EUR USD CHF change options for best rates

[express]

Hello,

Aside from TW, Revo does anyone knows a way to change big amount of currency on direct , i.e with 1Pip rate?
It would require to find a broker having currency wallets and possibility to withdraw in a chosen currency

 

[fshore]

Interactive brokers has great rates and you can withdraw currencies.

 

[clemens]

you mind to share a link? What's your experience with them?

 

[fshore]

Good experience.
You can easily find the information on their webpage.

 

[express]

Thank you, I found some tips on how to do with interactive broker, all I‌ can say is that it is not a easy trading / broker but if it‍ offers this possibility sure worth it learning ,0.5% on 100000€ is 50€, that you repeat⁠ for each time

 

[DGTLOTC]

When you say a big amount what do you mean ? 1 pip is an‌ incredibly tight spread that’s the spread banks sell to the broker for ?

depending on‍ the size though the bank and broker need to make a profit on the transaction⁠

I work in the Foreign exchange field....can point you in the right direction if you⁤ provide more info

 

[express]

1 pip is usual fx spread on EUR/USD pair. But usual broker lets you only‌ 1 main currency in your wallet
I'm considering 100k€ change

 

[DGTLOTC]

I highly doubt a broker will give you 1 pip on 100k trade size unless‌ you’re doing loads and loads of FX with them

to give you an example if‍ they did that here’s the maths

Example

EUR/USD Buy 100k USD sell EUR

rate :⁠ 1.1100

cost in EUR £ 90,090.09

same trade at 1.1101 will cost EUR 90,081.97

that means the FX broker makes 8-9 eur pre costs their side ie; the banks spread⁤ to them plus the wire fee to send funds out

as you can see the⁣ equation is impossible on that size of trade

 

[fshore]

Currently ibs buy sell rates are 1.1107 and 1.1102.
Their fees for a 100k trade‌ is $2.

 

[express]

On xstation (xtb) here is what I get when I deal with EUR/USD pair (market‌ is closed now, not possible to show you a trade)

 

[DGTLOTC]

Are you guys talking about physical delivery fx or speculative

like for instance are you‌ physically buying the funds and wiring them out

 

[express]

From what I found on ggle on ib you still have a base currency for‌ your wallet but possibility for next market day to change your base currency
When you‍ but EUR/USD pair, you have possibility to close your position with option to close "non⁠ base currency positions" assuming that as this moment your base currency was changed to USD⁤ if you want your EUR to become USD? I'm not very sure with that I⁣ need to try by myself, but I guess this is something like that behind professional⁢ currency cambists?

Exemple given here Converting Currency Balances (EUR/USD) Interactive Brokers / Lynx Trader
When buying stocks in USD market when your base currency is EUR makes ib open for︀ you a currency coverage position opposite.

 

[fshore]

The base currency in Ib is only for the reports. You can withdraw any currency (provided︂ you have bank accounts in your name in those currencies).