What should I set my account base currency at £ or $

Beginner Questions
1

My broker has switched my account to a UK account because of Brexit. I have the choice of setting my account base currency as £ or $. I mainly trade XAU/USD GDP/NZD GBP/USD
So far my account has been in $ would it be better to switch to £

2

IMHO, USD will probably appreciate against GBP from 2021 to 2024

3

Your speculative trading is done with the positions you take so, as a general rule, it is probably better that your base currency is the same as your domestic currency otherwise you are exposed to any fluctuations between the base currency and your own. Unless, of course, you have a view on their likely development in the future.

If your home currency is neither $ or £ then there is no real difference from the point of view of your actual trades, the proceeds of which will be converted into whichever base currency you have selected. So the only real long term factor is the appreciation/depreciation of your base currency against your native currency.

2 Likes
4

Beat me to it. As I’m from the UK I’d go GBP but if I was from neither I might lean towards USD as most are measured against it but there’s not a lot in it.

5

What currency is does your bank account use? Thats what you should set your account to.

6

Also a UK resident, was leaning towards £, we have to regain some traction eventually!!!

1 Like
7

Thanks, as UK resident I was leaning towards £, hopefully in time we will gain

8

Thanks, of the same mind

9

Keep fighting the good fight! :joy:

10

I agree - I will just add that there are banks where you can have many currencies without paying any additional fees for exchanging money between them (I have been using Revolut bank for some time and so far it seems to me to be the best choice, especially for forex).

11

That depends on how profitable £ would be for you. You can do that as per your needs.