FX Investing & Trading

Discussion in 'Investments' started by trajan, Dec 17, 2016.

  1. trajan

    trajan Registered User

    A friend in Far East plans to emigrate to EU in New Year.
    To avail of better buy rates for €/HK$ they are looking at purchasing their euros with online FX brokers instead of their local bank.

    The plan would be to buy their euros future contract with Hong Kong dollars, move to EU, re-assign the bank account associated with their FX trading account to a new bank near their home in the EU country and then redeem their euros from their contract into the new bank account.

    The question is -- can an FX trading account started in one country be re-assigned to a new bank account in a different country ?

    I have been told yes by one online broker, FXCM.
    But FXCM has a bad forum reputation.
    So I thought of asking here as we have some people in Ireland who may have ddone the same thing.

    All advice on the point appreciated.

    And Happy Christmas to all anyways.
  2. trajan

    trajan Registered User

    Just been told by Forex that one can only "close out one's position" in a currency exchange pair contract, i.e. take one's winnings or cut losses, in the local currency of the bank account with which the Forex account was started.
    Not sure if other online FX brokers do same thing but may well be so.