Hi folks, I know there are some knowledgable traders here, so i have a question that I'm hoping can cut my research down.
Do any of you trade forex? if so...
I want exposure to what I believe will be the yuan appreciation over the coming years. More of a diversification tactic.
I've wanted to open a yuan / Renminbi account and found out (so far) there aren't any banks in canada that allow you to open a yuan account here. I see in the US there is a bank called Everbank (i don't know their financial stability, yet)
I was wandering if it were possible to just open a forex account at a brokerage or my direct access trading organization and buy USD/RMB, not trade the account, make it non margin and in essence be holding a chinese currency account? does that make sense?
Any other thoughts on how to get exposure? I know there are some ETF's that provide exposure.
Hi chemaes. Don't know about Chinese currency but I do have account at Everbank. Top rated by Forbes, etc. Have money mrkt account and also a brokerage account. Been with Everbank over 1 yr now and very satisfied with both service and all of their various services.
They also have Metal CD's etc. Quite fantastic array of services that not even my Capital One bank matches.
You can open a Money Mrkt account which sort of becomes 'the' holding acct. Then open various other services such as foreign currency, Metal CD acct etc. Just check out their web.
Other than the ETFs, Everbank is the only one I know of to buy foreign currency cds, etc. I have done business with Everbank and they are FDIC insured. The Everbank people were the ones who ran the foreign currency department at Mark Twain Bank in St. Louis before BAC took it over.
YMMV, but I would feel very comfortable doing business with them. I have security licenses and requested my broker get an agreement with Everbank. He checked them out and is satisfied.