Amidst the forex transfer posts, I was thinking of investing in another currency while our dollar is not doing so well. Before I begin doing my own research, can anybody point me in the direction of any companies in which I can look? I am looking at investing in the Vietnamese currency as I may go there in the foreseeable future.
Also, if anybody knows what are my options pertaining to the ongoing storage of the currency
Otherwise I know that Commonwealth Bank has CFD's available.
Thanks.
If you trade the currency at a bank or airport, you'll get terrible exchange rates and pay high commissions, meaning the bought currency will require a relatively big move in price (in the right direction) to make it worth your while. You're basically just giving them money here. You'd be best off just waiting until you go to Vietnam and getting cash out from an ATM or a money changer (away from the airport) on arrival for better rates (way better rates than banks/airports in Australia).
If you want to see alternate money streams, e.g forex, shares, etc in action, sign up for a free virtual share game on ASX or open a demo forex account on Global Prime and play some virtual $ and see how you go. Keep in mind, if you hold cash in the bank, at home, in a suitcase buried in the bush, you're still investing in it. It's the familiarity everyone has with cash that makes it not seem like an investment.
Cheers guys. I might stay away from it. I've done more research and that seems to be the general consensus.
Hey chaibones, does your decision also apply for online brokers such as OANDA?
Or just for the bank/airport/physical location trades?
I am thinking about using online broker such as OANDA just for trading (i.e. sell them AUD, hold USD, wait for currency drops etc, then transfer back for profit). Not a good idea?
Hey mate,
I was looking at various options. I was thinking of doing what you're thinking but for possibly long term. But then I thought again. FOREX is arguably one of the riskiest forms of investment so I decided to stay away from it. Good idea in theory but I CBB with it at the moment. All the best to you though.
Pepperstone, Axitrader and Oanda Australia would be my top 3 picks for brokers.