Do Brokers allow you to deposit/withdraw different currencies for trading?


I am new to Forex trading and interested in it partially because my main business leaves me with a lot of Korean Won that I need to exchange into Indian Rupees or USD. I’m tired of my bank taking such a huge cut off the conversion!

I like the idea of using Forex trading to get the best rate possible on my exchange, and maybe make some extra money on the market swings!

Is this something that is possible with most Brokers?

Thank you for your reply!

I’m not sure what do you exactly mean. Do you want to exchange currencies through the broker instead of trading? If that what you mean, then I don’t think it’s possible. Moreover I’m sure you can’t transfer money from a country to the other through the broker. If you want to get your business some benefits from the Forex. It’s possible. Like to hedge exchange price over a long period or to cash out swap interests for cash you instead of the low interest in your local bank. And never risk your business capital in the Forex. You must risk the money you can lose

I don’t think brokers will allow this. Usually even withdrawal they have to do it with the same way. Let’s say you deposit with neteller USD 500, when you withdraw USD 1000, usually USD 500 will back to Neteller and another USD 500 you can choose other withdrawal options. That’s what I know.

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You have a specified “account currency” in which withdrawals are made.

You may be able to deposit into it in other currencies, but you’ll still have your bank and the broker’s bank in-between you, and it probably won’t work out well.

This is absolutely right.

That’s because of international anti-money-laundering regulations, and they’re going to apply at all forex brokers, I’d think.

I agree with the others. Unfortunately you won’t be able to escape the conversion fees even if you use a broker. Each broker offers a few currencies with which you could open a trading account and make withdrawals. Even if you can deposit in a different currency, it still needs to be converted as per the broker’s account conditions. So if you want to use a broker only for this purpose, I would recommend to search for another solution as this idea probably won’t work.

Exactly because this is one of anti-money laundering regulations. So I don’t think it is allow to withdraw from other currencies.

If possible, but you will be charged a very high commission depending on the amount you want to change, I recommend that you advise well as broker has the lowest commission cost and if it is reliable, for that you should look for the most profitable companies. But a house of change. If not invested in cryptocurrencies that money an excellent option.

If you choose to go with criptos, I would suggest being carefull, as Cryptocurrencies are currently very volatile and you could end up either wining or losing money (As of now, porbably wining, but you can never know when the next big drop will happend)

I don’t think a lot of brokers allow that on their platforms. There are some regulations that apply to all forex brokers, so this will not be the right way to go about it.

No, brokers don’t allow that since there are some restrictions and regulations placed on them as well. So they don’t take that kind of risk.

Using a Forex broker as a platform to convert currencies is not possible with any broker. You can only use them for making profits sometimes because of the price difference in the base and the quote currencies. And it’s only certain currencies that are accepted by most brokers. For instance XTB accepts EUR, USD, GBP and HUF only, and that too only if the transfer is via bank or e-wallets. With cards the options get further limited to EUR, GBP and USD. Moreover, when you deposit in a currency that is different from what you have in your bank, there is an additional interest rate charged by most brokers.
Another area which might not work in your interest is when you withdraw the amount. It will have to be from your nominated bank account, where one more time you will be paying the charges of the bank. A lot of brokers don’t really charge for withdrawals, like Fxview, but as I said, you will still be liable to pay the bank for withdrawing your money.
In fact fxview does not charge for deposits, so if you ever consider forex trading as a means in itself to make some money. Some more research and you might find more brokers like them!