base currency
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Thread: base currency

  1. #1
    One thing I don't understand about Forex, I'm trading a demo account on Oanda.

    If my account is in CAD dollars, I then submit a buy order for EURUSD, how does this work? Does my CAD get converted to EUR which are then used to buy USD? Isn't that playing 2 different pairs at the same time? So if EURUSD goes up, but USDCAD goes down, I could actually lose money

  2. #2

    Quote Originally Posted by ;
    One thing I don't understand about Forex, I'm trading a demo account on Oanda. If my account is in CAD dollars, I then submit a buy order for EURUSD, how does this work? Does my CAD get converted to EUR which are then used to buy USD? Isn't that playing 2 different pairs at the same time? So if EURUSD goes up, but USDCAD goes down, I could actually lose money
    How I see this, you have already bought, so your Pocket Money is not affected by the trade only the pair you buy is affected. This an easy way to say it I guess. Maybe someone can explain more Technical.

  3. #3
    Seems to be the same situation for those on the normally default USD-based accounts who are not living in US.

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