FXCM Currency deposit options

[ohlegmacnole]

I've recently opened an FXCM A/C & must now deposit money into the A/C in order to purchase shares etc.
There are options to deposit into various currency A/Cs Sterling, Dollar, Euro etc.

Am I correct in assuming that if I plan to buy shares/funds whose price is listed in Dollars, then I should deposit money into the dollar A/C & so on for shares whose price is listed in sterling etc?
Thanks

 

[shopkeeper]

In my own experience you have a few options in this regard. I have worked around this in two ways but there could well be other preferable options
(a) I have deposited dollar funds directly from my Mastercard into my FXCM account - their platform makes this very easy to do.

(b) I have on another occasion requested that they convert my Euro cash balance into Dollars, and then done the trade when this conversion is completed. FXCM did this conversion at a rate very close to the spot rate and commission-free so I think that this is the best way to do it so long as they havent changed the T&C.

I have also previously made the mistake of not converting the euro to dollars, and FXCM will nevertheless happily complete the trade on the basis that unconverted euros are a 'collateral', and will then charge interest on the amount of dollars invested in equities.