Hi everyone, I was wondering if I am able to open a trading account in my local currency or I have to convert it to one of the major currencies ?
Your local currency.
But note you might be able to open an account with a broker in another country also, and this might be better if for example they are better regulated there than in your own country or if they offer better terms & conditions, costs etc…
I would recommend to open it on one of the major currencies.
Hi ,
I think that most of the brokers offer to open trading account in the major currencies as a base currency of the live or demo account.
For example now I am a client of JFD Brokers and FXCM (with demo account) – JFD propose EUR, GBP, CHF and USD. With FXCM you could only choose between GBP, EUR or USD
Hi @Mpanga, can I ask which is your local currency? If it is not one of the major currencies, then perhaps you should consider the option for indeed using one of them due to the stability and consistence. Are there any particular brokers with which you plan to register?
Where you are from actually?
You don’t have to convert in any major currency. A trading account is the way how you can reach the forex market, but you should choose a trading account that will help you to achieve your trading needs.
What’s your local currency?
I will suggest you to convert your local currency into any of the major currencies like USD, GBP, JPY, EUR etc. This will help you to trade in a better way.