I am thinking that it is time to DUMP Oanda.
First, I remember a time when you could get profits by just holding certain pairs. Well, that for the most part has gone away because Oanda decides to charge you an additional interest on top of that.
Now, I get this email which makes me feel less like a valued client and more like a chump. And I like how they give less than three days notice.
I am thinking we should all just drain our accounts, and let Oanda go the way of the dodo bird.
Dear valued client,
Beginning on December 4th 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%.
For example, placing a EUR/JPY trade in a USD based account your trade settles in JPY and then it is immediately converted to USD at the JPY/USD mid price +/- 0.5%. If this trade resulted in 10,000 JPY of profit, the cost of converting it back to USD would be approximately 0.47 USD based on current market rates.
Please visit our frequently asked questions for additional details.
Kind regards,
The OANDA team.
First, I remember a time when you could get profits by just holding certain pairs. Well, that for the most part has gone away because Oanda decides to charge you an additional interest on top of that.
Now, I get this email which makes me feel less like a valued client and more like a chump. And I like how they give less than three days notice.
I am thinking we should all just drain our accounts, and let Oanda go the way of the dodo bird.
Dear valued client,
Beginning on December 4th 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%.
For example, placing a EUR/JPY trade in a USD based account your trade settles in JPY and then it is immediately converted to USD at the JPY/USD mid price +/- 0.5%. If this trade resulted in 10,000 JPY of profit, the cost of converting it back to USD would be approximately 0.47 USD based on current market rates.
Please visit our frequently asked questions for additional details.
Kind regards,
The OANDA team.
