Deposit and withdrawal methods vary from broker to broker. Learn how to deposit and withdraw your funds from OANDA Global in this article.
It is quite unsurprising that OANDA Global is known as one of the leading forex brokers in the world right now. OANDA has been serving international clients since 1996, continuously providing reliable services and offering new opportunities for many types of traders in the market. The broker has a number of interesting features to pay attention to, including relatively low spreads and a wide range of tradable products such as currency pairs, stock index CFDs, commodity CFDs, bond CFDs, and precious metal CFDs like gold, silver, and copper.
Moreover, OANDA Global is as reliable as it is attractive. You can see it reflected in the broker's deposit and withdrawal system. As you may know already, the withdrawal process is one easy way to tell whether a broker is trusted or not. A good broker would allow you to fund your account and cash out the money at any time you want. Unfortunately, it's quite common to find withdrawal difficulties in certain brokers.
In order to avoid such issues, you need to learn about the deposit and withdrawal methods that a broker uses before registering. Here's everything you need to know about how to deposit and withdraw your funds from OANDA Global.
Deposit Methods and Fees
OANDA Global accepts deposits in several currencies, including AUD, CAD, EUR, GBP, HKD, JPY, SGD, CHF, and USD. You can use these currencies to open multiple sub-accounts if you want to deposit with different base currencies. However, please note that the default base currency for your main trading account should be the domestic currency depending on where you live. Also, making any deposit in a currency other than your base currency will incur a conversion fee.
There are several deposit methods that you can choose on OANDA, such as bank wire and bank transfer, credit and debit card, PayPal, Skrill, and Neteller. There are also additional payment methods like local bank transfers and e-wallets for traders in South East Asia, Latin America, and African countries. Most deposits can be processed pretty quickly, but the exact time varies depending on the method you use. For instance, deposits with e-wallets usually take only a moment, while deposits through a bank wire transfer may take a few business days to complete.
Deposits are completely free on OANDA Global, although the card issuer or service provider may charge you a fee. There's also no minimum balance required to open a standard trading account, so you can start your journey with literally zero capital. However, you will need to deposit some funds in your account before you can open live positions.
How to Deposit Money to OANDA Global
Making deposits in OANDA is considered to be pretty easy. Here are the steps that you should follow:
- Visit the broker's site and log in to your account. If you haven't got an OANDA live account yet, you'll need to register first and follow the verification procedures.
- Once you're logged in, click "Fund Account" on the right side of the screen.
- You'll see a menu where you can determine your deposit method or add a new account to your available funding methods.
- Decide how much you want to deposit and complete the process to start trading. Note that the standard account has no minimum deposit, but the premium account requires a $20,000 minimum deposit.
Withdrawal Methods and Fees
Once you have deposited some money, you can withdraw them back whenever you like. There are several withdrawal methods on OANDA Global, such as bank wire transfers, credit and debit cards, PayPal, Skrill, and Neteller. You can also withdraw using multiple local methods if you have a trading account in certain African countries.
Unlike some deposit options, withdrawals are rarely instant. It typically takes at least 1 to 3 business days, but certain methods can take up to 5 days to process the funds, so please consider the processing time before making any withdrawals. Also, it's worth noting that OANDA returns funds to their original source, so if you deposited using a credit card, you'll need to withdraw via the same card. If you deposited with multiple methods, then you should withdraw the total amount deposited by each method in a set order.
While most deposit methods are free of charge, this isn't necessarily true in most withdrawal cases. Wire transfers and international bank transfers in particular can be quite pricey, so make sure to check the fees before making the transaction. The good news is that withdrawal at OANDA Global is completely free of charge if you use PayPal or credit and debit cards. There's also no minimum or maximum withdrawal limit, so you can withdraw as much as 100% of your account balance and transfer it back to your personal account.
How to Withdraw from OANDA Global
In order to withdraw your money from OANDA, you need to do the following steps:
- Head over to OANDA's portal and log in to your trading account.
- Click "Withdraw" from the menu.
- Choose the preferred withdrawal method and/or the account to withdraw to.
- Enter the amount that you wish to withdraw. Note that if it's not in your base currency, a conversion fee might incur.
- Submit your order.
It is important to understand that in some cases, your withdrawal might get rejected by the broker. There are several possible reasons for failed withdrawals, such as:
- You might have requested a withdrawal to a different source than the one you used to deposit. If the card or account that you used for the deposit is no longer active, then you can choose to withdraw using an alternative payment method. You'll only need to prepare some documentation from your provider to prove that the card or account is no longer active.
- The system couldn't verify the origin of your funds. If this is the case, you can send an email to frontdesk@oanda.com for more details.
- The amount that you submitted was too high. In other words, you don't have enough remaining balance in your account to cover the margin of your existing trades. This is why it's highly important to make sure that you have sufficient balance in your account before making a withdrawal to prevent getting margin calls.
Transfer Funds to Other OANDA Accounts
Instead of withdrawing straight to your bank account, you can also choose to transfer funds to any of your sub-accounts. This includes your MT4 accounts as well. If you transfer with a different currency than your base currency, your balance will be converted first at the current exchange rate. You can check the latest rate on the broker's platform. Your transfer request will be processed immediately.
Final Thoughts
All in all, OANDA Global has a pretty solid deposit and withdrawal system. Many traders might feel unsafe when withdrawing their money, but this is not the case with OANDA users. At OANDA, there are loads of payment methods to choose from and both deposits and withdrawals are completely free of charge. This is certainly a good sign that the broker is legit because it won't stop you from managing your funds.
Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.
It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.
Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.
OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.
OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.
For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.
Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.
Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.
The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.
As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.
With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.
Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.
There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.
OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.
The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.
With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.
In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.
If you face any difficulty when making a deposit or withdrawal, you can simply contact customer service via email, live chat, phone, or tax service. You can also find several useful FAQs on the broker's site to help you figure out what you need. Aside from English, the website has been translated into no less than eight foreign languages to support international clients.
26 Comments
Oct 7 2022
How can I verify my recipient account?
Feb 14 2023
Terry:
Can you please elaborate more on this "recipient account"? In any case, we might have some different angles to view these issues.
Does this recipient account can only receive funds from other people? If that's the case, then you're misunderstood.
In my understanding, Oanda provides trading accounts where you can deposit and withdraw funds from one source only. It means, the very person that transfers, deposits and withdraws the fund is the same actor, not other people or beneficiaries.
If you're looking to receive funds from abroad, payment portals like Paypal, Skrill, Neteller, or their likes are your best options.
Oct 9 2022
Is there a fee to transfer between sub-accounts?
Feb 14 2023
Charles:
Fortunately, no, you don't have to pay for any added fee to transfer some funds between sub-accounts. This can help greatly if you have many sub-accounts that uses different trading strategies or expert advisors.
However, If you transfer with a different currency than your base currency, the total fund transferred will be converted into target currency exchange rate. These rates may change as the exchange rates between two currencies fluctuates. You can check the latest rate on the Oanda platform. Your transfer request will be processed as soon as possible.
Oct 13 2022
What is the fastest and the cheapest payment method to use?
Feb 14 2023
Barney: In my opinion, if you choose the fastest payment, the fee will also increase but not too high. And if you choose the cheapest payment methods, the process will be very slow.
So, if you have a local bank transfer, it is better to use it as it is fast and does not incur any fees during the transfer. And with luck, you can choose this method if OANDA uses the same bank as yours and is available in your country.
In the meantime, if you don't have a local bank transfer method, just use a payment card and e-wallet option, as they are cheaper and faster than other available payment options.
Feb 14 2023
Barney:
What is the fastest and the cheapest payment method to use?
Payment methods for what? If you meant depositing methods, then these are your options:
There are also additional payment methods like local bank transfers and e-wallets for traders in South East Asia, Latin America, and African countries. (You should check it on their website)
Oct 18 2022
How much is the typical conversion fee?
Feb 14 2023
Sylvana: Normally it will be at 1% conversion fees if you used payment card method.
But, a foreign transaction fee is a per-transaction fee, usually 2% to 3% of the withdrew funds, charged by your credit or debit card provider (usually your bank) or ATM network when you use your card issued by the United States in another country. It may also apply to purchases made online from the United States from a foreign supplier that processes transactions in their local currency. Foreign transaction fees may include payment processor currency conversion fees, but do not include DCC fees.
While DCC tells you the cost of purchases in dollars instantly, DCC comes with a high conversion rate. A study in Europe found that the exchange rate increased from 2.6% to 12%.
Oct 24 2022
Is OANDA fully regulated?
Feb 14 2023
Hendry:
Here are list of Oanda regulatory compliance that I have compiled from their website:
In US:
OANDA Corporation is a registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC), and a Forex Dealer Member (FDM) of the National Futures Association (NFA # 0325821).
In Singapore:
OANDA Asia Pacific Pte. Ltd. is regulated and licensed in Singapore by the Monetary Authority of Singapore (CMS Licence No: CMS100122-4) and the International Enterprise Singapore (Commodity Brokers Licence No: OAP/CBL/2012) to trade commodity CFDs.
In Canada:
OANDA (Canada) Corporation ULC is regulated in Canada by the Investment Industry Regulatory Organization of Canada (IIROC).
In Europe:
OANDA Europe Limited OANDA Europe Limited is authorized and regulated by the Financial Conduct Authority in the UK, No: 542574
In Japan
OANDA Japan Inc. holds a Type 1 Financial Instruments license from the Japanese Financial Services Agency, registration with the Kanto Local Finance Bureau #2137, and is a member of the Financial Futures Association of Japan #1571.
In Australia:
OANDA Australia Pty Ltd. is regulated in Australia by the Australian Securities and Investment Commission (ASIC) ABN 26 152 088 349, AFSL No. 412981
Please note that these claims are taken from their own website. You may have to check its validity by your own research.
Feb 13 2023
Good news for traders of OANDA is the minimum or maximum withdrawal limit is non set. It means you are free to transfer any amount of funds and without limit. It seems very good and give you the freedom to manage your money without need to be gather your funds into specific amount. I mean, sometimes you can get loss if you hold your money too long or because the amount funds to get withdraw is not enough.
But there is some question that I think need to be answered, about the payment option that available, is there any minimum and maximum withdrawal in there? Because it is yes brokers apply no minimum and maximum withdrawal but the payment option sometimes do.
Feb 14 2023
You are right! There is minimum transaction that needed in each payment : bank wire transfers, credit and debit cards, PayPal, Skrill, and Neteller. So, what you need to watch is the payment method's minimum transaction. I am going to talk about this :
Feb 14 2023
Rendo: Dude, I don't know who you replied to, but really thanks for the info you listed. It is very important to know that OANDA does not have a policy on withdrawal limits, but the payment method we choose has its own transaction limits necessary to process our withdrawals.
And I think there are also fees that may arise. And it is important not to collect large amounts for withdrawal. I think $1000 max is enough. Because if you handle a larger amount. It will also be harder, slower and more expensive. And because of that factors many traders will feel that their withdrawing process is harder and blaming the broker
Feb 14 2023
What I like most about OANDA is that they are free to deposit. It's really helpful because sending in dollars, in my currency, requires a higher amount and if I get a fee when I deposit it will affect me and I think the deposit fee is free fees is a really good idea and can be plus value for OANDA.
Meanwhile, is OANDA really regulated from the US? Because there are not many brokers that can be regulated from there and actually I am really curious why many brokers are unregulated from the US, that is their trading terms. But if you have other regulations, global traders will get different terms that may different and more freedom condition, right? I know the US trading conditions are tough and really unattractive especially for traders who need higher leverage and lower deposit and lots of bonuses
Feb 28 2023
Actually, I'm still new to the world of trading and yes, I rarely hear about brokers that provide trading instruments and platforms. You must be familiar with FBS and OctaFx which always appear in several advertisements on chrome and YouTube. As for the OANDA broker, to be honest I have never heard of this broker.
And yes, I just found out about this in this article, and yes, what is being discussed here is related to deposits and withdrawals using a debit or credit card at the OANDA broker. As already explained, this broker has only been established since 1996. Wow, this is the first broker I know that has been around for a long time. but I can't confirm whether this broker is good and safe. but it means i will enter my card number information in this broker platform.
I beg for an explanation, friends, is the OANDA broker safe for my trading and funds? Is my personal data also safe here? If anyone knows, could you please explain...
Feb 28 2023
Queen: OANDA received several awards related to trading. OANDA has won numerous awards for its services and products over the years, such as Best Educational Material 2018 (Investment Trends – US Foreign Exchange Report) and the No.1 Forex Broker. 1 in Singapore 2017 (Singapore CFD & FX Investment Trend Report). Recently, OANDA was voted Most Popular Broker and Best Forex and CFD Broker 2020 by TradingView clients in the company's inaugural TradingView Broker Awards. TradingView is one of the world's largest social networks for traders, with more than 15 million registered users worldwide.
OANDA maintains customer funds in accounts with top banks, and it is its policy to only withdraw customer funds as a direct result of their trade-related activities or withdrawal requests.
however, in addition, there are some countries that do not accept negative balance protection, so traders from those countries may lose more than the amount invested.
Feb 28 2023
Marvel: Hello friends, I want to add your explanation about the safety of this broker. as already explained that the OANDA broker is safe for trading because it has been supervised by US regulators.
OANDA has been involved in the currency business since 1996. This broker has become one of the most popular and well-capitalized forex market makers offered by the fxTrade trading platform. This broker is also the official source of currency data for leading companies, including tax authorities, accounting firms and financial institutions.
If you ask whether this broker is safe or not in trading for traders, especially US traders, I believe this broker is safe and worthy of being an option in trading. OANDA Corporation is a registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC), and FX Dealer Member (FDM) of the National Futures Association (NFA #0325821).
Although not all of the instruments that OANDA offers are licensed in the US, OANDA is still a safe broker for trading, and trading in forex or currency pairs is still available on OANDA. But yes, the 2 instruments offered by OANDA in the US market have few products, Forex alone is only about 45 Forex pairs offered by OANDA.
Maybe if asked if this broker is safe or not, I'm sure this broker is safe. But if asked whether it is good or not, it depends on the wishes of the trader himself.
Mar 10 2023
" if you deposited using a credit card, you'll need to withdraw via the same card. If you deposited with multiple methods, then you should withdraw the total amount deposited by each method in a set order."
Hey, I'm not sure if I have to use the same payment method for both deposit and withdrawal at OANDA. Anyone else wondering the same thing? Can I withdraw using a different payment method? It might be quicker and cheaper to use a different platform for withdrawing since I used a Bank Transfer to deposit, but want to withdraw to my e-wallet. And what is the meaning of "If you deposited with multiple methods, then you should withdraw the total amount deposited by each method in a set order at OANDA? Can you give me some example?
Mar 10 2023
Mason: Payment method cannot be changed as this is OANDA policy. However, OANDA allows you to deposit using different payment methods, but in the end it will have to withdraw the same amount using different payment methods. When OANDA says "If you have deposited using multiple methods, you must withdraw the total amount deposited by each method in a set order", it means that if you have deposited your account with different payment methods, you must withdraw the full amount. submit with each method before continuing with the next.
For example, let's say you deposit $500 into your account by credit card and $1,000 via wire transfer. If you want to withdraw $1,500 from your account, you must first withdraw $500 deposited by credit card to this card, then withdraw the remaining $1,000 deposited by wire transfer to a bank account your goods.
If you still don't understand about deposit and withdrawal at OANDA, please contact their customer service as the author talked about that too.
Apr 15 2023
For real, although the article said that OANDA really dont care about how much you withdrawal and dont charge you fees aka free, the payment options such as bank and friends do charge you with some fees and some of them charge really high especially at International Bank Transfer (I dont know why it can be so high).
So, admin, I want to ask about your opinion, how much money that suit for us to do the withdrawal to avoid some fees that mgiht be charge higher if our money that need to process is very small? Thank you!
Apr 15 2023
@Messi: In general, it's important to consider the fees associated with each payment option when choosing the best method for withdrawing your funds. Additionally, withdrawing larger amounts at once can help you save on fees, particularly if you need to make multiple smaller withdrawals. However, to determine the best amount to withdraw, it's important to first understand the minimum funds that can be processed by the payment option you choose. Once you know that, you can decide on the best amount of funds to withdraw based on your personal needs and circumstances.
For instance, let's say your bank requires a minimum of $50 to process a transaction, and charges a fee of $5. If your average weekly profit is $300, you could withdraw $100 or $200 to minimize fees while still getting the money you need. Of course, this is just my approach and other traders may have different methods for determining the best amount to withdraw based on their own circumstances and preferences.
Jun 19 2023
How is it possible for a US broker like OANDA to accept non-US traders? Considering that OANDA has been serving international clients since 1996 and is known as one of the leading forex brokers, what measures or regulations allow them to offer their services to traders outside the United States? Additionally, what factors contribute to the reliability and trustworthiness of OANDA's deposit and withdrawal system, ensuring that traders can easily fund their accounts and withdraw their funds without encountering any difficulties?
Jun 20 2023
@Ogura: So, here's the deal with OANDA, my friend. Even though they're based in the US, they've been catering to international traders since way back in 1996. How do they pull it off? Well, it's all thanks to the magic of regulations and licenses. OANDA is regulated by various financial authorities worldwide, not just in the US. These authorities make sure that OANDA plays by the rules and meets all the necessary requirements to offer their services to traders all over the globe. So, they've got the legal stuff covered.
When it comes to deposits and withdrawals, OANDA has got it sorted too. They've got solid partnerships with international banks, making it easy peasy for traders from different countries to fund their accounts and withdraw their hard-earned cash without a hassle. And hey, OANDA has been doing this for a while, so they've built up a trustworthy reputation. They keep client funds separate from their own, and they've got top-notch security measures in place to protect everyone's data and transactions.
All in all, OANDA has been in the game for ages, they've got the right licenses, banking connections, and security measures, so you can feel pretty confident when it comes to depositing and withdrawing with them.
Nov 20 2023
Upon checking the review section in the articles above, I observed that OANDA is a broker regulated in the United States. This indicates that OANDA has an office in the US and has successfully undergone review by the CFTC, am I correct? Now, diving into a more advanced query, what distinguishes OANDA in the US from OANDA Global? I noticed that OANDA offers additional currencies like SGD. I've learned that US regulators typically reject traders from outside the US. Can someone shed light on this inquiry for me? Thanks a bunch!
Nov 21 2023
Yes, you're correct. OANDA is indeed a US-regulated broker, signifying its presence in the US and compliance with the review standards set by the CFTC.
Now, onto your advanced question about the difference between OANDA in the US and OANDA Global. The key distinction lies in regulatory frameworks. OANDA US operates under the regulations set by US authorities, while OANDA Global may cater to a broader international audience, offering additional currencies like SGD. In simple term, OANDA Global has different regulator with OANDA US.
Concerning US regulators rejecting traders from outside the US, that's generally true due to regulatory constraints. However, the availability of certain currencies in OANDA Global suggests they cater to a more diverse clientele. It's essential to consider these regulatory nuances when choosing a platform based on your location and trading preferences. Hope that clarifies things!