Spot cryptocurrency overview (OANDA Corporation)
Only Individual LIVE trading accounts registered with OANDA Corporation can opt to activate their spot cryptocurrency account. The activation is subject to approval by Paxos Trust who powers all exchange and custody services for trading and holding cryptocurrencies.
Corporate accounts, Individual retirement accounts (IRA) and eligible contract participant (ECP) accounts are not eligible at this time.
All eligible clients can trade spot cryptocurrencies through our OANDA mobile platform. Currently, you cannot trade spot cryptocurrencies through our web, desktop, MT4 and third-party platforms.
To get started, activate your spot cryptocurrency account from the HUB or our OANDA mobile platforms.
You can get only one crypto trading account, which is automatically created upon activation.
For a list of all available cryptocurrencies, check out our website .
At this point, we are only 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.
- Take Profit or Stop Loss: You can add risk management options such as Stop Loss or Take Profit after your buy orders execute. You can’t add them while creating new orders or while modifying pending orders.
Also note that you can place a Take Profit or Stop Loss order on your entire holding only. If part of your crypto holding is reserved for your pending sell orders, cancel those orders before placing a Take Profit or Stop Loss order.
The converse is also true. If you place Sell Limit or Sell Stop orders when you have pending Take Profit or Stop Loss orders, you will receive an error message—You are trying to sell more coins than available. You can either (i) cancel your Take Profit or Stop Loss orders and place another Sell Limit or Sell Stop order or (ii) place a Quick Sell order, in which case any pending orders that exceed the available coins will be automatically canceled.
To know more, refer to our guide on how to trade spot cryptocurrencies .
The minimum and maximum order sizes depend on the instrument you want to trade in.
In the OANDA mobile platform, the minimum and maximum order sizes are shown in the instrument information section as Minimum volume and Maximal volume respectively.
OANDA enables you to place orders up to a maximum position size on a per symbol basis.
In the OANDA mobile platform, it is shown as Max Position Size in the instrument information section.
There is no spread markup or custody fee. Only a 0.25% fee, subject to minimum fee of 0.01 USD, applies to all executed orders.
The fee (in USD) is calculated as 0.25% * order quantity * fill price.
For trading in spot cryptocurrencies, leverage is not available. You can only trade with the funds you have.
You cannot short sell. If you do not have existing holdings of a given cryptocurrency, you will not be able to sell.
For the spot crypto account, you will receive daily statements on your email address if there is any deposit or withdrawal on your account, or if you have any holdings.
You will receive monthly statements also on your email address.
You can trade spot cryptocurrencies 24/7 with the exception of our maintenance hours. For more information, refer to our website .
When you buy cryptocurrencies in the spot market, you get immediate delivery. Hence, there is no financing cost.
A fork is when there is an update of 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.
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.
All exchange and custody services for trading and holding cryptocurrencies are provided by Paxos Trust. Paxos evaluates forks and airdrops on a case by case basis. Should such an event occur, Paxos Trust 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.
Still have questions? Chat with an agent.