Is exanging US dollar with Euro profitable?
Where I am from in Haiti. A lot of peple make a living out of currency exchange between the US Dollar and Haitian Gourde where 1USD=35Hatian Gourdes. I noticed on paypal that I can exchange US dollars into Euro. I was wondering if I keep an eye on when the Euro’s value goes up and the US dollar value goes down is there a window for profit. By buying Euro and exchange it and keep the profit ? Any body could clarify me on this issue please ?
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Tagged with: currency exchange • dollar • dollar value • Euro • gourde • Haiti • lot • paypal • profit • US • value
Filed under: Currencies
It is called Forex trading, there are numerous sites where one can get a Forex account and trade currencies in real time. What you are talking about is more just holding currency and hoping rather than trading currencies which requires certain skills and experience to be done effectively. You can make money holding currency but you will have to pay a small fee each time you exchange money, so you are pretty much at a loss before any change in the exchange rates. What you are talking about is more based on luck and likely might work most of time, but when the rates start going against you, you can lose big time and will likely end up losing more on those big losses than your small gains timing the currency market.
You don’t sound like you have a lot of knowledge of trading and currencies so I wouldn’t recommend you try to time currency markets in an effort to obtain profits. You would probably be better off putting that money in bonds, mutual funds, or index funds.
It is like buying anything else: if the value goes up, you’ll make money; if it goes down, you’ll lose. Please understand that what you are describing is very risky. Very.