can a forex trading account function as a savings account?

@mr_casey - 6 months ago - Forex Tools & Resources

Hi guys, can a forex trading account function as a savings account? Will i earn interest, what are the risks?

@farah_zendaya - 6 months ago

No, a forex account cannot take the place of your traditional bank savings account for the following reasons:

1. Most forex brokers will not pay you any interest on the money you deposit into your trading account.

2. Some forex trading accounts come with minimum withdrawal limits which can be an inconvenience

3. Some forex trading accounts come with withdrawal fees

@aisley - 6 months ago

Its not advisable to use your forex trading account to save money. there are several times that i have mistakenly opened a trade without knowing and by the time i realized it i lost all the money.

@sandy20 - 6 months ago

Trading account should only be used to keep funds for trading and after that you withdraw the funds. Sometimes a system error can cause the trading software to place a trade on its own or sometimes you can have a pending order you forgot to close and all these can lead to losses.

The forex broker sends you a daily confirmation (basically your account statement) on a daily basis and they expect you to study it and if you see any error you let them know on the same day. If there is an error in your bank statement and you do not notify the broker on the same day, they will assume you accepted the correctness and they will not be legally liable to refund you.