makaveli_mo
Junior member
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Hello there, Hope everyone is enjoying the bank holiday in the uk!
My question is 2 fold
A) is there anyone using the barcfx platform for fx trading here? Does anyone know the costs and the competitiveness of the spreads
B) I would like to deposit a sum of money into my fx account say 10K GBP, by purchasing GBP/USD at 1.67 thereby converting my money. At this point this is termed as an open position. At this point I have purchased the currency I am assuming. (if I closed the software it would say I have open positions would I like to continue, I am using the software from Barc FX) In order to realise my profit/loss I would have to close the position Ie sell the GBP/usd pair to get back GBP.
Now supposing I simply wanted to convert the GBP to US dollars say for 10 K in travel money. I would leave the position open (I think correct me if im wrong) leaving the currency in us dollars.
This poses a problem how is my forex account able to hold 19 currencies in one account its not like I have 19 sub accounts. Therefore where are my us dollars held? And how can I transfer it to my us dollar account at my banking institution. I realise this may have been covered before but im really looking for an indepth step by step answer to help future readers as I can realise how this may be to the new user.
My question is 2 fold
A) is there anyone using the barcfx platform for fx trading here? Does anyone know the costs and the competitiveness of the spreads
B) I would like to deposit a sum of money into my fx account say 10K GBP, by purchasing GBP/USD at 1.67 thereby converting my money. At this point this is termed as an open position. At this point I have purchased the currency I am assuming. (if I closed the software it would say I have open positions would I like to continue, I am using the software from Barc FX) In order to realise my profit/loss I would have to close the position Ie sell the GBP/usd pair to get back GBP.
Now supposing I simply wanted to convert the GBP to US dollars say for 10 K in travel money. I would leave the position open (I think correct me if im wrong) leaving the currency in us dollars.
This poses a problem how is my forex account able to hold 19 currencies in one account its not like I have 19 sub accounts. Therefore where are my us dollars held? And how can I transfer it to my us dollar account at my banking institution. I realise this may have been covered before but im really looking for an indepth step by step answer to help future readers as I can realise how this may be to the new user.