What currency to use for broker account?

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, plus commision, plus wire fee, plus exchange fee in order to turn my AUD to USD for my USD based account.

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

Cheers

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, plus commision, plus wire fee, plus exchange fee in order to turn my AUD to USD for my USD based account.

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

Cheers

I funded my account with AUD in Australia. The bank that holds the money is in Melbourne. It is an international bank.
My account is in AUD.
I was charged by my transferring bank, also in Australia, $20 for an international transfer.

Not sure what else you are talking about.
Try the OANDA forum. They can answer any questions you may have.

Hey one mind nice set of Avatars:eek: :D

hehe :)

Thanks, its now in AUD.

Cheers