I’m in America so obviously I have the USD as my currency type. When I’m trading EUR/JPY and the price is 127.987, is this showing me in USD or am I actually looking at a price in YEN or EURO? I just don’t know when/if I need to do any conversions. Are these conversions baked into the brokers and I’m actually seeing everything in my own currency?
Thanks in advance
Scott
Hi, when you have open eur/jpy chart, you see “how much I need to pay for 1 euro by yen currency”. The results will be shown as points, account currency, or term currency if you are using MT4 terminal and which option you are choosing. Regards Greg
This question comes up now and then and has its roots in the incorrect view that traders buy and sell currency. We do not. Neither you nor the broker will take possession of a pile of Euros if you go long on EUR/JPY.
What happens is that you enter into a legal contract with a firm that if X happens they will pay you and if Y happens you will pay them. If both you and the firm are in the US then of course it is transacted in USD.
Another name for a contract of this type is a bet.