Currency Trading

Extraordinary_5 · Feb 27, 2007

Anyone had done it before? or does anyone know how to do it online?

We all know that the U.S dollars are on the decline day by day, I'm looking to exchange my U.S dollars into other currency such as the Chinese Yuan, Euro and so on, I feel sick watching that the U.S dollars are losing value compare to other currency on a daily basic, especially to the Chinese Yuan.

gbogo · Feb 27, 2007

online currency trading is very popular

but it involves a large degree of leverage so while possible to make large gains when you first start its likely you will lose a few times (your initial deposit)

physically
exchanging 100,000 usd to buy eur in notes involves a commission and exchanging back involves a commission so as to make it not even worth it

i gamble for a living but currency trading is one area i focus on alot having being doing it for 15 years.

goodluck

Extraordinary_5 · Feb 27, 2007

What website is the best?

Now days, it's extremely smart to buy Chinese Yuan, and/or maybe others as soon as
possible, if you keep an eye on it, you will see it rise against the dollars every week or so continuously.

What fees are there?

How to deposit and withdrawal money?

gbogo · Feb 27, 2007

fxcm
oanda
gft
saxobank
mann

or bank wise deutsche or barclays cater for 10 mio or above

all the information you need is at their websites

Extraordinary_5 · Feb 27, 2007

How's your experience? Is it safe with any of the websites that you just listed?

Brooklynbomber · Feb 27, 2007

take a look at everbank.com

they have 3 month CD's denominated in about 15 diff. foriegn currencies that pay anywhere from 1% to 11% apy...but the real value is not the interest rate but of course the gain in the currency vs the USD. They also have 3 month CD's that have a mix of 3-4 diff. currencies. these CD's are all insured to 100K by FDIC.

Very easy way to play the currency markets.

sean1 · Feb 28, 2007

The key to currency trading is 100-200X leverage. Can't do that at Everbank

Sean

gbogo · Feb 28, 2007

those names are good

if you have any doubt go to the national futures association website
and use the basic search system to pull up their history

or type nfa into yahoo and you will get their home page first

i wouldnt use fxcm but the others are fine

TheCooler · Feb 28, 2007

forex.com...located in NJ and NY. Some of the places mentioned are not located in the US and are considered bucket shops

TheCooler · Feb 28, 2007

sorry, everything gbogo mentioned is good, ive heard people having probs. w/oanda though..

gbogo · Feb 28, 2007

keep in mind in dealing with fx - brokers dont insure your account, so if the company goes down so do you (using a bank is a different story)

saxobank not located in us , insures your account for like 40k eur, as per their govt rules.

anyway search nfa and look for feedback online about individual brokers before using them is always the smartest move.