The easiest, safest and safest way to purchase currency is through the bank’s mobile application. The agency PRIME was told about this by the director of the United Broker company Artem Arzamastsev.
“This method is convenient in that it requires a minimum amount of time, currency exchange can be carried out very quickly, at any convenient moment. Also, this method of buying currency will allow avoiding unnecessary movements associated with cash “, – explained the expert.
In his opinion, it is best to buy foreign currency on working days and hours when trading on the Moscow Exchange is taking place. In this time interval, the exchange rate risks for the bank are minimal, which means that one can count on the most favorable exchange rate. On weekends and holidays, banks widen the spread between the buy and sell prices due to the fact that the financial organization does not have an understanding of how the foreign exchange market will open on the first business day, and what will happen to the exchange rate at the exchange auctions.
“If the purchase of currency is carried out with an investment purpose, then it would be better not to buy the entire estimated amount at once, but to acquire currency in parts,” advises Arzamastsev.
“Buy some part at the current price, but leave yourself the opportunity to buy in addition, in case the rate continues to decline. In this case, it is worthwhile to outline for yourself the course at which you are ready to buy in advance. This will make it possible to lower the average purchase price in case you did not guess right with the first purchase, ”the expert points out. Moreover, the same method can be used when selling the currency purchased in advance.
When buying a currency in order to preserve capital and protect against market risks, it makes sense to think about a basket of currencies. “You don’t need to be too zealous, 3-4 of the most liquid currencies will be enough – the US dollar, the euro, the British pound and / or the Swiss franc. But it is worth remembering that the ruble is also a currency, and it is better not to convert part of the funds, but to leave it in rubles, ”Arzamastsev recommends.
According to him, when it comes to buying and selling significant amounts of currency on a regular basis, it is worth considering opening a brokerage account. “Buying currency on the exchange is the most profitable way, but it is not suitable for everyone,” the specialist warns.
“It is advisable to open a brokerage account with the bank that serves you and where you have a bank card. Then there will be an opportunity through a mobile application or personal account without commission and very quickly replenish your brokerage account, as well as withdraw funds and purchased currency from it, ”the expert said.
At the same time, he recalled one important nuance: on the Moscow Exchange’s foreign exchange market, one lot is one thousand US dollars or euros, so many brokers can buy currency on the exchange only in such lots that are divisible by 1000 conventional currency units. It is also logical that buying and selling currency through the exchange is possible only during trading on weekdays and during business hours, Arzamastsev summed up.
Source: Rosbalt
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