So you’re looking at today’s exchange rate—say, between the pound and euro, or the euro and dollar—and you’re not very impressed. You have a sense that financial markets or world affairs might change, and you think that could affect currencies. What should you do? Go for today’s less than impressive rate? Or, hold off and hope that your situation will improve?
We have a simple suggestion. If you have the time to wait, you should consider placing a Limit Order.
Basically, with a Limit Order, you decide on a rate you are comfortable with, and place the order at your desired rate with your currency trader. If /when the market reaches that rate, your transaction is processed.
Imagine this scenario… You see in your budget that you need to transfer £5000 from your UK bank to Euros in Spain for upcoming living expenses. The rate today is £1 to €1.136. You would receive €5,680. Yet, you sense that markets in the UK will improve, and you think the rate will rise. So, you place a Limit Order to trade your £5000 when the rate reaches €1.165. If/when this rate is achieved, your order is processed and you receive €5,825. You have just increased your funds by €145.
If you use Premier FX for currency exchange, placing a Limit Order is simple. Just login to you account and click ‘Limit Order‘ on the navigation bar. Select the currencies and amounts you want to buy and sell. The current exchange rate for the pair will automatically appear. To wait in hope that the rate will move in your favour, type in your desired rate. Should the currency reach your desired rate, you will be notified by email with a contract listing your chosen rate, along with bank details for sending your funds to sell. Premier FX will trade and forward the amount to your beneficiary.
More about Premier FX
Premier FX is a UK Limited Company with offices in London, Spain and Portugal. They are regulated by UK Revenue & Customs and authorised by the Financial Conduct Authority (FCA). Client funds are held in secure, segregated accounts at Barclays Bank in London and are fully protected by law.
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More about Premier FX
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This article was written on the 19th of June, 2017.