1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

hopefully not a dumb question

Discussion in 'Beginners Bootcamp' started by soda9, Oct 15, 2019.

  1. soda9

    soda9 Recruit

    Joined:
    Oct 15, 2019
    Messages:
    2
    Likes Received:
    0
    Hi all, I'm new to forex so I might be posting a few dumb questions from time to time..lol. here we go!
    I started reading and watching youtube videos about forex trading. I opened a demo account with oanda and as I'm looking at the price pairs it dawned on me. If I live in Canada and my account is in Canadian dollars, how do I go about buying say eur/usd dollars. Wouldn't my Canadian dollars have to be converted to the pair of currency I'm about to buy or sell, if I do buy say eur dollars, would that mean I would have eur dollars in my Canadian account...if so I would have to convert that before taking it out. It's a little confusing at the moment, I think I'm looking at this wrong...can someone shed some light on this for me...thanks
     
  2. FxMaster

    FxMaster Lt. Colonel

    Joined:
    Oct 17, 2011
    Messages:
    7,787
    Likes Received:
    930
    First check they accept Canadian account or not :)
     
  3. georgequayle

    georgequayle Corporal

    Joined:
    Feb 16, 2019
    Messages:
    103
    Likes Received:
    18
    You're not physically buying euros or dollars.
    As long as your broker accepts Canadian dollars then there won't be any issues
     
  4. Mazshura

    Mazshura Private

    Joined:
    Aug 20, 2019
    Messages:
    26
    Likes Received:
    1
    I also agree with that. But I am sure you still need to send your Canadian dollars to some corresponding account anyway no matter how hard do you put it up. See my point with that ? Conversion shouldn't really happen anyway. Thanks!
     
  5. 7Bulletin

    7Bulletin Corporal

    Joined:
    Dec 24, 2018
    Messages:
    79
    Likes Received:
    9
    But you need to double or triple check that all anyway for many many reasons out there. How else we can compete here for example. What exactly is going on there ? Are you really that sure they will accept your CAD right away, I would ask them.
     
  6. bigdolly

    bigdolly Sergeant Major

    Joined:
    Oct 21, 2013
    Messages:
    851
    Likes Received:
    63
    Read about margin what is it and how it works. You are actually don't buy or sell you are betting that one currency outperforms the other. It doesn't require buying or selling them, the contract is eventually settled in CAD with your broker. It is very well explained in Hotforex webinars about margin trading.
     
  7. georgequayle

    georgequayle Corporal

    Joined:
    Feb 16, 2019
    Messages:
    103
    Likes Received:
    18
    also funding your account with bitcoin and you won't have this problem ( which isn't actually a problem)!
     
  8. bigdolly

    bigdolly Sergeant Major

    Joined:
    Oct 21, 2013
    Messages:
    851
    Likes Received:
    63
    Indeed it's not easy to trade from Canada. One of my fellow, both he and me traded with Hotforex, but they stopped to accept clients from Canada so he moved to local one. The trading conditions were awful, can you imagine? It's what lack of competition does to the industry..
     

Share This Page