What percentage does OANDA pay daily or even per-second for your account balance? Would it be worth moving 6000 from my bank account to OANDA and just leaving it there without trading? I use Forex.com to trade, but I feel cheated leaving my money at the local bank.
presuming your account balance is held in USD, $6,000(units) pays accordingly: (every) 24-hours = .55 cents. one year (8760-hours) = $202.50. 1000 years = $202,500 D). but, keep in mind, as your balance grows, your payoff (by the second) would naturally be higher and higher so that, by the end of the year your interest gained will be more than $202.5 numbers are based on the current interest rate of 3.925%. additional info can be found here. live long and prosper, Saham
They pay a pretty high interest. Better than what I am getting at my savings account. I am getting less than 1%.
- Currently, OANDA is paying ca. USD 0.09 per day for each $1,000 on account. - Yes and no. OANDA pays higher interest, but it is not a bank and your account is not insured by the FDIC. IOW, OANDA is a "riskier" place to park your money. - My local bank does nothing but use my money to make money whilst paying me a pitifully tiny percentage of the take. You could open an account with OANDA, try trading with them and see how they perform for you. I like them. YMMV.
one of the innovations at Oanda is that they manage to pay interest by the second. other places don't do that. Including banks. Oanda has an interesting read on why they pay interest by the second. overall they are a very advanced financial company.