Tax filing and forms OANDA Corporation (2024)

I need to file my taxes. How do I get the tax documents I need from OANDA?

OANDA does not report taxes on behalf of our clients, and as such, we do not provide any tax forms relating to profit/loss on your account (e.g. 1099-B form). Your annual account statement may help you with your tax reporting. You can download your annual account statement from the HUB by clicking on Statements .

Only Forex trading account statements are available in the HUB.Cryptocurrency trading accounts are held with Paxos Trust Company LLC. Crypto account daily statements will be emailed to you if there is any deposit or withdrawal on your account, or if you have any holdings. You will also receive spot crypto monthly statements sent to your email address.

I need help seeing my annual statement for the most recent year. When will it be available?

Annual account statements for the previous calendar year typically become available for download in late February of the following year.

How do I report my trading profits/losses on my taxes?

Unfortunately, OANDA cannot provide tax advice. If you have questions about how to properly file your taxes with regard to your trading activity, please consult a tax professional or the tax authority in your jurisdiction.

What is a 1099-INT/1042-S form? Why are none or some of these forms not available for my account?

The 1099-INT (US) is a tax form related to interest income, and is required to report interest earned on your account balance. The 1042-S tax form is also related to interest income, and applies only to clients with OANDACorporation (U.S division) who live outside of the US. You do not need to send these forms to the IRS (US tax authority). Please keep them for the filing of your personal income tax return and provide them to your accountant, if applicable.

These forms are used for balance interest only and do not apply to trade financing charges (trade interest) or trading profit/loss.

Starting in 2023, OANDA has been paying interest on unused margin. If you have earned more than US $600 in interest, you’ll receive the 1099-INT/1042-S form by email from [email protected]. Click on the link in the email to log in and download your form. Follow these instructions for login:

Enter the email address associated with your OANDA account.
For the password, read the Password Scenarios provided on the tax1099.com’s login page.
Click on Request code to receive a verification code on the email associated with your OANDA account
Enter the verification code and login

Still have questions? Chat with an agent.

Tax filing and forms
OANDA Corporation (2024)

FAQs

Does OANDA provide tax documents? ›

OANDA does not report taxes on behalf of our clients, and as such, we do not provide any tax forms relating to profit/loss on your account (e.g. 1099-B form). Your annual account statement may help you with your tax reporting. You can download your annual account statement from the HUB by clicking on Statements .

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What documents are required for OANDA? ›

Individual accounts. ...
Driver's license (proof of identity and address)
If you don't have a driver's license, you can also verify your identity and proof of address using the below documents: ...
Utility bill, bank statement or other document with your name and address on it (proof of address)
Corporate accounts.

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How long does it take for OANDA to approve your account? ›

Step 7: Review and confirm your details

Once you have thoroughly reviewed all information, click on Confirm and continue . The following confirmation page will be shown. Once your application is submitted, please wait for 1-2 working days to receive an approval email from OANDA.

How much money do you need for OANDA? ›

There is no minimum deposit or minimum balance required to open or maintain an OANDA account.

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Is OANDA tax free? ›

*All profits made in spread betting are exempt from UK Capital Gains Tax and UK stamp duty. UK and Irish tax laws are subject to change and individual circ*mstances may vary.

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Is OANDA allowed in the US? ›

Residents of the US and its territories , with either a valid social security number or US visa entry document (or similar) can apply to open an account with OANDA Corporation.

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Is my money safe with OANDA? ›

We keep your funds separate from our own funds, using other bank accounts than the ones used for holding our funds. The money you entrust to us in connection with the brokerage services provision is not subject to seizure in the event of enforcement proceedings against OANDA TMS Brokers.

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Does OANDA ask for a social security number? ›

Please monitor your email (including your junk folder) 24-48 hours following submission of your application, as we may request further supporting documentation, such as: A copy of your signed Social Security Number (SSN) card: only requested from some clients and in certain circ*mstances.

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Does OANDA charge a monthly fee? ›

You will be charged a monthly fee of 10 units of the currency in which your account is denominated when there are no open trades in your account for a period of at least 12 months. For example, if your account is in USD, you will be charged 10 USD.

Is OANDA a good company? ›

Voted Most Popular Broker three years in a row (TradingView Awards 2022, 2021, 2020). Named Best in Class for Research and Ease of Use (ForexBrokers.com 2023 Annual Awards). Voted Best US Forex Broker (Compare Forex Brokers Awards 2023).

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Why can't I withdraw all my money from OANDA? ›

The total amount you can withdraw into your debit card(s) cannot be more than the amount you originally deposited using your debit card(s). Any funds remaining in your account after the original amount has been withdrawn can be taken out using an alternative method, such as a bank wire transfer.

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What is proof of residence for OANDA? ›

We accept one of the following documents: Utility bill (electricity, water or telecommunications bill) Investment account statement (RRSP, GIC)

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What documents are required for OANDA verification? ›

What information do I need to provide for ID verification whenever applicable? We usually ask for a copy of your passport and bank statement dated within the last 3 months for full account verification. A member of our onboarding team will review the documents you send us.

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What is the maximum withdrawal from OANDA? ›

OANDA can process up to 100% of the original deposited amount back to the same source/account you used to fund your account. Any funds remaining in your account after you have withdrawn the full amount you originally deposited may be withdrawn only by bank or wire transfer.

Does OANDA accept ITIN number? ›

OANDA accepts both Social Security Numbers (SSNs) and Individual Taxpayer Identification Numbers (ITINs) as identification.

Do you get tax documents for brokerage account? ›

If you sell stocks, bonds, derivatives or other securities through a broker, you can expect to receive one or more copies of Form 1099-B in January. This form is used to report gains or losses from such transactions in the preceding year.

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Do you have to file forex on taxes? ›

Forex trading is considered a business, so the profits from forex trading are taxable. Normally, forex traders are subject to income tax in the country where they live, and that is the same case when you come to the United States.