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- How to avoid losing money on Forex - The Manila Times
- How to Trade Forex in Qatar 2019: A Guide • Benzinga - Benzinga
- How to Trade Forex in Thailand: A Guide for 2019 • Benzinga - Benzinga
| How to avoid losing money on Forex - The Manila Times Posted: 29 Mar 2019 05:00 PM PDT   |
| How to Trade Forex in Qatar 2019: A Guide • Benzinga - Benzinga Posted: 13 Mar 2019 12:00 AM PDT Recommended Broker: FOREX.comFOREX.com is the largest forex broker for US traders. You will get competitive pricing, award-winning customer service, actionable data, and powerful trading platforms to help you make the best possible trades. Qatar has one of the fastest growing economies in the world, the second highest GDP per capita globally and the highest in the Arab world at $124,500. The associated expendable income makes the country fertile ground for those interested in forex trading. Despite the fact that many Qataris already actively trade currencies, the country does not regulate the forex market and has no local forex brokerages. Overview: Trading Forex in QatarAccording to some estimates, over 300,000 Qatari residents currently trade forex, stocks, bonds and cryptocurrencies online. Qatar and its capital Doha represent a large center for online forex trading and many of the top online forex brokers accept clients based in the country, as well as provide them with services in the Arabic language. The Qatari riyal, Qatar's national currency symbol ر.ق (QAR) is divided into 100 dirham and is issued by the Qatar Central Bank. The riyal is maintained at a fixed peg by the Qatari Central Bank and must be changed to U.S. dollars or another major currency to open a forex trading account. Due to the fixed exchange rate maintained by the Qatari Central Bank, trading the Qatari riyal against other currencies is only feasible for commercial banks, importers, exporters and currency hedge funds, which buy and sell non-deliverable forward contracts (NDF) to hedge currency risks. Qatari local brokers, banks, insurance companies, stock market and asset management companies fall under the regulatory authority of the Qatar Central Bank, the QFC Regulatory Authority and the Qatar Financial Markets Authority (QFMA), which are all located in the capital Doha. Besides the large banks that trade in currencies, the regulating agencies only oversee securities brokers, hedge funds and investment firms based in Qatar. With respect to forex brokerages, regulation and oversight for the best online brokers that open accounts for Qataris correspond to the U.K. Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the U.S. National Futures Association (NFA) and the Australian Securities and Investment Commission (ASIC) to name only the top four. Keep in mind that not all forex brokerages are created equal. Be sure to carefully consider your needs before you open an account. How to Start Trading Forex in QatarDue to economic sanctions imposed by countries led by Saudi Arabia in 2017, transfers of foreign currency have been difficult and may cause problems for Qataris if you fund and withdraw funds from a foreign-based forex brokerage. Qatari forex traders generally fund their accounts with riyal and exchange it for U.S. dollars with introducing brokers that represent foreign-based companies. Another way for Qataris to fund forex trading accounts is to purchase foreign currency for the purpose of trading from designated and authorized exchange banks. Despite the difficulties Qatari forex traders currently have in sourcing foreign currency to fund their accounts, a number of brokers with agents that operate locally can assist Qatari traders in bypassing this obstacle. Below, find a step-by-step guide to trading forex in Qatar. Step 1: Consider Your NeedsMost major international forex brokerages will accept clients from Qatar. Most also offer their services in Arabic, as well as other major languages, to accommodate traders from the Middle East. Remember, not all forex brokerages are created equal, so you'll want to make sure to carefully consider your needs before funding a live account. Picking the best forex broker for your trading requirements depends on your level of experience in the forex market. For example, if you have already traded and have used some of the major trading platforms, such as MetaTrader 4/5, NinjaTrader or another popular trading platform, then you would probably be better off opening an account with a broker that offers the services with which you are already familiar. Alternatively, if you have no experience or are just beginning to learn about forex, then you should probably find a broker that has an excellent customer service department and offers educational material for novice traders. Most major brokers offer clients a free demo trading account where you put no money at risk so you can practice trading and check out the broker's services. Regardless of your level of experience, gauging a broker's services by opening a demo account could give insight into response time, dealer spreads and slippage during fast markets. For traders with limited trading experience, a demo account is ideal to get a feel for the forex market and to determine if trading forex is right for you. Step 2: Pick a BrokerSelecting the best online brokerage for your needs is an important element of success in the trading business. Before you choose a broker, certain features offered by online forex brokers make a significant difference in the safety of your funds and your profitability. The following list contains the most important elements you should consider before deciding on an online forex brokerage. RegulationThe most important factor when selecting an online forex broker is the safety of your initial deposit and subsequent profits. The best forex broker for your needs will be duly regulated with oversight from a major regulator, such as the UK's FCA, Cyprus' CySEC, the Australian ASIC, or the U.S. NFA or CFTC. Trading PlatformMany forex brokers let clients use their own proprietary trading platform or the MetaTrader 4 or MetaTrader 5 platform by MetaQuotes. The MetaTrader platforms offer a complete technical analysis package, are very customizable and provide you with the ability to automate your trading. The trading software is also supported by a large community of programmers that offer "expert advisors," or EAs. These consist of third-party software that works with the MetaTrader 4 or 5 platforms to either automate trading or provide trading signals. Broker TypeNot all brokers do business in the same manner. Since many brokers charge no commission, they make their money by the dealing spread, or the difference between the bid and offer exchange rates they quote. These brokers are known as market makers and generally take the other side of your trade. Other brokers use an electronic communications network (ECN) that takes various bids and offers from a selection of market makers and gives the trader the best price. They usually charge a small commission per trade, and you also have to pay the typically narrower dealing spread. Leverage/MarginLeverage dictates how large a position you can hold with the funds available in your account. The amount of leverage you can utilize when trading forex makes a big difference, both in terms of potential profits and losses. Margin represents the amount of money you can leverage to hold a certain forex position. Leverage ratios vary widely among the large forex brokers, with some having maximum leverage ratios of 50:1 and range up to 3,000:1. Dealing SpreadsIf you trade actively, then the cost of your trades will eventually add up, which is why a broker that offers wide dealing spreads will eventually cost active traders. Most traders want to select a broker with competitive spreads to cut down on their dealing costs, and this will usually make you more profitable in the long run. Type of AccountBrokers generally offer different types of accounts, including a free demo account. If you fund your account with a considerable amount of money, you may qualify for narrower dealing spreads, as well as access to a free virtual private network or server service (VPN/VPS) and other perks not offered to traders with fewer resources. Educational Material and Customer ServiceNew traders could greatly benefit from a broker with educational resources and knowledgeable customer service representatives. Also, the availability of a representative in the event of a trading error or other mishap could be important to both seasoned and novice traders. Step 3: Open an Account and Start TradingSome of the world's highest rated online forex brokers will open accounts for traders based in Qatar. Below, you can find some of the top brokers available to Qatari residents. All of the brokers below translate to Arabic and support clients from all over the Middle East including Qatar: FOREX.com Best For
The largest and most reliable forex broker in the United States, Forex.com charges no commissions and offers competitive dealing spreads. In addition to the broker's proprietary Advanced Trading Platform, clients can use MetaTrader 4 or 5. Features for their proprietary trading software include more than 50 technical indicators, minor and exotic currency pairs, and trading in precious metals and futures. Leverage for forex pairs is 50:1. FOREX.com is overseen by the U.S. NFA and CFTC. Read Benzinga's full FOREX.com Review FBSThis online forex broker offers four different account types, and lets you open an account with just $1. FBS has regulatory oversight from CySEC and offers trading via the MetaTrader 4 and 5 trading platforms. Commissions are $6 per lot traded, and leverage is unusually high at 3,000:1. XMBased in the EU and regulated by the FCA, CySEC and ASIC, this award-winning broker offers interest-free Islamic accounts, and you can open an account with as little as $5. The broker offers trading via the MetaTrader 4 and 5 trading platforms and flexible leverage ratios of 1:1 to 500:1. If you make an initial deposit of $5,000, XM includes a free VPS service with your account. Final ThoughtsA host of international brokers extend their services to Qatari-based traders, so trading forex in Qatar is relatively easy. They also generally offer interest-free Islamic accounts. Furthermore, virtually all major forex brokers doing business in the Middle East have their websites, trading platforms and customer services in Arabic. When choosing a foreign broker, confirm that it has a good reputation and is well-regulated by a major financial authority.  |
| How to Trade Forex in Thailand: A Guide for 2019 • Benzinga - Benzinga Posted: 18 Mar 2019 12:00 AM PDT Featured Broker: FOREX.comWith FOREX.com, you will get competitive pricing, award-winning customer service, actionable data, and powerful trading platforms to help you make the best possible trades. Thailand's growing economy and expanding business community makes this country ideal if you want to trade in the forex market. This is the reason many international forex brokerages have already established a presence in Thailand and offer websites and trading platforms translated into Thai. If you plan to trade forex from Thailand, be aware of several elements that differentiate Thailand from other developing countries where forex trading takes place. The Thai financial system continues in its early stages of development and currently has oversight from the Bank of Thailand (BOT) and the Thai Securities and Exchange Commission. Overview: Trading Forex in ThailandTrading forex from Thailand has some restrictions that are not shared by other countries. The most important element to take into account is that speculation in Thailand's national currency, the Thai baht ฿ (THB) is strictly forbidden by law. Despite this fact, trading forex has become extremely popular in Thailand. To avoid any legal issues with trading forex in Thailand, many online forex traders in Thailand use a virtual private network (VPN) or virtual private server (VPS) account to access their online forex broker. The developing Thai financial system took a major step in 2017 when the BOT began reforming its foreign exchange regulations. In its press release dated June 5, 2017, the central bank stated its aims, "to allow the private sector to conduct foreign exchange transactions and foreign exchange hedging based on their own internal risk management and control policies within the framework set by the BOT." The BOT currently issues only one type of foreign exchange license: the Authorized Juristic Person license. According to the BOT, that license is for "commercial banks and juristic persons established by specific law and authorized to transact business relating to foreign means of payment." Other than that licensing process, no additional oversight for forex brokers currently exists under the Thai authorities. How to Start Trading Forex in ThailandBefore you begin your forex adventure in Thailand or anywhere else, you should be aware that trading in the forex market generally has no bearing on your physical location as long as you take into consideration the restrictions mentioned above. To begin trading forex, you should first have an idea of the currency pairs you plan to trade. Forex trading differs considerably from trading in commodities, futures, the stock market or any other capital market. Although technical analysis methods remain virtually constant, the forex market also has its own dynamics, fundamentals and underlying principles that have little in common with other financial markets. Therefore, the first thing you need to trade forex is knowledge. Once you have done your research, read up on how to trade currencies and feel comfortable getting your feet wet. Look for a broker that fulfills your particular needs as a trader. Step 1: Consider Your NeedsMany international brokerages have a presence in Thailand, and some brokers have translated their websites and trading platforms into the Thai language to accommodate Thai forex traders. Even those who maintain their websites primarily in English may also accept traders from Thailand. Remember, not all forex brokerages are created equal, so carefully consider your needs before opening an account. Your requirements will depend largely on the level of experience you have in forex trading. For example, if you have years of experience using the MetaTrader 4 or 5 platforms and use expert advisor software developed for it, then you would probably feel comfortable with a broker that offers one or both of these trading platforms. On the other hand, if you have limited or no experience, then you would be better off finding a broker that offers educational resources and a responsive customer service department. Regardless of your experience level, you should open a free demo account with any broker under serious consideration. Trading in a demo account gives experienced traders a good idea of the broker's dealing spreads, order slippage and its response time to orders. Furthermore, demo trading gives an inexperienced trader direct insight into the forex market and the trading experience that you otherwise might not acquire through educational resources. Step 2: Pick a BrokerBesides meeting your needs, several other considerations should be taken into account before you pick a broker. The most important factors you should consider before opening an account with a broker can be seen below: RegulationThe first and most important consideration consists of the security of your funds, which involve the broker's reputation and a reputable regulatory agency that oversees its operations. Most foreign brokers that accept clients from Thailand have oversight from a variety of good international regulatory agencies, such as the U.K.'s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the U.S. National Futures Association (NFA) and the Australian Securities and Investment Commission (ASIC). Dealing SpreadsThe bid/offer spread, also called the dealing spread, is generally used by most online forex brokers that act as market makers to make their money. They do this by buying at the bid side and selling at the offer side of the exchange rate for any given currency pair. If you're an active trader, then keeping your costs down can affect your bottom line. A broker that offers competitive dealing spreads will keep your transaction costs low, which should improve your trading profitability. Type of BrokerA market maker will take the other side of your trade and may offset any substantial trades with other market makers. In contrast, an ECN broker has access to an electronic communications network where market makers display a number of bids and offers, with the best exchange rate used to fill a trader's order. Most ECN brokers charge a small commission on top of the narrower dealing spread you pay to trade through them. Trading PlatformMost online forex brokers offer the MetaTrader 4 and MetaTrader 5 trading platforms by MetaQuotes, in addition to their own proprietary platforms. The MetaTrader platforms offer a complete technical analysis suite that features many popular tools for trading. Also, the trading software is completely customizable and can be automated to trade according to your parameters and trading signals. A large community of coders and programmers offer their third-party expert advisor or EA software to MetaTrader users that generate forex signals or can be used for automated trading. Customer Service/Educational ResourcesFor less experienced traders, these features could make a big difference to their profitability and progress as traders. Communication with a knowledgeable person and access to educational material on the forex market may be invaluable to the novice traders. In the event of unexpected market moves, errors and questionable trading situations, experienced traders will also rely on customer service to resolve issues fairly and efficiently. Account TypesDepending on how much money you open your account with, you may be entitled to narrower dealing spreads and other perks not available to lower net worth traders who can only afford lower deposits. Also, most brokers offer free demo accounts, which are ideal to assess a broker's services with and to allow novices to practice trading. Step 3: Open an Account and Start TradingA large number of reputable online forex brokers accept clients from Thailand. Below you can find listed some of the top brokers that offer their services to Thai traders to help you find the best online brokerage for your needs. The last four even have their websites translated into the Thai language for extra convenience: Best For
FOREX.comThis is the largest U.S. based broker that accepts clients from Thailand. It has oversight from the U.S. CFTC and NFA, as well as from seven other jurisdictions worldwide. The broker offers three trading platforms, including MT 4/5, and it requires a minimum deposit of $250. FOREX.com's leverage is quite low and offers only a 50:1 maximum leverage ratio on forex trades. The broker also offers a user-friendly interface, excellent customer support, and a wide range of research and tools. Read Benzinga's full FOREX.com Review FBSThis online forex broker is one of the few brokers with offices in Thailand and its site is translated into Thai. The broker offers four different account types and requires a minimum initial deposit of just $1 to open a Cent account. FBS has oversight from CySEC, which conforms to the EU's Markets in Financial Instruments Directive (MiFID). Maximum leverage is a whopping 3,000:1 on some accounts and commissions are $6 per lot traded on top of the dealer spreads. The broker lets clients use the MetaTrader 4 and 5 trading platforms. FXCMRegulated by the ASIC in Australia and the FCA in the U.K., the broker offers two types of accounts. Its standard account requires a minimum deposit of $50 and its ActiveTrader account requires an initial deposit of $25,000. Leverage for forex trades is 400:1 and CFD trades are 200:1 via FXCM Australia, but it has only a 30:1 ratio for FXCM U.K., so most traders who want to use leverage choose FXCM Australia. FXCM offers the MetaTrader 4 trading platform in addition to its proprietary award-winning Trading Station platform. FxProAn award-winning no dealing desk (NDD) broker, FxPro has oversight from the UK FCA, Cyprus CySEC and the South African Financial Sector Conduct Authority (FSCA). The broker offers fixed and variable dealing spreads with a $9 round trip commission when you open and close a position. FxPro offers three different account types: MT 4, MT 5 and cTrader, which describe the trading platforms used. A minimum deposit of $100 is required to open any of the three account types and traders can leverage forex positions up to 500:1. XMRegulated by the FCA, the ASIC and CySEC, this award-winning EU-based broker offers three different account types, as well as an interest-free Islamic account. The broker requires a minimum deposit of just $5 and charges commission of $3.50 per standard lot traded. XM offers the MT4 and MT5 trading platforms and has flexible leverage ratios of 1:1 to 500:1. The broker also provides free VPS hosting on accounts with a minimum balance of $5,000. Final ThoughtsTrading forex in Thailand can be just as easy as in any other part of the world. Still, knowing your needs as a trader will facilitate the process of finding the best forex broker for your trading style, so make sure to assess your requirements before shopping for a broker. Furthermore, acquiring knowledge of the forex market and conducting research through technical and fundamental analysis could save you a considerable amount of money and stress in the long run. Finally, a solid foundation of knowledge will give you the confidence needed to trade in this often-volatile market.  |
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