catt
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I want to diversify from trading shares to trading ETFs that are listed on the LSE in US dollar currency.
My broker account is in sterling. My question is about FX and is probably basic to all you FX traders.
In order to make the trades I want I must have dollars in my account and my broker gave me a price today to convert my sterling into dollars that he said was "only about 1% from the spot price".
I didn't go ahead and need to phone my broker to go ahead as he said the FX price is constantly changing during the day. I need to pay this same 1 per cent from the spot to convert back to sterling.
I'm wondering whether what my broker is offering is the norm and any advice please relating to this. I'm not with IB but have looked at their website to ascetain how they would handle this.
My broker account is in sterling. My question is about FX and is probably basic to all you FX traders.
In order to make the trades I want I must have dollars in my account and my broker gave me a price today to convert my sterling into dollars that he said was "only about 1% from the spot price".
I didn't go ahead and need to phone my broker to go ahead as he said the FX price is constantly changing during the day. I need to pay this same 1 per cent from the spot to convert back to sterling.
I'm wondering whether what my broker is offering is the norm and any advice please relating to this. I'm not with IB but have looked at their website to ascetain how they would handle this.
