Asked by Anonymous
Asked on 21 Apr 2019
I usually keep my USD profits in that trading account, so yes, only when I am looking to transfer back to my SGD account.
For me I transact in USD on the brokerage platform only, and use DBS mca to do the fx conversion. So I only convert to USD if I'm looking to send a wire to my account
I could be wrong but I believe that the currency conversion is done through the respective broker's exchange rate.
For Saxo Capital Markets, "Currency conversions of trading costs as well as profits and losses from trading activities are executed at the mid FX Spot rate when you close the position, plus/minus 0.5 % for settlement of actual payments to or from the trading account are included, for example, buying/selling cash Stocks, paying/receiving options premium etc.".