hopefully not a dumb question

soda9

Recruit
Messages
2
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
 

FxMaster

Lt. Colonel
Messages
9,017
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
First check they accept Canadian account or not :)
 

georgequayle

Recruit
Messages
155
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
You're not physically buying euros or dollars.
As long as your broker accepts Canadian dollars then there won't be any issues
 

Mazshura

Recruit
Messages
59
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!
 

7Bulletin

Sergeant
Messages
122
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.
 

bigdolly

Sergeant Major
Messages
961
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
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.
 

georgequayle

Recruit
Messages
155
also funding your account with bitcoin and you won't have this problem ( which isn't actually a problem)!
 

bigdolly

Sergeant Major
Messages
961
First check they accept Canadian account or not :)
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..
 

Notati

Recruit
Messages
115
First I would like to say that there are no dumb questions. Furthermore, I think that your question is very good. You should check with your broker if you can place Canadian dollars to your account. If you can, then just swap it or exchange it to USD or EUR
 

pujiono

Private
Messages
21
Firstly there is no dumb question. As you're a newbie so you must have queries otherwise you won't be able to learn about Forex and without learning it's nearly impossible to trade in Forex as it's a vast think to understand and learn. You should read trading books alongside watching videos on Youtube. It really helps and there are many traders/ signal providers offers Ebooks, you can go one of the books but again CAREFULLY.
 
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