OANDA Review 2025: How to Open a Demo/Live Account & Withdraw Money?

Note: OANDA sets different regional websites for different regions, such as OANDA US for US clients, OANDA EU for European clients, OANDA SG for Singapore clients, OANDA CA for Canada clients, etc.

This article aggregates all important information related to OANDA US (https://www.OANDA.com/us-en/) account and deposit/withdrawal that you should know before getting started. Hope this article can help you.

First, let's take a quick look at OANDA's key points via the table below:

	OANDA at a Glance
Founded	1996
Registered	United States
Regulation	ASIC (Australia), FCA (UK), FSA (Japan), NFA (USA), CIRO (Canada), MAS (Singapore)
Trading Instruments	Forex, cryptocurrencies
Demo Account	✅
Account Minimum	$0
Maximum Leverage	50:1 on major currency pairs and 20:1 for all others (retail forex traders in the USA)
EUR/USD Spread	Floating around 1.6 pips (demo)
Trading Platform	TradingView, Oanda mobile/web, MT4
Deposit Fee	❌
Withdrawal Fee	Free debit card withdrawals, fees for others

OANDA Account

Demo Account

OANDA offers free demo accounts with $100,000 in virtual funds. The demo account does not expire, and you can use it for as long as you wish. However, MT4 sub-accounts are closed after 90 days of inactivity. Closed MT4 sub-accounts cannot be reopened and you are advised to open new MT4 sub-accounts if required.

Note: If you have tried the OANDA demo account and want to have a live trading account, you cannot directly convert it into a live account, instead, you have to register for a separate live account.

Account Types

OANDA offers two account types for clients from the United States, the Standard account and the Elite Trader loyalty program.

Find the similarities and differences between the two account types in the table below:

Inactivity Fee

If no open trades in your account for at least 24 months (12 months in the United States), a monthly fee of 10 units of the currency in which your account is denominated will be withdrawn (except accounts denominated in JPY and HKD, which will be charged 1000 JPY and 75 HKD respectively).

For example, if your account is in SGD, you will be charged 10 SGD, and if your account is in USD, you will be charged 10 USD, etc.

Your account will be charged an inactivity fee until one of the following conditions are met:

• You close your account
• You resume trading in your account
• The balance of the account is reduced to zero.

Additionally, if your account has not been funded, it will not incur a negative balance.

How to Open an OANDA Demo Account? (5 Steps)

Opening an OANDA demo account is very simple and fast. You can sign up for an OANDA demo account in minutes. Following the below step-by-step demo account opening tutorial:

Step 1: Go to OANDA's official website and click the 'Demo account' button.

Step 2: Select your country/region.

Once you select your country/region, more info that you need to fill in will pop up, including account details (email address, create password), personal details (first name, last name), and mobile phone number. Then click the 'Confirm and continue' button.

Step 3: Choose your preferred trading platform, OANDA (mobile/web), TradingView (mobile/web/desktop) or MT4 (mobile/web/desktop).

Step 4: Click the 'Go to OANDA Hub' to manage your OANDA demo account.

Then you can see the interface as the following screenshot shows.

Step 5: Click the 'TRADE' button to start your demo trading.

As you can see, the OANDA demo trading interface is very simple and clear. The benchmark EUR/USD pair is floating around 1.6 pips, which is close to the industry average of 1.5 pips.

How to Open an OANDA Trading Account? (10 Steps)

OANDA trading account opening is different from the demo account. You have to complete the application form with more detailed personal information to verify your identity and proof of address. Then fund and trade. It usually takes about 1-3 days.

Step 1: Go to OANDA's official website and click the 'Create account' or 'Start Trading' button.

Step 2: Check your country/region and then click the 'Confirm and continue' button.

Step 3: Fill in your email address and create a password. Then click the 'Confirm and continue' button.

Step 4: Fill in personal details, including your name, date of birth, and mobile phone number. Then click the 'Confirm and continue' button.

Step 5: Check your country/region. Then click the 'Confirm and continue' button.

Step 6: Fill in the info about your residential address. Then click the 'Confirm and continue' button.

Step 7: Choose your employment status, employed, self-employed, retired, student, or unemployed. Then click the 'Confirm and continue' button.

Step 8: Give more detailed info about your employment status. Here, we choose employed, so we have to provide company details and financial details. Likewise, if you choose another employment status, you also need to provide detailed info about your choice.

Step 9: Answer some questions to let OANDA know about your trading experience.

Then click the 'Confirm and continue' button. Wait for several seconds, OANDA will verify your details.

Step 10: Now go to the last step - verify your identity. If you choose FAST TRACK, you only need to provide your driver's license. If you choose the standard application, you need to offer two forms of ID.

OANDA Deposit & Withdraw

OANDA Deposit

On OANDA, you can deposit funds using a debit card, bank wire transfer and automated clearing house (ACH).

No minimum deposit is required and all deposits are free of charge.

The maximum deposit amount varies on the method you choose. $20,000 per calendar month for debit card deposits, and $50,000 per transaction for deposits via automated clearing house (ACH), while there is no limit to bank wire transfer deposits.

Only debit card deposits can be processed instantly, while other methods require more time to process.

To initiate your first deposit into your OANDA trading account, simply log in to ‘manage funds’ using your OANDA account details.

OANDA Withdraw

You can withdraw funds from your OANDA account via debit card and bank wire transfer.

You can only withdraw funds with the same method you used to make the deposit. So if you deposit via a debit card, you can only withdraw funds with a debit card.

Funds can be withdrawn by logging in to ‘manage funds’ using your OANDA Trade account details.

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.

If you send funds via ACH, the fee attached to your withdrawal request will be removed during processing and funds will be sent at no charge.

*OANDA withdrawal fees depend on the currency of withdrawal. You can refer to the following table to find more details:

Conversion Fee

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 the currency conversion rate.

Below is the methodology of how OANDA clients‘ transactions are converted to the account’s home currency:

Formula:

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

OANDA also offers a currency converter, which brings you the convenience of converting currencies quickly and easily.

You can directly click https://www.OANDA.com/currency-converter/en/?from=EUR&to=USD&amount=1 to start currency conversion.

Is OANDA Legit?

OANDA is a legitimate broker and currently holds six valid regulatory licenses from six countries, including

• Australia Securities & Investment Commission (ASIC)
• Financial Conduct Authority (FCA) in the UK
• Financial Services Agency (FSA) in Japan
• National Futures Association (NFA) in the United States
• Canadian Investment Regulatory Organization (CIRO)
• Monetary Authority of Singapore (MAS)

You can verify OANDA's regulatory status and explore more details on WikiFX.

Regulated Country	Regulated by	Regulated Entity	License Type	License No.
	ASIC	OANDA Corporation	Market Making (MM)	000412981
	FCA	OANDA Europe Limited	Market Making (MM)	542574
	FSA	ＯＡＮＤＡ証券株式会社	Retail Forex License	関東財務局長（金商）第2137号
	NFA	OANDA CORPORATION	Market Making (MM)	0325821
	CIRO	OANDA (Canada) Corporation ULC	Market Making (MM)	Unreleased
	MAS	OANDA ASIA PACIFIC PTE. LTD.	Retail Forex License	Unreleased

Compare OANDA to Similar Brokers

We compared OANDA's key points (regulation, product offering, demo account, account minimum, maximum leverage, trading platform, copy/social trading, and suitable traders) with three similar brokers, Forex.com, IC Markets, and Exness.

See a more detailed comparison of OANDA's alternatives below:

Logo
Broker	OANDA	Forex.com	IC Markets	Exness
Regulation	ASIC, FCA, FSA, NFA, CIRO, MAS	ASIC, FCA, FSA, NFA, CySEC, CIRO, MAS	ASIC, CySEC	CySEC, FCA, FSCA, FSA (Offshore)
Product Offering	Forex, cryptocurrencies	Forex, indices, stocks, cryptos, gold, oil & commodities, bullion	2,250+, CFDs on 61 currency pairs, 24 commodities, 2,100+ stocks, 25 indexes, 9 bonds, 21 cryptocurrencies, 4 futures	CFDs on forex, commodities, stocks, indices, cryptos
Demo Account	✅($100,000 in virtual funds)	✅(90 days risk-free trading with $50,000 in virtual funds)	✅	✅($10,000 virtual funds)
Account Minimum	$0	$100	$200	$10
Maximum Leverage	50:1 on major currency pairs and 20:1 for all others (retail forex traders in the USA)	1:200	1:1000	1:Unlimited
Trading Platform	TradingView, Oanda mobile/web, MT4	Mobile app, Web Trader, TradingView, MT4/5	MT4/5, cTrader, TradingView	MT4/5, Exness Terminal, Exness Trade app
Copy/Social Trading	❌	❌	✅	✅
Promotion	❌	❌	❌	❌
Best for	Beginners	Experienced traders	Experienced traders	Beginners

FAQs

Is my money safe in OANDA?

Yes. OANDA offers Two-factor authentication (2FA) to protect their clients' funds. Besides, it is also regulated by multiple top-tier regulatory authorities, including ASIC in Australia, FCA in the UK, FSA in Japan, NFA in the USA, CIRO in Canada, and MAS in Singapore.

Is OANDA good for beginners?

Yes. There is no minimum deposit requirement, so beginners can trade in OANDA with any amount they like. If you do not want to bear the risks of real trading, you can also open a risk-free demo account. Their trading interface is very simple and clear, and you can find a lot of tools and resources.

Does OANDA offer demo accounts?

Yes. You can enjoy demo trading on OANDA with up to $100,000 in virtual funds and no expiry date.

What is the minimum deposit for OANDA forex?

$0.

Does OANDA have an inactivity fee?

Yes. An inactivity fee is a monthly charge that is levied on your account if there has been no trading activity for 12 months (US clients). For details, please refer to the 'OANDA Account' section.

How much does OANDA charge for withdrawal?

OANDA withdrawal fee varies depending on the method you choose. Specifically, if you choose a debit card, there is no withdrawal fee, while $20 per transaction (varies on the currency) for bank wire transfers.