You may get better forex rates on retail platform - Livemint
You may get better forex rates on retail platform - Livemint |
- You may get better forex rates on retail platform - Livemint
- Forex courses: A beginner's guide to forex trading in South Africa - The South African
- Global Profit Technologies, Inc. Announces Release of Global Currency Unit (“GCU”) - GlobeNewswire
| You may get better forex rates on retail platform - Livemint Posted: 30 Jun 2019 01:14 AM PDT Mumbai: The next time you are travelling abroad and need foreign currency, you may not need to pay a premium to the bank or the currency dealer to exchange your notes. You can do so at the inter-bank rate, the lowest rate possible, through FX-Retail, the foreign exchange trading platform notified by the Reserve Bank of India (RBI) for retail participants . Trading on FX-Retail will start from 5 August, though registration for the platform opens from 1 July itself. The platform will be operated by the Clearing Corp. of India Ltd (CCIL). The platform aims at improving transparency and pricing of forex for retail customers. "Such a mechanism will provide transparency while enhancing competition and lead to better pricing for retail customers. Banks may charge their retail customers a pre-agreed flat fee towards administrative expenses, which should be publicly declared. Overall, this would bring down the total cost faced by the retail customer in the foreign exchange market," the RBI notification said. Here, the term retail customers denotes individuals as well as businesses that, unlike banks, do not have access to the inter-bank forex market. Here's what it means for a retail customer. The trading platform At present, retail users who need foreign exchange need to either go to their bank or to a currency dealer to get foreign currency. Usually, customers buying forex from a bank are unaware of the exact exchange rate being offered and the exact amount of charges they are paying. Sudarshan Motwani, founder and chief executive officer, BookMyForex.com, a foreign exchange marketplace, said that the new system could bring transparency to the retail forex market. "Banks today charge you a high and a very un-uniform rate on a forex transaction," he said.  As a consumer, you will have to register on the FX-Retail platform through Fxretail.co.in. You will need to submit your KYC (know your customer) details as well as your bank account details like branch, IFSC code and account number. Based on the funds available in the bank account, banks will set a limit for you to trade. Banks will be able to charge an "administrative charge". You will also be charged a one-time registration fee of ₹300 plus GST. The fee for non-individuals is ₹1,000. While there is no fee for transactions of up to $50,000 in a day, beyond that, 0.0004% of the transaction amount would be charged. Will it benefit you? Amitabh Bhatnagar, head , relationships, insignia preferred banking and diplomatic segment, RBL Bank Ltd, said the platform is expected to act as an electronic trading platform. "Retail customer can directly deal on the platform and have access to current rates, thus moving away from negotiating with banks or money changers on price," he said. However, there could also be some challenges. The limitation that banks could face will be in providing hard currency to buyers. "We have observed that the supply of foreign currency (cash) varies in different cities and regions. Hence, you will see that a dollar available in Mumbai and Bengaluru could be expensive compared to a dollar in Punjab, which sees a lot of inflow of forex. So when you settle a trade, the bank or your nearest nodal branch may or may not have the forex in cash,"Motwani said. A banker, requesting anonymity, said initially banks would only accept electronic transactions and may not settle trades for hard currency. "But as a corollary to this trade, the bank can facilitate moving that foreign currency to an instrument like a forex card for the consumer (individual)," the banker said. Bankers are also expecting the platform to be largely used by businesses initially. When volume on the platform picks up, it will become like any other exchange where all buyers could be able to participate, the banker said. Gaurang Somaiya, research analyst (currency) at Motilal Oswal Financial Services Ltd, said the concern on delivering the foreign exchange in cash is valid. "But when new platforms are introduced, there will be challenges. If I have an urgent need of forex for a trip abroad, I might still have to go to the money exchanger. The system might take a year or more to improve those things. Currency supply chain will also come into play," he said.  |
| Forex courses: A beginner's guide to forex trading in South Africa - The South African Posted: 02 Jul 2019 05:45 AM PDT Consider joining thousands of South Africans whose forex trading side hustle is making them a pretty profit. South Africa's has some of the world's best forex trading courses. In this beginner's guide to forex trading in South Africa, you will learn more about the alluring world of forex trading. Discover why this market is growing in popularity amongst a diverse group of people from all walks of life, ages and careers. Doing business or shopping in other countries needs a system of accessing foreign money so that payments can be made in a form acceptable to that country. The foreign exchange market is that system. Forex simply stands for foreign exchange (FX) and is expressed by a country or group of countries' as a monetary unit, such as the US dollar or the South African Rand. Sign up for a forex trading course A few stats about the forex market in 2019The most interesting thing about the foreign exchange market is that there is no central marketplace – all trading is done electronically via computers between various traders around the world. This accessibility is what makes the forex market so attractive to so many people. How forex trading worksForex trading is about buying and selling currencies with the aim of making a profit. With forex trading you always trade in pairs, that is with two currencies. You buy one and sell the other. The idea is to make a profit when the currency you buy increases in value against the currency you sell. The difference in price is where you either make a profit or a loss. There are eight major currencies involved in forex tradingThe forex market is made up of a thousand or more currency pairs, for example, the US dollar and the Rand, the EURO and the Swiss Franc, the Japanese Yen and the British Pound. In reality, there are only eight major currencies that are actively traded on the Forex market and these are: Pairs and how they workOn the forex currency exchange, you will trade in a variety of pairs: major pairs; minor pairs and exotic pairs. Major pairsMajor currency pairs all have the USD on one side like this… With major currencies, when paired they all contain the US dollar and they are the most frequently traded ones. Minor currency pairsMinor currency pairs or crosses as they are known are pairs that do not have the dollar on one side. A cross will always have the same currency in each pairing. You get a variety of crosses such as the Yen above, the GBP Pound and the Euro. Exotic currency pairsExotic pairs are also traded in and they one major currency paired with an emerging currency such as the USD/ZAR or Euro/Turkish Lira. These pairs aren't traded as often as the Major or Minor pairs. Sign up for a forex trading course Why the forex market is the most desirable in the worldMaking money is the goal for everyone who trades on the stock market. Whether you are trading stocks or currencies, your ultimate aim is always to make a profit. Trading currencies will always carry a risk and that is why many traders advise you to never trade with money you are not prepared to lose. Despite this forex trading is still very desirable and here is why: 24-hour availabilityThe forex market runs 24 hours a day, five days a week, meaning you can trade whenever you want, from anywhere in the world. Whether you are trading at home after work, or while you are on holiday, or when you can't sleep at 2 am on a weekday, the forex market is open for business. Forex is a liquid marketA liquid market is where there are lots of buyers and sellers and the product being exchanged is in high demand. This means that you can execute a trade quickly and at a desirable price. Narrow focusEven though the forex market is a big one, it has basically eight currencies to trade in vs thousands of stocks to choose from in the stock market. This means there is little confusion and it is easy to get a clear picture of what is happening. The market can't be corneredThe immense size of the market means no one, not even the banks, have the power to influence or control the market for a long period of time. What you need to learn about forex tradingForex trading can be challenging and like with most things there is a learning curve. Just like top professionals who must study and master their skills through experience, the same applies when you learn to trade. Just ask any successful trader and they will tell you that making money in forex does not happen overnight. Get the tools of the tradeYou need to have a computer, access to the internet and a trustworthy broker who is accredited and has an advanced trading platform to practice on. You can make all the mistakes you want with forex trading on a demo account first, without risking any of your actual money. Get accredited forex knowledgeBecause you are a beginner, investing in a professional forex trading course to get a solid understanding not only of how to trade, but also about the world economy, is a must. Why navigate the foreign forex world alone when you can learn from professional traders who can give you the best tips, step by step guides and strategies to speed up the learning curve. Know the languageThere is this weird trading lingo in the world of Forex trading such as pips, quotes, bid, ask, spread, lots, leverage, long, short and so on. It is very important that you understand the lingo because all forex trading platforms use the same language. Understand the world economyGet up to speed with how economies operate and understand what factors affect exchange rates. If you are going to trade in forex you need to learn how the economies of various countries work and how they are inter-connected. By understanding the world economy, you will be better able to trade with confidence and foresight. The drivers of currency valuesUnderstanding the fundamentals of what drives currency values is critical to your success and is a step you simply cannot afford to skimp on. Get to know the basic strategies of forex tradingStrategy 1If you are starting out with limited funds, day trading is a short-term strategy that is easier in the forex market vs other markets. Day trading is the buying and selling of forex on the same day, based on small, short-term price fluctuations. Strategy 2Scalping is also used quite often; it is a trading style of taking profits on small price changes, very soon after a trade has been entered and has become profitable. This strategy requires that you have a strict exit strategy, because one large loss could eliminate the many small gains that the you have worked to obtain. Strategy 3While not as common as short-term trading, swing trading is a long-term strategy that can be used if you want to make a profit from trends in currency valuations. Traditional safe-haven currencies like the British pound Sterling and Swiss Franc are often targets of those using swing trading. This trading style requires patience to hold your trades for several days at a time. In conclusion, there are fundamentals of forex trading that you need to learn before diving in, but do not let that put you off. If you find a good training programme with experienced and professional coaches that you can interact with daily, it will be no time before you are trading like a pro. Convinced you are ready to start trading forex? Click here.   |
| Global Profit Technologies, Inc. Announces Release of Global Currency Unit (“GCU”) - GlobeNewswire Posted: 02 Jul 2019 04:40 PM PDT  The new fully automated crypto trading solution will be available as a sophisticated yet easy-to-use stand-alone algorithmic A.I. software and is being built as a redesign of the company's already existing and successful foreign currency trading platform, known as 4X-DAT®. The new Crypto-DAT™ (Dynamic Auto Trader) will be available exclusively as part of the Global Profit [crypto] Exchange unique retail offering to those clients who wish to maximize their trading profits. "There is no reason why millions of crypto traders should sit in front of their computer screens 24/7 waiting for a trading opportunity, or suffer unnecessary losses during inevitable market corrections," said Joseph Nemeth, the company's CEO and Chief Product Architect."The digital currency market has quickly become one of the fastest growing markets of our time, having gained worldwide acceptance and legitimacy. Moving into crypto currencies is just a natural evolution of our existing business model. After all, given our long-term experience with automated trading, we are quite possibly the most qualified company to bring an automated crypto-trader to this new, fascinating marketplace. We expect the new Crypto-DAT™ to become the premier fully-automated trading platform in the digital currency space and fully intend on being a dominant player in this fast growing and exciting market," added Nemeth."Since the company's official release of 4X-DAT® for live foreign currency trading 4 years ago, thousands of traders around the world have downloaded the software and had an opportunity to test its effectiveness," explains Mr. Nemeth. "Currently, our 4X-DAT® is designed to trade foreign currencies, however, it can be easily modified to trade any instruments, blockchain based digital assets being no exception. With the volatility seen in many of the crypto currencies, and the rapid expansion and mass appeal of this market, I can easily see traders dramatically increasing their success using an effective fully automated 24/7 A.I. trading technology."In addition to the development of the Global Profit Exchange, which is being built on the highest level hacker-proof security platform, and the new Crypto-DAT™ (which once released, will be available on a monthly and annual subscription basis), GLPT has entered into a joint venture with 01People s.r.o., one of Europe's premier crypto asset and blockchain development companies, regarding management services and administration relating to both the auto-trading software as well as the crypto exchange. Prior to the launch of the Global Crypto Exchange, GCU® can be acquired from GLPT's strategic partner Automata FX, Ltd."GLPT, together with the new GCU®, Crypto-DAT™ and the new Global Profit Exchange will not only absolutely change the way people around the world trade cryptocurrencies, but also how they invest for their future," concluded Nemeth. ABOUT GLOBAL PROFIT TECHNOLOGIES, INC. (GLPT) Global Profit Technologies, Inc., is a publicly traded company and developer of sophisticated, algorithmic, fully automated trading solutions, including 4X-DAT® and Crypto-DAT™, the intelligent, stand-alone, technologically advanced, yet easy-to-use software applications for automated trading in both the over-the-counter FX as well as crypto currencies markets. Both applications can simultaneously trade numerous currency pairs and cryptocurrencies, manage and monitor an unlimited number of trades in various independent trading strategies, which can be individually customized. Each software provides money management either on trading cycles consisting of several trades, by closing them at a pre-determined profit as a group, or by opening and closing individual trades based on prevailing market conditions with a high degree of effectiveness. It does this automatically, 24 hours a day, 7 days a week, without the need for human input following the initial trading setup. For more information please visit: glpt.ioABOUT AUTOMATA FX, LTD. Automata FX, Ltd., is a strategic partner of Global Profit Technologies, Inc. and a fully automated global electronic FX broker, focused on providing retail traders institutional level execution with Straight Through Processing (STP) and institutional liquidity. Automata FX offers full trade execution through its exclusive use of its fully automated trading platform, powered by GLPT's 4X-DAT® technology. Automata FX allows traders to access the Forex markets either through its Managed Account offerings, or through Independent Trading Accounts with free downloadable trading strategies. Additionally, Automata FX is an international GCU® (Global Currency Unit) exchange, providing GCU® exchange services to its global clients. To learn more about Automata FX, Ltd. please visit: automatafx.comFor product inquiries and pre-registration for free GCU® airdrop: Please visit glpt.ioFor investment information on Global Profit Technologies, Inc. please visit https://www.otcmarkets.com/stock/GLPTContact:investors@4x-dat.com  |
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