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
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.
The company offers six types of accounts:
- Joint account
- Business entity
- Eligible Contract Participant (ECP)
Please see the below table for minimum deposit in each type of account:
|Personal||No minimum deposit|
|Premium (you can upgrade any account to premium status)||USD20,000 minimum deposit or USD10m+ monthly volume traded|
|IRA||No 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|
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:
|Payment Method||Processing Fees||Processing Time||Min. Deposit|
|Bank Transfers||No Fees||2-7 working days||$1|
|Visa Card||No Fees||Typically within a day||$1|
|Master Card||No Fees||Typically within a day||$1|
|Skrill||No Fees||Typically within a day||$1|
|PayPal||No Fees||Typically within a day||$1|
|NETELLER||No Fees||Typically 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)
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.