Q&A: If you want to hold foreign currency, is it best go to money exchange shop or Forex?
Question by Doo.ri: If you want to hold foreign currency, is it best go to money exchange shop or Forex?
Say I’m Japanese, and I think US Dollar would be a good investment, and I want to hold the currency for 3 years, so should I go to local money exhanges booth, i.e. buy $ 10,000 or buy USD/JPY $ 10,000 in Forex?
10 pts. for good or detailed answer.
Answer by Charlie Mike
Definitely Forex. Basically you cut out the “money broker” fees. The quotes is easily 200 points above the bid and offer. The best way I think is to open a leverage margin account with a bank that also have a Foreign term deposit acct. Thus with Forex account you enjoy spot rates.
Add your own answer in the comments!