Frequently Asked Questions
Depositing Funds with OANDA
On this page:
To fund your fxTrade account:
2. On the My Account web page, click Manage My Funds.
3. Select the sub- account to which you want to add funds and click Deposit. Choose your payment method and then specify the amount to be deposited as well as the source account.
The deposit notification enables us to quickly and effectively allocate funds to your account. If you send funds without this information, we may need to delay allocating these funds to your account while we figure out your intentions.
When funds arrive at our bank, we need to process the deposit to ensure that it is credited to the correct account and we complete all necessary verifications. We try to complete this process the same day your funds arrive.
We accept funds in a number of major currencies used by our customers around the world: GBP, EUR, CHF, USD, CAD, SGD, HKD, JPY and AUD. To send funds in any of these currencies, you need to have a sub-account in that currency and send your funds directly to that account to avoid exchange fees.
Please note: If you try to send funds in a different currency from your bank account, your bank will convert your funds at their exchange rate, which will probably be unfavourable to you. Your bank may also charge a service fee for the currency conversion. It is much better for you to send funds in the same currency as your bank account, and deposit them into an OANDA account (or sub-account) in that same currency if possible.
No. Due to regulations designed to prevent money laundering and other activities, OANDA cannot process third-party deposits.
OANDA can only accept payments from a financial account in your name. When we receive a payment, we do not process the deposit until we verify the sender is the same as the holder of the fxTrade account.
No. You must withdraw funds by the same method you used to deposit money into your OANDA account.
If your deposit check is returned to OANDA with insufficient funds, your OANDA currency account will be suspended and all positions closed. You will be charged an additional fee of $20.00 CAD, which will be deducted from your trading account.
Customers’ accounts are protected by the Canadian Investor Protection Fund (“CIPF”) for up to $1,000,000 within specified limits. A brochure describing the nature and limits of coverage is available from OANDA upon request or you may view it on-line: http://www.cipf.ca/Libraries/Brochures/CIPF_Bro_ENG_JAN2012_PRINTWEB.sflb.ashx.