Which forex broker ?
Discussion
In the same position really, got savings that I'd rather hold in USD now, but don't know of any account which will hold USD for a UK resident long-term. The majority of forex platforms are for short term trades (it seems) so charge for longer-term positions.
Anyone know of an easier way to hold foreign currency long term (preferably without have $$$$ sat at home in cash)?
Alternatively, is it acceptable to 'give' the cash to an American friend who can dump it in a US account before giving it back later? Or is that illegal?
Anyone know of an easier way to hold foreign currency long term (preferably without have $$$$ sat at home in cash)?
Alternatively, is it acceptable to 'give' the cash to an American friend who can dump it in a US account before giving it back later? Or is that illegal?
mickken said:
www.hifx.co.uk
We've used them since 2001, daily, for large quantities. Very good, reliable and trustworthy.
Recalling your recommendation of HIFX from a long a time ago I used them for the first time last week.We've used them since 2001, daily, for large quantities. Very good, reliable and trustworthy.
Got to say that it was very professional; as a noob they helped me all the way.
I've been looking into something similar (as I earn in Euros but want a dollar hedge too).
the best thing I've managed to come up with is an account that allows you to transfer money between currencies.
I believe most of the high st banks offer them through their offshore partners though I haven't gone much further into it. Lloyds offshore charge circa £7 per month for the pleasure, I have no idea what kind of interest you would earn on those accounts.
ETA: I've used hifx in the past as well, good service from them too. I prefer to use www.xe.com though, live rates online update every 30/60 seconds and the web interface is very easy to use and reasonable good. Also offer trades/bids/forwards outside office hours which have given me much better rates at times (over holiday periods etc) which can be very useful with a market such as forex that doesn't really close
the best thing I've managed to come up with is an account that allows you to transfer money between currencies.
I believe most of the high st banks offer them through their offshore partners though I haven't gone much further into it. Lloyds offshore charge circa £7 per month for the pleasure, I have no idea what kind of interest you would earn on those accounts.
ETA: I've used hifx in the past as well, good service from them too. I prefer to use www.xe.com though, live rates online update every 30/60 seconds and the web interface is very easy to use and reasonable good. Also offer trades/bids/forwards outside office hours which have given me much better rates at times (over holiday periods etc) which can be very useful with a market such as forex that doesn't really close
Edited by digger_R on Thursday 19th February 12:27
Fittster said:
Mst007 said:
Worried about the GBP, really worried! Want to split my savings risk by investing in forex, anyone got a recommendation for a company that makes it easy for a noob?
Do you just want to hold your savings in another currency or do you want to start trading currencies?www.worldfirst.com would be the one for me, they offer hedging options as well as overseas transactions.
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff