CORKER

Hi, Has anyone used OXFOREX recently to exchange a large amount of money, and if so what was the service/result like.??..

stutess

Hi
we registered with them last week. They seem to know what they are doing.They were very professional and helpful on the phone.We should be changing money with them later this week.
stu

Suni&Jay

Ozforex are recommended on here quiet a bit on BE.
Get your money exchanged quick, up to £2.4755 at the mo. It hasn't been that high for nearly a year

touchingcloth

NOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!


There is an investing saying...."always let your bulls run" (or something like that)

In this case it means.....keep watching it rise like a hawk. Once you spot a correction...then exchange.

eg...it goes up gradually to $2.75. Then once you see it drop,say 5 cents....then cash in and exchange.

Why do it now? Past history has no bearing on the future fx rate.

TC

CORKER

Will it go that high....???

Suni&Jay

Nah, In his dreams maybe



Don't know how high it will go, if only I had a crystal ball

The S's

I am gutted. Changed some money last week thinking this was only a short rise and got 2.41. Today,5 days later can get 2.46. Doesn't look much but makes a difference of $5k :scared: .
Wish I had bigger balls now
I think the hold fire is very good advice

touchingcloth

If you haven't got a crystal ball ...then why are you telling people to be quick and exchange their money now?!?!?

Talk about crap advice.

touchingcloth

It was an example...thats all!!!!!!

No one knows for sure...
but some people think that they know.

Everyone's situation is different.

How desperately do u need to change you money now?
Just set yourself a stoploss...eg.. "its 2.47 now...I will hold tight unless it drops by 5 cents with a 2 days"

If it keeps going up..you're quids in....if it doesn't...well you only 'lose' 5 cents for every £.

TC

demigrate

Why not take the lower risk option and take out more than one contract. If you think the rate is good now put half of your money in now and wait to see how the rate goes. You can then use the rest of the money in a second contract or a spot buy.

At the end of the day only you know what rate is a satisfactory rate for you.

Remember currency can go down as well as up.

Darren

rcladin

What about interest rate rises in Australia, this will likely have a beneficial effect on the $/£ ratio, maybe it will rise to 2.5/2.6/2.7 to the pound in the months ahead, you have to go back about 3 or 4 years when it was 3.0dollars to the pound.

touchingcloth

Interest rises in Oz will NOT have a beneficial impact on the $/£ for those wanting to exchange £ to $.

In fact it would be the opposite.

From the economic indicators in Oz...it doesn't look as though interest rates will be pushed up. I think its just as likely that there will be an increase here.

TC

rcladin

and how did you work that one out einstein!

if the oz economy stagnates and fails to grow, ozzie dollar value goes down

it's not a matter of if - its when interest rates rise

yamahaha

Suppose it depends on WHY interest rates have been raised amongst 1000 other factors that I doubt anyone on this forum will be fully knowledgeable on. However if the Aussie economy is seeing tough times ahead then this will be a major contributing factor to a favourable £/$ rate in our favour. Are there signs of the Australian economy stagnating at the moment?

touchingcloth

Ohhhh.....what I wouldn't do to be 16 again....where everything in life is black or white.