Anyone knows brokers which allow hosting client money in multiple currency type and allow converting of one currency to another beside IB
Oanda allows clients to have their FX Trade account in any currency (they can also have sub-accounts in other currencies and convert/transfer funds between them). Does that help?
hi so is possible to convert the fund using exiting ask/bid rate directly like ib and have the newly converted amt reflected on account infomation?
Do you mean as an account balance? If you do then I don't think it's possible to change the primary account reporting currency that you opened the account with but you could have sub-accounts in whatever currency you like and then trade off the sub-account, and you can withdraw from the sub-account as well. And yes, the rate is the current Bid/Ask. As an example my primary account is USD (reports in USD), my FX Manager account for clients is in Eur (reports in Eur), and I'm in the UK so need transfers done in Gbp. So, my primary account stays as USD but I've got sub accounts in Eur and Gbp and then transfer funds between accounts when the exchange rate is favorable. By the way, Oanda pay interest on all free margin balances, no lower limit.
Hi, so u just use the ask rate (to buy another money) to convert some money to another just like usual buying and selling lots in normal trading between the accounts? Btw do u use their api?
Yep, the rate is the Bid/Ask at the time of the transfer as quoted in the quotes panel/list, just the same as if you were going to make a trade (which in effect it is I guess). It's what they call an 'internal transfer' and it's free to do. No I haven't used their api, it might be worth asking on their forums about that.