Oanda is a well-known and quite respected US-based broker, and it’s favored by both novice and experienced traders. There are always many questions related to its trading conditions and fees, so we’ve decided to answer them once and for all. In this short article, we’re going to explain how you can deposit your money to Oanda and how much it may cost in fees.
In case you’ve never heard about the broker (we doubt it), Oanda is a relatively old company with well-established reputation in Forex trading. Established back in 1996, it remains one of the best trading platforms out there. The broker operates in a variety of countries all around the world, but it’s especially popular in the US, Canada, and Europe.
Oanda is extremely secure and well-regulated. The company is currently regulated by 4 different financial authorities. The main organization monitoring its transactions is the UK Financial Conduct Authority (FCA). Other big regulators involved are MAS (the central bank of Singapore), ASIC (Australian Securities and Investments Commission), and IIROC — a self-regulatory organization for Canadian investment firms. All those organizations watch Oanda very closely and make sure your deposit stays safe. That is one of the main reasons so many people trust the broker with their money.
Anyway, let’s get to the basic Oanda deposit rules. First of all, there is no minimum deposit. That’s right: you will not be forced to invest any money before you can actually start trading — start with less than $1, they don’t care. But the list of supported currencies which can be used to make a deposit is rather limited: it includes only the major currencies like USD, EUR, or GBP. It should be noted that all that info applies only to the Standard account; the Premium account requires that you make a minimum deposit of $20,000, which is not suitable for most novice traders.
There are several ways you can make a deposit: with wire transfer, payment services like PayPal, or a check. However, Oanda is not a platform that accepts crypto, but you can still trade it on the platform. There are no fees applied to deposits, but if you use wire transfer, your bank may charge extra, so make sure you’re ready for that.
Making a deposit is very easy. Just log in to your Oanda account, make sure your personal data is verified, and go to the deposit interface. There you can choose a method, specify how much you want to deposit, and initiate the transfer.