Foreign exchange trading - how best to get into it...

[wax lyrical]

...and especially buying £5k of Turkish lira at the best rate possible and holding onto it for 12 mths.

All advice welcome!

[wax lyrical]

No one's selling Turkish lira at the moment! I think the Country has run out.

Jockman said:

The best advice is not to get into it unless you >really< know what you're doing.

The most I could get online was £2,500 so I ordered with Tesco at 7.85 for a collection date in 5 days then cancelled the following day for Asda at 8.22, again for collection in 5 days. I should have cancelled that and gone for SterlingFX at 8.45 that night but I didn't.

So I picked up 20,500 tl at Asda and caused a 15 min queue.

My 14 Crowns in October (yawn) went from £115 each to £85 each. Still gonna hurt.

Edited by Jockman on Monday 20th August 22:47

[wax lyrical]

When Revolut say you'll get the 'Interbank FX rate' if you open a current account with them - does that mean if the market price on XE is 5.00 to 1GBP, that's what you'll get?

ladderino said:

You could probably do that through Revolut, but as others have said, I wouldn't recommend anyone do it unless they really know what they are doing.

[wax lyrical]

Just take GBP with you and I'm sure one of the local high-street 'money changers' will give you a fantastic rate of exchange.

Integroo said:

I got my Lira order cancelled for my holiday because of folks like you - off to turkey in a few days without any! They ran out.