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Thread: Currency Trading

  1. #1
    Senior Member Cosima's Avatar
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    Search Currency Trading

    So I noticed that AlertPay let's you convert your funds from one currency to another without fee. Since I can't get the money out I've decided to do a little experiment with my balance to learn how to make money off currency trading. For example converting part of my balance to a strong currency that grows and then turn it back to US dollars. I'm new to the concept and trying to learn more. Hope to get your guys input!

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    Banned Melonie's Avatar
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    Default Re: Currency Trading

    So I noticed that AlertPay let's you convert your funds from one currency to another without fee
    While there may be no official 'fee', indeed there may be a 'spread'. In other words, the exchange rate employed by AlertPay at the moment you change currencies may NOT be the same exchange rate set by international financial markets during the same moment ... it may be a couple of percent lower when you are 'selling' and a couple of percent higher when you are 'buying'. This of course amounts to a 'hidden fee'. And if a 'round trip' costs you 2% on the front end plus another 2% on the back end, it's going to be damn near impossible to profit on such a trade even if you get the timing right.

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    Default Re: Currency Trading

    Quote Originally Posted by Melonie View Post
    In other words, the exchange rate employed by AlertPay at the moment you change currencies may NOT be the same exchange rate set by international financial markets during the same moment ... it may be a couple of percent lower when you are 'selling' and a couple of percent higher when you are 'buying'. This of course amounts to a 'hidden fee'.
    I agree with Melonie that this is exactly how currency trading platforms make money on trades while advertising "no fee trades." I should also point out that currency trading is *extremely* tricky. You can experience extreme gains (or losses) in the very short-term...but over time, it is a very difficult way to make money.

    On a side note, why can't you get your money out of AlertPay?

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    Banned Melonie's Avatar
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    Default Re: Currency Trading

    I would elaborate that LEVERAGED trading, be it currency futures contracts, or commodity futures contracts, or even 2x and 3x ETF's, ALL involve major loss risk. On the other hand they also involve major gain potential.

    As to issues for US girls now experiencing 'complications' transferring money earned via a foreign country based webcam host / website via AlertPay or any other payment service, I think the issue revolves around new IRS / US Treasury Dep't mandatory reporting requirements for foreign banks that underwrite such accounts - which took effect on the first of this year. These new requirements were passed last year as part of the HIRE act, and were an outgrowth of the very agressive IRS pursuit of 'secret' US citizen bank account disclosure involving Swiss bank UBS. Rather than comply, many foreign banks are now choosing to simply close accounts of US citizens and choosing to simply stop making direct funds transfers into the USA. And so far this only involves IRS reporting requirements. The next phase of the HIRE act will require foreign financial institutions to start withholding 30% estimated US income tax from all funds transferred to US citizen accounts ( regardless of whether a 30% tax rate or a 0% tax rate actually applies to the transferred funds )! There is a fair amount of detailed discussion in the Other Work section's 'Official Payoneer Support Thread'.

  5. #5
    Senior Member Cosima's Avatar
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    Default Re: Currency Trading

    Thank you so much for the financial info Melonie

    camxblog, i'm not able to get my money out from AlertPay because they no longer deal with direct deposit to US bank accounts.

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