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Quoting fijitraderDislikedWell I'm not so sure that Oanda has given conflicting information. You see I don't see anything in the letter they sent you that states that you can exchange ecurrencies. I see ambiguity that would allow you to construe that but the only comments in your post that led me to believe I could exchange currencies through them was from your edited conclusions but not from their notes. I agree the implication can be drawn from their notes but it is not conclusive. Your notes were the only conclusive portion.
I'm inclined to believe the guy I spoke with since I got the impression from both the immediacy of his response, and the sureness of his statements, that he had answered the question before, and knew what he was talking about. Usually I'll notice hesitation or uncertainty when someone is making it up as they go along. He not only answered my question he clarified it so I was left with no uncertainty that I could not do currency exchanges through Oanda. I followed up with two or three other questions to ensure I'd asked it from sufficient perspectives and consistently met up with the same response.
Therefore I'll conclude that it is unlikely that you can do currency exchanges through OANDA. My experience with discussing this with other MM's is that these kind of retail accounts are limited in what they can offer. It is also my understanding that you need to open a spot market account for buying and selling cash on the IB market.
FTIgnored
Quoting RedlegDislikedThere is a rule that funds have to be withdrawn in the same currency that they were deposited in, but if you funded both accounts up front it seems like that would not become an issue.
I apologize if I misled you on this. It still looks to me as if all the peices for currency conversion are in place unless I am missing something here.
JamesIgnored
Quoting MoeDislikedyou will only be trading with yourself. with your own money in two diffrent account two diffrent currency but your money. so how can you profit? you cant. if you have two account in two currency that you funded with your own money. you will only be taking from one and adding to another as the exchange rate goes up and down. you can do this all day. because its your money your playing with not nobody else.Ignored
Quoting RedlegDislikedMaybe I'm confused here, but this sure looks like effectively a free forex conversion service. Maybe it is not called that in name, how is that not what they are doing?
It looks that way to meIgnored
Quoting MoeDisliked
I found this on their page http://fxtrade.oanda.com/fxtrade/mul...accounts.shtml
>Example:
>Susie's Primary Account Currency is US dollar (USD), while she holds 2 Secondary >accounts (sub-accounts) with OANDA: 1 in GBP and 1 in Euro. Susie may deposit >Euros directly in her EUR sub-account and USD directly into her USD Primary >account. When Susie decides to withdraw funds from her account, funds will be >deducted from the account where they came from. She will be able to deposit Euro in >her Euro account and withdraw Euro from her Euro sub-account. However, she will >not be able to deposit USD to her Primary account, transfer the funds to her EUR >sub-account, then withdraw them from her EUR sub-account.
So it doesn't go all the way, which is a shame. I've also been looking for a similar service.Ignored
Quoting blueshirtDislikedSuch a practice would never be allowed as it raises every money laundering red flag in existence.Ignored
Quoting blueshirtDislikedI'm not saying the government wouldn't allow it, it would just raise alot of red flags the more often the client put this type of conversion trade through without a legitimate cross border business that would require regular currency conversion.Ignored
Quoting MoeDisliked
I found this on their page http://fxtrade.oanda.com/fxtrade/mul...accounts.shtml
>Example:
>Susie's Primary Account Currency is US dollar (USD), while she holds 2 Secondary >accounts (sub-accounts) with OANDA: 1 in GBP and 1 in Euro. Susie may deposit >Euros directly in her EUR sub-account and USD directly into her USD Primary >account. When Susie decides to withdraw funds from her account, funds will be >deducted from the account where they came from. She will be able to deposit Euro in >her Euro account and withdraw Euro from her Euro sub-account. However, she will >not be able to deposit USD to her Primary account, transfer the funds to her EUR >sub-account, then withdraw them from her EUR sub-account.
So it doesn't go all the way, which is a shame. I've also been looking for a similar service.Ignored