Originally Posted by
Jay
Simply because I trade NZX and ASX so its handy to have one central account having two accouts would be neccessary if ASB were honest with their exchange rates.
I have traded Forex, and know have narrow the real pip margins are, less than 5 mostly, not hundreds like ASB are adding to each trade.
That isn't Margin, and they are not being open about their ASX dealing.
Example, say the rate is 0.9 AUD per 1 NZD when buying on ASX, then you'd expect the reverse rate of 1.1 NZD per 1 AUD if you sold on the same day at the same rate, give or take a FEW pips. Surely!
I got 0.93 instead of 1.07 on a recent sale, so my $700 profit ended up just over $300. ASB applies Sub 1.0 rates on buys and sells, spreads as wide as 3000+ pips on dealing with them.
Am I missing something, or is it really that much of a con?
I shall be having a long talk with them tomorrow, and would like them to explain their spreads, margins to me..