Is there any other way to trade currency besides through forex?
I have heard something about XS7, does anyone know anything about it?
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This entry was posted on Tuesday, September 29th, 2009 at 8:55 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
September 29th, 2009 at 8:55 am
I have never heard of XS7.
I guess you could simply buy one currency and hope that it appreciates and then sell it for another currency. the problem with this strategy is the only person that would be happy is the currency exchange provider that is making all the commissions from you.
You also give up one of the main advantages of trading Forex and that is the leverage that can be applied.
Why would you nit want to trade in the Forex market?
Paul
September 29th, 2009 at 8:55 am
For what I know, you can’t.
And honestly, you should not.
The thing about fx is that you trade the currencies from your own house, even from your cell phone. My broker ACM just released a new platform specially designed for the iPhone.
Plus, there is the advantage of leverage.
And also, you can win money as far as fifth digit after the decimal, which you can’t do otherwise.
This is a list of Advantages of trading Forex:
http://www.ac-markets.com/forex-education/forex-trading.aspx
I’m not saying you should trade forex, just that if you are going to trade currency pairs, do it through fx.
Regards!
September 29th, 2009 at 8:55 am
There are a few ways to trade currencies.
First and foremost is spot which is what most would call Forex. Trades are settled in 2 days. Although, when you trade Forex through your online broker, you trades are never settled, they are rolled over to the following trading session until you close it.
Second way to trade currencies is through options. Many retail brokers do not offer currency options. There are probably only a handful U.S. based broker that offer currency options. However, I believe the most popular way to trade currency options is through NASDAQ’s World Currency Options - it was originally offered through Philly Exchange before NASDAQ acquired the exchange.
Third way to trade currencies is through futures. This may be the least popular way of trading currencies among retail traders.
Lastly, is through one of the fastest growing financial instrument that came out from the U.K. Contract-For-Difference, CFD.
Trading spot or Forex is by far the most popular choice among retail currency traders for the reason that it is the easiest to understand how-to-trade and its lingoes. Before the internet revolution and advent of online Forex brokers such as Money Garden, FXCM, and FX Solutions in the late 90s and early millennium there was no market place for retail traders to trade spot currencies. Banks won’t let you play spot Forex with them unless you open an account with 7 to 8 digits balance.
I don’t think there is any currency product by the name of XS7.
Hope this helps!