Recently websites have been popping up all over the internet advertising forex trading like it’s the hottest online craze since the invention of viagra.
Forex trading is also known as currency or foreign exchange trading and it involves trading one currency for another. This is the largest financial market in the world with an average daily currency trade of US$3.21 trillion. Forex trading is really risky and there are tons of scam forex trading websites that rip people off. Even through legitimate forex trading 90% of currency traders lose money.
So I want to introduce a new type of forex trading where you are almost guaranteed to make money. Sound too good to be true, it’s not.
STEP ONE: Always Buy Low
With this form of forex trading you invest in coinage from other countries that is the exact same size but less valuable than specific American coinage.
These low-valued foreign coins can be obtained at overseas, at some banks, at foreign exchange counters, or at foreign coin stores.
Below are some low-valued foreign coins (worth less than a penny each) that could be used in American vending machines:
Icelandic five-auran (worth 0.0008 cents each)
Uruguayan ten-céntimos (worth 0.0046 cents each)
Mexican ten-centavos (worth 0.009 cents each)
Danish fiveore (worth 0.0098 cents each)
Pervuian twenty-céntimos (worth 0.6 cents each)
STEP TWO: Always Sell High
These low valued foreign coins can either be used to purchase goods from American vending machines or even exchanged for the more valuable American coins of the exact same size. The coin return button on some vending machines will give you the lowest coin in the internal coin hopper for a particular coin type which is usually different than the actual coins that you had dropped into the machine.
Try looking at the date of a quarter that you drop into a soda machine, then hit the coin return button and wait for the coin to drop into the change return area - look at the date again and you will probably notice that its a totally different quarter than the one that you put into the machine. These type of machines can be used for exchanging your foreign coins into more valuable American coins.
You could also cash these coins in using Coinstar or Coinmaster at your local supermarket however they charge a fee of 8.9 cents per every dollar cashed in using their machines. They have the option of cashing in your coins for a giftcard for free so this may be a convenient way of exchanging your foreign currency into more valuable American coins.
I would advise against trying to use these foreign coins at casinos since many newer slot and video poker machines have security measures in place to catch people using foreign coins. I would also avoid using these coins at the post office or at other federal facilities.
However, you could even cash these coins in at your local banks. It’s rather easy, take the very cheap foreign couns that are the same size as quarters. Get a paper coin wrapper. Wrap a few real quarters on the ends but fill the rest of the roll with the cheap foreign coins. Wrap the roll and with felt-tip pen write some phony account number on it to add an element of authenticity. Take the roll of coins into the targeted bank. If you dress like a business person and go at a busy time, especially with the account number written on each roll, and the rolls in a bank sack or your briefcase, the teller will probably give you ten dollars per roll without checking. The only downside to this convenient method is that the entire transaction will be captured by the banks cameras.
Since the low-valued foreign coins listed above have a value of less than one cent each. You will be making 24-25 cents for every coin that you cash as a quarter and 9-10 cents for every coin you cash in as a dime. A roll of quarters is worth ten dollars each and a roll of dimes is worth five dollars each.