Student turned £200 into £100,000 while studying to be a doctor - Metro.co.uk
Student turned £200 into £100,000 while studying to be a doctor - Metro.co.uk |
- Student turned £200 into £100,000 while studying to be a doctor - Metro.co.uk
- Forex Trading Philippines - Benzinga
- FCA Uncovers Clone Firms Targeting Online Broker Darwinex - Finance Magnates
| Student turned £200 into £100,000 while studying to be a doctor - Metro.co.uk Posted: 31 Jul 2019 05:15 AM PDT  A trainee doctor has revealed how he was able to buy a top-of-the-range car, designer clothes and pay for his studies from just £200. Gurvin Singh, 20, turned the money into £100,000 while studying to become a heart surgeon. He said he has always wanted to be a doctor after frequent stints in hospital as a child but couldn't afford the £50,000 five-year course fees. So he searched online for 'money making ideas' and decided to try his luck at the foreign exchange market. Within a year he made so much money that he could afford to splash out on £70,000 worth of designer clothes and two luxury cars while undertaking a Biomedical Science degree at Plymouth University.  Gurvin, from east London, said: 'It's been my dream to be a surgeon ever since I was a little kid. Advertisement Advertisement 'I've always looked up to doctors and have always had an interest in the medical field. 'My family have never had that sort of money and there was no way I could pay for the course myself. 'My family are working class and I could never afford much as a kid.  'I never thought I'd ever earn as much money as what I do now. I still can't believe it.' Gurvin plans to study a Bachelor of Medicine and Surgery degree at Plymouth University next year. The second-year student worked out he needed around £50,000, plus living expenses, to fund his further studies without taking out loans. He signed up to a six-month online training course in January 2018 to learn about Forex Trading.  Gurvin Singh). Forex is an online market for swapping and betting on foreign currency. Gurvin said: 'Once you know how to do it, it's not that hard. It feels amazing to know how much money I can make. 'It takes a lot of patience to get good at it but if you do put the hours in it really is worth it.' Gurvin makes money by capitalising on changes in values between currencies and when he should 'gamble' his hard-earned cash In simple terms, he bets up to £20 on currencies to either rise and fall in value over another.  Earlier this month he successfully bet £2 the Euro would increase in value over the US Dollar. Advertisement Advertisement This means he was rewarded with £134 after he sold his shares for more than they were worth when he bought them. Gurvin said: 'I started with just £200. 'It was very slow. I was only making very small profits each time. I turned £200 into £1,000 within a couple of months and it just went on from there.' After a successful start Gurvin started offering lessons online. He's made roughly £40,000 from his own trading, and £60,000 by teaching others.  The savvy student admits he did become distracted and has so far spent £70,000 on designer clothes and cars – including a £30,000 Maserati Ghibli and a £13,000 BMW six series. He only learnt to drive in October last year and splashed £5,000 on an Audi A1 as his first car, which he has since sold. His wardrobe is full of designer labels such as Louis Vuitton shoes and Gucci clothes. Have you got a weird or wonderful story about how you funded University? Email Faye.Brown@metro.co.uk However he has tucked away £30,000 in his growing savings pot, to pay for his medical training. Gurvin, who said he earned £23,000 last month, added: 'The course will pay for itself because I earn so much.  'I have found something that will help me achieve my dream. I don't need to stress about how I will be able to afford it now. Advertisement 'I wanted to do everything I could to make a career for myself. I have suffered with asthma my whole life and have always been in and out of hospital. Doctors became my role models.' 'I have been inspired by doctors and am fascinated by heart surgery. I want to be able to save lives. I want to make a difference'. Advertisement Advertisement  |
| Forex Trading Philippines - Benzinga Posted: 12 Jul 2019 12:00 AM PDT Are you based in the Philippines and want to trade forex? There's a valid question about the legality of trading forex in the Philippines, but here's a hint: Trade through international brokers based outside of the Philippines. The Philippines has an emerging nation status and has become a minor hub for forex trading. The country is also home to a growing clientele for foreign-based forex brokers that accepts clients from the southeast Asian nation. The SEC in the Philippines has also taken an unusually adversarial stand against forex trading. It has issued 2 advisories over the past few years stating that forex trading is illegal in order to discourage fraud and debilitating losses among private individuals. Quick Look: The Best Forex Brokers in the Philippines
What You'll Need to Know Before You Start TradingThe forex market is a $5 trillion-a-day market that stays open 24 hours a day, 6 days a week. Knowing the best hours to trade and which are the best currency pairs to trade during those times could be a factor to incorporate into your trading plan. Since questions may exist about the legality of trading in the forex market among those who live in the Philippines, you'll need to find a reputable broker based outside of the Philippines to accept you as a client. Trading successfully in the forex market is not especially easy, so if you have no experience trading and are completely unfamiliar with currencies, you might want to do some research and open a demo account with an offshore forex broker for practice. Forex trading has a well-earned reputation for causing retail trader losses, so the more you know about the factors that affect the valuation of currencies, the more likely you'll succeed in a market where the vast majority of retail traders fail to profit. You can learn how to trade forex:
Knowing what you're getting into when you finally open and fund a live account can be invaluable to your success as a trader. The first thing you'll need is a U.S. dollar-denominated bank account and a PayPal account or an account with another international online payment company that your chosen broker can accept for deposits. You may be able to open trading accounts with other major currencies, like euros or pounds sterling, but the U.S. dollar often makes the most sense since it's universally accepted by forex brokers and banks. You could then arrange to transfer funds from your dollar-denominated bank account into your online payments account and then into your online brokerage account to make a margin deposit. This route involves an additional step, but it may be preferable to making a bank transfer directly to your forex broker just in case that could be observed by local authorities in the Philippines who are against forex trading. All About the PHPWith a population of 102 million, the Philippines is the 13th-largest country in the world. The nation's currency, the Philippine peso or piso (ISO:PHP), is symbolized by ₱ and ranks 33rd among the world's currencies by turnover. The PHP currency has historically declined against the U.S. dollar, from 3:1, which was its black market price during the Bretton Woods-dominated era of the 1950s, to 2 successive devaluations that left the PHP at pegs of 3.90:1 and 6.43:1 in 1970. The currency continued to devalue despite efforts to stabilize it, was pegged at 11:1 by 1983 and 20:1 against the U.S. dollar by 1986. The Philippines' New Central Bank Act paved the road for PHP to become a free-floating currency in 1993. The PHP currency has since stabilized after an initial decline, and over the last 10 years it has traded from a high of 40.52:1 to a low of 54.36:1 against the greenback, with its all-time low in October 2018. Laws and RegulationsDue to a wave of complaints of people losing money in the forex market that involved entities acting as brokers or agents without Philippine regulatory licenses, an advisory was issued by the Philippine Securities and Exchange Commission (SEC). The advisory states that foreign exchange trading in the Philippines is illegal. It cites a "huge amount of money" invested in U.S. dollars in forex companies to execute forex trades on investors' behalf. The '"experts"' represented to their clients that they would make a profit trading that was similar or better than investing in the stock market. The advisory concludes with: "The public is encouraged to report to the Commission entities operating Foreign Exchange Trading and those acting as agents of these operators." You haven't violated a specific law if you open an online forex account with a foreign broker from the Philippines, according to some Philippine online forex traders who have been trading in the forex market since before these advisories were issued. They claim that the advisory was simply designed to discourage the general population from opening accounts with local unregulated "experts." The advisory threatens the imposition of "administrative fees" that will be levied on individuals if they are not in compliance. Also, forex trading is not like investing in stocks where you can only lose what you invest. If you take a leveraged forex position, you may be liable for more than your initial margin deposit if the trade goes against you and is not closed out once your account reaches a zero balance. Pick a Philippino Forex BrokerUnless you have special authorization, a large amount of money to commit and a bank to trade currencies, you will not be able to open a forex trading account with a Philippine-based broker. Many reputable online forex brokers will accept clients from the Philippines. You can open an account with an international broker such as IG, Interactive Brokers or FOREX.com if you're based in the Philippines and are serious about trading forex instead of waiting for the SEC to pass guidelines supportive of forex brokers, which currently looks unlikely. As long as you meet the broker's requirements, you can probably open an account with a payment service such as PayPal or Skrill so you can make your deposit. It may be riskier to use direct bank transfers or a credit/debit card as a deposit method from the Philippines, so contact your potential broker for more information. No instance of arrest or conviction for a violation of the SEC's advisory could be found online, although that does not mean that efforts for its enforcement have not been undertaken by Philippine authorities. The penalty, which is not published on either advisory, is merely an imposition of "administrative fees" and the exact amount is not specified by the SEC. No target date or schedule for allowing firms to open and conduct regulated forex business has yet been determined. How to Execute Your First TradeBefore you execute your first forex trade, learn how to use your chosen broker's trading platform through its demo account and have an idea of how to place a forex order. Depending on the protocol required by your chosen broker's trading platform, you can buy or sell a currency pair, indicate the quantity you wish to buy or sell and either enter a market order that would get executed immediately at the best price available or a limit order and the exchange rate where you want to deal. Trade Forex in the PhilippinesNo domestic forex brokers currently do business in the country due to an unfavorable local regulatory environment, though established forex traders still use U.S. dollar-denominated bank accounts and make deposits through PayPal, Skrill or other online payment services. Would you be taking a risk as a Philippine resident opening a forex account with an international broker? Maybe. However, trading any asset involves taking risk, including in the forex market. Until regulatory guidelines are structured and implemented, keep in mind that trading forex from the Philippines could present legal risks in addition to the normal forex market risks. Looking for more resources on forex trading? Check out Benzinga's guide on the basics of forex trading, or some of the best books to read as a forex trader.  |
| FCA Uncovers Clone Firms Targeting Online Broker Darwinex - Finance Magnates Posted: 30 Jul 2019 09:55 PM PDT  Another clone firm has been identified in the foreign exchange (forex) and cryptocurrency industries. On Tuesday, the Financial Conduct Authority (FCA) posted a warning against a clone firm of Tradeslide Trading Tech Limited, otherwise known as Darwinex. The clone firm goes by three names, StockotradeFX, Ultimatecryptofx, Tradevibefx and operates via three websites – www.tradevibefx.com, www.ultimatecryptofx.com, www.stockotradefx.com. London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now All three websites, state that they are "owned by Tradeslide Trading Tech Limited, a company duly authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 586466." FCA: there is no connection with DarwinexHowever, yesterday's warning from the British regulator, clearly states that the three entities have no connection whatsoever with the legitimate and FCA-authorised firm Tradeslide Trading Tech Limited (Darwinex). As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm. Suggested articlesUser Review: A Look at ParagonEX Dynamic's Services SuiteGo to article >> Although the entity operates via three URLs, all websites appear to be largely the same, and have copied the design of Dawinex's website. One the front page of each website, the entity claims it is: "The online brokerage that allows sophisticated traders to trade the market and investors to back them." – the same statement made of Darwinex's site. The correct details of the legitimate firm are as follows: Firm Name: Tradeslide Trading Tech Limited (Darwinex) Firm Reference Number: 586466 In its warning, the UK watchdog states: "We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us." Clone firms are a big problem in the foreign exchange (forex) and cryptocurrency sectors. As Finance Magnates has reported, Tickmill, Dukascopy Bank and broker-dealer ICAP, among others, have all been targeted by clone firms.  |
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