You "may" notice degraded highs due to the friction connections, but it takes a really really good ear to hear it. If you are running 400W I'm assuming its not an SQ system.
18awg is sufficient for about 16A of current. Thats roughly 500W RMS, or 700ish peak (continuous) THe standard is for chassis wiring, which means - it won't heat up enough to catch fire, but at max - is warm, even hot. So 18 awg is twice as sufficient in terms of heating.
In terms of loss and signal transfer - at those power levels, you'll never notice 10W here or there lost to heat.
18awg is fine. 16awg is better, since the price isn't that bad - go with 16awg.
It's best to have soldered connections to the speakers as well, but some folks will disagree and say it doesn't matter. Again it takes a good ear, and at those power levels, noise and clipping probably covers up any difference.
It'll take a couple years to go green and stiff on ya if you live in a salty air environment, or somewhere really humid, thats really all the "oxygen free" cable is supposed to help with.