Frequently asked questions
Am I eligible to trade cryptocurrencies?
Only individual live trading accounts with OANDA Corporation can opt to open a crypto account with our crypto services provider, Paxos Trust Company, which provides all exchange and custody services for trading and holding cryptocurrencies. The activation of your crypto account is subject to approval by Paxos.
Corporate accounts, Individual Retirement Accounts (IRA), Eligible Contract Participant (ECP) accounts and Legal Entity accounts are not eligible at this time.
How can I trade spot cryptocurrencies through OANDA Corporation?
All eligible clients of OANDA Corporation can trade spot cryptocurrencies through our mobile platform. Currently, you cannot trade spot cryptocurrencies through our web, desktop, MT4 and third-party platforms.
To get started, activate your crypto account with Paxos from the HUB or our mobile platforms.
How many crypto trading accounts can I have?
You can open only one crypto account.
Which cryptocurrencies can I trade in?
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ave, Chainlink, Matic, Uniswap, Solana and PAX Gold, which is backed by real gold bullion.
Which order types can I use for trading cryptocurrencies?
At this point, we are supporting the following order types:
- Quick buy: This order type is similar to a market order, except that it is placed on the exchange as a limit order to reduce potential price slippage.
- Quick sell: This order type is the same as a market order.
- Buy limit: We allow you to place aggressive buy limit orders. Thus, you can place a buy limit order at a price lower or higher than the current market price. Your order will be executed at the specified price or better (lower than the specified price).
- Sell limit: We allow you to place aggressive sell limit orders. Thus, you can place a sell limit order at a price higher or lower than the current market price. Your order will be executed at the specified price or better (higher than the specified price).
- Sell stop: You can place a sell stop order at a price lower than the current market price. A sell stop order is subject to slippage.
- Any pending buy limit, sell limit or sell stop order will be executed even during maintenance hours.
What are the minimum and maximum order sizes?
Minimum and maximum order sizes depend on the instrument you want to trade in.
On the OANDA mobile platform, the minimum and maximum order sizes are shown in the instrument information section as minimum volume and maximal volume respectively.
What is the maximum position size?
OANDA enables you to place orders up to a maximum position size on a per symbol basis.
On the OANDA mobile platform, it is shown as Max Position Size in the instrument information section.
What is the applicable pricing?
There is no spread markup or custody fee on crypto trades. A 0.25% fee, subject to a minimum fee of US$0.01, applies to all executed crypto orders.
The fee (in USD) is calculated as 0.25% * order quantity * fill price.
How can I deposit to or withdraw from my Paxos crypto account?
At this time, you can’t directly deposit or withdraw funds from your Paxos crypto account. To fund your crypto account, you can transfer funds from your forex accounts. Similarly, to withdraw from your crypto account, you can transfer funds from your crypto account to your forex account.
Note: You can transfer or withdraw from your forex account only if the funds are fully settled. Instant ACH credits received in your forex account can’t be transferred to your crypto account.
Is leverage trading available?
For trading in spot cryptocurrencies, leverage is not available. You can only trade with the funds you have.
Can I short sell?
You cannot short sell.
Where can I find my transaction or account statement?
Daily statements will be sent to your email address if there is any deposit or withdrawal on your Paxos crypto account, or if you have any holdings. You will also receive monthly statements.
What are the hours of operation?
What is the financing cost?
When you buy cryptocurrencies in the spot market, you get immediate delivery. Hence, there is no financing cost.
What does a ‘fork’ mean in blockchain?
A fork is when there is an update or change to the blockchain software that results in a split in the blockchain network. The result of a fork is that a new second cryptocurrency will be created on that forked blockchain.
What is an ‘airdrop’?
An airdrop is a marketing event where, to promote a new digital currency, an issuer may send coins or tokens to wallet addresses of members of the blockchain community. This may be for free or in return for a small service.
What does a ‘fork’ or ‘airdrop’ mean to me?
All exchange and custody services for trading and holding cryptocurrencies are provided by Paxos, our crypto services provider. Paxos evaluates forks and airdrops on a case-by-case basis. Should such an event occur, Paxos shall have the sole discretion to take any action with or without any advance notice to you, notwithstanding that they are under no obligation to take such action.