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PaulB
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I've been demo trading part time couple of weeks with great

Customer Question

I've been demo trading part time for a couple of weeks with great success following binaryoptions' tutorials
I've signed up with Marketsworld charts on MT4 and I live in New Zealand.
My question now is ... When I'm ready to trade live and want to trade EUR/USD, because I'm in NZ will my deposit be exchanged into Euros to trade? Obviously the exchange rate would be WOW because I think my deposit will drop to half straight away.
Submitted: 6 months ago.
Category: Fraud Examiner
Expert:  PaulB replied 6 months ago.

Hi Gordon.

In Bins when you sign up to a broker you deposit in USD, EUR or GBP. So lets say for example the minimum deposit to start a live account is 10.....you decide if you want to deposit 10 USD, EUR or GBP. But you are going to deposit your currency equivalent to the minimum.

Does that make sense to you?

Also, please be careful not to get carried away with the binary trading, it's all too easy to get addicted!

PaulB, Other
Category: Fraud Examiner
Satisfied Customers: 621
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Expert:  PaulB replied 6 months ago.

Also, to further answer your question, when you trade currency with Binary you aren't actually exchanging your currency for the currency being trades. For example, if you deposit in USD $100 your balance will be $100 USD and all trades will be made in USD, when you make a trade on the eur/usd your trade amount/wager will be in the currency of your deposit... so $10 usd on a call option for eur/usd, and your winnings will also be in USD. Your trading on the direction of the trade, not the actual exchange of currency.

That make sense?

Customer: replied 6 months ago.
Thanks Paul, crystal clear.
Customer: replied 6 months ago.
What time frames would you recommend beginners to start on?
Expert:  PaulB replied 6 months ago.

Hi Gordon, well, that is a tough question!

I suspect many will have their own preference and there will not be a "right" answer that will suit everyone. It may also depend on your trading strategy. If you are taking into account technical analysis over different time frames, you might then get a 'feel' for how long you need so that a) Your trade finished in the money but b) Is not so long that it might drift out again.

I'm not sure that helps, but it's very much a guessing game!

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