Investing in Foreign Currency
One of the investments that I tried after years of my pennies and quarters accumulation was foreign currency trading.
I don’t want to be biased to other currencies but one major currency that is widely in demand before was the U.S. dollar, unlike now that you can buy yen, euro, dinar, yuan without so much government restrictions as long as you state the source of your funds.
From my savings, I set aside a certain amount to purchase dollars, I let my friends (selected though) know particularly those who travel a lot or who have relatives in the export business that I have available dollars. I remember the first time I bought was about 200 USD and I immediately sold it also at a higher rate earning me few quarters over the purchased price, man, that was fast but it was just the beginning of a series of my currency trading which eventually led to several transactions. The boom in the export business led me also to make a business deal with selected exporters in terms of borrowing recommended exporters with guarantors also helped a lot.
I charged a 5 to 6 percent interest depending on the terms, say a month and amount to exporters with my friends as guarantors. If you have only few thousands as capital, make sure you do selection process but I tell you that it’s better to give commissions or referral fees to your friends. Just make sure to be very careful when dealing with foreign currency with your friends.
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