How to Close OANDA Account

You don’t have to work that hard to close your OANDA account. All you need to do is take care of any open positions, withdraw your money and submit a formal request to the company’s support team. Then, you’re all set. 

You might want to get rid of your current account for many reasons. You could be switching brokers or just taking a break from trading. Here’s what you need to know about how to close OANDA accounts so you can move on to the next stage of your journey. 

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Closing Your OANDA Account: A Step-by-Step Guide

Here’s how to close OANDA accounts in five easy steps: 

Step 1: Go to the OANDA App or Website

Start by opening the OANDA platform and entering your credentials. You can complete the first few steps on the mobile app or website. Choose whichever option you find easiest. You’ll be ready to begin closing your account once you log in. 

Step 2: Close Any Open Positions

You’ve got to close positions on the OANDA app or website before you can withdraw your money. There are a couple of ways to go about it. One method is to close positions individually. You can do this by opening the “Trades” tab on your dashboard to review and close each. 

If you are set on closing your OANDA account and want to complete the process as quickly as possible, go to the account menu. You’ll find options like “Close All Trades” or “Close All Orders.” 

Please authorize the process and confirm each action as prompted. You will not be able to proceed to the next step until all positions and orders are closed. 

Step 3: Withdraw Funds

Once you’ve settled your open positions, it’s time to withdraw any remaining funds from your account. You can initiate the withdrawal process on the mobile app or via desktop. 

Go to the “Manage Funds” tab and choose your preferred withdrawal method. Debit cards and bank wire transfers are the two most popular options. If you don’t mind waiting a while for your money, you could also have the broker mail you a check. 

Step 4: Contact Customer Support to Request Closure

Here’s where you’ve got to jump through a few hoops. To proceed, you must have all trades closed and a zero balance. Contact OANDA’s customer support team after completing the other steps outlined above. 

You can use the live chat feature or call the support line. You can also email the customer service team, though they may take longer to respond. Once you connect with someone from OANDA, let them know you want to close your account. Make sure you receive a confirmation. 

Step 5: Wait for Confirmation

You’ve finally reached the end of the process. All that’s left is to wait for the broker to confirm that it has finished closing your account via email. Check your spam folder and save the message in case you need it. 

The process should only take a few days. Follow up with the support team to ensure no issues are holding you up. 

Important Things to Know Before Deleting Your OANDA Account 

The National Futures Association governs OANDA. The broker has a reputation for doing things by the book. That doesn’t mean OANDA won’t make you take a few extra steps before deleting your account. 

The biggest inconvenience involves contacting customer support to close your account, as you’ve got to wait for them to process your request. However, you can simplify that step by:

• Closing all positions
• Withdrawing your funds
• Contacting customer support promptly 

Now, you just have to wait for your confirmation email from the broker. 

OANDA Alternatives

After learning how to close OANDA accounts, it’s time to think about which broker you’ll turn to next. Here are three OANDA alternatives that can help you continue your trading journey. 

Best for Active Traders: FOREX.com

FOREX.com is one of the top forex platforms and it outperforms OANDA in a few key areas. It offers a wide range of instruments and advanced trading tools. It's a great option if you are an active trader looking for a user-friendly platform. 

Why We Picked It: FOREX.com offers excellent research tools and an intuitive trading platform. It also provides low-cost trading for high-volume traders and integrates with MetaTrader 4 (MT4) and MetaTrader 5 (MT5). 

Our team has conducted multiple comparisons of FOREX.com to show traders how the broker performs against other top options. We recommend reviewing the FOREX.com vs. IG (now tastyfx) review to learn more about the versatile platform and its offerings. 

Best for Advanced Traders: Interactive Brokers

Interactive Brokers has developed a reputation for catering to more advanced traders. Interactive Brokers also includes sophisticated charting tools and can accommodate various order types. It’s ideal if you are experienced and want deep market access. 

Why We Picked It: Interactive Brokers provides access to global markets and boasts very low trading fees. You can customize the platform to suit your strategy and trading goals. To learn more about Interactive Brokers, see how it performed in our head-to-head matchup with FOREX.com. 

Best for Zero Commissions: tastyfx 

tastyfx is an attractive option for zero commissions and low trading fees. The platform simplifies forex and makes it accessible, no matter your experience level. tastyfx also delivers customized experiences that allow you to explore various trading strategies. 

tastyfx was formerly IG US. Check out our head-to-head comparison to learn how the forex broker stacks against OANDA.

Why We Picked It: Our team appreciates that tastyfx offers a user-friendly platform and zero commissions on trades. You’ll also be able to access many different currency pairs and work in a fun trading environment. 

Should You Move on From OANDA?

OANDA can be a good platform, but there are also some great alternatives. Many of these other options offer more favorable terms and lower fees. If you are thinking about closing your OANDA account, research the best forex brokers for U.S. clients to find a great platform to power your trading journey. 

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