OANDA Withdrawal
Trading is no fun if you can't withdraw your earnings. So how do you withdraw funds at OANDA? Read on to find out.
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Now that you've earned some profit on your trades, it's time to enjoy the fruits of your labor. But how do you withdraw?
Withdrawing funds at OANDA is simple. You can do it in a few easy steps.
In this guide, you'll learn the step-by-step procedure on how to withdraw from OANDA. Plus, discover the available withdrawal options, restrictions, and fees.
How to Withdraw Funds from OANDA
You can follow the steps below to withdraw from OANDA:[1]
- Log in to your OANDA account
- Click "Manage Funds" and go to the "My Funds" page
- Transfer funds to your landing account
- Input the amount and request a withdrawal
OANDA offers several means of withdrawal. Read on to know the available options.
OANDA is one of the premier foreign exchange brokers in the world. The company has a strong track record of regulatory compliance and has been catering to international traders since 1996. It offers tradeable assets such as currency pairs and CFDs.
What Are the Available Withdrawal Options?
You can withdraw through debit cards, credit cards, bank wire transfers, PayPal, Skrill, and Neteller. However, your withdrawal methods will depend on your country or region.
U.S. clients can only choose between debit card and bank wire transfer. The only acceptable debit cards are those provided by Mastercard, Visa, and Discover.
In the case of PayPal, withdrawals can be processed through personal accounts only.
Withdrawal Fees
OANDA charges $20 for the first withdrawal processed within calendar month when withdrawing through bank transfers. Additional withdrawals will cost $35. But there is no fee when using debit card for your first withdrawal in a calendar month.[2]
When withdrawing through Skrill or Neteller, your provider may charge a transaction fee. There is also an exchange fee if your e-wallet account is in a currency that is different from your account currency.
How Long Does It Take to Receive Withdrawn Funds?
The length of withdrawal processing differs per method:[3]
- Debit card withdrawals are processed within 3 business days.
- US bank transfer withdrawals take 1 to 2 business days.
- International bank transfer withdrawals take up to 5 days.
- PayPal withdrawals are usually processed within 1 business day.
Now, let's see if there are limitations.
Are There Withdrawal Restrictions?
Yes, there are withdrawal restrictions. These are the following:
- OANDA only allows withdrawal through the same method you used to deposit funds.
For instance, if you deposited funds in your OANDA account using a debit card, you would be able to withdraw only to that same card.
- All withdrawals are subject to OANDA's hierarchy rules.
This applies only when you've deposited using multiple methods. There is a specific order that must be followed when withdrawing. You can withdraw the same amount you deposited first by debit card and then followed by bank wire transfer.
- The amount you can withdraw through your debit card cannot exceed the amount you deposited using that card.
If you want to withdraw more than the amount you deposited, you may do so through alternative withdrawal methods such as bank wire transfer.
- You can only withdraw through bank transfer if the name in your bank account is the same as that of your OANDA trading account.
You also need to confirm that you own the bank account that will be receiving the withdrawal. Failure to do this can be a reason for not being able to withdraw funds from your account.
Some Withdrawal Issues
Here are some withdrawal problems that traders have encountered:
- Withdrawals can take longer for those who need to verify card replacements.
- A trader experienced having to wait for over 2 months for withdrawal. The trader complained about poor customer service.
- Traders who registered a bank account from a digital bank have experienced withdrawal problems. That's because OANDA doesn't deal with digital banks.
- There are some withdrawals where the trader is required to submit documentation.
- Debit card withdrawal tends to be complicated if you lose the original debit card you used to deposit money in your trading account.
Customer Support
If you have problems or concerns regarding withdrawal, you may reach OANDA's customer support team through email.[4]
- Email: frontdesk@oanda.com
- Available from Sunday 4:00 PM to Friday 6:00 PM (ET)
Bottom Line
Withdrawing funds at OANDA is easy and straightforward. However, the processing time can take 1 to 5 days, depending on the withdrawal method used. U.S. clients can withdraw through debit cards and bank wire transfers.
Your first withdrawal through bank transfer within calendar month incurs a $20 fee, but the first debit withdrawal is free.
References
- ^ OANDA. FAQ: Withdraw funds, Retrieved 01/15/24
- ^ OANDA. Withdrawal fees and costs: Trading, Retrieved 11/20/2023
- ^ OANDA. Withdrawals, Retrieved 11/20/2023
- ^ OANDA. Contact us, Retrieved 11/20/2023
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OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States. Affiliate receives a commission for accounts opened through the link on this page
OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA's regulatory oversight and examinations.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.
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