Question: What base currencies are available for FXCM's accounts?
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Multiple Base Currencies for FXCM accounts
Along with USD account, FXCM offers GBP, EUR, and JPY denominated accounts.
As an international player in the foreign exchange market, FXCM is able to offer a service that most other foreign exchange firms cannot.
You can choose the base currency for your deposits.
Where most firms offer the option of sending funds in the currency of your choice, they will only let you hold your account equity in one currency.
For UK firms, they make you hold funds in pounds.
With US Firms, they will convert your funds in dollars.
The currency you choose to hold account equity will serve as the base currency for your account.
Account Equity, P/L, Margin, Interest will all be denominated in the base currency you chose.
With FXCM, You can choose to have the account denominated in the base currency of your native country or keep your funds in a currency that will experience long-term appreciation.
Why Trade a Non-USD Denominated Account?
Although the condition of trading service is similar for all account types, each account type has different advantage for traders.
- Standard Account
- The Standard account is ideal for active traders wishing to leverage the advantages of FX trading. Traders receive precision execution from real-time, streaming quotes 24-hours a day.
- Mini Account
- The Mini account is designed for those new to online currency trading. It is intended to introduce traders to currency trading while minimizing the risk capital required.
- Euro and Pound Accounts
- Designed for European and Asian clients not wishing to convert pounds or euros into USD. Choose either GBP or EUR denominated account and all account information, P/L calculations and deposits/withdrawals will be done in that currency.
- JPY Accounts
- Designed for those in Japan, this platform is denominated in Japanese Yen, including all account information, P/L calculations, etc. All deposits/withdrawals are in Japanese Yen.
- AUD Mini Accounts
- Designed for those in Australia, New Zealand or other Southeast Asian countries, this platform is denominated in Australian Dollars, including all account information, P/L calculations, etc. All deposits/withdrawals are in Australian Dollars.
Open FXCM Real or Demo Account
1. Convenience and Savings
FXCM, European and Asian clients no longer have to convert currency into US dollars in order to trade.
The cost of converting funds into USD and then back into one’s native currency can be very costly.
Conversion rates are often 40 to 100 pips off the market.
By opening an account denominated in one’s native currency, conversions can be avoided, saving clients hundreds of pounds or euros, or thousands of yen.
2. Long-Term Speculative View
Opening an account in GBP, EUR, or JPY enables traders to benefit from long-term appreciation of their account’s base currency.
If GBP, EUR, or JPY is not your native currency you can still place non-leveraged currency trade by opening a foreign currency denominated account.
If the currency of the account appreciates, traders can realize gains when converting funds back into their native currency.
