Hello,
I have never traded on Forex, but I am trying to understand if it can be used to exchange currencies ?
My objective is not to make a profit on a currency pair increase, but simply to convert some Thai baht (THB) into EUR in order to have better rates than banks here in Thailand.
Can someone recommend a broker where I can deposit THB, and trade on the EUR/THB pair in order to get EUR by selling my THB ?
Thanks a lot in advance.
I’m guessing you want to do physical currency exchange to buy physical EUR’s?
If this is the case unfortunately the spot forex market is not suitable for such purpose.
The spot forex market allows someone to deposit their own currency into a brokerage account and then use that account balance to place virtual buying or virtual selling of currency pairs. You never actually own the EUR’s or USD’s or any other currency when trading forex. Instead you are buying or selling a contract for difference. Where you get the chance to earn money if the currency pair does what you hope or expect but unfortunately you can also lose money if things go against your plan.
I hope this explains well enough for you to answer your question.
Yes, I wanted to physically get EUR in the end.
Thank you for your clear answer.
So far, I have been using crypto for this purpose, though the gap compared to bank is actually not that huge.