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Automatic currency exchange became even more profitable
23
Jun
Automatic currency exchange became even more profitable

 

One of the many reasons why customers choose EXANTE is a convenient single multicurrency account from which you can trade all assets available in the market. This is very important for trading, as we provide access to many markets around the world, and the traded currency can be completely different in all of the.

If the broker does not provide a multicurrency account, this can be accompanied with additional inconveniences. Thus, to buy assets, the client must first exchange the necessary amount of money into the traded currency, and buy assets only after the conversion is complete. In this case, the time spent for conversion can play against the trader, if, for example, the price of the desired asset changes in an unfavorable direction.

The customers of EXANTE, fortunately, do not need to put up with these inconveniences. You can work with assets in any currency available on the market, even if at the moment there is not enough currency for the transaction in the account (or there is no necessary currency at all). If the client has the required currency, then the price of the order is simply deducted from the account, while if the amount is insufficient, or there is no such currency at all, the transaction creates a negative balance in the transaction currency. This negative balance can be repaid at any time — for example, when the exchange rate becomes more favourable.

Some time ago we added the ability to automate the conversion, preventing the formation of negative residues. With the help of auto-conversion, our customers can avoid overnight payments (anyway, a negative balance on the account is a kind of a loan). If the customer chooses to auto-convert, the exchange of currencies is conducted at market rates at the moment of the transaction.

This week, the automatic currency exchange became even more profitable: the spread on such transactions is now less by 60% if compared with the regular, manual conversion, and if you add up the overnight rates, then using auto-conversion becomes much more sensible. In addition, if there is no possibility of direct conversion of one currency into another, the spread is reduced already for two transactions, as such exchanges are usually made through currency pairs with the US dollar. No additional commissions for auto-conversion are charged.

To set up automatic conversions, visit the Clientsarea, Settings section, and in the Cash Conversion section, select the main currency of the account, which is the currency into which the account balances will be converted.

If you have any questions about auto-conversion, you fail to turn it on or you do not understand why you need it, ask our support team at support@exante.eu: we are always happy to help!

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