It would be great if we are able to switch from base currency for the people that mainly invest in foreign exchanges
But you would fund your account with your native currency regardless would you not? So how would you escape currency fluctuations. Am I missing something?
Yeah you still have currency fluctuations but you bypass the unnecessary fx fees by selling and buying foreign currency stocks with its native currency, instead of for example: selling a american stock with currency switch from usd to eur and after selling you buy an other american stock with eur to usd. In this example you don’t really need eur so why would you pay FX fees to only display your balance in eur and pay FX fees again to buy an other stock.
Currently there are no plans for multicurrency accounts and base currency is determined when you open the account. To change currency you would need to close and reopen last I checked, but I think the available options are determined by your country of residence. So I don’t think USD is an option for EU clients currently.
Most of my positions are in the US however ISA require my currency to be GBP so I just accept the tiny fx fee as part of my calculation.
Ultimately the 0.15% is miles better than any exchange rate that my bank or credit card is offering.
You will also face the issue again once you decide to invest in a non-US stock so there is no getting around the fx.
@Dao is right. Once you create the account, you can not amend the currency.
On a side note, we are currently onboarding only EU clients and the currency options are EUR or the supported local currency.
With the current onboarding limitation, does this mean that already registered users from outside of Europe cannot change their currency at the moment? And when we could, would we be placed on the UK broker or would we be placed on the EU broker?
The onboarding of non-EU residents is currently on hold hence changing the currency is not an option, yet. As soon as there are updates, we’ll share them in the article here from our Help Centre, and we’ll post an announcement in the Community.