It seems like everybody is talking about currencies today and the value of the dollar or how much the pound has dropped. If you’ve ever wondered how you can make money on this it’s really rather simple, although it’s not easy. You can buy or sell a currency just as easily as you can a stock by using a currency exchange traded fund or (ETF).

Open up a brokerage account. You will first need a brokerage account. There are tens of these companies online such as Etrade, Scott Trade, or Ameritrade. Just make sure that they are members of FINRA and SIPC.

Trade an ETF on a currency. Doing this is just like putting on a trade on a stock. ETFs trade on almost any currency below is a list of their ticker symbols.

  • Swiss Franc (FYF)
  • Euro (FXE)
  • British Pound (FXB)
  • Yen (FXY)

Trade options on these ETFs. If you’d like to get a bit of leverage on these you can also use options on all of these currency funds. This will give you more flexibility as it will allow you to use different strategies such as spreads or writing covered calls.