Perhaps a stupid question but do you have to physically hold foreign currencies if you want to trade in them, with an account to put them in?
Two slightly different cases I was wondering about:
1)Can you own the actual foreign currency without having a personal account to store it in? i.e. a bit like Transferwise the money stays in its own country unless/until you actually want it, you buy some Euros but they are held by someone else.
2)Can you buy an 'interest' in a foreign currency, a little like how you can trade in gold without actually owning any physical gold? Some kind of financial product which mirrors the values of the currencies but you never own the actual currency itself.
Do such options exist and what are they called if so?
Two slightly different cases I was wondering about:
1)Can you own the actual foreign currency without having a personal account to store it in? i.e. a bit like Transferwise the money stays in its own country unless/until you actually want it, you buy some Euros but they are held by someone else.
2)Can you buy an 'interest' in a foreign currency, a little like how you can trade in gold without actually owning any physical gold? Some kind of financial product which mirrors the values of the currencies but you never own the actual currency itself.
Do such options exist and what are they called if so?
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