Most employers offer their employees retirement accounts. An individual retirement account (IRA) is one of the most popular choices. These accounts allow owners to invest in bonds, stocks and mutual funds. A self-directed IRA (SDIRA), however, offers much more. A SDIRA permits owners to invest in almost anything, including real estate, precious metals, private businesses and even foreign currency. While real estate may be one of the biggest draws, being able to invest in foreign currency is not without its own merits. Let us take a look.The Foreign Exchange MarketIf you are considering making an investment in foreign currency, you should first learn more about the market itself. The foreign exchange market (Forex) is the largest in the world. The market itself is open for five and a half days a week, without closing. Exchanges are made electronically. Currency trading is considered to be one of the safest investments you can make. Fluctuations, if there are any, are extremely small, meaning your risk is minimal.A SDIRA and the ForexA SDIRA is a great way for account owners who want to have more control over their investments to do so. As such, when you use your SDIRA to invest in foreign currency, you can do so at your leisure. (Note: Some financial institutions will attempt to convince you to stay safely within the realm of stocks, bonds and mutual funds. At Royal Legal Solutions, however, we know the benefits of investing in foreign currency and we are here to support your decision to do so!) If you choose to invest in foreign currency, there are several advantages you give yourself.Easy Access & Checkbook Control: If you establish a limited liability company (LLC) or business trust in connection with your SDIRA, you can open a bank account related to that entity. In doing so, you give yourself greater control over your own investment choices and no longer need to seek approval from your custodian. This makes investing in the Forex faster, easier, and much more efficient.Tax-Deferred & Tax-Free Growth: When you use your traditional SDIRA to invest in foreign currencies, you are rewarded with a tax-deferred state on any income or gains. A tax-deferred status means that you have the benefit of paying taxes only when your distribute your funds during your retirement. Because of this tax-deferred status, your SDIRA is permitted grow tax-free, giving you more funds to invest in other opportunities.Your SDIRA, Your InvestmentsOther benefits include asset and creditor protection, limited liability, and reduced custodial fees. At Royal Legal Solutions, our custodians are both reputable and qualified. While we cannot legally advise you on what investments you should make, our goal is to ensure your investments are smooth, easy, and abide by the regulations as set forth by the Internal Revenue Service (IRS).