Depositing/withdrawing money with Oanda

[cz4802]

Hi,

How easy/difficult is it to deposit/withdraw money with Oanda and what are the costs?

I have traded on the Oanda demo account for months and am thinking of opening a live account but am not sure about the above. I've read on Marketiva that they accept Paypal payments which seems easier to me.

I would be grateful for some advice.

Thanks

 

[fxmarkets]

just need your user name password so its easy but with cost £25.00 wire transfer 1st withdraw in month, then £10.00 after for each one in same month. goes to same account from which you sent them funds, they aim to process within 3 biz days but i have found its 24 hrs ish.

fx.

 

[traderswin]

I think this is important. As it is not cheap to withdrawal your own money out from Oanda.

Fund withdrawal matter:

withdrawals for deposits received by check will be made by check, withdrawals for deposits made by wire transfer will be made by wire transfer

If the customer used multiple methods for deposits, then OANDA, at its discretion, will choose the method for transferring the withdrawal amount back to the customer. OANDA will do its best to accommodate the wishes of its customers, but may charge the wire transfer bank fee (described below) if funds were deposited by wire transfer, but a PayPal or Check withdrawal is being requested.

International wired fee is USD40.

So , with a mini account, if you are planning a monthly withdrawal, make sure you earn more than 40 pips each month, just to cover this wire fee.

more details can be found on O.and.A website.

 

[JTrader]

http://fxtrade.oanda.com/fxtrade/funds/fund_withdrawal.shtml

Request for Fund Withdrawal
Funds may be withdrawn from a Customer's Account at any time, providing that the value of the customer FXTrade account is equal to or greater than the margin requirement. All amounts withdrawn from the FXTrade account will be paid to the customer's account from which the funds were received. OANDA does not process any payments to any third party other than the account holder.
For example, withdrawals for deposits received by check will be made by check, withdrawals for deposits made by wire transfer will be made by wire transfer, etc.


Multiple Deposit Methods
If the customer used multiple methods for deposits, then OANDA, at its discretion, will choose the method for transferring the withdrawal amount back to the customer. OANDA will do its best to accommodate the wishes of its customers, but may charge the wire transfer bank fee (described below) if funds were deposited by wire transfer, but a PayPal or Check withdrawal is being requested.

Processing Time
Withdrawal requests will be processed by OANDA within 3 business days of receipt by OANDA.

Withdrawal Fee
Wire: The following bank wire fee schedule applies to withdrawals made by wire.

Bank Wire Fee
Account First Withdrawal (Fee)
processed within calendar month Additional Withdrawals
processed within calendar month

EURO €40 Fee + €15
USD US wire $25
International wire $40 Fee + $15
CAD CAD $55 Fee + CAD $20
CHF Swf $50 Fee + Swf 20
GBP £ 25 Fee + £10
JPY ¥5,000 Fee + ¥2,000
AUD $50 Fee + $20

USD Accounts ONLY
Check: No fees are applied for the first withdrawal processed within a calendar month. If more than one withdrawal is processed within a calendar month, a fee of $15.00 will be deducted from the withdrawal.

PayPal: No fees are applied for the first withdrawal processed within a calendar month. If more than one withdrawal is processed within a calendar month, a fee of $15.00 will be deducted from the withdrawal.

The Withdrawal request can be submitted by completing the following Withdrawal request form:

Required Form
Withdrawal Request Form - (Click here for Withdrawal Request Form)

If you have any questions on fund transfers, please contact our FXTrade account managers today.

So it is free with paypal as long as you only make 1 withdrawal per calendar month.

Cheers

jtrader.

 

[SvenFoster]

deposits are easy
you can just setup a BACS transfer from any UK online bank....

withdraws are not so easy.
1) they can only come out the same way they went it. ...i.e bank in, bank out.
2) same currency they were deposited in

As of yet I haven;t tried to withdraw my millions but I will assume the worst and expect to have to pay £25... for a GBP account.... however.......... since I didn;t pay my money in by WIRE but by a simple bacs from a UK account into a UK account will i still have to pay? who knows.

The way I see it.... my £100 will either be no more or I will have deposited considerably more so the fee will be less important.

 

[fxmarkets]

If you do okay, the fee's are minimal compared to a spread saving eur/ 1.5, worry about being charged after you make a profit 1st task..?

Sven I think you will pay mate, but they should be tax deductable, service charges paid etc..

 

[cz4802]

SvenFoster,

what to do you have to do to set up a BACS transfer to OANDA. They don't mention this on their website.

Regards.

 

[SvenFoster]

SvenFoster,

what to do you have to do to set up a BACS transfer to OANDA. They don't mention this on their website.

Regards.

Its true there is no mention on the site... in fact i think it only works in the UK since the bank is in the uk and a chaps is pretty much a bacs that doesn't sit in a slush fund for 3 days and costs you...
I basically asked on the oanda forum and then did it.. I know of at least 3 others after me that have done it this way with no probs...

...like i said in my post, don't mind if i have to pay to get it out if theres plenty in there but my £100 starting pot isn't coming back out one way or another

I too was not happy at the prospect o paying £25 to transfer £100 in to the account but hey thats not an issue.


Instructions to follow....

http://fxtrade.oanda.com/fxtrade/funds/fund_deposit.shtml
1) Click on GBP accounts and a window a popup appears. At the bottom there is a section entitled......
Domestic Payments via CHAPS
Bank: JP Morgan Chase Bank NA, London (CHASGB2L)
Sort Code: 60-92-42
Account name: OANDA CORPORATION
Complete representation of Domestic Account: 32282902



It says CHAPS but you can create a BACS transfer from your favorites highstreet internet bank online usually under the heading "make a payment to someone" or something like that.. ...whatever you'd use to put money into your grandmothers account
The key details to put in your normal online bank payment thingy are....
Sort Code: 60-92-42
Account Number: 32282902
Your Reference: username accountnumber

2) Fill in the FXTrade Wire Transfer Form which is on the same page as the link provided.

I managed to apply for an account on a tuesday, fax ID and start money transfer on wednessday, and the account was funded on friday...
all in all pretty easy.

Do it you know you want too.

 

[cz4802]

Thanks again SvenFoster

 

[cz4802]

Update:

Started the process rolling on Sunday night by filling in the online form on Oanda. Did the ID e-mail on Monday/Tuesday (problem with scanner). Did a BACS transfer of £100 (small amount to see if it would get there) from Lloyds online banking on Wednesday and the money was in my account on Friday. By Monday 11 am had made a handsome profit of £2.51. Now can I leave my day job?

Thanks for your help and encouragement.

 

[SvenFoster]

Update:

Started the process rolling on Sunday night by filling in the online form on Oanda. Did the ID e-mail on Monday/Tuesday (problem with scanner). Did a BACS transfer of £100 (small amount to see if it would get there) from Lloyds online banking on Wednesday and the money was in my account on Friday. By Monday 11 am had made a handsome profit of £2.51. Now can I leave my day job?

Thanks for your help and encouragement.

Result!!! 2.5% your a winner... and your getting a little over 1p a day interest, can't loose.
I hope you continue your success, if your going to it will be with oanda I'm sure of that.

Now since we are both high rollers at oanda maybe we can force them to add new features quicker

enjoy...
Sven

 

[traderswin]

Oanda is having problem with NFP last week as well. Both FXtrade and FXgame were down, or just did not function properly.

I have checked on Oanda forum, complaints are flowing in, and there is no response from Oanda yet.

Any of you guys encounter the same problem?

 

[dooby12]

hi all.
with oanda fxgame when you place a trade, what is the UNIT field? what does this represent?

 

[fxmarkets]

hi all.
with oanda fxgame when you place a trade, what is the UNIT field? what does this represent?

Thats your contract size, so 100,000 units = $100,000 contract value. etc
thats on fxtrade but they are the same. just type in the size you want it will give you value per pip fluctuation on the deal ticket (towards bottom)in your currency.

you can set defaults ticket size, stops , profit targets if you want in- Tools ,user preferences, trading. etc

 

[Finlayson]

there is also a profit/pip calculator in the drop down menu in 'tools'

Jay

 

[soso_beton]

Hi all,

I am using FXGame for a couple of months already and I'm thinking to go live with FXTrade.
But the Dooby12 asked what's UNIT field on FXGame... Maybe I'm misunderstanding something but os this field missing from FXTrade ? Could it be that FXTrade doesn't allow me to adjust the "lot" size as I need it ?

Thanks

 

[fxmarkets]

Hi all,

I am using FXGame for a couple of months already and I'm thinking to go live with FXTrade.
But the Dooby12 asked what's UNIT field on FXGame... Maybe I'm misunderstanding something but os this field missing from FXTrade ? Could it be that FXTrade doesn't allow me to adjust the "lot" size as I need it ?

Thanks

Hello, no its in fxtrade mate as I detailed above, you can adjust it if you/ when you open a new deal ticket or and set it predefined to any level in user preferances, totally adjustable all the time. .

Fx.

 

[SvenFoster]

Oanda is having problem with NFP last week as well. Both FXtrade and FXgame were down, or just did not function properly.

I have checked on Oanda forum, complaints are flowing in, and there is no response from Oanda yet.

Any of you guys encounter the same problem?

I'm FXTrade(live) and I didn't encounter a problem on the NFP

 

[cz4802]

I did not experience any problems on the live. But my son did have a problem with the fxgame - the values were all too high and it showed activity that was not his - however, it was sorted out by the time he logged in the next time.