Sterling, the Euro or the Dollar???

[lauriel]

Hi Folks,

First post but had a look around the site and it seems great - though to call me a novice in the field of trading would probably be an exaggeration of my understanding.

Anyway, perhaps someone could help, or at least point me in the right direction regarding my over-riding query of the moment:

I am looking to put my savings into a foreign currency account (which will still pay interest - unlike the option of trading on xe.com) as I, along with many others, believe the pound may still have further to fall.

Can anyone recommend a banking product, or way of facilitating this without opening up an account abroad?
Can anyone recommend a currency which will perform well against sterling at this time?

I look forward to hearing from you

Kind regards

Lauriel

 

[Adamus]

The Euro? You might be a bit late getting in on the move, but there's no telling how far down the £ is going to go - a lot of people are expecting it to hit parity soon.

I doubt you'll find an account that will let you switch currency without charging, and pay you interest.

Since the interest is pretty much zilch at the moment, why not go for the best interest rate you can find in sterling and then do leveraged trades in the forex market?

 

[SSINGH]

HSBC will let you open currency accounts, all offset against each other.....it will need to be a business account.....

We trade in multiple currencies import and export product from all over the world, YEN , USD, EURO and ofcourse Sterling

 

[lauriel]

Many thanks for the speedy replies.
ahardy66 - if you could point me in the direction of how to inform myself in leveraged trades I would be much obliged.

Again many thanks and kind regards

lauriel

 

[Adamus]

Tell you the truth, I don't know what the simplest, lowest cost way of doing it would be. I suspect perhaps Forex Trading | Currency Trading - OANDA FXTrade but you might find it easier on a betting website like TradeFair. I'm doing futures but the account opening procedures are enough to put you off unless you're going to be doing a lot.

 

[lauriel]

Thanks very much again for the reply. I'll look into that. I know a bit about tradefair at least!

Hopefully I will be able to return the favour for you one daye.

all the best

lauriel