Your Questions About Foreign Currency Trading Account
Tuesday, January 31st, 2012
Joseph asks…
I want to open an investment account for foreign currency.?
This account if for long term and I dont want to be day trading it. Would like to have an account opened for a couple hundred dollars and be able to add to it each month. Does anyone know of a place where I can do this?
admin answers:
Http://www.InteractiveBrokers.com

Laura asks…
Do I need an account with Bank of America in order to exchange foreign currency at one of their locations?
Do I? I have several thousand Mexican Pesos that I want to exchange for US dollars, but do I need an account with them? Can I Just go into a Bank of America location and trade my money?
admin answers:
Bank of America charges a fee for check cashing if you do not have an account there, so they might take a percentage to trade them in, but they may not, might just want to go in and ask or call their toll free number.

William asks…
How to Trade Foreign Currencies?
Where do I sign up for an account? Can you use your stock trading account to buy that or no? Personal experience appreciated.
i asked Etrade, they said they don’t have such acct.
admin answers:
You may check your options in this site. It will lead you to one of today’s leading forex trading platform. One of the best feature of this site is “personalized service”. They maintain four accounts- mini, gold, platinum and vip. By opening any of these accounts, a trader is provided a personal Account Service Manager (ASM) to be his mentor, consultant and trading partner as well. Discussions can be done live via phone, email or chat. The ASM is an expert forex trader and is the best resource when it comes to effective methods used in trading forex. They have a web based platform so trading can be done anywhere at anytime without the use of any autosystem. Lots of other good features and learning tools are available at the site so you don’t have to browse somewhere to upkeep your learning process. You will note that by opening accounts higher than tha mini would entitle you to better trading fetures and privileges. Meantime, you mya sign up and download a Free Forex Ebook and a Free $50K Practice Account as well.

Susan asks…
How can I do Forex Trading?By Forex Trading I mean buying and selling foreign currency.I’m a Non Resi. Indian.
I want to buy and sell foreign currency through my NRI Bank Account with an Indian Bank.Internet shall be the medium of operation.
admin answers:
Forex trading can be done by so many online sites.But it is very risky proposal and u will loose ur money most.As far as my experience goes i find forex.com is best site and u can try with trial account.So many forex sites are available in internet. Ucan search and find out.

Sandra asks…
Foreign Interest Rates and Purchasing power?
I have a new trading account in a foreign country (USD converted to their local currency). If the national interest (Short term rates) rate in this foreign country is 10.00% does this mean that each US dollar has a purchasing power of 10.00%? To purchase a product (or security) you could multiply your returns on investment (interest rate + exchange rate) by 10? Every US dollar placed within this country would grow exponentially by 10? Thank you.
admin answers:
I would suggest not getting a trading account until you learn what these terms mean. Also never open a trading account in a foreign country. You may never get your money back.
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