What currency for account? - I'm Australian

Hi,

I have signed up with oanda but am confused about what home currency my account should be in.

If i have it in AUD, when i wire my cash to that account, will oanda hold my money in their bank in AUD hence avoiding exchange rates?

If i set it to USD and i wire say $10k aud to it, will the banks charge me like 200 pips for the exchange, plus commision, plus wire fee, plus exchange fee in order to turn my AUD to USD for my USD based account? Therefore making it better for me to have my account in AUD?

Sorry if that sounded confusing but i am stumped with all these exchange rates :stuck_out_tongue: Probably not a good traight for a wannabe forex trader :stuck_out_tongue:

Cheers

While Oanda probably won’t kill you on the exchange rate going from AUD to USD, you will probably want your account denominated in AUD. It just makes the accounting and tracking of your performance a easier, especially as you get started. The shortcoming is that for you most trading will be effectively a cross-rate trade (meaning not involving the AUD) if you plan on trading the majors. That just adds a layer of complexity to the P&L calculation.