Is my money safe in OANDA?
Your Margin Account with OANDA is not insured under any state or federal insurance program, or by any other entity. In the event OANDA should become insolvent or file for protection under the bankruptcy laws, it is possible that you would lose the entire amount in your Margin Account.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
Funds can be withdrawn by logging in to 'manage funds' using your OANDA Trade account details. Remember: withdrawals are subject to our hierarchy rule. If you have deposited funds using multiple methods, you must exhaust the total deposit amounts first by debit card, and then followed by bank wire transfer.
OANDA accepts U.S. clients, though only for forex, and is registered with the CFTC, NFA (U.S.), and FCA (U.K.).
You will be charged a monthly fee of 10 units of the currency in which your account is denominated when there are no open trades in your account for a period of at least 12 months. For example, if your account is in USD, you will be charged 10 USD.
What is the minimum deposit requirement? There is no minimum deposit or minimum balance required to open or maintain an OANDA account. You will, however, need funds on your account in order to open positions.
Price volatility and changes in global market liquidity can result in large spread increases around market openings and closings, following news announcements, and during times of uncertainty. At such times, our spreads usually widen to reflect market conditions.
If the card hasn't been verified in the past, you will be required to verify it before proceeding. If the card has been verified in the past, you can enter your withdrawal amount and confirm the request. For wire transfers, select an existing bank, or add and verify a new bank account .
Withdrawals by bank or wire transfer must be: Processed to bank accounts registered to the same person as the OANDA account holder. The name and address on your OANDA account must match the name and address on the bank account you would like the withdrawal to be processed to.
When inactivity fees are due, they are levied first on the client's sub-account with the smallest balance and continue to be debited from sub-accounts until a maximum of $10 USD per client has been debited each month.
Does OANDA report to IRS?
OANDA does not report taxes on behalf of our clients, and as such, we do not provide any tax forms relating to profit/loss on your account (e.g. 1099-B form). Your annual account statement may help you with your tax reporting. You can download your annual account statement from the HUB by clicking on Statements .
No: 0325821. Residents of the US and its territories , with either a valid social security number or US visa entry document (or similar) can apply to open an account with OANDA Corporation.
- IG - Best overall broker, most trusted.
- Interactive Brokers - Great overall, best for professionals.
- Saxo - Best web-based trading platform.
- CMC Markets - Excellent overall, best platform technology.
- FOREX.com - Excellent all-round offering.
- TD Ameritrade - Best desktop platform, U.S. only.
| Feature | Standard | Professional |
|---|---|---|
| 70 FX pairs | Yes | Yes |
| CFDs on major indices, commodities, metals and bonds | Yes | Yes |
| Minimum account balance | 0 | $20,000 USD (or equivalent local currency) |
| Dedicated relationship manager | No | Yes |
Withdrawals usually take one to five business days. Your bank may take additional time to complete your withdrawal. The name and address on your OANDA account must match the name and address on the bank account you would like the withdrawal to be processed to.
$50,000 USD per deposit. No limit on the number of deposits. Immediate for Instant ACH starting at 50% of the requested deposit amount for transfers equal to or less than $1000. Up to 6 business days for regular ACH processing.
Once your application is submitted, please wait for 1-2 working days to receive an approval email from OANDA. From our approval email, click on Set Your Password and complete the steps for your account security.
- OANDA - Best US Forex broker overall.
- Forex.com - Lowest spread Forex broker.
- IG - Best Forex broker for beginner traders.
- Interactive Brokers - Best Broker commission rates.
- TD Ameritrade - Best U.S.-Based customer support.
- eToro - Best social and copy trading platform.
OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association.
The minimum withdrawal amount is $100, or all your available account balance (whichever is lower). You can withdraw a maximum of $25,000 per transaction if you are withdrawing via bank transfer or debit card. Wire transfers have no restriction on transaction size.
Is OANDA insured?
OANDA maintains back up systems and contingency plans to minimize the possibility of system failure. Your Margin Account with OANDA is not insured under any state or federal insurance program, or by any other entity.
How Am I Taxed for Forex Trading? If you trade 1256 contracts, your trades are taxed at 60% long-term capital gains and 40% short-term capital gains. If you're trading 988 contracts, you treat losses and gains as ordinary (taxed at your income tax bracket level).
The answer is yes. Forex traders are required to pay tax on their profits. Forex trading is considered a business, so the profits from forex trading are taxable. Normally, forex traders are subject to income tax in the country where they live, and that is the same case when you come to the United States.
George Soros is undoubtedly one of the most successful forex traders in the world. His bold and aggressive trading style has earned him a place in history, and his philanthropic efforts have made a positive impact on many lives. However, his controversial reputation may not sit well with some investors.
| Stock Brokerage Firm | Assets under management* |
|---|---|
| Vanguard Group | $8.6 trillion |
| Charles Schwab | $8.5 trillion |
| Fidelity Investments | $4.4 trillion |
| JPMorgan Chase & Co. | $3.9 trillion |
