If the bad spreads weren't enough...
"...beginning in April 2020, we will be changing the way in which currency conversions of profits, losses and trading costs take place on the platform.
This means that realized P&L, fees and/or commissions related to trading instruments which have a different quote currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%."
(from Oanda Australia today).
So very soon Oanda will be taking a 0.5% cut out of all your profits AND adding 0.5% to all your losses (where the quote currency doesn't match the account currency)!!!
"...beginning in April 2020, we will be changing the way in which currency conversions of profits, losses and trading costs take place on the platform.
This means that realized P&L, fees and/or commissions related to trading instruments which have a different quote currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%."
(from Oanda Australia today).
So very soon Oanda will be taking a 0.5% cut out of all your profits AND adding 0.5% to all your losses (where the quote currency doesn't match the account currency)!!!