1, choose a good bank.
Before buying and selling personal foreign exchange, individuals should choose a bank to open an account.
2. Open an account and deposit it in foreign exchange.
Individuals hold valid identification to open a foreign exchange trading account in a bank, sign a Personal Firm Foreign Exchange Trading Agreement, and then deposit it in foreign exchange. Of course, they can also transfer their existing cash account deposits to banks that offer personal foreign exchange trading business, and handle online transactions and telephone entrusted transactions to open accounts.
If you use OTC trading, you need to pay attention to the following points.
Bank of Communications and Bank of China have no restrictions on the initial amount of account opening. China Construction Bank and Industrial and Commercial Bank of China have a starting amount of US$ 50.
If the telephone transaction is adopted, it should be noted that the starting amount for opening an account of Bank of Communications is USD 300 equivalent in foreign currency, while that of Industrial and Commercial Bank of China is USD 65,438+USD 000 equivalent in foreign currency.
3. Determine your strategy of foreign exchange and make a good foreign exchange trading plan.
In addition, investors can also choose some formal foreign exchange platforms to open accounts and conduct foreign exchange transactions.
Note: There are many foreign exchange trading platforms, and the choice of foreign exchange platforms must be rigorous.
Foreign exchange, called foreign currency in English, is a creditor's right held by monetary management organs (central bank, monetary management institution, foreign exchange stabilization fund and Ministry of Finance) in the form of bank deposits, treasury bonds and long-term and short-term government securities. Can be used when the balance of payments is in deficit.
Including foreign currency, foreign currency deposits, foreign currency securities (treasury bonds, treasury bonds, corporate bonds, stocks, etc.). ) and foreign currency payment vouchers (bills, bank deposit vouchers, postal savings vouchers, etc.). ).
Trading means
Real deal
Firm foreign exchange transactions are those foreign exchange treasures and foreign exchange margin transactions of banks. The former can open an account through a bank, while the latter is mainly for some foreign dealers to open an account in China, because there is no domestic dealer. Firm foreign exchange trading is also called spot foreign exchange trading.
virtual trading
Foreign exchange margin trading, also known as virtual trading, means that investors use their own funds as a guarantee to enlarge the financing provided by banks or brokers for foreign exchange trading, that is, to enlarge the trading funds of investors. The financing ratio is generally determined by banks or brokers. The greater the financing ratio, the less money customers need to pay.
Terms of trade
Foreign exchange spread: In the foreign exchange market, the buying price and selling price are usually quoted at the same time. The difference between the buying price and the selling price is called the price difference.
Direct foreign exchange quotation
Direct foreign exchange refers to transactions involving dollar currency pairs. For example: Euro/USD, USD/JPY, GBP/USD.
Cross refers to transactions between two non-American currencies. For example: EUR/GBP, EUR/JPY, GBP/JPY.
Option: an option that can be exercised on any working day from the issue date.
Value-added: A currency is called "value-added" when its price increases due to market demand.
Arbitrage: buying or selling a financial instrument while doing exactly the same reverse operation in the relevant market to take advantage of the smaller price difference between different markets.
Selling price: the price at which a currency combination or security is sold; The price quoted by investors when they buy a currency combination. Also known as "buying price", "selling price" or "selling exchange rate".