Profit or Loss made in trade is always calculated in the quote currency.
Refresher Tip:
A currency pair always has two currencies; the first one called the base and the second called quote. For example, in EURUSD, Euro is the base currency while USD is the quote currency.
In case you are trading in a currency pair whose quote currency does not match your account currency, there can be multiple possibilities:
1. Your account currency is the same as your base currency - In such a case, the closing price is used to convert the calculated profit/loss to the account currency.
Thus, if it is a Buy order the Bid price is used, and for a Sell order, the Ask price is used.
Example:
Say you are trading in USD/EUR and your account currency is USD. The profit/loss calculated in EUR will need to be converted to USD using the Ask/Bid prices at the time of closing. The choice of the price will depend on the order type.
Exceptions:
For Indices and Stocks, on MT5, it depends on whether the trade is making a profit or a loss. For a profitable trade, the Bid price is used, while for a loss-making trade, the Ask price is used.
2. Your account currency does not match your base or quote currency - In such a case the system uses the price of a currency pair that involves your trade’s quote currency and your account currency to make such a conversion. If it is a Buy order the Bid price is used, and for a Sell order, the Ask price is used.
Example:
Say you are trading in EURUSD and your account currency is CAD. The profit/loss calculated in USD will need to be converted to CAD using the USDCAD Ask/Bid prices at the time of closing. The choice of the price will depend on the order type.
Exceptions:
For Indices and Stocks on MT5, it depends on whether the trade is making a profit or a loss. For a profitable trade, the Bid price is used, while for a loss-making trade, the Ask price is used.
If you have further inquiries, please don't hesitate to contact our Support Team via "Contact Us" function.