Trading Account Base Currency - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Trading Account Base Currency
Updated: Views / Replies:1,697 / 5
Created: by Ash669 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Trading Account Base Currency

  #1 (permalink)
Elite Member
Sydney,Australia
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: Mirus/Zen-Fire
Favorite Futures: FOREX
 
Ash669's Avatar
 
Posts: 6 since Mar 2011
Thanks: 16 given, 0 received

Trading Account Base Currency

Hi everyone.

I am just curious to know, I could be right off here. But if I have my broker account balance in AUD and all I trade is US futures and Equities. Does the broker give you crappy exchange rates when they convert the AUD to USD to execute the trade.

I am curious as I am an Australian resident that uses US brokers (Mirus Futures and IB) and I am wondering if I am getting stung by having my account in AUD instead of USD. Any input would be appreciated. Thanks

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Oberhausen, Germany
 
Futures Experience: Advanced
Platform: Sierracharts
Broker/Data: Interactive Brokers/DTN IQFeed
Favorite Futures: Bund Future
 
Posts: 278 since Aug 2011
Thanks: 100 given, 310 received


I can only tell you how it works at IB: If your base currency is AUD and you trade USD denominated securities then you will borrow the amount to buy from IB. You will have to pay interest for that amount.

All your P/L will be in USD and this P/L will not be converted automatically back to AUD. You have pick the time you want to convert back to AUD yourself and this will be done at the then current exchange rate. With IB you will have to pay commission for the exchange. The rate you get will depend on the amount you exchange: Above 25k you will get a slightly better rate. Search the IB-site for IDEALPRO.

Reply With Quote
The following user says Thank You to FGBL07 for this post:
 
  #4 (permalink)
Elite Member
Sydney,Australia
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: Mirus/Zen-Fire
Favorite Futures: FOREX
 
Ash669's Avatar
 
Posts: 6 since Mar 2011
Thanks: 16 given, 0 received

Thanks for the reply FGBL07. Does anyone know if Mirus Futures clearing through RCG have a similar method? I am struggling to find any information on this.

Reply With Quote
 
  #5 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received


Ash669 View Post
Thanks for the reply FGBL07. Does anyone know if Mirus Futures clearing through RCG have a similar method? I am struggling to find any information on this.

I assume that you need to hold a subaccount in the currency (AUD) in that you want to trade. That's my assumption from reading..


Quoting 
Rosenthal Collins Group - Foreign Currencies

Wires:
If you prefer to fund in Euros or another currency, please contact treasurymirusfutures.com for the applicable wiring instructions.

Source: Funding Instructions | Mirus Futures

You'd probably be better off contacting your Mirus representative directly or contacting their help on info [at-thing] mirusfutures.com. I found them helpful and quick in responding, and they can tell you better how Mirus Futures/RCG deals with this.

Regards,
Jura

Reply With Quote
 
  #6 (permalink)
Elite Member
Sydney,Australia
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: Mirus/Zen-Fire
Favorite Futures: FOREX
 
Ash669's Avatar
 
Posts: 6 since Mar 2011
Thanks: 16 given, 0 received

This is the reply I got from RCG regarding this issue if anyone else is interested.

"You can have your account in AUD. You can use your AUD to margin your USD trades but you would not want to cover a USD debit equity with AUD because you would be charged prime + 3 (currently 6.25%) on you debit USD. I your trading resulted in a USD debit equity I recommend converting some AUD to cover it. Currency conversions are not done automatically, they are only done when customers request them. Commissions are charge on any trades you make and we do not pay any interest on balalnces".

Reply With Quote

Reply



futures io > > > > Trading Account Base Currency

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
IB Trading Currency Futures Massive l Currency Futures 38 July 15th, 2011 12:30 PM
Best Method for Trading Physical Foreign Currency for USD? jny11 Currency Futures 11 April 29th, 2011 11:33 PM
Trend Trading Stock Index or Currency Futures? Jeff65 Emini Index Futures Trading 14 December 3rd, 2010 10:17 AM
Currency Pairs with the Widest Trading Ranges shodson Traders Hideout 1 January 5th, 2010 05:51 PM
Trading Currency Futures vs. Spot suchen Traders Hideout 3 December 9th, 2009 12:39 PM


All times are GMT -4. The time now is 09:33 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-11 in 0.14 seconds with 19 queries on phoenix via your IP 54.226.227.175