Maybe somebody on here knows?

Question

I heard about a website were you can take currency of other countries and like swap it around ex) 10 usd = 12 china dollars. Or whatever but you could buy different money while the currency value was low then switch it when the currency raised in the economy. If anybody knows of this please let me know the websites!

Answer 1

Yes it does exist, its called something like Four X..

Answer 2

You're thinking of the Forex (Foreign Exchange) market. There are 15 major currencies pairs such as AUDUSD (Aussie $/US $) and numerous minor currencies traded. You buy or sell in lots of 100,000 of the first currency listed in the pair so for AUDUSD, you would be buying or selling $AU 100,000 which right now is $US 77,350. Trades are done on margin, typically 1% which means to buy $AU 100,000, you would need to put up $773.50 and the rest is borrowed money. Every 1/100 cent change in the AUDUSD price means you make (or lose) $7.73.

Lately, Forex brokers have been pushing "minis" where the lots are only 10,000 units of the currency and the margin is 1/2% or even 1/4% (1/4% margin - you put up 25 cents cash and the broker lends you $99.75)

Forex trading is not for rookies unless you have extra money you don't need. If you trade stocks successfully and you are good at technical analysis (TA), you have a good understanding of the economies of the US, Europe, Japan and you are VERY disciplined in your trading, you might have a half-decent chance at being successful in Forex but the figures I've seen is that something over 85% of people getting into Forex lose their money.

Answer 3

Forex.com is a common one.

Be very careful though. According to a recent article in the Wall Street Journal the mainstream public is starting to get interested in currency trading again because of the recent news stories highlighting the changes in various currencies - like yours above.

This is a market that is less regulated that the stock markets and the people that get into it are much less regulated as well. Getting good, accurate and trustworthy information is difficult. People have been scammed in these markets for decades.

I'm curious to see what kind of people your question will beat out of the bushes...

Please thoroughly research what you want to do and know it inside and out. Be able to explain it to your mother before you take the plunge. Have a friend check it out first too.

Answer 4

Look out, friend. Small investment, big return, easy profit, everybody is doing it -- sounds like dangerous waters. I would strongly advise a book called "Come into My Trading Room", by Elder. Read it cover to cover and then figure out if you are the last of the big plungers. It is an easy read and full of really good advice on how to stay out of trouble.