thanks for the non-CPA advice. Getting a foreign currency bank account seems simple enough. and any exchange fees would be OK based on the ease of using a regulated broker (in my mind, at least). I basically want a separate bank account to receive broker money other than my main everyday use bank account, so this sounds like a possibility.
i use coinbase with no problem and yes if you use those wallets you will pay a small fee
also coinbase does broadcast within 15 minutes so my transaction went thru but if blockchain is very busy coinbase might not broadcast the transaction in time, but i didnât have that problem
EDIT: when i deposit with eaglefx they have a 15min timer for coinbase to broacast the transaction but i found out by doing a fake transaction it takes about 3 to 30 days before the transaction is cancel and the wallet address is no longer good,
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Wow, great idea⌠So what you are saying is open a forein account here in the USA, just leave my money in EUR⌠Problem solved? I guess you do make or lose depending on what the EUR is doing when you move it⌠But I guess he point is , dont move itâŚ
What bank has such an account? Any that you know of?
BTW, this is from the FDIC web siteâŚ
"The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final rule clarifying that deposits in foreign branches of U.S. banks are not FDIC-insured, even though they can be deposits for purposes of the national depositor preference statute enacted in 1993.
Currently, under the Federal Deposit Insurance Act, funds deposited in foreign branches of U.S. banks are not considered deposits, unless the funds are dually payable in the United States."
good to hear. as long as itâs ânot recommendedâ and not âforbiddenâ to use Coinbase or CashApp I can live with it
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just a random google search article - https://www.bankrate.com/banking/savings/opening-a-foreign-currency-account/
highlights were âOther banks, including Cathay Bank, Citibank and HSBC, also offer foreign exchanges for putting money in foreign currency time deposits of the yuan, yen or euro.â
and " Is the account FDIC-insured? Foreign institutions donât always offer Federal Deposit Insurance Corp. backing, which protects deposits up to $250,000 per bank account if the bank fails. Bank of Chinaâs two New York branches offer FDIC insurance, but the Los Angeles branch doesnât, according to the bankâs website. Only the principal deposit in U.S. dollars is protected by the FDIC.
But take heart, foreign banks with U.S. branches are regulated the same as any other dollar accounts, Logue says. âSo theyâre functionally U.S. banks,â she says."
but like the article and you said, if the currency you have the money in moves, so does your savings (up or down)
EDIT: upon re-reading, I think thatâs mostly foreign banks with US branches, what we would be looking for would be a full US bank with a âforeign currency depositâ capability
also, looking into this TransferWise thing - had it bookmarked but never really dove into it before. youâd pay fees, but whatâs new? and you wouldnât need a new bank account
This might be interesting to research: Borderless Account and Debit Card in US - TransferWise
TransferWise is mostly sending money from the US, but that bank account lets you receive it too. With fees of course, but minimal
Exactly, look at the symbol specification. Itâs the Stops Level (Stops level â minimum distance to the current price in points at which Stop Loss and Take Profit orders can be placed) brokers like TradersWay and Coinexx have it at 0. Itâs been a while, but I think I remember seeing LQDFX having it at 20 maybe more.
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Those are either hardware wallets or wallets you download onto your computer. They do get a very tiny tiny fee. I have a A Trezor and Electrum on my computers. They been around for a while now.
Ideally its always best to transfer to and from your own wallets anyway. But these days not sure if it really matters tbh.
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Thats what they say, but in reality that wallet address is good until the end of time. Wallet addresses cant be âdestroyedâ or deemed unusable. Only if and when the private keys are erased. But I guarantee that whoever the third party they use, keeps logs of all of them.
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so basically LQDFX would work if you are swing trading on the Daily charts because thatâs enough room, but for any type of daytrading thatâs pretty much B.S.
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Yeah it was something like that.
Yeah I agree.
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just to play devilâs advocate with LQDFX, I created a live account just to check out the spreads on the Big 3 Indices I trade.
LQDFX
s&p500 - 9
nasdaq - 17
dow - 45
fxchoice
s&p500 - 7
nasdaq - 15
dow - 2
eaglefx
s&p5000 - 9
nasdaqq - 11
dow - 18
for the S&P500 and Nasdaq itâs pretty respectable, for the DOW (which is also my primary trade) itâs not.
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FX is not crypto, without leverage the annual exchange rate fluctuations between G7 currencies are rather small. That being said, you can hedge it with a 1:1 long USD FX position or just take the loss deduction on conversion. The fluctuations can also work in your favor.
www.pnc.com/en/corporate-and-institutional/international-services/multicurrency-accounts.html
www.citizensbank.com/commercial/foreign-currency-accounts.aspx
www.firstrepublic.com/foreign-exchange/foreign-currency-accounts
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I never use a sl or TPâŚI cant because Im looking at profit as a whole basket⌠In that case, I dont think Ill have issues.
Understand⌠but there is a spread to convert USD to EUR when initially depositing⌠Then pulling back to USD, there is a bank spread⌠It can hurt⌠Im not worried about the fluctuations while sitting in the accountâŚ
Even with that, it might be worth doingâŚ
Just taking a minute to thank and appreciate everyone who is contributing to this thread. Lots and lots of great information than can help us all. This isnât a battle we need to fight by ourselves. LOL
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I agree, been a great help for me too. Given me some ideas on dealing with the horrible limitations of trading.
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