opening my new forex account, what base currency should i choose USD, EUR, GBP or Local?
In the process of opening a new forex trading account right now. I see the broker gave me options of choosing my account base currency (i like to call it transaction display currency 😊) in either USD, EUR, GBP or the local currency of my country of residence. Which base currency should I choose and why?
I always like to open my trading account in my local currency, I am in kenya so I opt for the Kenyan Shilling (KES) account currency.
My reason for choosing local currency is that I will not have to pay a currency conversion fee every time i deposit and withdraw money in my local currency.
Some people will argue that currency conversion fees are also paid as you execute trades which is true (if I use a KES account to trade EUR/USD, the KES will still be converted into USD in the background so I could as well open a USD account to prevent this) but what if I am not trading a pair with USD on the righthand side?
Another reason i prefer opening my account in my local courrency is the convenience that comes with being able to see your trades in a currency you understand and are familiar with. It makes it easy on the eyes (and brain too✌️