Can an offshore Multi Currency account be used to exchange one currency for another and trade your way up in value? As opposed to actual FOREX trading? Say USD/ISK (iceland Krona)-wait for your initial deposit to go up in value and then invert this to a different pair and keep repeating this procedure? Thanks
2006-10-14 10:39:24 · 3 answers · asked by westphalia1 2 in Business & Finance ➔ Investing
Sure, you can do the same thing a Forex trader does by holding the actual currency, but without leverage. I think you'll find that without leverage, unless you have a million dollars, the returns are beans. The differences are measured in 1/100ths of a penny. Neither would you benefit from the narrow spreads of a Forex trader.
I'm not sure why you wouldn't simply open a trading account and put the money there. You can put $10,000 in there and trade one mini, without leverage, same as you want to do, or put $1,000 in the account and trade one micro contract and do the same thing.
If you do see something worth leveraging, it would be nice if it were available. Just because you can trade 100:1 leverage, doesn't mean you should. But 2:1 leverage is less risky than trading stocks.
2006-10-14 12:01:11 · answer #1 · answered by dredude52 6 · 0⤊ 0⤋
You can start doing job and making money right now(monday-friday only) as forex trader... I will give you Free 5 usd to start it and $ 10,000 for training.. ; )
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2006-10-14 11:50:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are not already a millionaire (In USD) you should not especulate with foreign currencies.
I can help you for FREE in other types of investments.
Top 5 Answerer in Business & Finance.
2006-10-14 11:12:44 · answer #3 · answered by Anonymous · 0⤊ 1⤋