Bank of America Brokerage Account Review

How To Trade Forex Through A Bank Account. Before trying to open a Forex trading account with a bank, first you have to make sure that you are already a consistently profitable trader, otherwise there is point to think about having a .

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If you are not a consistently profitable trader yet, keep practicing and learning and passing the stages I have explained here , and then think about having a Forex trading bank account. To do that, first you have to find a bank that offers such a service in your country. You have to refer to each bank and talk to the account managers and consultants. You have to tell them that you want to open an account to trade currencies against each other, not just to have a regular saving or checking account.

Trading through a bank account is different from trading through a broker. The first difference is that there is no currency pair in your bank account. You should open a multi currency bank account and when you want to trade the currencies against each other, you have to convert one currency to another one. Your bank account has to cover all these currencies otherwise you will not be able to trade some of the currencies against the other ones:. After having all these accounts under your bank account, you have to deposit some money in each account.

It has to be a lot more. As I mentioned above, unlike brokers that some of them are now offering even 1: As you know, you can wipe out your account or even have a negative balance only when your account is leveraged. Although you can lose money even when your account is not leveraged I will explain how , you can never wipe out your account even if the market goes against you for thousands of pips. The other difference is in the spread that the banks offer.

Of course, you can always negotiate with the banks and ask them to offer you a good deal. They usually do it specially if you open a big account with them. They are prefect for Forex trading. It means you can convert the currencies to each other for free and without paying any fees or spread.

As I mentioned, there is no currency pair when you trade through a bank. You can do this through the Internet and your online bank account. You have to use your online banking system to convert the currencies against each other.

But that is not a problem at all. You can use the demo platform of a broker to do your analysis. Of course, the prices you see on the MT4 platform of a broker will not be exactly the same as the prices that your bank offers, but this is normal.

There is no two banks or brokers that offer exactly the same price. I mean your money is not wiped out. This is because there is no leverage here. If there was a 1: As I mentioned earlier, avoid the banks that offer any leverage, because obviously they want to act like brokers and make your account wiped out as soon as possible. You may ask what advantages it will have for the banks to offer such services to traders while they charge no fees and offer no leverage for converting the currencies to each other?

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