Withdraw Oanda To Debit Card Where Is Money
Summary
Recommended for forex traders who value a user-friendly platform and great research tools
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74-89% of retail CFD accounts lose money
Oanda is a US-based forex broker founded in 1996. It is still a private company and therefore not listed on any stock exchange.
Oanda operates via several entities worldwide and is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK's Financial Conduct Authority (FCA).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The services offered by Oanda's various entities differ slightly. In this review, we mainly focus on the UK one.
Oanda pros and cons
Oanda offers high-quality and easy-to-use trading platforms, and its research tools are also powerful, with numerous technical indicators and a great API offer. The account opening process is user-friendly and quick.
On the downside, Oanda has a limited product portfolio, as you can trade only forex and CFDs. It is not listed on a stock exchange and doesn't have a banking background, two factors that could boost its safety qualification. In addition, customer support is only available 24/5.
| Pros | Cons |
|---|---|
| • Great trading platforms | • Only FX and CFD available |
| • Outstanding research tools | • No stock exchange listing and banking background |
| • Fast and user-friendly account opening | • Customer support is not 24/7 |
| 🗺️ Country of regulation | US, UK, Australia, Singapore, Canada, Malta, British Virgin Islands |
| 💰 Trading fees class | Low |
| 💰 Inactivity fee charged | Yes |
| 💰 Withdrawal fee amount | $0 |
| 💰 Minimum deposit | $0 |
| 🕖 Time to open an account | 1-3 days |
| 💳 Deposit with bank card | Available |
| 👛 Depositing with electronic wallet | Available |
| 💱 Number of base currencies supported | 9 |
| 🎮 Demo account provided | Yes |
| 🛍️ Products offered | Forex, CFD |
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74-89% of retail CFD accounts lose money
Oanda review
Fees
To find out more about its trading and non-trading fees, visit Oanda
Visit broker 74-89% of retail CFD accounts lose money
Compare to its best reviewed alternative: Pepperstone
Oanda has low forex fees but average CFD fees. Withdrawal fees are low but not in all cases, while there's also a small inactivity fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • Average CFD fees |
| • First card withdrawal each month is free |
| Assets | Fee level | Fee terms |
|---|---|---|
| EURUSD | Low | The fees are built into the spread, 0.9 pips is the average spread cost during peak trading hours. |
| GBPUSD | Low | The fees are built into the spread, 1.2 pips is the average spread cost during peak trading hours. |
| S&P 500 CFD | Low | The fees are built into the spread, 0.3 points is the average spread cost during peak trading hours. |
| Inactivity fee | Low | £10 per month after one year of inactivity |
How we ranked fees
We ranked Oanda's fee levels as low, average or high based on how they compare to those of all reviewed brokers.
To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.
- Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.
In the sections below, you will find the most relevant fees of Oanda for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.
We also compared Oanda's fees with those of two similar brokers we selected, Pepperstone and FXCM. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Oanda alternatives.
To have a clear overview of Oanda, let's start with trading fees.
Oanda trading fees
Oanda's trading fees are low.
We know it's hard to compare trading fees for forex brokers. So we compared brokers by calculating all the fees of a typical trade for selected products.
We picked popular instruments within each asset class usually offered by forex brokers:
- Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
- Stock index CFDs: SPX and EUSTX50
A typical trade means buying the instrument, holding it for one week and then selling it. For volume, we chose a $20,000 position for forex and a $2,000 position for stock index CFDs. We assumed the following leverages:
- 30:1 for forex
- 20:1 for stock index CFDs
The resulting catch-all fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for Oanda's fees.
Forex fees
Oanda charges low forex fees, matching its closest competitors in the case of most forex pairs.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| EURUSD benchmark fee | $8.0 | $6.7 | $8.2 |
| GBPUSD benchmark fee | $6.0 | $6.0 | $2.8 |
| AUDUSD benchmark fee | $8.6 | $6.9 | $5.3 |
| EURCHF benchmark fee | $6.0 | $3.9 | $4.1 |
| EURGBP benchmark fee | $9.2 | $8.5 | $11.6 |
CFD fees
Oanda has average stock index CFD fees.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| S&P 500 index CFD fee | $1.7 | $1.2 | $1.4 |
| Europe 50 index CFD fee | $1.5 | $1.6 | $2.0 |
Non-trading fees
Oanda has mixed non-trading fees.
There is no account or deposit fee. Oanda charges a reasonable $14 (£10) monthly inactivity fee if you don't use your account for trading for more than one year.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | Yes | No | Yes |
| Deposit fee | $0 | $0 | $0 |
| Withdrawal fee | $0 | $0 | $0 |
The first debit/credit card withdrawal in each calendar month is free, but there's a charge for subsequent withdrawals. The withdrawal fee is rather high for bank transfers and PayPal (GBP, EUR, USD only). For details, see our table on withdrawal fees here.
Oanda review
Account opening
To experience the account opening process, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda's account opening is straightforward, and no initial minimum deposit is required.
| Pros | Cons |
|---|---|
| • Fully digital | None |
| • No minimum deposit |
Can you open an account?
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74-89% of retail CFD accounts lose money
What is the minimum deposit at Oanda?
There is no minimum deposit at Oanda.
Account types
There is only one type of trading account at Oanda (in addition to a demo and a corporate account). However, you can open up to 19 sub-accounts. These are great if you want to have different base currencies under one account. E.g. you can have a USD account with EUR and GBP subaccounts.
Oanda also provides API possibility for exchanges - it might come in handy if you'd like to develop your own platform.
How to open your account
From start to finish, you can calculate with less than 10 minutes. Account approval, though, can take multiple days, as we were asked to send some of our verification documents in email; but it's still quick if you respond to their emails in time.
It takes six steps to complete the Oanda account opening process:
- Account details: set your username and password.
- Personal details: enter basic personal information like your name, address and birth data.
- Employment: fill in information about your employment status, income and wealth
- Trading experience: answer questions about your trading experience
- Customer knowledge: fill out a short quiz to test your knowledge (e.g. Does changing leverage from 50:1 to 100:1 increase or decrease your potential profit/loss?)
- Verify your identity: upload a copy of your ID/passport to verify your identity, and a bank statement or utility bill to verify your residency
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Oanda review
Deposit and withdrawal
To find out more about the deposit and withdrawal process, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda charges no deposit and account fees. You can withdraw your money free of charge to a debit/credit card, but bank transfer withdrawals are quite costly.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • High withdrawal fee for bank transfers |
| • Free withdrawal | |
| • No deposit fee |
Account base currencies
You can choose from among 9 base currencies at Oanda, a selection that compares well to the company's closest competitors.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Number of base currencies | 9 | 9 | 4 |
| EUR | USD | GBP |
| AUD | CAD | CHF |
| HKD | JPY | SGD |
Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don't have to pay a conversion fee.
A convenient way to save on currency conversion fees is opening a multi-currency bank account at a digital bank. Digital banks offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
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Deposit fees and options
Oanda charges no deposit fees.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
Deposit options vary depending on your residency and your account currency. We listed the main options below.
| Option | UK | EU | US | Canada | Australia | Other |
|---|---|---|---|---|---|---|
| Bank transfer | ||||||
| Credit card | ||||||
| Debit card | ||||||
| Electronic wallets |
Electronic wallets supported by Oanda include PayPal (UK, Canada) as well as Neteller and Skrill (most of Asia and other emerging markets).
You can only deposit money from accounts that are in your name. A bank transfer can take several business days, while payment with a credit/debit card is instant. For more information, visit Oanda's website.
Oanda withdrawal fees and options
Withdrawal options and fees vary depending on your residency and your account base currency. The main withdrawal options are the same as those for deposits.
As for fees, withdrawal to credit/debit cards is typically free, as is withdrawal to PayPal or other electronic wallets.
However, withdrawal via bank transfer is quite expensive in most cases. For example, withdrawals from USD or EUR accounts cost $/€20; while in many regions, subsequent withdrawals in the same calendar month cost even more, typically $/€35.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
How long does it take to withdraw money from Oanda? Oanda says it can take anywhere between one and six business days, depending on the withdrawal method and your residency. In our tests, it took one business day using a debit card.
You can only withdraw money to accounts that are in your name.
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Oanda review
Web trading platform
To try the web trading platform yourself, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No price alerts |
| • Clear fee report | |
| • Two-step (safer) login |
| Trading platform | Score | Available |
|---|---|---|
| Web | 4.5 stars | Yes |
| Mobile | 5.0 stars | Yes |
| Desktop | 4.5 stars | Yes |
At Oanda, you can choose from two web trading platforms: Oanda's own platform or MetaTrader 4. In this review, we tested Oanda's own platform.
Oanda's web trading platform is available in several languages:
| Chinese | English | French | German | Italian |
| Japanese | Portuguese | Russian | Spanish |
Look and feel
Oanda's own trading platform is user-friendly and well-designed. It is also customizable, allowing you to change the position and size of the tabs.
Login and security
Oanda offers two-step login, which is safer than using only a username and a password. For two-step login to work, you'll have to install the Google Authenticator app, which is a compromise that's easy to live with for the sake of security.
Search functions
The platform's search function is good, although its location is not very intuitive. You can browse available assets by category under the 'Rates' tab.
Placing orders
You can use the following order types:
- Market
- Limit
- Take profit
- Stop loss
- Trailing stop
Only Good 'til Date (GTD) order time limit is available. To get a better understanding of these terms, read this overview of order types.
Alerts and notifications
You can't set price alerts and notifications on the web trading platform, although this function would be useful and is available at several other brokers.
Portfolio and fee reports
Oanda has clear portfolio and fee reports. You can find the summary of your spread costs, commissions and profit under the 'Activity' tab.
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74-89% of retail CFD accounts lose money
Oanda review
Mobile trading platform
To try the mobile trading platform yourself, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda's mobile platform is similar to the web trading platform in functionality, and as a plus, you can also set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No Touch/Face ID login |
| • Two-step (safer) login | |
| • Good search function |
Oanda's mobile trading platform is available for both iOS and Android. We tested it on Android in English. The platform is available in the following languages:
| Arabic | Chinese | German |
| English | Japanese | Russian |
Look and feel
The Oanda mobile trading platform is user-friendly. The chart tab is great, you can customize it well. This is not something you usually find at other brokers.
Login and security
Oanda offers two-step login, which is definitely safe, but you can't use biometric authentication (such as fingerprint or face recognition), which would make the process even more convenient.
Alerts and notifications
In a positive development compared with the web trading platform, it's possible to set alerts and notifications on the Oanda mobile platform.
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74-89% of retail CFD accounts lose money
Oanda review
Desktop trading platform
To try the desktop trading platform yourself, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda's desktop platform mimics the web platform in terms of functionality, meaning lots of user-friendly functions but no price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No price alerts |
| • Clear fee report | |
| • Good customizability (for charts, workspace) |
Oanda's desktop platform is similar to the web trading platform in terms of customizability, login, order types and portfolio reports. While the design is generally fine, it could use some brush-up. Like its browser counterpart, the desktop platform doesn't allow you to set price alerts. 
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74-89% of retail CFD accounts lose money
Oanda review
Markets and products
To dig even deeper in markets and products, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
At Oanda, you can trade only forex and CFDs. A decent offer of forex, commodity, stock index and bond CFDs is offset by the complete absence of stock CFDs.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Oanda has a wide selection of CFD products (including stock index, bond and commodity CFDs), and it offers a reasonable amount of currency pairs, too. The product lineup lacks ETF CFDs, individual stock CFDs and futures CFDs, though.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Currency pairs (#) | 69 | 62 | 45 |
| Stock index CFDs (#) | 16 | 23 | 15 |
| Stock CFDs (#) | - | 950 | 219 |
| ETF CFDs (#) | - | - | - |
| Commodity CFDs (#) | 31 | 25 | 12 |
| Bond CFDs (#) | 6 | - | 1 |
| Futures CFDs (#) | - | - | - |
| Cryptos (#) | 2 | 12 | 7 |
The UK's Financial Conduct Authority (FCA) banned the sale of crypto-derivatives to UK retail consumers as of January 2021.
We really liked the fact that you can set the leverage manually. At many other brokers, including some of Oanda's closest competitors, this feature is not supported. To set the leverage, go to the 'Manage Funds' tab.
Changing the leverage is a very useful feature when you want to lower the risk of your trade. Always be careful with forex and CFD trading, as preset leverage levels may be too high.
Oanda review
Research
To check the available research tools and assets, visit Oanda
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Oanda has a wide range of research tools, including news, technical analysis and an API. However, these features are poorly organized on the site.
| Pros | Cons |
|---|---|
| • Good interactive chart | • No trading ideas |
| • Data on asset fundamentals | • Research tools are poorly organized |
| • Quality news flow | |
| • Great API |
Oanda has many research tools, but they are scattered across several different pages, accessible via various (often overlapping) menus. Here's a list of Oanda's main tools:
- MarketPulse: Publicly available analyses written by Oanda's own research team. It also includes an economic calendar, videos and podcasts.
- News: MarketPulse articles plus a feed by Dow Jones Newswires, a prominent third-party information provider.
- Oanda Labs: Tools developed by Oanda's engineers. These tools are usually based on technical analysis, e.g. candlestick pattern analysis.
- Technical Analysis: Many technical analysis tools powered by Autochartist.
- Algo Lab: A powerful tool for API trading.
Research tools are available in multiple languages. The format and availability of some tools may depend on your region and which Oanda entity you're using.
Fundamental data
Oanda provides fundamental data through its built-in application 'Economic Analysis'.
Charting
Oanda has great charting tools. The charts are very responsive, easy to edit, and you can use more than 80 technical indicators.
News feed
News is available on the 'News', 'MarketPulse', and 'Economic Analysis' pages. You can reach these pages from the trading platforms, but MarketPulse articles are also available publicly.
We think 'MarketPulse' is your best bet if you want to be in the know. It offers well-written news and analysis with visual elements like charts or videos. You can also find a great economic calendar here. These elements are totally missing from the 'News' page.
Other research tools you may enjoy
Oanda has great API options. You can make/use your own APIs in a great and very user-friendly environment. Algo Lab allows you to code and deploy your own automated trading strategies right from your web browser. Programming languages supported by Algo Lab are C#, Python and F#.
There is also a currency heat map, which is a great visual chart showing FX pair changes in percentages. Last but not least, you can use the Forex Order Book tool, which is a 24-hour summary of open orders and positions held by Oanda's clients.
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Oanda review
Customer service
To find customer service contact information details, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
You can reach Oanda's customer service through several channels, but availability could be improved.
| Pros | Cons |
|---|---|
| • Phone support | • No 24/7 support |
| • Live chat | |
| • Fast response time |
It is a big plus that you can contact Oanda in several ways:
- live chat (with an Oanda agent)
- chatbot (virtual assistant)
- phone
Oanda's customer service is available 24 hours a day, but live chat and phone support is available only between Sunday evening and Friday evening. Although not 24/7, this is still good availability, but there are a few aspects that could be improved:
- On live chat, we got helpful answers and the response time was short (instant or in 1-2 minutes). Nevertheless, they wrap up the live chat quite quickly if you don't respond right away. A good feature though is that you can export message texts.
- The chatbot is unlikely to answer your questions directly, but it does a reasonably good job of detecting the subject of your query and pointing you to the relevant FAQ section of the website.
- On the phone, relevance could be improved. We didn't always get a fully satisfactory answer to our question (we wanted to get a good overview of fees). Response time is quite good, around 2-3 minutes.
- Email support gave relevant answers and their response was fast (replied in less than 4 hours).
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74-89% of retail CFD accounts lose money
Oanda review
Education
To check the available education material and assets, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda offers articles, videos and webinars on topics ranging from the basics to expert trading, but this wide selection of educational materials is not always structured well.
| Pros | Cons |
|---|---|
| • Demo account | • Materials not well-organized |
| • Trading platform tutorial | |
| • Educational videos |
It is great that you can use a range of tools for education:
- Demo account
- Educational videos
- Platform tutorial videos
- Webinars
- Texts
We enjoyed the quality of the videos, they were well produced. On the other hand, we felt they should be better organized; for example, a separate playlist for trading platform basics would be nice.
There are high-quality webinars available to everyone (both live and archived), covering basic trading topics from order types to risk management or technical analysis. Premium webinars are only accessible to Oanda customers. Educational articles are also available for reading, covering many of the same topics. All educational tools are available under the 'Learn' menu, though their navigability could be improved.
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74-89% of retail CFD accounts lose money
Oanda review
Safety
To find out more about safety and regulation, visit Oanda
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Compare to its best reviewed alternative: Pepperstone
Oanda is regulated by top-tier authorities, but it doesn't have a banking license and is not listed on a stock exchange.
| Pros | Cons |
|---|---|
| • Majority of clients belong to a top-tier financial authority | • Does not hold a banking license |
| • Negative balance protection | • Not listed on stock exchange |
| • Financial information is publicly available |
Is Oanda regulated?
Yes, it is regulated by several financial authorities worldwide, including top-tier regulators like the UK's Financial Conduct Authority (FCA).
Is Oanda safe?
To be certain, we highly advise that you check two facts:
- how you are protected if something goes wrong
- what the background of the broker is
How you are protected
Oanda has seven legal entities, each serving clients from different parts of the world. This is important because the investor protection amount and the regulator differ from entity to entity.
| Client country | Investor protection amount | Regulator | Legal entity |
|---|---|---|---|
| UK | £85,000 (FSCS) | Financial Conduct Authority (FCA) | OANDA Europe Ltd |
| EU | €20,000 | Malta Financial Services Authority | OANDA Europe Markets Ltd |
| US | No protection | Commodity Trading Futures Commission and National Futures Association | OANDA Corporation |
| Canada | CAD 1,000,000 | Investment Industry Regulatory Organization of Canada (IIROC) | OANDA (Canada) Corporation |
| Australia | No protection | Australian Securities and Investment Commission (ASIC) | OANDA Australia Pty Ltd |
| Singapore | No protection | Monetary Authority of Singapore (MAS) | OANDA Asia Pacific Pte Ltd |
| Other countries | No protection | British Virgin Islands Financial Services Commission | OANDA Global Markets Ltd |
Oanda provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered by any negative balance protection.
Background
Oanda is based in the USA and was founded in 1996. The longer track record a broker has, the more proof we have that it has successfully weathered previous financial crises.
Oanda publishes its annual financial statements and is regulated by a top-tier regulator. All of these are great markers of Oanda's safety.
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Oanda review
Bottom line
Visit Oanda if you are looking for further details and information
Visit broker 74-89% of retail CFD accounts lose money
Compare to its best reviewed alternative: Pepperstone
Oanda is a great forex broker. It has user-friendly trading platforms that you will quickly learn to use confidently. It also provides powerful research tools, especially trading APIs. The account opening process is easy and quick.
Among some negatives, Oanda's product selection is limited to forex and CFD products. It doesn't have a banking background and is not listed on any stock exchange, two typical factors that enhance transparency and regulatory scrutiny. Customer support, while helpful, is only available 24/5.
With all that in mind, feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after one year.
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74-89% of retail CFD accounts lose money
Oanda review
FAQ
We recommend Oanda for forex traders who value a user-friendly platform and great research tools.
Below you can find links to all aspects of Oanda in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our Oanda fees article.
What about the minimum deposit?
Our ultimate guide to the Oanda minimum deposit is updated regularly.
How to start your Oanda account?
Look no further than our evaluation of Oanda account opening.
How's their trading app?
Here's our expert view after checking the Oanda trading app.
Is the quality of customer service satisfactory?
All you need to know about Oanda customer service.
Legit or scam?
Is Oanda legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether Oanda is really free.
Is this broker good for beginners?
We checked it in Is Oanda good for beginners.
Should you buy your silver bullets on Oanda?
Research for silver bugs in the Silver buy on Oanda guide.
I want to trade options, are they available at Oanda?
We explored the topic in Can you trade options on Oanda?
What is the minimum account balance at Oanda?
Check out the current account balance requirements at Oanda in our What is the minimum account balance at Oanda article.
Looking for commission and fees data for Oanda?
We collected them in Oanda commission and fees.
How do you withdraw money from Oanda?
We tested it and collected the options and costs in How to withdraw money on Oanda.
Withdraw Oanda To Debit Card Where Is Money
Source: https://brokerchooser.com/broker-reviews/oanda-review
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