Made Easy Forex

Q:  I have a joint account and an individual account with the same Forex broker. Would it be illegal if i were to go long on one account and short on the second account on the same currency? The goal is to collect the rollover interest after a week. It seems like a strategy that’s too good to be true.
Would i suffer any tax consequences if i transfer funds from the account with the capital gains to the account with the capital loses to make things equal again? The reason i ask is because the joint account is co-owned by someone else.
The reason i can’t short and long the same currency on one account is because the broker’s trading platform doesn’t allow it.

A:  It is to good to be true. What you have is a flat position whatever you receive as an interest credit in one account will be a debit in the other. If the amounts in both positions are exactly the same then you are 100% hedged and you cant loose any money if both positions were entered at the same time. Unfortunatly you cant gain anything either.
FXCM does allow hedging.