MisterLomax
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Hi,
I have just opened a trading account with TD Waterhouse and when placing orders for US stocks now, I am being quoted an indicative GBP/USD exchange rate of 1.41211. At the same time the spread quoted on XE.com is 1.43417-1.43473 and Digital Look is quoting 1.4357-1.4363. So the rate from TDW seems to be about 1.5% below the mid market rate and, I assume that the USD/GBP would likely also be about 1.5% below the mid market rate. I also don't know if the actual rate I would get would differ from the indicative rate, but I can't imagine that it would be better.
Given the above, does the rate offered by TD Waterhouse seem reasonable? If not, would I be better off converting to dollars elsewhere and funding a trading account with those dollars?
Any help would be greatly appreciated.
Best Regards,
Jeff
I have just opened a trading account with TD Waterhouse and when placing orders for US stocks now, I am being quoted an indicative GBP/USD exchange rate of 1.41211. At the same time the spread quoted on XE.com is 1.43417-1.43473 and Digital Look is quoting 1.4357-1.4363. So the rate from TDW seems to be about 1.5% below the mid market rate and, I assume that the USD/GBP would likely also be about 1.5% below the mid market rate. I also don't know if the actual rate I would get would differ from the indicative rate, but I can't imagine that it would be better.
Given the above, does the rate offered by TD Waterhouse seem reasonable? If not, would I be better off converting to dollars elsewhere and funding a trading account with those dollars?
Any help would be greatly appreciated.
Best Regards,
Jeff