Forex trading questions

[gooderpoker]

Can anyone help me answer some questions;
I know a few companies that do all business in USD but live in Canada so they have to convert their money.
I was wondering if you can exchange money on the forex by selling your USD for CAD cheaper than going to the bank and losing 3% or more.

I myself have to convert my USD to CAD and was looking into doing this.
would this work and would it be cheap? Is there risk? Whats the min i have to convert?


P.S i tried posting in the forex section but i didnt have permission

[Fintan]

It wont be cheap and unless your exchanging hunrdeds of thousnds or millions you wont actually save that much money.

Your best bet would to shop around and get a better rate from a local bank

[jeffsmith]

Originally Posted by Fintan

It wont be cheap and unless your exchanging hunrdeds of thousnds or millions you wont actually save that much money.

Your best bet would to shop around and get a better rate from a local bank

Indeed forex trading in such a case is not very feasible.It is recommended to trade forex on a regular basis as an investment.

[jeffsmith]

First let us talk about forex and forex trading. Forex is all about foreign exchange which deals in all foreign currencies. Here persons can trade foreign currencies we cannot say it is only about currencies here wee can also trade metals and stocks as well.

If we talk about forex trading there are many companies who are running their broker ship firms and providing online trading plus offline trading facilities. For this one has to provide some documents and invest the required money which the brokers have decided.

Trading in forex market requires lots of knowledge and patience as well. The more you gain the knowledge the profit ratio of you trading goes on increasing. Make some strategies some rules of trading for your own, make profit taking targets for example, make a target of $20-25 profit per day and decide your trading hours. This habit will help you to trade with patience.