I'm sure that everyone knows about the crazy volatility that's been going on in the currency market recently for the CAD and USD.
Of course, being in the business, we have to keep a close eye on the rates, and just this morning there's been a 1% change in the rate in less than 20 minutes. Back in the day the 1% change usually happened over the course of one day.
This creates more opportunities for people to earn big money. Just imagine.
Selling $100,000 USD at 1.055 (high point over the past few days) = $105,500 CAD
Sell the $105,500 CAD for USD at 1.0426 = $101,189 USD
You just earned $1,189 USD over a 2 days! Trust me, we have had clients call us up asking if they can do that with our system. The quick answer is yes you can - however, you will need to consider the turnaround time, since we do spot foreign exchange and settlement, and it takes 3 business days for the entire transaction to be completed.
Now in the example above, it looks like easy money, but it also means you have to sit there in front of the computer the whole day; not a hard task that's impossible, just time consuming. You also need to be able to predict which direction the rate's going to go; if it was really THAT easy, everybody would be millionaires doing this.