As a client of FXTSP,
you can choose the base currency for your deposits.
Where most firms offer the option of sending funds
in the currency of your choice, they will only
let you hold your account equity in one currency.
For UK firms, they make you hold funds in pounds.
With US Firms, they will convert your funds in
dollars.
The currency
you chose to hold account equity will serve
as the base currency for your account. Account
Equity, P/L, Margin, Interest will all be denominated
in the base currency you chose. You can choose
to have the account denominated in the base
currency of your native country or keep your
funds in a currency that will experience long-term
appreciation.
Example:
Why
trade a non-USD denominated account?
Convenience & Savings
- European clients no longer have to
convert currency into US dollars in order to trade.
The cost of converting funds into USD and then
back into one’s native currency can be very
costly. Conversion rates are often 40 to 100 pips
off the market! By opening an account denominated
in one's native currency, conversions can be avoided,
saving clients hundreds of pounds or euros.
Long-Term
Speculative View - Opening an account
in GBP or EUR enables traders to benefit
from long-term appreciation of their account's
base currency. If GBP or EUR is not your
native currency you can still place non-leveraged
currency trade by opening a foreign currency
denominated account. If the currency of the
account appreciates, traders can realize gains
when converting funds back into their native
currency.
Dealing Details:
Standard trade size 10,000 units
Margin requirement is fixed at 50 units of the
account's base currency per lot
GBP denominated accounts have access to three
additional currency pairs: GBP/CAD (15 pip spread),
GBP/AUD (15 pip spread) and GBP/NZD (30 pip spread)
