Oanda: how to wire transfer and FXglobal

Beginner Questions
1

Hey guys, hope your accounts are doing well.

I had a quick question for anyone who uses oanda or has any experience with oanda. I recently opened an account with oanda and will be funding it soon. I can’t send a check or use paypal because those options are only for US residents only (i live in Canada). I am forced to doing a bank wire transfer BUT my bank account has CANADIAN dollars in it and I want to trade in the EUR/USD. So therefore my account has to be in euros. I wanted to know how FXGlobal kicks in here. Do I send the canadian dollars and get it exchanged to euros by oanda or do I exchnage it with my bank and get it sent to oanda?

Sorry if it sounds confusing but I hope you can help.

Thanks

2

i live in denmark and uses paypal with no problems

3

It seems Canadians are a special case because of Canadian
legislation.

Looking through & trawling my memory as a resident of Canada
you are limited in the choice of broker, dependant upon where
you live.

Take a look at the links below to try to investigate the problem
further.

http://forums.babypips.com/newbie-island/17801-canadians-forex-broker-any-metatrader-platform.html

http://forums.babypips.com/rate-my-broker/19024-broker-bc-resident.html

4

The fact that your bank account is in CAD isn’t an issue. You just tell your bank to make the wire in whatever currency you want your Oanda account to be in.

Also, you don’t HAVE TO have it in EUR, just because you plan to trade EUR/USD. You can choose any of the account currencys that Oanda offers.

Like daydreamer mentioned, apparently there are special laws in Canada, and in B.C. in particular, regarding forex. Make sure you know what rules and laws apply.