# Where can I trade foreign exchange?



## overule (27 October 2007)

Hi All,

A newbie question.

How could i trade foreign exchange ? I am planning to buy USD using AUD. 
Is it as easy as login to Comsec (or similar system) and execute the trade ?

OR do i have to go to the bank and fill up a form or some sort ?

Thanks all,
overule


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## Stan 101 (27 October 2007)

*Re: Where could i trade foreign exchange ?*

Try the http://www.ozforex.com.au/ site for info...

Regards,


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## overule (27 October 2007)

*Re: Where could i trade foreign exchange ?*

Are there any other broker i should look at ?

Which is the recommended broker for trading USD/AUD ?

Thanks again


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## reece55 (27 October 2007)

*Re: Where could i trade foreign exchange ?*

Overule
Are you looking at actually trading Forex? Not just converting some funds into USD, like using 1:400 leverage to play the pip game?

If it's Forex trading you wish to engage in, then a CFD provider like IG, CMC or a host of others will provide this. Collateral for a standard lot ($100,000 USD) would be about $2,500 USD. But I really recommend paper trading first for a bit, because Forex is a fast way to the poor house without proper capital management and experience.

I would also say that shorting the skippy would be extremely unwise at present. In fact, I would say if you aren't in a position now, stay well away because whilst it's in a clear up trend, YTD it is up over 16% on the USD, the only major that beats that performance is the CAD...... A retracement would be vicious. As they say, bull markets go up like stairs and retrace like elevators........

Cheers and all the best.


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## overule (27 October 2007)

*Re: Where could i trade foreign exchange ?*

Actually,

I want to convert some of my income into USD since AUD/USD looks pretty good at the moment. That's all i wanted to do, nothing complex.

Thanks


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## Nyden (27 October 2007)

*Re: Where could i trade foreign exchange ?*



overule said:


> Actually,
> 
> I want to convert some of my income into USD since AUD/USD looks pretty good at the moment. That's all i wanted to do, nothing complex.
> 
> Thanks




I *believe* you can obtain certain hard-currency at banks; I would assume a currency as used as the USD would certainly be available at most banks; however, I'm not sure on fees?

I was actually considering something similar myself; so - any information folks' have would be great


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## wayneL (27 October 2007)

*Re: Where could i trade foreign exchange ?*

If you have a brokerage account with Interactive Brokers, you can do this within your account.


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## overule (27 October 2007)

*Re: Where could i trade foreign exchange ?*

I have accounts with comsec and etrade. They can't do it ?

Thanks


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## nizar (27 October 2007)

*Re: Where could i trade foreign exchange ?*



overule said:


> Actually,
> 
> I want to convert some of my income into USD since AUD/USD looks pretty good at the moment. That's all i wanted to do, nothing complex.
> 
> Thanks




And why would you do that?
It was pretty good at 0.85 as well if you are talking about the last 10-15 years.

Just because its high doesnt mean it cant go higher.

USD looks a shocker from both fundamentals and technicals. I wouldn't touch it.

Just my opinion. Jim Rogers is also selling his USD assets.


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## nizar (27 October 2007)

*Re: Where could i trade foreign exchange ?*



Nyden said:


> I *believe* you can obtain certain hard-currency at banks; I would assume a currency as used as the USD would certainly be available at most banks; however, I'm not sure on fees?
> 
> I was actually considering something similar myself; so - any information folks' have would be great




Correct.
Banks or money changers would do it.


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## overule (27 October 2007)

*Re: Where could i trade foreign exchange ?*



nizar said:


> And why would you do that?




Well, 

Currently, Aussie dollar is high thus i can buy more USD dollar. At the same time, i have the feeling that AUD dollar is reaching its peak so when the aussie dollar falls back to 0.8, i could made a small profit.

Simple as that.


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## Nyden (27 October 2007)

*Re: Where could i trade foreign exchange ?*



overule said:


> Well,
> 
> Currently, Aussie dollar is high thus i can buy more USD dollar. At the same time, i have the feeling that AUD dollar is reaching its peak so when the aussie dollar falls back to 0.8, i could made a small profit.
> 
> Simple as that.





I think many people still hold in the back of their minds; the day of the US dollar buying nearly 2 Australian dollars. Thus expecting these days to return! The US has got itself in a bit of a mess lately, & I just don't see it happening.

I guess it all depends on the amount you're going to buy - if it's going to be a relatively small amount, I doubt the currency rates are going to be volatile enough to pull some decent gains through that. 

If you're looking for a relatively 'safe' investment, gold would be better suited


I guess the best way to enjoy the current situation; would be to either take a vacation to the states, or start importing those electronics


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## Spaghetti (27 October 2007)

I know where I have worked I have used foreign currency bank accounts, maybe individuals can do the same, just open a bank account in USD though i wouldn;t do it either atm though was thinking of yuan.


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## tayser (27 October 2007)

^ was thinking the same thing - i.e look at ANZ's exchange rates for cash & TT's - http://www.anz.com/aus/ratefee/default.asp?from=anzhp - cash is a couple of hundred pips away from the market rates compared to under 100 pips for TTs.


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## overule (27 October 2007)

*Re: Where could i trade foreign exchange ?*



Nyden said:


> I guess it all depends on the amount you're going to buy - if it's going to be a relatively small amount, I doubt the currency rates are going to be volatile enough to pull some decent gains through that.
> 
> If you're looking for a relatively 'safe' investment, gold would be better suited




Interesting, I thought about Gold as well. So how could i buy Gold as commodity itself ? Sometimes, i think investing in companies like NCM are far better.


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## Flying Fish (28 October 2007)

"I guess the best way to enjoy the current situation; would be to either take a vacation to the states, or start importing those electronICS"

What elctronics? You mean puter processors?


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## theasxgorilla (28 October 2007)

*Re: Where could i trade foreign exchange ?*



Nyden said:


> I guess the best way to enjoy the current situation; would be to either take a vacation to the states, or start importing those electronics




Buy property in a country where the exchange rate has fallen against the AUD, and/or property is still cheaper than Australia and/or the interest rates are lower.

Its how the UK/Ireland/Spain economic/property/currency relationship works.


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## BlingBling (28 October 2007)

*Re: Where could i trade foreign exchange ?*



theasxgorilla said:


> Buy property in a country where the exchange rate has fallen against the AUD, and/or property is still cheaper than Australia and/or the interest rates are lower.
> 
> Its how the UK/Ireland/Spain economic/property/currency relationship works.




Niseko, Japan.


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