Buying Currency

[rtjoa]

Hi guys,

Sorry if this is the wrong sub section to do it. However, I'm not too sure which section is the best to post this question in. Either this or forex forum. Since this is a beginner question, I guess this might be the better place. Sorry again if I'm wrong though

Back to business, I was just wondering if I wanted to buy USD other than the usual means via bank/money exchange shops, where can I do so ? Is there any place that take less spread compared to the two aforementioned channels ?

I've been looking at some trading platform, However I'm not interested in doing forex trading. I'm pretty much looking for a place where I can go long on USD, hold it out a bit and perhaps selling it in the future.

Thanks guys !

 

[prawn_86]

I've been looking at some trading platform, However I'm not interested in doing forex trading. I'm pretty much looking for a place where I can go long on USD, hold it out a bit and perhaps selling it in the future.

If all your looking at doing is speculating then you are best off doing it through a trading platform as you can leverage your cash. Just make sure you have appropriate stops/risk management in place.

You can hold currency accounts with banks, but the charges are fairly large.

 

[rtjoa]

Thanks for the info mate, I've been looking at few platforms. Do you guys have any recommendations on a platform that is beginner friendly ? Preferably account can be based on AUD and it is an Australian company so that deposit/withdrawal/verification process is smoother and easier (incase something gone wrong). Spread is not a big deal for me as I'll only play with around 2000 (pretty much what I can afford to lose).

 

[Smurf1976]

Just remember that leverage works both ways. It increases your profits, and it increases your losses.

Forex brokers often allow ridiculous levels of leverage, such a 100:1. Do that and a 1% loss on the trade means you've actually lost 100% of what you put in.

Whatvever you do, don't over leverage.

 

[rtjoa]

Just remember that leverage works both ways. It increases your profits, and it increases your losses.

Forex brokers often allow ridiculous levels of leverage, such a 100:1. Do that and a 1% loss on the trade means you've actually lost 100% of what you put in.

Whatvever you do, don't over leverage.

Thx mate. I'll keep that in mind. I'm looking at doing 5:1 leverage. E-toro allows this, haven't tried the demo of other platforms though ahahah

 

[cwliew]

What are the best forex companies for Australians wanting to buy usd or other foreign currencies? How are they funded from our end? Via CC or bank deposit etc? Is there a fee to deposit money via CC?