Can you have different forex accounts with 1 bank account

Can you have different forex accounts with 1 bank account

04/06/ · Forex brokers have created different types of accounts that forex traders can open. This is because they have identified that some account types will be suitable for some and unsuitable for others. Sadly, many traders do not even realize this, and this is why we will talk a little bit about the different kinds of accounts as they fit the different kinds of blogger.comted Reading Time: 7 mins 30/11/ · Opening a Forex account is almost as simple as opening a bank account, but first you'll need to find a broker. It can be easy to get scammed by disreputable Forex brokers, so be sure you do your research and consider trading through a general stock brokerage regulated by the blogger.comted Reading Time: 4 mins 27/07/ · One of the differences between these two types of accounts is the leverage that comes with them. With a foreign investment account, you might qualify for the use of leverage based on your credit. If this is the case, you might get leverage in your account. When trading in a Forex account, you must trade with much larger leverage to make any money

Why You Need a Forex Account to Trade

It is becoming harder ever day to trust the brokers see the links I have posted at the bottom of this article. Therefore, Forex traders either have to forget about trading, or find another way of having access to the currency can you have different forex accounts with 1 bank account. Forex trading through a bank account looks like a good alternative. Because banks are more reliable and trusted organizations and governments have more supervision on them, you can trust them more than brokers, or at least you will not be faced with most of the problems that you have with the brokers.

They are there to make money, and they will do their best to make more money every day. Therefore, it is expected that even banks try to cheat their clients to make more money sometimes. However, it is less probable.

Before trying to open a Forex trading account with a bank, first you have to make sure that you are already a consistently profitable trader, otherwise there is point to think about having a Forex trading bank account. If you are not a consistently profitable trader yet, keep practicing and learning and passing the stages I have explained hereand then think about having a Forex trading bank account. To do that, first you have to find a bank that offers such a service in your country.

You have to refer to each bank and talk to the account managers and consultants. You have to tell them that you want to open an account to trade currencies against each other, not just to have a regular saving or checking account. Trading through a bank account is different from trading through a broker.

The first difference is that there is no currency pair in your bank account, can you have different forex accounts with 1 bank account. You should open a multi currency bank account and when you want to trade the currencies against each other, you have to convert one currency to another one. Your bank account has to cover all these currencies otherwise you will not be able to trade some of the currencies against the other ones:.

After having all these accounts under your bank account, you have to deposit some money in each account. It has to be a lot more. As you know, you can wipe out your account or even have a negative balance only when your account is leveraged.

Although you can lose money even when your account is not leveraged I will explain howyou can never wipe out your account even if the market goes against you for thousands of pips. The other difference is in the spread that the banks offer. Of course, you can always negotiate with the banks and ask them to offer you a good deal, can you have different forex accounts with 1 bank account.

They usually do it specially if you open a big account with them. They are prefect for Forex trading. It means you can convert the currencies to each other for free and without paying any fees or spread. As I mentioned, there is no currency pair when you trade through a bank. It means you pay USD to receive EUR. In other words, it means you convert the money you have in your USD account to EUR. You can do this through the Internet and your online bank account.

You have to use your online banking system to convert the currencies against each other. But that is not a problem at all. You can use the demo platform of a broker to do your analysis. Of course, the prices you see on the MT4 platform of a broker will not be exactly the same as the prices that your bank offers, but this is normal.

There is no two banks or brokers that offer exactly the same price. You hold EURs and the price moves accordingly which means EUR goes up against USD as you expected and it reaches 1. I mean your money is not wiped out. This is because there is no leverage here. If there was a leverage, then all your USD would be wiped out long time before the price reached 1. As I mentioned earlier, avoid the banks that offer any leverage, because obviously they want to act like brokers and make your account wiped out as soon as possible.

You may ask what advantages it will have for the banks to offer such services to traders while they charge no fees and offer no leverage for converting the currencies to each other? Banks want you to deposit your money with them, no matter if you trade Forex can you have different forex accounts with 1 bank account you want to do something else.

They use your money to offer loans and mortgages to their other clients to make more money. They use your money to work and make more money. Unlike the retail brokers, banks have too many ways to make more money out of your money.

It is the brokers who have to cheat to cover their expenses and make profit. I am not saying that banks are saints and angels. They just have can you have different forex accounts with 1 bank account better options to make money than cheating their clients. Indeed, can you have different forex accounts with 1 bank account, trading through a bank account, be it currencies or stocks, is what almost all professional traders and investors do.

You can hardly find a professional trader that trades through the retail brokers, not because brokers cheat and can hardly be trusted, but because trading through a bank account has several other advantages and is more trusted. One of the most important advantages of trading through a bank account is protecting your money while the sudden and strong movements like The Swiss Franc Tsunami occur.

If this happens while you have a position and the price goes against you for thousands of pips like something that happened on Negative balance happens only when your account is leveraged. Although you will lose money if the market goes against you when your account is not leveraged, it will never get wiped out and will never end up with a negative balance.

But the other reason which is even more important is that your account with a retail broker can be in one currency. For example you open a USD or EUR account and then you can trade the currency pairs through it.

After opening a multi-currency account with a bank, you have to deposit money in each of the accounts to become able to exchange currencies to each other. For example you deposit 10, unit in your USD, EUR, GBP, CHF, JPY, CAD, AUD and NZD. Therefore, your whole account will never be wiped out if something like the CHF tsunami happens. The reason is that only those currencies that are involved will be affected, not the other currencies.

Then the CHF tsunami happens and CAD loses its value against CHF. Then only the CAD you have bought will be affected not the money you still have in your USD, EUR, GBP, CHF, JPY, AUD and NZD accounts. This is a big advantage of trading through a bank account, because your money will be safe automatically against the strong and sudden movements.

But there is a problem here which is money. You can keep on making and saving money through your routine job and the other opportunities while you are learning how to trade and you are improving your trading skills. Maybe the money you make through your full can you have different forex accounts with 1 bank account job is not enough even to cover your expenses, and so, you can never save any money to become able to open a trading bank account.

This is the problem that many of those who are learning to trade forex have. Chances are the lose their interest and give up on trading for good, can you have different forex accounts with 1 bank account. For this reason, we thought about creating a good source of income for our website followers. You need a good source of income, no matter if you are already a consistently profitable trader, or you are still learning how to trade.

If you are still learning how to trade, then you have to be able to cover your expenses and keep on learning how to trade with peace of mind. Even if you can afford to open a reasonable live trading account, you still need an extra source of income to cover some probable losses that can happen sometimes, and also to be able to survive when there is no trade setup for a long time. Therefore, you need another source of income that makes money for you consistently while you trade and invest to make more money.

This is what all professionals do. They have several sources of income including trading and investment. They make money, and then they make their money make more money for them through trading and investment. Here at LuckScout. com, we have thought about all these things. That is why we are working on creating some great opportunities to support you and help you to make your dreams come true.

Those who follow us properly, will become able to become financially free. very informative article!. I just have a question, is there any bank that does provide forex trading services, can you have different forex accounts with 1 bank account. please tell me i have some money that i have win in my trading account with the forex trading now i want the money to be withdrawal they said i must open my bank account for them to do that is this wise please give me an answer thank you.

I had heard of Forex Trading through ones personal bank account before. It is a lot less risky than the brokers accounts.

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Difference Between a Foreign & a FOREX Account | Pocketsense

Answer (1 of 7): Yes you can have as many current A/c as you wish but first decide on customer care service & interest rates on non payment which bank charges as these are important criteria rather than how many A/cs that can be opened 05/07/ · Can you have different forex accounts with 1 bank account. Nov 20, · In forex trading, account types are often based around trade volume. Trade volume is measured in lots, and refers to the amount of currency you wish to trade. Micro accounts, for example, allow you to trade micro or nano lots (1, and units of currency respectively) 20/10/ · Typically, you will just need to open a new account, deposit the amount of money you choose in your country’s currency, and then you are free to sell and buy currency pairs as you see fit