I am trying to buy and hold some foreign currency. I currently only have a checking account and an online savings account, both in US and for US dollar only.
What is the best way (i.e., safe, inexpensive and easy) for me to buy and hold a particular foreign currency (e.g., Japanese Yen)?
I am not looking to trade foreign currency very often. Just buy and hold. Any expert or experienced folk out there?
Is the internet the only way to invest in foreign currencies?
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May 28th, 2008 at 4:25 am
Through a discount broker, you can buy currency ETFs from the Rydex Fund family. Their Exchange Traded Fund symbols are:
for the Euro - FXE. for the Swiss Franc - FXF.
Australian Dollar - FXA British Pound Sterling - FXB
Canadian Dollar - FXC Swedish Krona - FXS
Mexican Peso - FXM
There is also an open ended mutual fund that deals in currencies - Merk Hary Currency Fund - MERKX.
The above should Not be taken as a recommendation as I have not checked into them. Please do your own research so you can (as Peter Lynch says) invest in what you know.
May 28th, 2008 at 4:25 am
Open a forex account, then buy and sell currency anytime you want. You don't need to trade often. Click http://easysolar.blogspot.com for details