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Opening an account -- Primary Currency

  • #1
  • First Post: Jan 12, 2008 4:56pm Jan 12, 2008 4:56pm
Hello,

I am currently in the process of opening my first ever online account, with Oanda ( I am scared , so many not so good story about transfering funds over the Internet).

Anyway back to my problem, they ask me to choose my "Primary Currency". I am from Canada, and I currently only have $CAD. What should I enter in that field ? What will I gain/lose from entering USD or CAD ? I know that I am only going to trade the GBPUSD, if that can help to choose. As you can see I am a little confuse about that point

Thanks!

HansBrocks
  • #2
  • Jan 13, 2008 9:27am Jan 13, 2008 9:27am
Quoting Hansbrocks
Hello,

I am currently in the process of opening my first ever online account, with Oanda ( I am scared , so many not so good story about transfering funds over the Internet).

Anyway back to my problem, they ask me to choose my "Primary Currency". I am from Canada, and I currently only have $CAD. What should I enter in that field ? What will I gain/lose from entering USD or CAD ? I know that I am only going to trade the GBPUSD, if that can help to choose. As you can see I am a little confuse about that point

Thanks!

HansBrocks
What you enter depends on which currency you want when you withdraw from your Oanda account.

What you will gain/lose between USD or CAD will depend on the exchange rate at the time it goes into your bank.

The CAD has been a little higher than USD for a while now, but the difference is negligible. In my opinion (I'm from Canada, too), it won't last. We both know that Canada depends on American tourists, so they won't let the CAD get too high or it will affect tourism.

I have my account in USD and have a separate USD account at CIBC to keep it that way when transferring from my broker.
  • #3
  • Jan 13, 2008 9:36am Jan 13, 2008 9:36am
Quoting In2Blues
What you enter depends on which currency you want when you withdraw from your Oanda account.

What you will gain/lose between USD or CAD will depend on the exchange rate at the time it goes into your bank.

The CAD has been a little higher than USD for a while now, but the difference is negligible. In my opinion (I'm from Canada, too), it won't last. We both know that Canada depends on American tourists, so they won't let the CAD get too high or it will affect tourism.

I have my account in USD and have a separate USD account at CIBC to keep it that way when transferring from my broker.
Interesting. One more layer of currency trading.
  • #4
  • Jan 13, 2008 9:38am Jan 13, 2008 9:38am
http://www.forexfactory.com/customav...tar23928_4.gif In2Blues
GBP Lover


Thank you very much !

Hansbrocks
  • #5
  • Last Post: Feb 1, 2008 2:56am Feb 1, 2008 2:56am
Canada does like American tourism but the economy depends on trade really not tourism (80% of our exports go to U.S.) and higher currency is worst for manuf.

Anyhoo i cant seem to make up my mind about broker for kinda the same reason....on one hand i really like FXCM and Onada but im worried bout loosing value in conversion when i get my money back in CDN again , maybe the USD account is a good idea
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