NexusFi: Find Your Edge


Home Menu

 





FX trading brokers acting as currency brokers


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Kalisto with 2 posts (0 thanks)
    2. looks_two SMCJB with 1 posts (0 thanks)
    3. looks_3 Quick Summary with 1 posts (0 thanks)
    4. looks_4 Tommip with 1 posts (0 thanks)
    1. trending_up 1,773 views
    2. thumb_up 0 thanks given
    3. group 3 followers
    1. forum 4 posts
    2. attach_file 0 attachments




 
Search this Thread

FX trading brokers acting as currency brokers

  #1 (permalink)
Kalisto
Geneva, Switzerland
 
Posts: 64 since Dec 2015
Thanks Given: 74
Thanks Received: 25

What I call currency brokers : TransferWise, WorldFirst, CurrencyFair and the likes

At InteractiveBrokers, you could deposit in EUR, convert to another currency balance (at a very competitive rate, above ut the Transferwise around the mid market interbank rate) without taking a speculative trade, say in USD, then withdraw these mint USD to your bank account.

Most retail FX specialised brokers don’t offer the possibility to switch of base currency, or forbid to withdraw in another currency than the initial deposit one.

Are you aware of other brokers that would work the same than IB ? Or even white labels of IB (IB has inactivity fees)

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Better Renko Gaps
The Elite Circle
How to apply profiles
Traders Hideout
Pivot Indicator like the old SwingTemp by Big Mike
NinjaTrader
Exit Strategy
NinjaTrader
Trade idea based off three indicators.
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Just another trading journal: PA, Wyckoff & Trends
33 thanks
Tao te Trade: way of the WLD
24 thanks
My NQ Trading Journal
14 thanks
HumbleTraders next chapter
11 thanks
GFIs1 1 DAX trade per day journal
11 thanks
  #3 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
Platform: TT and Stellar
Broker: Advantage Futures
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,048 since Dec 2013
Thanks Given: 4,384
Thanks Received: 10,206



NapoleonDynamite View Post
At InteractiveBrokers, you could deposit in EUR, convert to another currency balance (at a very competitive rate, above ut the Transferwise around the mid market interbank rate) without taking a speculative trade, say in USD, then withdraw these mint USD to your bank account.

Most retail FX specialised brokers don’t offer the possibility to switch of base currency, or forbid to withdraw in another currency than the initial deposit one.

Are you sure? I tried to do this 2 years ago, wanted to change a sizable chunk of GBP to USD and was told that they would not except an incoming wire not denominated in USD. (I'm obviously a US client.).

Reply With Quote
  #4 (permalink)
Kalisto
Geneva, Switzerland
 
Posts: 64 since Dec 2015
Thanks Given: 74
Thanks Received: 25

Yes, they even put in place the minimum commissions on FX to discourage those using IB as a bank account (statement from a support representative)

Reply With Quote
  #5 (permalink)
Tommip
Rybnik Polska
 
Posts: 114 since Aug 2015
Thanks Given: 18
Thanks Received: 51

Dukascopy do that

Reply With Quote




Last Updated on May 18, 2019


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts