OANDA Minimum Deposit

OANDA’s minimum deposit in Singapore is SGD 0. OANDA offers five trading accounts with varying properties and trading conditions.

In this article, we cover OANDA’s 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 Singapore?

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

1) Standard Account

Minimum deposit for the Standard Account is SGD 0. Full account verification is not needed if you are funding your account with less than US$9000 (SGD 12,101).

Minimum spreads begin from 0.6 pips with zero commission per standard lot. The account is available on MT4, MT5, and fxTrade.

There are no strict rules to opening this account. It is available to all kind of traders. Other base currencies supported by the account are Euros (EUR), Hong Kong Dollar (HKD), and US Dollar (USD).

2) Core Account

Minimum deposit for the Standard Account is SGD 0. You do not need to fully verify your account if your depositing below $9000 US$9000 (SGD 12,101).

Minimum spreads begin from 0.1 pip. Commissions for the account is quiet high. You will pay $40 per million traded.
There are over 200 CFD instruments that you can trade on MT4, MT5, and fxTrade.

OANDA’s core account is suitable if you are a short term trader or high frequency trader. It is suitable for Expert Advisors as well.

Other base currencies for the account are Euros (EUR), Hong Kong Dollar (HKD), and US Dollar (USD).

3) Swap-free Account

There is no required minimum deposit for the swap-free account. This is an Islamic account that is Shariah compliant.

It is suitable for traders who do not wish to pay or receive interest on their accounts. So no rollover charges will be paid or received.

This account is not available to all. If you request for the account, the final decision will be at OANDA’s discretion so there’s no guarantee.

Spreads for OANDA’s swap-free account begins from 1.6 pips with $0 commission per million traded. Only 20 instruments are available and traders can open the account on MT4 only.

No other base currencies other than USD.

4) Premium Account

You will need to fully verify your account before you can fund it. The minimum deposit for OANDA’s Premium Account is SGD 0.

The account is designed for high volume traders with spreads beginning from 0.7 pips. You will not pay any extra commission on this account. There are over 200 trading instruments offered with MT5 and fxTrade as the only trading platforms.

Traders who want to open this account must maintain $20,000 minimum balance and trade more than USD 10 million notional or equivalent per month.

5) Premium Core Account

The minimum deposit for OANDA’s Premium Core Account is SGD 0. It has exact same trading conditions as the Premium Account except for spreads and commissions.

Compared to the Premium Account, the spreads are lower beginning from 0.1 pips. However, you will pay $35 in commissions per million traded.

The acceptance criteria is the same as well. You have to maintain $20,000 minimum balance and trade more than USD 10 million notional or equivalent per month. If not, you cannot hold this account.

OANDA Deposit Methods and Required Fees

You can fund your OANDA CFD trading account with a number of different methods. OANDA has a Singaporean Dollar-based account. So you can fund your account in SGD.

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

1) Credit/Debit card: OANDA accept payments from credit and debit cards from MasterCard and Visa. Findings via a credit or debit card will show on your trading account within one business day.

2) Bank wire and bank transfer: Without extra commission on your transactions

3) E-wallets: OANDA supports Skrill and Neteller

4) Alternative payment methods: These are payments methods that are designed for specific regions like South East Asia, Latin America and African countries. Methods may vary by region.

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 accept third party payments. Please ensure that the name on the account from which y0ur funds are being sent matches the one on your OANDA account.

2) OANDA does not charge any fees for deposits made by credit card, debit card, and bank transfers. Your payment service provider may charge a service fee.

3) OANDA Global Markets (BVI regulation) does not make cross-border withdrawals. Funds arriving from one country will need to be returned to source in that same country.

4) If you are funding your account with more than US$9000 (SGD 12,101), your transaction will be restricted if you do not provide necessary documentation.

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 how other broker’s minimum deposit compare with that of OANDA.

Is OANDA Legal in Singapore

Forex trading in Singapore is regulated by the Monetary Authority of Singapore (MAS). They issue license to forex brokers that operate in Singapore.

OANDA is not regulated by the SCM. However, they are able to register traders based in Singapore through their FSC license in the British Virgin Islands.

Frequently Asked Questions