Funding forex accounts
Nobody? or is it too obvious to be answered? It's a newbie forum after all isn't it?
You will have to exchange in USD first, same thing will have to do when withdraw the amount.
You ask and answer your question.
You may choose your own payment method among Nordea, cashU, Bank Wire Transfer, Credit card etc.
goli_goli, you will have to convert EUR into trading currency pairs first then proceed for trading, wise verse to withdraw in EUR as well.
I have a forex account but the brokerage is in another country. Do I pay taxes or what? And if I do how do I go about doing that?
There is no matter that which country your broker belong. If you are making money by forex trading then you will have to pay tax. Each country has its own Tax paying procedure. So, you should follow your own country's rule regarding this.
It imperative we consider how much we put in at first.
Exchange will be done only when you want to withdraw or deposit. With regards to trading, I think you dont have to bother about exchange. You are trading and your profits are recorded in pips. So, the pips you gain or lose will be converted to your account currency.
I funded in forex in USD . It is no matter that what currency I had in my trading account. I can trade in other currencies too in market . Just deposits and with drawls are made in USD . This currency suits me to get amount in my bank account.
The folks on here are right, use USD for this.
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Hi,
I have a basic question on funding and trading:
If I fund my account in EUR and would like to trade USD/CHF (buy) does that mean I will have my initial deposit exchanged (with an unknown rate) to USD first? And when I sell I'll get USD again and when I withdraw the amount will be exchanged once more to EUR.
Thanks