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 account via various means, for example: debit card, credit card and bank wire transfer.
Select the ‘manage funds’ tab after logging into your account, this takes you to the My Funds page.
Please note that withdrawals are subject to our hierarchy rules. If you have deposited funds using multiple methods, you must withdraw the total sum deposited by each means in a set order, for example: first by debit cards, then credit cards and finally bank wire transfer. 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 on the midpoint price at the time of conversion. This is the mark-up/mark-down portion applied to currency conversion rate.
When will I be charged a currency conversion fee?
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. You open a long position on 1 unit of US Wall St 30 @ 29,000 and close your trade @ 29,100, generating a profit of USD100.
The cost of converting USD100 profit back to your home currency (GBP) would be GBP0.39, based on current market rates at the time of calculating.
How this is calculated:
In order to convert USD100 of profit to your account home currency (GBP), you would use the USD/GBP exchange rate plus the currency conversion fee.
Let’s assume the USD/GBP exchange rate is:
In this case, the profit is a credit to the account, so the bid price is used (if it had been a debit as a result of a loss, the ask price would have been used):
Profit converted to GBP without the mark-up = 0.7700 X 100 = GBP77.00.
We charge a mark up on the mid-price for the currency conversion to your account’s home currency:
New bid = midpoint price x (1 - x%)
New ask = midpoint price x (1 + x%)
Where x% = mark-up (0.50%)
Midpoint price = (ask + bid)/2
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.
The USD100 profit on the trade will result in a credit to your account when it is denominated in GBP of: 0.766174875 X 100 = GBP76.61.
This is GBP0.39 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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