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There is no minimum deposit required if you start trading with Oanda. Therefore, Oanda minimum deposit is ideal for traders and investors having smaller amounts to invest. In addition, with this broker, you can increase the number of funds in your account as you become more comfortable managing your trades.
It is common for brokers without a minimum deposit to attract customers without requiring them to make a large commitment. In simple words, it is an efficient broker for traders and investors with a small amount of capital. In other words, if you are just starting out in the trading market, Oanda is the best place to start.
About Oanda
In 1996, the USA introduced and established a regulated broker Oanda in Delaware. Oanda was co-founded by a professor of computer engineering at the University of Toronto and a proprietor and economist of Olsen limited. In the beginning, Oanda offered a zero cost currency exchange information service.
Oanda minimum deposit offers forex trading, indices, commodities, and bonds worldwide. Since its inception as a tech startup, Oanda has grown into a global leader in financial services employing more than 196 people in 196 countries. On top of that, its users can trade foreign exchange with its proprietary FxTrade trading platform via its web, desktop and mobile applications.
What is Oanda minimum deposit?
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For the activation of a real trading account with Oanda, there is no minimum deposit amount. As you gain experience in trading and earn more profits, you can add more deposits to your trading account. When opening an account at Oanda, you need to think about several other factors regarding deposits in addition to the minimum deposit.
Methods and Fees for Oanda deposit
There are no fees associated with Oanda’s deposits. So, in this case, you won’t have to pay anything out of your deposit, and you’ll only have to pay whatever your bank and third-party charges you.
Steps for making the minimum deposit
You might need to follow slightly different steps to send your minimum deposit to Oanda, but generally, the following steps are involved:
Step 1: Open an account with the broker
Online trading accounts are available at most brokers. You typically have to provide personal information when opening an account, such as your date of birth or employment status. Usually, you are tested on your financial acumen as well.
Your identity and residency are verified in the last stage of the account opening process. As part of this verification, you need to upload your ID card pic and a document that shows your proof of residency, such as a bank statement. Then, using our broker selector tool, you can find the right broker for you.
Step 2: Make a deposit
To make a deposit, you must first sign in to your already opened trading account. The next step is to choose one of the deposit methods that Oanda supports, enter the deposit amount of your choice and make the deposit.
Among the deposit methods are
Bank/Wire Transfer: In the deposit interface, you must enter your bank account number. You must have your bank account. A bank transfer should then be initiated from your bank account. You’ll need to write a comment about the transaction when you get a broker’s reference number. In this way, your deposit can be identified.
Credit/debit cards
The same card information needs to be entered as with a regular online purchase. It is required, however, that the card used must be your own. If your broker asks you to scan and send the card, as with IC Markets, the card will also need to be verified.
Online Wallets like PayPal, Skrill, and Neteller
As with any online purchase, it works the same way. Once you’ve entered your credentials (username and password) for the wallet, the interface will pop up for you to finish your transaction.
Step 3: Review your transaction
Oanda can take a couple of days for your deposit to appear on your brokerage account, depending on which method you choose. In such cases, Oanda brokers send you a confirmation email.
Deposit currencies
Your deposited money will be held in the base currency of each trading account. However, you may also be able to have multiple accounts with different currencies at some brokers. For example, on IG, you can have both EUR and USD-based accounts.
Why does it matter? If your deposit is in a different currency from the target trading account’s currency, a currency conversion fee will be charged. There is probably nothing to worry about, but it is important to know.
Online brokers offer trading accounts only in major currency pairs (USD, GBP, EUR or JPY), while others offer much more.
Similarly, Oanda supports nine major currencies, such as USD, GBP and EUR, but not minor currencies. Therefore, your broker won’t have to convert your deposit if you would have deposited in a major currency anyhow. However, you will be charged a currency conversion fee if you use a minor currency not supported by Oanda.
To save on the conversion fee, you can open a multi-currency bank account if your brokerage account needs to be funded from a different currency. Or you can choose a currency from your existing bank account.
Oanda withdrawal fees and options
The first debit card withdrawal is free at Oanda, and the first credit card transfer is also free each month. Depending on your residency, you may have different withdrawal options and fees. There is no difference in the main withdrawal options between deposits and withdrawals.
Pros and Cons
Pros
- No minimum deposit is required to activate an account.
- No deposit fee
- Credit/Debit Card deposit.
Cons
- No minor currencies are supported.
- $25 Withdrawal fees with a bank transfer.
Bottom line
Start trading with Oanda without having to make a deposit. Traders and investors with small amounts to invest are therefore best served by the Oanda minimum deposit.
As you become more accustomed to managing your trades, you can add more funds to your account with this broker. Having a variety of deposit options and nine different base currencies deposit and withdrawal is easier with Oanda.
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