Frequently asked questions
How can I fund my OANDA trading account?
To initiate your first deposit into your OANDA trading account, simply select the ‘manage funds’ tab after logging in to your account. This takes you to the My Funds page, where you can make deposits, withdrawals and transfers between your accounts.
How can I withdraw my funds from my OANDA account?
You can withdraw funds from your OANDA account via credit/debit card, online banking and bank wire transfer. Funds can be withdrawn by selecting the ‘manage funds’ tab after you log in to your OANDA account, this brings you to the My Funds system. Irrespective of funding method, clients are able to request a withdrawal to any verified bank account. Find out more about how you can withdraw funds from your account.
What are holding charges?
What are currency conversion fees?
Trading products in a different currency from your account's home currency will incur a currency conversion charge. OANDA charges a 0.5 % mark-up/mark-down on the midpoint price of the applicable currency at the time of conversion.
When do currency conversion charges apply?
Home currency conversion charges are applicable only when a trade/transaction is conducted in a different currency to the account’s home currency, and therefore needs to be converted to that home currency. It is applied to any realised profits and losses, adjustments, fees and charges that are denominated in a currency other than the account’s home currency and as such, needs to be converted to the account’s home currency.
How is currency conversion calculated?
Let’s say you have an account denominated in GBP. Below is the methodology of how OANDA clients’ transactions are converted to the account’s home currency:
New bid = midpoint price x (1 - x%)
New ask = midpoint price x (1 + x%)
Where x% = 0.50%
Midpoint price = (ask + bid)/2
A client has an account denominated in GBP. You opened a long position on 1 unit of US Wall St 30 @ 29,000 and closed your trade at 29,100, resulting in a profit of USD100.
Let’s assume the USD/GBP exchange rate is:
OANDA’s methodology is to charge a mark-up/mark-down of 0.5% on the midpoint price for the currency conversion to a client’s account’s home currency:
Midpoint price = (0.77000 + 0.77005)/2 = 0.770025
Fee adjusted exchange rate to convert USD to GBP = 0.770025 x (1 - 0.5%) = 0.766174875
So, the USD100 profit on the trade will result in a credit to a client’s account when it is denominated in GBP of: 0.766174875 X 100 = 76.61 GBP.
This is 0.39 GBP less than using the straight exchange rate and represents the cost of trading in USD when the account is denominated in GBP for this example.
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