Multi-Currency Accounts

Enjoy the flexibility of choosing the base currency for your trading account(s). Deposit, trade, and withdraw using the major currencies.

Open an account

US Dollar

Euro

Japanese Yen

British Pound

Swiss Franc

Australian Dollar

Canadian Dollar

Explore the benefits of Multi-Currency denominated accounts

Trade with your domestic currency

Clients residing in countries outside of the U.S. can enjoy the convenience and option of maintaining accounts in their domestic currencies. For example, European clients no longer have to convert the funds into USD before making deposits and thus conversion costs can be avoided. All account status information (Equity, Profit/Loss, etc) is displayed in the account's base-currency on the MG DealStation.

Convert at competitive exchange rate

For businesses or travelers who convert currencies frequently, MG also offers the possibility of instantaneous balance conversion between Multi-Currency accounts at competitive exchange rates and minimal transaction fees. Please see below for more details about Balance Conversion.

Reduce exchange rate risks

For businesses or individuals who are exposed to currency risks, the Multi-Currency accounts can act as a hedging tool to reduce exchange rate risks. For example, if a U.S. based importer is scheduled to pay 100,000 GBP in 3 months, he can convert the amount from USD into GBP now and lock in the current exchange rate.

Benefit from Currency Appreciation

Traders can benefit from currency appreciation of their account’s denominated currencies. If the base currency of the account appreciates, traders can convert the balance back into their domestic currencies, thereby realizing capital gains.

The minimum margin requirement remains in US Dollars. All account status information (Equity, Used Margin, Usable Margin and Profit/Loss) is displayed in the Account Currency on the MG DealStation.

Balance conversion:

MG Financial also offers the possibility of instantaneous balance conversion between multi-currency accounts for a unique combination of convenience and choice.

For conversion amounts over $10,000

Conversion is executed over the phone by calling MG Dealing Desk. The conversion rate is the midpoint of the current rate +/- 0.5 %. The conversion is for instant delivery and equity balances can be used immediately for trading or withdrawals.

For conversion amounts under $10,000

Clients need to send a written conversion request form. The conversion will take place at the 3 p.m. end-of-day closing rate +/- 0.5%. Requests sent after 3 p.m. will be carried forward to the next business day.

Example: To calculate balance conversions under $10,000

Conversion of 5000 USD into EUR:

End of day midpoint closing rate (Average of Bid/Ask rates) = (1.1705 + 1.1708) / 2 = 1.17065

Closing rate (+/- 0.5%) = 1.17065 * .005 = .00585

Bid: 1.17065 - 0.00585 = 1.1648
Ask: 1.17065 + 0.00585 = 1.1765

Conversion at EUR/USD rate: 5000 USD / 1.1765 = 4249.89 EUR

Clients can only conduct balance conversion with accounts that have no current orders and/or outstanding margin position at the time of the conversion.

Conversions may carry a service fee:

Conversion Amount	Fee
Below $1,000	$10 first conversion $15 every subsequent conversion within same calendar month
$1,000-$50,000	$0 first conversion $15 every subsequent conversion within same calendar month
$50,000 and up	Free of charge
All fees will be deducted from the receiving account's balance.

To find out more about MG multi-currency accounts simply open an MG Demo account.

Current Demo customers can add accounts in different currencies by clicking on the "Manage Account" link in their Demo account Summary Report.