Forex account currency.
Currently, forex accounts can be opened in at least three currencies—rubles, dollars, or euros. This choice leaves
some traders stumped: which currency is best?
The choice isn't easy, and it's best to approach the issue based on your individual needs; this is the most appropriate decision.
First and foremost, consider the forex instruments you use for trading, secondly, ease of payment, and thirdly, anonymity.
It's worth noting right away that trading using the euro is quite inconvenient, so we'll choose between the ruble and the US dollar as the forex account currency.
1. Deposits and withdrawals - When transferring funds within Russia, the ruble is most convenient.
You lose less when transferring and exchanging money in various electronic systems, since when using foreign currency, you first need to transfer dollars to an e-wallet and then transfer them to your card through an online exchanger.
Ruble withdrawal options are more attractive: mail, bank card, and Yandex Money.
Therefore, if you approach this from this perspective, the ruble will be much more convenient and profitable.
2. Trading - Currency conversion costs in trading are not that high, but psychologically, trading the ruble is much more difficult. For example, when trading 1 lot, 1 forex pip is on average equal to 10 dollars or 340-350 rubles. In the latter case, a loss of 3 pips is a whopping 1,000 rubles, making you tempted to close the position.
The only exception is trading ruble pairs, where the result of a trade in rubles looks more natural.
3. Anonymity – taxes on forex earnings are 15%, and that's if you encounter a competent and honest tax inspector; an ignorant tax official might try to charge you as much as 35%.
For this reason, most professional traders use dollar cards issued by some dealing centers . The account is held in an offshore bank and doesn't attract the attention of tax authorities.
You can withdraw money from such a card at any ATM, although in most cases you'll only receive rubles. If you use the card abroad, the withdrawal will be in dollars or euros.
