I received an email from Vincent Tan who wrote:
I can open an account with only USD1,000. However, before I can think about making money by trading, I must cover the following initial costs:
1. Exchange losses when I transfer money in and out of my account, estimated at 3% to 5%.
2. Two-way transfer fees from the bank, estimated at 5% each way.
This totals to about 15% in bank fees, on top of paying for the spread.
So, if I make a 15% profit, I still make nothing. If I take a 15% loss, I lose 25% (since there is no outbound transfer fee).
Do you have a solution for this?
In answer to your first cost, it is true that you will lose some value converting the SGD to USD when you fund your account. The good news is at FXPRIMUS, you can fund your live account in SGD. That way you do not lose value through the exchange rate conversion.
Regarding your second cost, I do not believe bank charges are at 5% of the amount transferred. From what I recall, it is less than 1% of transferred funds. However, I have another piece of good news for you. At FXPRIMUS, if you fund your live account via the bank transfer option, there is only a one-time fee of USD5.
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