account/ currency advice please?

Quoting eye4spot

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depend on ur broker currency. most of them are on usd if not all. u can put in ur account any other currency they will exchange in usd.

dosen't matter what are u trading the exchange is auto made.

best regards.

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Quoting michael!

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thanks for your reply
i dont think you really understand my question,
my broker accepts all major currencies to fund the account and say i want it to be euro the account stays as euro or i can fund it with euro and ask for it to be changed to usd or sterling or whatever i wish.. but this is the question, rather than the euro account making numberous exchanges to buy gbpusd (which could mean i would be loosing money if the euro was weak to the pound), wouldnt it be better to just change the account to sterling? and get the best exchange for my euro in one transaction? (please correct me if im wrong)

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Quoting de123

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wrong,...u wont make less if u have acc in euro, ...

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Quoting Moe

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OMG, your not ready to go live yet, since you say you been trading pretty good, now you need to learn the end's and out's of this business like the question you ask above witch clearly you have no clue what your talking about.

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Quoting michael!

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thanks for your reply
but could you explain it im trying to understand how it will work out

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Quoting blueruby

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It's a reasonable question, but as the others have pointed out, it makes no difference which currency you fund with.

However, if you are going to fund in sterling, then you may have to pay for an exchange of cash, banks usually charge for that.

So it's probably best to use your home currency, the euro.

Remember that most traders trade many pairs. I funded with USD and trade several pairs including the GBP/JPY, the cost is no different to me than if I'd funded with GBP or JPY (or CHF or AUD) or whatever.

(This is not a good example since, GBP/JPY is actually not a pure pair, it is actually a cross of two USD pairs, but you get the idea.)

If you've been profitable in demo for months, you apparently know everything you need to know to go live.

Go for it and good trading to you.

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Quoting michael!

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blueruby
thanks for your reply and kind words, it sounds like staying with the euro is the best choice and that i will do.. iv still got things to learn that im sure,
but i reckon you will always be learning in this game..
regards mike

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Quoting michael!

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cheers moe for your feedback
maybe im not ready yet but 5 or 6 months i reckon i will
can you explain how this would work thats why i asked it because i dont understand it!
thanks
mike

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Quoting MPP

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Hi Michael
depends on the broker, i trade through FXCM in pounds - no issues over currency exchange, they also run AUD, EURO and USD accounts.
for me when i put in 10,000 it shows 10,000.

i would suggest you check out the brokers as this is not a standard issue, it's more related to the broker and which country they trade from.

Best of pips

MPP

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Quoting michael!

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hi
iv been using demo accounts the last year and a half now and iv been profiting quite well and so now iv decided to fund a live account some time in the future! the currency of my country is the euro and was wondering because i trade gbpusd would it be better to fund my account with sterling ? my thinking was (please correct me if im wrong) everytime id make a buy order with my euro account of gbpusd an exchange rate of euro to sterling is made?
regards
mike

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Quoting TIckerShuffl

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It doesn't matter for trading, despite your concern about base currency. No mater what currency, you will have to buy one to sell the other. The rates between are always accounted for and net zero. ONe thing that might matter is whether or not you are paid in interest on your rollover, or in pips in your position. Check your broker.

Whatever you decide, you have to question, do you really want Sterling?

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Quoting agung85

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u shud fund with your home currency the euro and find broker that allow multiple currency deposit, and every trade u make no matter what pair currency theres spread, or commission or roll over interest. exchange rate will be used if u withdraw your money in different currencies( u deposit euro but u withdraw pounds ).

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Quoting de123

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actually for evrybody, except the exchange issue might be a problem to some...:,

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Quoting blueruby

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It's a reasonable question, but as the others have pointed out, it makes no difference which currency you fund with.

However, if you are going to fund in sterling, then you may have to pay for an exchange of cash, banks usually charge for that.

So it's probably best to use your home currency, the euro.

Remember that most traders trade many pairs. I funded with USD and trade several pairs including the GBP/JPY, the cost is no different to me than if I'd funded with GBP or JPY (or CHF or AUD) or whatever.

(This is not a good example since, GBP/JPY is actually not a pure pair, it is actually a cross of two USD pairs, but you get the idea.)

If you've been profitable in demo for months, you apparently know everything you need to know to go live.

Go for it and good trading to you.

Ignored