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Best Way to Trade Currency

  • 08-03-2019 12:04pm
    #1
    Saint Sonner
    Registered Users Posts: 999 ✭✭✭


    I have some € savings and have been thinking about buying STG£ in the next few days to see if i can make some profit on what will happen on brexit. I have an Ulster Bank account in STG (NI) and EUR (ROI). I'm assuming that to transfer in this manner and then transfer back with the hope of making a profit it is not the most efficient way to do it.

    I've heard that there may be better ways using other companies but worried I will pick a dodgy one. Can anyone advise what is best option?


Comments

  • #2
    phantom_lord
    Registered Users, Registered Users 2 Posts: 10,894 ✭✭✭✭phantom_lord


    Best Way to Trade Currency
    Don't.


  • #3
    someday2010
    Registered Users, Registered Users 2 Posts: 187 ✭✭someday2010


    Setup a Travelex booth at the airport, you will make a fortune.


  • #4
    Saint Sonner
    Registered Users Posts: 999 ✭✭✭Saint Sonner


    So No serious answers?

    I thought this was a thing maybe I'm misguided. Lol


  • #5
    phantom_lord
    Registered Users, Registered Users 2 Posts: 10,894 ✭✭✭✭phantom_lord


    It is, but it's the most efficient market in the world, it's not beatable.

    Interactive Brokers is an option though.


  • #6
    Saint Sonner
    Registered Users Posts: 999 ✭✭✭Saint Sonner


    phantom_lord wrote: »
    It is, but it's the most efficient market in the world, it's not beatable.

    Interactive Brokers is an option though.

    When did I say it was beatable?


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  • #7
    elgriff
    Registered Users, Registered Users 2 Posts: 462 ✭✭elgriff


    Revolut


  • #8
    Naos
    Registered Users, Registered Users 2 Posts: 4,738 ✭✭✭Naos


    Saint Sonner wrote: »
    When did I say it was beatable?

    When you said you wanted to make a profit?


  • #9
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    Saint Sonner wrote: »
    When did I say it was beatable?

    That's what making a profit means.


  • #10
    Saint Sonner
    Registered Users Posts: 999 ✭✭✭Saint Sonner


    Wheety wrote: »
    That's what making a profit means.

    See if I can make a profit. Like I see if I can pick the winner of the grand national.... Lol


  • #11
    MuttonChop
    Registered Users Posts: 9 ✭MuttonChop


    If you want to hold GBP in DeGiro you can swap to manually manage GBP instead of using the autofx. Their fees are €10.00 + 0.02% per transaction. If you're pretty confident you know which way the currency is going to go, and you have a bucket of cash to convert, then sure go for it! Transferwise or Transfermate may be reasonable options, but check their fees.


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  • #12
    Ult1mat3X
    Registered Users Posts: 17 ✭Ult1mat3X


    imo best way is to find a professional broker and sign a contract with him


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