The Bank of Tanzania Studying Cryptocurrency and Online Forex Trading Impact in Tanzania - bitcoinke.io

The Bank of Tanzania Studying Cryptocurrency and Online Forex Trading Impact in Tanzania - bitcoinke.io
What you need to know about Forex trading - The Standard
How to be a forex expert - ForexLive

Posted: 30 Aug 2019 11:51 PM PDT

A circular purported to be coming from the Directorate of Economic Research and Policy at the Central Bank of Tanzania (BoT) shows that the bank is conducting a study to assess the extent of cryptocurrency impact on the Tanzanian economy with a view to registering brokers for the business.

The circular, in part, reads:

"Please be informed that the Bank of Tanzania is conducting a study to assess the extent of Cryptocurrency and Online Forex Trading and its implication to the economy in Tanzania. The result of this survey will determine whether or not there is any need to register brokers for this business in the country."

The letter goes on to further state that BoT will conduct the survey by visiting various parts of Tanzania and interview selected individuals to gather the needed information for decision making.

The above letter, dated 26th August 2019, comes after Rwanda mentioned that it is studying how to launch and issue a digital currency for the country.

Other African central banks and regulators that have recently taken a stand to either regulate, limit, or caution the public on cryptocurrencies include Malawi, Egypt, South Africa, Zambia, Kenya and Zimbabwe.

As waves of cryptocurrency across Africa take root, we can expect governments and regulators to take a keen interest in the space and offer the way forward.

What you need to know about Forex trading - The Standard

Posted: 15 Aug 2019 12:00 AM PDT

The foreign exchange market is largely made up of institutional investors, corporates, governments, banks, as well as currency speculators.Unlike the stock market and future markets that are housed in central physical exchanges, the foreign exchange market is an over the counter market, decentralised market completely housed electronically.Though investors are familiar with the stock market, they are unaware how small it is in comparison to the forex market that is the largest financial market in the world open 24 hours a day, five and a half days a week.

There are many benefits and advantages of trading forex. Nevertheless, key among them is that there is no waiting for the opening bell.From Sunday evening 8.30pm GMT to Friday Evening 9pm GMT, the forex market never sleeps.This is awesome for those who want to trade on a part-time basis because you can choose when you want to trade: morning, noon, night, during breakfast, or in your sleep.Because the forex market is large, it is also extremely liquid.This is an advantage because it means that under normal market conditions, with a click of a mouse you can instantly buy and sell at will as there will usually be someone in the market willing to take the other side of your trade.

You are never 'stuck' in a trade.You can even set your online trading platform to automatically close your position once your desired profit level (a limit order) has been reached, and/or close a trade if a trade is going against you (a stop loss order).You would think that getting started as a currency trader would cost a ton of money. However, when compared to trading stocks, options or futures, it doesn't.Online forex brokers offer mini and micro trading accounts, some with a minimum account deposit of Sh2,500.We're not saying you should open an account with the bare minimum, but it does make forex trading much more accessible to the average individual who doesn't have a lot of start-up trading capital.

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Forex Stock Exchange Forex Trading

How to be a forex expert - ForexLive

Posted: 08 Aug 2019 12:00 AM PDT

What is the forex market

Anyone who has ventured into the real marketplace would definitely have an idea what a Forex is and share the many promises and possibilities this horizon can bring.

What is Forex?

FOREX stands for the very popular Foreign Exchange Market. Sometimes, though, people associate it or equate it to mean also currencies.

Basically, forex is where people trade. The objects of the trading are the different foreign currencies. People buy and sell the currencies.

The exchange market and the trading as we know it today started in the 1970's. It has no definite place. It has no definite location.

The foreign exchange market is found wherever there is a financial center where people conduct constant exchanges and buying and selling. To ensure definite success in this field, the main goal has to be kept in mind.

The keywords to traders in the foreign exchange market are to 'buy low and sell high.' This is the way to get the profits coming in.

Why Are People Trading in the Forex?

More and more people are turning into the forex trading now. It has become popular once again and people want to enjoy the success this can bring.

There are also no strict requirements to join the market. Anybody can enter it and learn how to trade. Some even study beforehand to be prepared for the big trading.

Another good aspect about forex is the absence of too many fees to be able to join in. There are no commissions, no brokerage fees and no government fees.

The best thing by far is that trading can be done at home. Anyone can initiate a trade online. This spells big for people who stay at home, especially those who do not feel comfortable in engaging on online businesses.

With proper training and computer with internet access at hand, success is within the bounds of the home.

How Does One Trade Successfully in the Foreign Exchange Market?

The purpose of 'to buy low and to sell high' must be kept in mind when trading in the forex. This will be the main vision of a trader to succeed.

The next task at hand is to know the trends. This means knowing when a particular currency will buy low or sell high. This is not mere prediction of possible turn of events.

Thus, forex requires strategies that have been tested to make sure that a decision will be profitable. There are two basic strategies employed in forex that one can learn from tutorials or from the actual exposure to the market.

The first strategy is the technical analysis. This provides that a particular price chain reflects all the necessary information regarding the market. This entails a close analysis of the various aspects of the currency like the lowest and highest prices or the opening and closing prices.

The other strategy is the fundamental analysis.

As the name implies, it takes the overall situation. It focuses beyond the currency. It considers the situation of the country, economy, politics and even the rumors. Thus, this requires more exposure and knowledge from the part of the trader.

Conclusion

The foreign exchange market promises so many possibilities to the trader. Many people may be interested in the forex but are only afraid to take the first step.

This attitude should be turned around. Just have a good vision, take the necessary steps and make the forex venture a success.

This article was submitted by LegacyFX.

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