Understanding Currency Handling

Got it. This article needs a substantive rewrite since the "never converts" thesis is now wrong. Display currency conversion is live for aggregates, but reports still use native currency. The article needs to explain both behaviors cleanly.

Understanding Currency Handling

If you trade in multiple currencies (USD, EUR, GBP, and others), it's important to understand how the platform handles them. Trader Node uses a two-track approach: aggregate views on the Dashboard convert everything into a single display currency so you can see one bottom line, while reports and individual records stay in their native currencies for accuracy.

The Core Principle

The platform stores every transaction in its native currency, the currency it actually happened in. From there:

  • Aggregate views (Dashboard KPI cards) convert every record into your display currency so you can see combined totals across all currencies.

  • Tables, transaction rows, individual records, and reports show values in their native currency, with no conversion.

This gives you the best of both: one clean number when you want a quick read of business health, and accurate native-currency data when you need precision for records or tax preparation.

Your Display Currency

You set your display currency in Settings → Currency. This is the single currency used to combine your multi-currency activity into the Dashboard's headline KPI cards.

The display currency only affects how aggregate values are shown on the Dashboard. It does not change any stored data, your transactions stay in whatever currency they were created in.

Exchange Rates

In Settings → Currency, you also enter the exchange rate for each foreign currency you use, stored as:

1 display currency = X foreign currency

For example, if your display currency is USD and you have EUR activity, you'd enter the rate as 1 USD = X EUR.

When the platform converts a foreign amount into your display currency, the formula is:

Display currency amount = Foreign amount ÷ Settings rate

Conversion happens per record before summing. This is important: the platform converts each individual transaction first, then adds the converted values together. Summing in mixed currencies first and converting once at the end would compound rounding errors and break the audit trail.

Updating Rates

You control the rates. The platform doesn't pull live FX data, you enter the rates yourself and update them when needed. Many users update monthly, or whenever a new tax period begins.

Changing Your Display Currency

If you change your display currency in Settings, the old exchange rate table must be cleared and re-entered. The previous rates were calibrated to the old display currency and are no longer valid for the new one.

How Multi-Currency Appears

On the Dashboard KPI Cards

By default, each KPI card shows a single combined value in your display currency. For example, if your display currency is USD and you have USD, EUR, and GBP payouts, Total Payouts shows one figure in USD that includes everything converted at your stored rates.

You can expand any card (look for the chevron ⌄) to see the per-currency breakdown:

Total Payouts: $22,000 USD  
├─ USD: $15,000  
├─ EUR: €5,000 (≈ $5,500)  
└─ GBP: £1,200 (≈ $1,500)

The expanded view preserves native currency values and shows the converted equivalents alongside them, so you can see both the original numbers and the math.

In Tables and Transaction Lists

Each transaction shows in its native currency, never converted. A payout in EUR shows as €5,000, not $5,500. This applies to:

  • Transaction rows on the Transactions page

  • Challenge cost and refund entries in the Challenges drawer

  • Payouts in the Funded Accounts drawer

  • Deposits, withdrawals, and balance history in Private Accounts

In Reports

Reports always use native currency with no conversion. Each currency appears in its own section with its own subtotals:

USD Section  
[USD transactions]  Total: $15,000  

EUR Section  
[EUR transactions]  Total: €5,000

This preserves accuracy for tax preparation, since exchange rates fluctuate and your tax professional may need to apply specific rates for different periods.

Setting Currency on Records

When you create any record, you specify its currency:

  • Challenge purchases: currency of the challenge

  • Funded accounts: currency of the funded account

  • Payouts: currency you received

  • Expenses: currency you paid in

  • Private accounts: account's base currency

Important: Currency typically can't be changed after creation. Select correctly upfront.

Challenges with Different Currencies

If you have a EUR challenge account that converts to a EUR funded account, the entire lifecycle stays in EUR:

  • Challenge cost recorded in EUR

  • Payouts received in EUR

If you have challenges in multiple currencies, each is tracked in its native currency. The Dashboard aggregates them into your display currency for the Total Expenses KPI.

Private Accounts and Currency

Each private account has one base currency locked at creation. All deposits, withdrawals, balance updates, and trading P&L are in that currency.

If you have accounts in different currencies:

  • IC Markets USD account: P&L in USD

  • Pepperstone EUR account: P&L in EUR

On the Dashboard, the aggregated private account P&L is converted to your display currency. Inside each individual account, you always see native-currency values.

Practical Tips

Set Your Display Currency Early

Before adding much data, set your display currency in Settings. Changing it later means re-entering your exchange rate table.

Keep Rates Reasonably Current

If you only update rates once a year, the Dashboard's display-currency totals will drift from reality. Monthly or quarterly updates are usually enough for tracking purposes.

Record in Native Currency Always

If you paid in EUR, record EUR. If the prop firm paid you in GBP, record GBP. Never record what your bank converted it to, the bank conversion is a separate event with its own rate.

Use Reports for Tax Work

For tax preparation, work from reports, not the Dashboard. Reports preserve native currencies and let your tax professional apply the right conversion rates for your jurisdiction.

Currency and Taxes

Your tax jurisdiction may require reporting in your local currency. Trader Node's reports give you the raw native-currency data; you'll typically need to:

  1. Determine which exchange rates to use (daily rate, year-end rate, etc.)

  2. Convert foreign currency transactions for tax filing

  3. Report appropriately

Consult a tax professional for guidance on currency conversion for taxes.

Common Questions

Why does my Dashboard show one number but my reports show separate currency sections? The Dashboard uses your display currency to give you a quick aggregate view. Reports use native currencies for accuracy, since tax preparation usually needs the original amounts.

Where do I set my display currency and exchange rates? Settings → Currency. The display currency picker is at the top, and the exchange rate table is below it.

Does the platform pull live exchange rates? No, you enter the rates yourself and update them as needed. This keeps you in control of which rates apply.

What happens if I change my display currency? The old rate table is cleared, since it was tied to your previous display currency. You'll need to re-enter rates for each currency, calibrated to the new display currency.

Can I change a transaction's currency? Typically no, currency is locked at creation. If wrong, you may need to delete and recreate the record.

What if I receive a EUR payout but my bank converts to USD? Record the payout in EUR (what you received from the prop firm). The bank conversion is a separate event that doesn't affect your business records.

Why are my Dashboard totals different from my report totals? The Dashboard converts everything to your display currency at your stored rates. Reports show native currencies, so totals will look different even though the underlying data is the same.

Next: Payouts vs. Refunds vs. Income →