Assuming you’re going with an overseas broker, do you guys usually convert your funds to USD, or just leave it in your local currency and let the XX/USD or USD/XX in your broker do the conversions for you when trading the majors (for example).
Somehow I’ve always assumed to convert and deposit in USD but it suddenly for some reason occurred to me that I don’t need to. Are there any implications to this?
It means that you’re paying a conversion charge on every trade rather on when placing the money in and taking it out. You know what, I have not thought about this but I will. Thing is that if you are trading a lot then you will be converting money on the gross amount rather than the net amount. This could make a difference.