I want to start trading forex, I am a canadian. So I wanted to start with questrade forex, i tried their demo and i liked it. So apparently, to use forex, your canadian dollars will be auto-converted to USD + 1.5% comission. So basicly if i invest canadian dollars to start forex trading, and then get them back at 0% profit. i will lose 3% due to comission (1.5% first conversion, 1.5% conversion back) WHAT THE HELL?????? is there a way around this?
Sure, find a better broker - you won't have this problem with IB and I'd thought with most other brokers either.
" So I wanted to start with questrade forex..........." Quest...... a little lite in the loafers as a broker. useful for stock jocks. bolt a proper charting and order entry front end onto IB and you are away. you get a demo account with IB as part of the deal. cheers, s
You should go for other broker who charge less commission on converting your local currency to US dollar.
it's simple open a US$ account at your bank a currency exchange 'bureau' usually has lower B/S rates than banks, and banks rates differ from bank to bank. this info can be verified online find the best rate and convert C$ to US$, deposit funds in US$ bank account fund your trading account from your US$ bank account when you withdraw funds from your broker, the funds sent will be in US$s to your US$ bank account, and you can then change them to C$s via your bank, or the exchange bureau you'll always have exchange rate 'fees', and the currency prices will always be fluctuating I prefer to withdraw the funds I've received from my broker from my US$ account and make the US$-C$ exchanges myself via a local exchange bureau, as and when I think the exchange rate is most favorable to me
Fellow Canadian here, Fore forex, Quest is just a white label of forex.com.... it's pretty bad... If you want to hold an account in CAD, look at Oanda, they are based in Toronto and offer accounts in quite a few currencies. To be honest though, you sound like you'd benefit from using demos for a while longer. First focus on a trade plan and becoming consistently profitable (over months, not just over a few trades.) Then open an account with a small amount (say, $500) and work on consistency. If you haven't blown out the account in a year, then consider "investing" more. Or do it the hard way and loose a few grand before washing out.