Forex Traders often wish to trade with brokers that offer suitable trading conditions, affordable minimum deposits, and an easy-to-use trading platform. Sometimes they even trade with loosely regulated forex brokers for lower minimum deposits and higher leverage. IC Markets is one of the highly regulated forex brokers that offer online trading services to traders worldwide. It is regulated by ASIC, IIROC, FFAJ, MFSA, MAS, FCA, CFTC, NFA, BVI FSC, etc.
If you consider using IC Markets as your broker, you may be wondering about the minimum deposit requirements and deposit conditions of IC Markets. In this guide, we will provide you with a comprehensive overview of IC Markets’s minimum deposit requirements, deposit process, and other important information you need to know before you start your trading journey
What is the minimum deposit for Oanda?
The minimum deposit of Oanda is $0. You will, however, need funds in your account in order to open positions.
Oanda Overview
- Founded In: 1996
- Founder: Dr. Stumm (a computer scientist), and Dr. Olsen (an economist)
- Headquarters: New York, United States
- Trading Instruments: 100+ trading Instruments including forex, indices, shares, commodities, metals, cryptocurrencies, metals
- Minimum Deposit: No minimum Deposit is required. You may deposit as low as $1
- Maximum Leverage: 1:50 (US), 1:30 (EU), 1:200 (other regions)
- Regulations: ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, FSC in BVI
- Trading platform: MT4, MT5, fxTrade app, Tradingview
- Account Types: Standard, Elitetrader
- Trading Fees: Spreads starting from 0.6 pips (EUR/USD pair)
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill
- US Traders: Accepted
How to Fund Your Oanda Account: A step by Step Guide
Step 1: Log in to Your Oanda Account
To fund your Oanda account, you’ll first need to create your Oanda account or log in to your existing account. Open your preferred web browser and go to the official Oanda website. Then visit the login section. You will find it in the Menu bar. Enter your registered username and password in the provided fields and click on the “Log In” to access your account dashboard.
Step 2: Go to the Deposit Section
Once logged in, go to the deposit section within your Oanda account. This section is typically located in the main menu or sidebar of the platform. Look for options labeled as “Deposit,” “Funding,” or similar terms. Click on this section to proceed to the next step.
Step 3: Choose Deposit Methods
In the deposit section, you’ll find available deposit methods for funding your Oanda account. These methods may include direct Bitcoin deposit, Bitcoin via Instacoin, and wire transfer via Instacoin. Oanda currently does not offer any other deposit methods other than Bitcoin.
Step 4: Enter Payment Details
Once you’ve selected your preferred deposit method, you’ll need to enter the relevant payment details to start the transaction. Depending on the chosen method, this could involve entering your Bitcoin wallet address for direct Bitcoin deposits, following instructions provided by Instacoin for Bitcoin transactions, or providing bank details for wire transfers via Instacoin. Ensure that you accurately enter all required information to prevent any delays or errors in the funding process.
Step 5: Complete Process
After entering the necessary payment details, carefully review the information to ensure accuracy. Once satisfied, proceed to complete the deposit process by following the instructions provided on the platform. This may involve confirming the transaction, verifying any security measures, and completing the deposit. Upon successful completion, the funds should be credited to your Oanda trading account which allows you to start trading on the platform.
How to Withdraw Funds from Oanda
To withdraw funds from Oanda, follow these steps:
- Log in to your Oanda account.
- Go to the “Withdraw Funds” or “Withdrawal” section.
- Select your preferred withdrawal method (e.g., Bitcoin, wire transfer).
- Enter the amount you wish to withdraw.
- Follow any additional on-screen instructions for your chosen withdrawal method.
- Confirm the withdrawal request.
- Wait for the withdrawal to be processed by Oanda.
Frequently Asked Questions (FAQs)
What is Oanda?
Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3000 forex, CFDs, and even real stocks.
What is the Maximum Deposit of Oanda?
Oanda does not have a maximum deposit limit. You may deposit as much as you want. However, your deposit methods might have transaction limits. For example, Paypal, Neteller, and Skrill have a max deposit limit of 50,000 of your base currency (USD, GBP, EUR)
What currency can I deposit into Oanda?
Oanda accepts multiple base currencies, including USD, EUR, HKD, and SGD. If your country’s base currency is not listed, you can convert and deposit funds in your preferred currency.
What is the maximum leverage of Oanda?
The Maximum Leverage of Oanda is 500:1. It means that you can trade up to 500 times the equivalent amount of base currency you have in your account.
How much does it cost to deposit in Oanda?
Oanda does not charge any fees for deposits made via any method. However, your card issuer or payment provider may or may not impose a small fee. If you convert your currency and make a deposit, conversion charges might be applicable
What is the Minimum trade size of Oanda?
The Minimum trade size of Oanda is 0.01. It is worth mentioning that a lot is a standard contract size in the currency market. It equals 100,000 units of a base currency, so 0.01 lots account for 1000 units of the base currency
What is the Maximum Trade size of Oanda?
The Maximum lot size of Oanda is 1000 lots. It means that traders using Oanda’s platform can trade up to 1000 lots of currency pairs in a single transaction.
How long does it take to deposit on Oanda?
Oanda deposits are usually instant. The broker accepts multiple deposit methods. However, the deposit turnaround time (TAT) may vary depending on the chosen payment methods.
- Visa debit/credit card: Immediate
- Mastercard debit/credit card: Immediate
- PayPal: Immediate
- Domestic bank transfer: Same day
- International Bank Transfer: 1-5 working days
Oanda does not accept payments from third parties. The payment account holder must match the account holder’s name. For joint accounts, the Oanda account must be opened in the name of any one of the joint account holders.
How much should I deposit in my Oanda account?
You may deposit any amount you want. If you are a beginner, you may start with as little as $100 or less. As you gain knowledge, you may deposit your desired amount and start trading.
What trading platform does Oanda use?
Oanda uses MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView and more.
Final Verdict :
Oanda is one of the most popular forex brokers. The minimum deposit at Oanda is $0. This no-minimum deposit helps traders to enter the market easily, with minimal financial risk. It also provides an opportunity to test trading platforms and strategies in a cost-effective way.
