My broker has the option of opening a Forex account with either US or Canadian funds.
Going with USD seems tempting given the current exchange rate, and it would probably be beneficial for any withdraws that I will make in the future (assuming CAD will depreciate).
However, it might come back to cost me when making future deposits (again, assuming CAD will depreciate).
So I am wondering, what has everyone else gone with? Any particular reasons?
Going with USD means pip conversions for many of the majors will be very simple.
My account is in CAD. I like this better because I don’t have to worry about the exchange rate when I deposit or withdraw. Whatever is in my account won’t change, and I don’t have to “time” my deposits/withdrawals to take advantage of a more favorable exchange rate.
On the other hand, the pip value per pair will be different than what you’re used to seeing on a USD demo account because the broker’s software will adjust the exchange rates to reflect the currency of your account at the time of your trades.
