• Forums
  • Best Betting Sites
  • Sportsbook Promos
  • Best Sports Betting Apps
  • NFL Betting Forum
  • NBA Betting Forum
  • MLB Betting Forum
  • NHL Betting Forum
  • NCAAF Betting Forum
  • NCAAB Betting Forum
  • Soccer Betting Forum
  • Tennis Betting Forum
  • General Discussion
  • Help Forum
  • Guidelines
  • FAQ
  • Forum Updates
    Covers Logo
    Covers App
    Faster picks. Smarter bets.
    All in the NEW Covers App
    Download on the App Store Download on the Google Play Store
    • Sports
      • NFL
        • Back
        • NFL
        • NFL Home
        • Scores & Matchups
        • Prop Projections
        • NFL Picks
        • NFL Prediction Prices
        • Weather
        • Injuries
      • NCAAF
        • Back
        • NCAAF
        • NCAAF Home
        • Scores & Matchups
        • Prop Projections
        • NCAAF Picks
        • Weather
        • Injuries
      • NBA
        • Back
        • NBA
        • NBA Home
        • Scores & Matchups
        • Prop Projections
        • NBA Picks
        • Injuries
      • NCAAB
        • Back
        • NCAAB
        • NCAAB Home
        • Scores & Matchups
        • NCAAB Picks
        • Injuries
      • MLB
        • Back
        • MLB
        • MLB Home
        • Scores & Matchups
        • Prop Projections
        • MLB Picks
        • Weather
        • Injuries
      • NHL
        • Back
        • NHL
        • NHL Home
        • Scores & Matchups
        • Prop Projections
        • NHL Picks
        • Injuries
      • Soccer
      • UFC
        • Back
        • UFC
        • Odds
        • Picks
        • News & Analysis
      • WNBA
        • Back
        • WNBA
        • WNBA Home
        • Scores & Matchups
        • WNBA Picks
        • Injuries
      • CFL
        • Back
        • CFL
        • CFL Home
        • Scores & Matchups
        • CFL Picks
      • Golf
        • Back
        • Golf
        • Golf Home
        • Golf Odds
        • Masters Odds
        • PGA Championship Odds
        • US Open Odds
        • British Open Odds
        • Ryder Cup Odds
        • Golf Picks
    • Odds
      • All Odds
      • NFL
      • NCAAF
      • NBA
      • NCAAB
      • MLB
      • NHL
      • Golf
      • Soccer Odds
        • Back
        • Soccer Odds
        • MLS Odds
        • Champions League Odds
        • Premier League Odds
      • UFC
      • WNBA
      • CFL
      • Election Odds
      • Futures
        • Back
        • Futures
        • NFL
        • NBA
        • MLB
        • NHL
        • NCAAB
        • NCAAF
      • Sports Odds History
      • Politics
        • Back
        • Politics
        • Politics Home
        • Presidential Election Odds
        • Midterm Election Odds
        • House Midterm Odds
        • Senate Midterm Odds
        • Texas Midterm Odds
        • Michigan Midterm Odds
    • Picks
      • All Picks
      • NFL
      • NBA
      • NHL
      • MLB
      • NCAAF
      • NCAAB
      • UFC
      • Golf
      • WNBA
      • CFL
      • User Picks
      • Team User Picks
      • Consensus Picks
        • Back
        • Consensus Picks
        • All Consensus Picks
        • NFL
        • NBA
        • NHL
        • MLB
        • NCAAF
        • NCAAB
        • CFL
        • WNBA
        • Consensus FAQ
        • Public Money
    • Prop Projections
      • NFL
      • NBA
      • MLB
      • NHL
    • Betting
      • US Betting Sites
      • Canada Betting Sites
      • Sportsbook Reviews
      • States
        • Back
        • States
        • US Legal Tracker
        • Revenue Tracker
        • Arizona
        • Arkansas
        • California
        • Colorado
        • Connecticut
        • DC
        • Florida
        • Georgia
        • Illinois
        • Indiana
        • Iowa
        • Kansas
        • Kentucky
        • Louisiana
        • Maine
        • Maryland
        • Massachusetts
        • Michigan
        • Mississippi
        • Missouri
        • Nevada
        • New Hampshire
        • New Jersey
        • New York
        • North Carolina
        • Ohio
        • Oregon
        • Pennsylvania
        • Tennessee
        • Texas
        • Vermont
        • Virginia
        • West Virginia
        • Wyoming
      • Provinces
        • Back
        • Provinces
        • Alberta
        • British Columbia
        • Manitoba
        • New Brunswick
        • Newfoundland and Labrador
        • Northwest Territories
        • Nova Scotia
        • Nunavut
        • Ontario
        • Prince Edward Island
        • Quebec (English)
        • Quebec (francais)
        • Saskatchewan
        • Yukon
      • By Sport
        • Back
        • By Sport
        • Baseball
        • Basketball
        • Boxing
        • College Football
        • F1
        • Football
        • Super Bowl
        • Golf
        • Hockey
        • Horse Racing
        • March Madness
        • Soccer
        • UFC
        • World Cup
      • Betting Apps
        • Back
        • Betting Apps
        • Best Sports Betting Apps USA
        • Ontario Sports Betting Apps
      • Rest of World
        • Back
        • Rest of World
        • UK Betting Offers
          • Back
          • UK Betting Offers
          • UK Betting Sites
          • bet365 Bonus Code UK
          • 888Sport Promo Code UK
          • William Hill Sign up Offer
          • Betway Sign up Offer
          • BetVictor Bonus Code UK
      • Betting Guides
        • Back
        • Betting Guides
        • All Guides
        • Glossary
        • Betting Calculators
          • Back
          • Betting Calculators
          • Odds Converter
          • Parlay Calculator
        • Futures Betting Guide
        • Moneyline Betting Guide
        • Over/Under Betting Guide
        • Parlay Betting Guide
        • Point Spread Betting Guide
        • Prop Betting Guide
        • Sports Betting Guides
          • Back
          • Sports Betting Guides
          • How To Bet On Sports Guide
          • NFL Betting Guide
          • NHL Betting Guide
          • NBA Betting Guide
          • MLB Betting Guide
          • NCAAB Betting Guide
          • NCAAF Betting Guide
          • Golf Betting Guide
          • Tennis Betting Guide
        • Teaser Betting Guide
      • Betting News
        • Back
        • Betting News
        • All News
        • Industry News
        • Podcasts
        • Covers Videos
        • Covers Writers
        • Offers & Boosts
    • Promos
      • Sportsbook Promos
      • Canada Sportsbook Promos
      • Bonuses By Sportsbook
        • Back
        • Bonuses By Sportsbook
        • bet365 Bonus Code
        • BET99 Promo Code
        • BetMGM Bonus Code
        • BetRivers Bonus Code
        • Caesars Sportsbook Promo
        • DraftKings Promo Code
        • Fanatics Sportsbook Promo
        • FanDuel Promo Code
        • Hard Rock Bet Promo Code
        • Sports Interaction Promo
        • Stake Promo Code
        • theScore Bet Promo Code
        • TonyBet Promo Code
      • Bonuses By Region
        • Back
        • Bonuses By Region
        • Arkansas Promos
        • Arizona Promos
        • Colorado Promos
        • Connecticut Promos
        • DC Promos
        • Illinois Promos
        • Indiana Promos
        • Iowa Promos
        • Kansas Promos
        • Kentucky Promos
        • Louisiana Promos
        • Maine Promos
        • Maryland Promos
        • Massachusetts Promos
        • Michigan Promos
        • Missouri Promos
        • New Jersey Promos
        • New York Promos
        • North Carolina Promos
        • Ohio Promos
        • Pennsylvania Promos
        • Tennessee Promos
        • Vermont Promos
        • Virginia Promos
        • West Virginia Promos
        • Wyoming Promos
    • Forum & Contests
      • All Forums
      • NFL Betting Forum
      • MLB Betting Forum
      • NCAAB Betting Forum
      • NCAAF Betting Forum
      • NBA Betting Forum
      • NHL Betting Forum
      • Soccer Betting Forum
      • Contests
        • Back
        • Contests
        • Contests Home
        • Streak Survivor
        • King of Covers
        • My Contests
    • Casino
      • Sweepstakes Casino
        • Back
        • Sweepstakes Casino
        • Sweepstakes Casino
        • Sweepstakes No-Deposit Bonuses
        • Sweepstakes Promos
          • Back
          • Sweepstakes Promos
          • Crown Coins Promo Code
          • FreeSpin Casino Promo Code
          • Jackpota Promo Code
          • LoneStar Promo Code
          • McLuck Promo Code
          • NoLimitCoins Promo Code
          • Rainbet.us Promo Code
          • RealPrize Promo Code
          • Splash Coins Promo Code
          • Stake.us Promo Code
      • US Casinos
        • Back
        • US Casinos
        • US Online Casinos
        • US Online Casino Bonuses
        • Casino Promos
          • Back
          • Casino Promos
          • bet365 Casino Promo Code
          • BetMGM Casino Promo Code
          • BetRivers Casino Promo
          • Borgata Casino Bonus Code
          • Caesars Casino Bonus Code
          • DraftKings Casino Promo
          • Fanatics Casino Promo
          • FanDuel Casino Promo Code
          • Golden Nugget Casino Promo
          • Hard Rock Bet Casino Promo
          • Hollywood Casino Promo Code
      • Canada Casinos
        • Back
        • Canada Casinos
        • Canada Online Casinos
        • Provinces
          • Back
          • Provinces
          • Alberta Online Casino
          • BC Online Casino
          • Ontario Online Casinos
        • Casino Promos
          • Back
          • Casino Promos
          • 7Bit Promo Code
          • BC.GAME Bonus Code
          • BitStarz Promo Code
          • Jack Casino Promo Code
          • JackpotCity Promo Code
          • Rainbet Promo Code
          • Roobet Promo Code
          • Shuffle Promo Code
          • Spin Casino Promo Code
          • TonyBet Casino Bonus Code
    • Prediction Markets
      • Prediction Markets
      • Prediction Market Apps
      • Prediction Market Promos
      • Kalshi Promo Code
      • Kalshi Referral Code
      • Polymarket Promo Code
      • Polymarket Referral Code
      • FanDuel Predicts Promo Code
      • Gemini Predictions Promo Code
      • Novig Promo Code
      • Underdog Promo Code
      • ProphetX Promo Code
      • OG Promo Code
      • Plus500 Promo Code
      • Betr Promo Code
      • DraftKings Predictions Promo Code
      • Fanatics Markets Promo Code
    • NFL Week 10
      NFL Week 10
      • NFL Odds
      • NFL Picks
      • Commanders-Giants Picks
      • Week 10 Survivor Picks
      • NFL Week 10 Picks
      • NFL Prediction Markets
      • NFL Betting Sites
    Covers Account
    Log in Create account
    Join free Log in
    All Forums | Investments

    Currency investment question

    dimndimn
    Knoxpoker
    wallstreetcappers
    Participants:
    Search
    Views: 558
    Posts: 6
     
    dimndimn
    dimndimn
    Captain
    Participation Meter
    Joined: Aug, 2006
    Posts: 5291
    Posted: Mar. 13, 2014 - 2:56 PM ET #1

    I'm looking to invest in certain currencies, specifically the Chinese Yuan (CNY) to start.  I am looking for the most economical way of doing so and noticed banks offering to sell it (most likely for travelers) but are charging a hefty fee in doing so.  Really not interested in paying juice to buy a currency.  I am from San Francisco and have thought about venturing into nearby Chinatown for options, but need a bit more education first.  Anyone have recommendations for a novice such as myself for investing/purchasing and holding Yuan (or other currencies) ?  Do currency Black Markets exist in the US?
    Reply
    To remove first post, remove entire topic.
    I'm looking to invest in certain currencies, specifically the Chinese Yuan (CNY) to start.  I am looking for the most economical way of doing so and noticed banks offering to sell it (most likely for travelers) but are charging a hefty fee in doing so.  Really not interested in paying juice to buy a currency.  I am from San Francisco and have thought about venturing into nearby Chinatown for options, but need a bit more education first.  Anyone have recommendations for a novice such as myself for investing/purchasing and holding Yuan (or other currencies) ?  Do currency Black Markets exist in the US?
     
    Knoxpoker
    Knoxpoker
    Veteran
    Participation Meter
    Joined: Dec, 2011
    Posts: 1244
    Posted: Mar. 13, 2014 - 4:58 PM ET #2

    buy it on the forex exchange .. Why do you want to buy and keep in a shoe box?? If its worth more today then yesterday then you will make money , if not you will lose money, that simple. This is what forex traders like myself do everyday, we buy money at one price (on the exchange) and sell it for another price. simple.. There are thousands of brokers you can open an account with and buy whatever currency you want.. 
    Reply
    buy it on the forex exchange .. Why do you want to buy and keep in a shoe box?? If its worth more today then yesterday then you will make money , if not you will lose money, that simple. This is what forex traders like myself do everyday, we buy money at one price (on the exchange) and sell it for another price. simple.. There are thousands of brokers you can open an account with and buy whatever currency you want.. 
     
    dimndimn
    dimndimn
    Captain
    Participation Meter
    Joined: Aug, 2006
    Posts: 5291
    Posted: Mar. 13, 2014 - 9:24 PM ET #3

    Quote Originally Posted by Knoxpoker:

    buy it on the forex exchange .. Why do you want to buy and keep in a shoe box?? If its worth more today then yesterday then you will make money , if not you will lose money, that simple. This is what forex traders like myself do everyday, we buy money at one price (on the exchange) and sell it for another price. simple.. There are thousands of brokers you can open an account with and buy whatever currency you want.. 

    I'm not familiar with the forex - Any recommendations for online brokers to use? I currently trade stocks through Scottrade but it doesn't appear that I can buy on forex with them.

    A big reason for "buy and keep in shoebox" is because I want to use money I win from sports betting and convert to a stronger currency for longer savings/investments.
    Reply
    Quote Originally Posted by Knoxpoker:

    buy it on the forex exchange .. Why do you want to buy and keep in a shoe box?? If its worth more today then yesterday then you will make money , if not you will lose money, that simple. This is what forex traders like myself do everyday, we buy money at one price (on the exchange) and sell it for another price. simple.. There are thousands of brokers you can open an account with and buy whatever currency you want.. 

    I'm not familiar with the forex - Any recommendations for online brokers to use? I currently trade stocks through Scottrade but it doesn't appear that I can buy on forex with them.

    A big reason for "buy and keep in shoebox" is because I want to use money I win from sports betting and convert to a stronger currency for longer savings/investments.
     
    Knoxpoker
    Knoxpoker
    Veteran
    Participation Meter
    Joined: Dec, 2011
    Posts: 1244
    Posted: Mar. 13, 2014 - 10:20 PM ET #4

    I use FXCM have not had a problem ever... If you read reviews on the intenet all you will see are bad reviews .. I have not had any of those problems. I trade with a PRO account and make a large amount of trades a month. I get a call ever month or so asking if everything is ok.. But research forex before you go jumping in with both feet , money moves very quick, you can be up big one minute and down big the next..I do mosly short term scalps , but if you follow guys in the USD/JPY thread you will profit , there is no doubt in my mind. Those guys know how to trade and  will hold trades for awile and let them run .. Long term is the way to go in forex, you can make some real big gains , but the losses can crush and account as well... 

    But I would say FXCM (no dealing desk) is a very good broker .
    Reply
    I use FXCM have not had a problem ever... If you read reviews on the intenet all you will see are bad reviews .. I have not had any of those problems. I trade with a PRO account and make a large amount of trades a month. I get a call ever month or so asking if everything is ok.. But research forex before you go jumping in with both feet , money moves very quick, you can be up big one minute and down big the next..I do mosly short term scalps , but if you follow guys in the USD/JPY thread you will profit , there is no doubt in my mind. Those guys know how to trade and  will hold trades for awile and let them run .. Long term is the way to go in forex, you can make some real big gains , but the losses can crush and account as well... 

    But I would say FXCM (no dealing desk) is a very good broker .
     
    wallstreetcappers
    wallstreetcappers
    Covers Linesmen
    Participation Meter
    Joined: Feb, 2003
    Posts: 58463
    Posted: Mar. 13, 2014 - 11:09 PM ET #5

    The Forex isnt really buying a currency, it is buying a currency VS another currency...

    So the USD vs the Yen or the Euro vs the Aussie Dollar..

    There can be costs associated by going long or short different pairs, lots of education necessary..risks of leverage etc. It might be better if you found a currency you like to go and buy some at a currency exchange you find in most any large metro area...
    Reply
    The Forex isnt really buying a currency, it is buying a currency VS another currency...

    So the USD vs the Yen or the Euro vs the Aussie Dollar..

    There can be costs associated by going long or short different pairs, lots of education necessary..risks of leverage etc. It might be better if you found a currency you like to go and buy some at a currency exchange you find in most any large metro area...
     
     
    dimndimn
    dimndimn
    Captain
    Participation Meter
    Joined: Aug, 2006
    Posts: 5291
    Posted: Mar. 14, 2014 - 10:26 AM ET #6

    Quote Originally Posted by wallstreetcappers:

    The Forex isnt really buying a currency, it is buying a currency VS another currency...

    So the USD vs the Yen or the Euro vs the Aussie Dollar..

    There can be costs associated by going long or short different pairs, lots of education necessary..risks of leverage etc. It might be better if you found a currency you like to go and buy some at a currency exchange you find in most any large metro area...

    Is it pretty standard that all currency exchanges charge a hefty fee?  It seems very excessive to me, even for regular person traveling.  It appears if I wanted to convert $1000 USD to CNY, went on vacation to China and came back without spending any of it, converted back to USD would only be roughly $848.  Let me know if I'm missing something here but that's a large cut just for conversion.  (Based on last week pricing on buy.1502/sell .1770)

    I'm definitely looking for long term investment on the Yuan against the USD.  I'm very, very pessimistic on the USD over the next 5-6 years and am just looking at intelligent ways to capitalize on things, if the USD does crash.  I also am stocking up on silver, certain cryptocurrencies (XRP), small cap stocks, and now looking to venture into currencies.  Jumping in with both feet is sometimes the best learning experience. 

    I will check out the USD/JPY thread also.  Appreciate the advice guys. 
    Reply
    Quote Originally Posted by wallstreetcappers:

    The Forex isnt really buying a currency, it is buying a currency VS another currency...

    So the USD vs the Yen or the Euro vs the Aussie Dollar..

    There can be costs associated by going long or short different pairs, lots of education necessary..risks of leverage etc. It might be better if you found a currency you like to go and buy some at a currency exchange you find in most any large metro area...

    Is it pretty standard that all currency exchanges charge a hefty fee?  It seems very excessive to me, even for regular person traveling.  It appears if I wanted to convert $1000 USD to CNY, went on vacation to China and came back without spending any of it, converted back to USD would only be roughly $848.  Let me know if I'm missing something here but that's a large cut just for conversion.  (Based on last week pricing on buy.1502/sell .1770)

    I'm definitely looking for long term investment on the Yuan against the USD.  I'm very, very pessimistic on the USD over the next 5-6 years and am just looking at intelligent ways to capitalize on things, if the USD does crash.  I also am stocking up on silver, certain cryptocurrencies (XRP), small cap stocks, and now looking to venture into currencies.  Jumping in with both feet is sometimes the best learning experience. 

    I will check out the USD/JPY thread also.  Appreciate the advice guys. 
    All Forums | Investments

    Hot Forums IconHot Forum Topics

    • I'm embarrassed for Trump supporters 63,588
    • Tuesday 11/10/2026 313
    • NFL LOCKED IN! 113,699
    • Week 11 Money 2,528
    • Florida Man Tuesday 3,399
    • ::Tuesday:: 11/10 (34-15-0) +18.6 units 2,200
    • 11/9 4,143
    • Bags Tuesday LARGE **Michigan State vs Duke** 1,766
    • MODERATE voters say ... 35,402
    • BILLS/VIKS live in game comments welcome 797

    Warning - External Link

    Report User

    Thank you for reporting
    This content is abusive or harmful
    This post is spam
    An error has occurred
    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Delete Post

    Are you sure you would like to remove this post?

    Remove Thread

    Are you sure you would like to remove this thread?

    Scan Results

    Login/Register

    Happy to have you join the conversation. To do so, please login or create an account.
    Accounts are free and easy to create.

    Search


    Loading…

    Loading…

    About Us
    Contact Us
    Careers
    Our Team
    Brand
    Testimonials
    Betting Guides
    Sportsbook Reviews
    Betting News
    Podcasts
    Responsible Gambling
    Betting Sites
    US Betting Sites
    Canada Betting Sites
    Canada Casinos
    Best Betting Apps
    Contests
    Streak Survivor
    King of Covers
    Office Pools
    The Covers community has
    810,221
    lifetime members worldwide
    Join our community today
    Covers 30 Years Logo Established in 1995,
    Covers is the world
    leader in sports
    betting information.
    21+
    Gambling problem? Call 1-800-GAMBLER
    Help Privacy Privacy Choices Terms of Service Cookies Sitemap Forum
    YouTube logo
    Facebook logo
    Twitter logo
    Instagram logo
    LinkedIn logo
    Google News logo
    Covers is verified safe by:
    Evalon Logo Logo GPWA Logo GDPR logo Logo GeoTrust logo Logo
    Covers Logo
    Copyright © 1995 - 2026 Genius Sports. All Rights Reserved.
    If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.