I was wondering if I could get some advice as to what currency I should set up my account (with Totality) in order to trade the SPA Income signals.
It’s taken me forever to set up an account for my SMSF with Totality (GlenEagle).
I opened the account with AUD, but I’m now wondering if that is the correct decision.
I’d appreciate feedback / advice.
Thank you.
And if you get this message before the 25th of December… wishing you a Merry Xmas and a very Happy New Year.
Hi Daniel,
You must set up a USD ac.
It is possible to trade the US market with the Saxo/Totality platform with an AUD ac. However, that way every buy transaction will be converted from AUD to USD. And every sell from USD to AUD. Around 1% in currency exchange rate fees for every transaction.
My knowledge from pre-Totality days is that there are 2 ways to get to having a USD account:
- Change the main account to a USD account. I think this will require Gleneagle support to achieve this.
- Create a USD sub-account. I think this can be done by the user via the platform.
When transferring money io the Totality account, transfer from an account with the same name as the trading ac into the Totality AUD account, then do a transfer to the USD sub-account. FX exchange rate is around 1% on the platform.
If you only had a Totality USD ac, the cash you transfer to Totality from an AUD bank ac would be subject to bank FX exchange rates, which could be up to 6% in fees. Maybe more, depending on the bank.
Meaning, that it is very handy having an AUD and a USD ac on the Totality platform. Which is the main which is the sub-account doesn’t really matter as you can transfer directly into sub-accounts.
Thanks Gary. I will create a USD sub-account.
Btw, what platform do you use to trade US market?
Regards,
Hi Daniel,
Been in the bush for a week - had minimal online time.
I use Saxo / Totality to trade the US market.