If you invest/trade in the US market and earn profits, how is the currency conversion done? E.g. USD to SGD. Is it done through the respective broker's exchange rate? - Seedly
 

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Asked by Anonymous

Asked on 21 Apr 2019

If you invest/trade in the US market and earn profits, how is the currency conversion done? E.g. USD to SGD. Is it done through the respective broker's exchange rate?

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Oct)

Level 8. Wizard
Answered 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.

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 8. Wizard
Answered on 21 Apr 2019

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

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Yeo Enk Loui
Yeo Enk Loui
Level 6. Master
Answered on 21 Apr 2019

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.".​​​

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