Months ago I had long AUDUSD positions which I noticed was being charged interest. Recently I had long USDCAD which was charged interest.
I called them up and asked about it, and they said that they charge interest due to 'speculation' of interest rate change by Oanda
So I asked them how soon do you actually do this before the news come out? And, if the interest rate decision doesn't go as plan, do we get refunded for all the days that interest was charged?
The two callers that answered me dodge the questions pretty much. I was told to email and they said they will 'look into it' I am seriously considering changing broker because of this hiding behind the bush method. If I ever decided to open a 100k account, then that few cents interest can easily be hundreds of dollars in the long run. And why would you charge clients interest BEFORE the news ???? I mean Oanda could easily rip off customers and earning fat profits from that. And God knows how soon they would do this prior to the interest rate report. Ridiculous
Can somebody comment and hopefully bring this to light?
I called them up and asked about it, and they said that they charge interest due to 'speculation' of interest rate change by Oanda
So I asked them how soon do you actually do this before the news come out? And, if the interest rate decision doesn't go as plan, do we get refunded for all the days that interest was charged?
The two callers that answered me dodge the questions pretty much. I was told to email and they said they will 'look into it' I am seriously considering changing broker because of this hiding behind the bush method. If I ever decided to open a 100k account, then that few cents interest can easily be hundreds of dollars in the long run. And why would you charge clients interest BEFORE the news ???? I mean Oanda could easily rip off customers and earning fat profits from that. And God knows how soon they would do this prior to the interest rate report. Ridiculous
Can somebody comment and hopefully bring this to light?
Working towards CME membership