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Account Options
Non-USD Denominated Accounts
Don't Want to Hold Funds in USD?
FXCM offers the ability to set-up accounts denominated in the following non-USD currencies:
- Euro (EUR)
- Great Britain pound (GBP)
- Australian dollar (AUD)
- Canadian dollar (CAD)
- Japanese yen (JPY)
As an international player in the foreign exchange market, FXCM is able to offer a service that enables you to choose the base currency for your deposits. This means that FXCM allows you to hold your account equity in the currency of your choice. For UK firms, they make you hold funds in pounds. With US Firms, they will convert your funds in dollars.
The currency you choose to hold account equity will serve as the base currency for your account. Account Equity, P/L, Margin, Interest will all be denominated in the base currency you chose. You can choose to have the account denominated in the base currency of your native country or keep your funds in a currency that may experience long-term appreciation.
Example:
Why Trade a Non-USD Denominated Account?
Convenience & Savings - European, Asian, Australian, and Canadian clients no longer have to convert currency into US dollars in order to trade. The cost of converting funds into USD and then back into one's native currency can be very costly. Conversion rates are often 40 to 100 pips off the market! By opening an account denominated in one's native currency, conversions can be avoided, saving clients hundreds of pounds or euros, or thousands of yen.
Long-Term Speculative View - Opening an account in GBP, EUR, AUD, CAD, or JPY enables traders to benefit from long-term appreciation of their account's base currency. If GBP, EUR, AUD, CAD, or JPY is not your native currency you can still place non-leveraged currency trades by opening a foreign currency denominated account. If the currency of the account appreciates, traders can realize gains when converting funds back into their native currency of choice.
Dealing Details:
- Standard trade size 10,000 units
- Margin requirement is fixed at 50 units of the account's base
currency per lot
- Euro/Great Britain Pound (10,000 Euros)
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