Oanda inactivity fee

Watch out, Oanda charges an inactivity fee.

The fee is £10 per month after one year of inactivity. This is considered low in an industry-wide comparison.

THE ESSENCE

• Some brokers charge an inactivity fee to prod their clients to trade regularly
• If you are not actively using your trading account and your broker charges an inactivity fee, you may be better off closing it or keeping it empty
• Certain brokers will automatically close your account if there is no money in it and you are inactive for a certain period of time

As a forex trader, you need a reliable broker with superb services at affordable costs. See the most important features of Oanda's services in the table below.

Data updated on December 4, 2024

How much you have to pay in various fees and charges is a key consideration when choosing a broker. Most traders know about spreads, commissions, deposit and withdrawal fees but the inactivity fee is not high on everyone’s radar.

You will be charged an inactivity fee if you don’t trade or use your account (i.e. you are inactive) for a longer period of time. The typical time frame is between 3 months and a year and it changes from broker to broker.

Once it kicks in, the inactivity fee will most often be charged on a monthly basis until you either trade again or show some activity in your account.

Read the fine print, at some brokers it’s enough to simply log into your account to avoid paying an inactivity fee.

If you have brokerage accounts that you do not use on a regular basis, check whether your broker charges an inactivity fee. If it does, you may be better off closing your account. If you keep your account empty and you are inactive, the broker may close it after a while.

If you are looking for a reliable and excellent broker that does not charge an inactivity fee, check out our top list of the best forex brokers with no inactivity fee compiled by BrokerChooser's team of brokerage analysts after testing more than 100 brokers globally.

If the inactivity fee is not your main broker selection criteria, take a look at our top list of the best forex brokers in the world.

For more details on Oanda, read our comprehensive Oanda review for 2024.