of accuracy, sourcing and objective analysis. 

Every article is written by topic experts with relevant academic credentials in the field of business, accounting and finance – including actual trading experience or someone who is a practitioner in the financial market. 

Before going live, each article is thoroughly reviewed and fact checked by a qualified member of the editorial team. 

Furthermore, we have a zero-tolerance policy regarding any level of plagiarism or malicious intent from our writers and contributors.

ForexToStocks articles adhere to the followings standards: 

  1. All referenced links must be from reputable websites and sources.
  2. All quotes, studies, data and significant claims must be referenced to its original sources.
  3. All commentary must maintain a high level of objectivity and provide balanced views.
  4. Content should avoid making claims or recommendations that would put readers financial well-being at risk. 
  5. Any potential conflict of interest must be clearly indicated and disclosed to readers. 

We are aware that our editorial process is not perfect, and we are constantly improving our editorial quality through readers feedback and internal review.  

Our #1 Top rated Forex Trading Platform