Unlike my IB account, Tradestation accounts must be funded in US dollars. What is the best way to fund it? I want to obtain a good exchange rate, and be hedged against currency fluctuations.
It seems IB's IDEAL has much better rates of exchange than the high street banks. Can I convert GBP to USD using IDEAL and then withdraw the USD to my new TS account?
The dollar is at its strongest for a long while, and I don't want to be caught out if it weakens again. To hedge myself, I am considering taking a long position in USD/GBP using IDEAL Pro of the same amount as I am funding into my TS account. AFAIK IDEAL Pro is leveraged 50:1 so this won't tie up too much money.
Does anyone have any experience of such shenanegans? Does this sound sensible?
Many thanks,
Brendan
It seems IB's IDEAL has much better rates of exchange than the high street banks. Can I convert GBP to USD using IDEAL and then withdraw the USD to my new TS account?
The dollar is at its strongest for a long while, and I don't want to be caught out if it weakens again. To hedge myself, I am considering taking a long position in USD/GBP using IDEAL Pro of the same amount as I am funding into my TS account. AFAIK IDEAL Pro is leveraged 50:1 so this won't tie up too much money.
Does anyone have any experience of such shenanegans? Does this sound sensible?
Many thanks,
Brendan