Could somebody make money by converting currency?
i mean lets say(fake stats, just using random numbers)
US dollar is worth 1 euro so I get 100 dollars to 100 euros.
then the next year the US dollar goes to .95 euros. so i convert the money back to dollars and I get 105 dollars
im not saying that im gonna do that. im just wondering
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November 29th, 2009 at 8:21 am
Yes, it’s called FOREX and stands for Foreign Exchange. It works exactly the way you described although your description is very simplistic.
November 29th, 2009 at 8:21 am
Yes, you could charge a small percentage for doing so.
November 29th, 2009 at 8:21 am
Sure… and people do it all the time.
November 29th, 2009 at 8:21 am
Yes, plenty of people do make money on forex markets. Plenty lose it too though. If you are going to try it then you really should stick with what you know- assuming from what you say that you are familiar with US $ and euro’s then you might stick with these at first or use sterling or yen as these are all (fairly) stable.
The problem with this kind of thing is likely to be commission- how are you going to change enough money (unless you have big backers) to make a decent amount of profit after commission. It is certainly a challenge, but you only live once I guess.
Good luck if you decide to pursue it.