I’m new to Forex and to this site and forum. I am a US expat living in Thailand. I am directly affected by the weakening dollar, and have decided to trade out and diversify into other more promising currencies.
I couldn’t even find a company that would do this by Google-ing. Every search term I used led me to forex futures markets, like FXCM, that can’t trade my physical dollars for me.
There is one company that I’ve dealt with in the past, so I contacted them. They have branches throughout the US and Canada. When I deal with them, I wire the amount I want to have traded into their account, held in a bank in the US.
At that point I make a trade from USD to EUR, or whatever. When I called them recently, they gave me an unbelievable deal. If I want to trade approximately $75,000 USD to euros, they want a 20 pip spread! The last time it was 10 pips. Also, the charts I’m looking at are the free ones available from FXCM. My broker says I’m looking at the bid price, and that the pip spread is 6 pips between what I’m looking at and the ask price. Thus, to change my dollars into euros, aud, gbp, nzd, or anything else they handle would cost me 26 pips.
I have heard some bad things about this company - dealing with pip spreads - so I haven’t mentioned their name. Somebody please set me straight about this.
I need a bank that will accept my dollars, and convert them into another currency. I would prefer that they could possibly trade into metals, but I’m not sure if one such entity exists that does both.
They would have to stand up to some scrutiny, be fairly large, and give me an honest pip spread that I could rely on from one trade to the next.
Can anyone tell me where I might find a listing of such companies. I’ve tried using terms like ‘broker’ ‘currency’ and many others, but I keep finding forex futures trading platforms, and still don’t know what the name of such an institution would be.