OANDA Minimum Deposit

OANDA’s minimum deposit in Canada is CAD 0. OANDA Canada offers one retail account which is their Regular Account. There is also the Elite Trader Account that has five tiers under it.

In this article, we cover OANDA’s different accounts and their minimum deposits. You will also find all you need to know about funding methods and how much they cost. We will also show you how to fund your OANDA trading account.

How Much is OANDA’s Minimum Deposit in Canada?

Now we begin to breakdown OANDA’s Accounts. All of these accounts and important trading conditions are discussed in our OANDA review.

1) Regular Account

You need CAD 0 minimum deposit for this account. It is a retail account and no trading volume is required to sign up for the account.

You can trade CFDs on currency pairs, major indices, commodities, metals and bonds. The account also gives you access to OANDA order book, open orders and positions, and MT4 order book indicator.

Spreads start from just 1 point on the German 30 index, 0.6 points on the US NAS 100 index and 1.5 pips on USD/CAD. For EUR/USD, it is 1.4 pips. Spreads for Brent Crude begin from 3 points and XAU/USD from 18.1 cents.

No commission is charged on this account.

2) Elite Account

The Elite Trader program is designed for high volume traders. The program exist in 5 tiers with similar trading conditions.

For all tiers, you get access to reduction of your trading costs by up to 34%, free wire transfers, free VPS, dedicated account manager, and OANDA MT4 Pro Orderbook. Your monthly TradingView subscription are also reimbursed.

This is where the similarity ends because the tiers also vary for certain conditions like

Trading Volume Requirement: The tiers have different monthly trading volume requirement. Tier 5 has the highest requirement at over a billion US dollars. Tier 1 has the lowest requirement at USD 10-49 million per month.

Cash Rebates: Elite traders earn rebates per million traded. Tier 5 traders earn CAD 17 which is the highest. Tiers 1,2,3, and 4 earn CAD 5, CAD 7, CAD 10, and CAD 15 respectively.

TradingView: Elite traders in tiers 4 and 5 have access to Premium TradingView subscription. Tiers 2 and 3 have access to TradingView Plus while tier-1 has TradingView Essential.

OANDA Deposit Methods and Required Fees

You can fund your OANDA CFD trading account with a number of different methods. OANDA has CAD-based trading account so you can fund your account in Canadian Dollar (CAD).

Here are the funding methods available for traders resident in Canada.

Bank wire transfer: Processing time for local bank transfer is 1-3 business days. No minimum or maximum deposit limit.

PayPal: It will take 2-6 business days for money sent from your personal PayPal account to reflect in your trading account. Your funds will also be sent via e-check. PayPal may charge you service fee.

Note: OANDA processes all withdrawals back to source. This means if you fund your account via a credit card, you can only withdraw your funds via that same credit card.

OANDA Deposit Terms

1) OANDA does not charge deposit fees. But your bank or card provider might charge you for offering you the payment service.

2) OANDA will not accept payments by cheque or cash.

3) OANDA can contact you for any documents necessary to process your transaction.

4) When you make a wire transfer, you must send your receipt or screenshots to verify the transaction. The transaction receipt or screenshot should contain your account name, bank account details, amount sent, and your transfer memo and/or date.

5) No third party payment is accepted. Your bank account names must match the name you registered your trading account with. The same applies for deposits via PayPal.

6) Your PayPal must be linked to your bank account. Your transaction will not be processed if your PayPal account is linked to a credit/debit card.

How to Deposit Money Into Your OANDA Account

1) Log in to your OANDA client area.

2) Once your client area loads, click on ‘Manage Funds’.

3) Follow the on-screen prompts to complete your funding process.

Comparison Of OANDA’s Minimum Deposit With Other Brokers

Here is a comparison of OANDA’s minimum deposit with selected brokers in Canada.

Does OANDA Accept Canadian Clients?

OANDA accepts Canadian clients. OANDA Canada is licensed with the Canadian Investment Regulatory Organization (CIRO). The company’s registered name is OANDA (Canada) Corporation ULC.

Frequently Asked Questions