DislikedHi Jason FXCM AUS really need to offer GBP accounts for AUS/NZ residents. It's like having a salary in Britain and living in AUS/NZ. Why would anyone want to have an account in lower currency (unless they have no money for initial deposit) , it's more work for less Tried opening account with FXCM UK, points me to FXCM AUS, great. Broker search continues..Ignored
Disliked{quote} I maybe wrong but this doesn't make sense! Why not open an account with a larger deposit ie $10000 NZ instead of 5000 GB Wouldn't it be better to have your account in the curreny that you use where you live. If you live and work in NZ and pay with NZ dollars why trade with a GBP account? Essentially you have a GBP/NZD position open constantly all be it without leverage.Ignored
Disliked{quote} Why doesn't it make sense? You have account of 10k for example, you risk say 2% per trade, you earn say 30% per month, you get 13k. You have 3k profit if you have NZD account and 6k profit if you have GBP account. In essence, you have to trade two months on NZD account vs one month for GBP account. What doesn't make sense is your writing you live in NZ, you pay in NZD, that's why it's called forex, it's easy to convert money, why restrict yourself?Ignored
Mitch is correct. You're at no disadvantage from a P/L standpoint by trading in an NZD account as opposed to trading in a GBP account. For the equivalent sized trade, you will make or lose the exact same amount of money per pip in either account type. The only difference is that in an NZD account, your profits and losses will be displayed in NZD. The current GBP/NZD exchange rate is about NZ$2.07 which means you would make or lose about NZ$2.07 in your NZD account for every £1 someone would make or lose in a GBP account for an equivalent sized trade.
You can confirm this by looking at the Pip Cost column in your Simple Dealing Rates window. It will show you the amount you would make or lose per pip in NZD which is larger than the Pip Cost in GBP that a trader with a GBP account would see to account for the exchange rate difference between these two currencies.