Forex Trader urges SEC to provide framework to regulate online forex trading - Myjoyonline.com

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Forex Trader urges SEC to provide framework to regulate online forex trading - Myjoyonline.com

Forex Trader urges SEC to provide framework to regulate online forex trading - Myjoyonline.com

Posted: 30 Sep 2019 02:40 AM PDT

Forex Trader and South Africa's youngest millionaire, Sandile Shezi, is urging the Securities and Exchange Commission (SEC) to be innovative when it comes to its approach toward online retail forex trading. 

So far, SEC has warned against this market stating it is currently unregulated and consequently may be subject to abuse. 

Speaking to JoyBusiness, Sandile Shezi stated that industry players are eager to offer assistance on the formation of some regulation to not only make the market safe from scams but also create jobs.

"I've said this even in South Africa with the FCA that whatever it is that they do they can't stop people from trading. The only way to stop people from trading is shutting the internet so regulations or not people will be trading online. What's important is people like myself and leaders in the industry sit down with the regulator to explore best ways to make a policy framework functional and ensuring that we protect the people in this industry," he explained.

So far the Securities and Exchange Commission (SEC) has warned against online trading in forex and cryptocurrencies as it describes these avenues as "unregulated". In the meantime, SEC says it is opened to proper dialogue with stakeholders in this emerging market.

Online currency exchange is an Internet-based platform that facilitates the exchanging of currencies between countries, or businesses, for delivery in a secure, centralized setting.

Comprised of a network of computers that connect banks, brokers, and traders, the online currency exchange allows the conversion of currencies for delivery. Forex brokers usually offer online currency exchange as part of their platforms. The particular platform that processes the transaction will vary by the broker offering it, the location of the trader, and the currency pairs traded.

Some countries have monetary policies that place restrictions on the convertibility of their money. Currency convertibility is essential in a global economy and critical for international commerce. A nonconvertible currency poses significant barriers to trade and tourism.

Some brokers may not handle the exchange of currencies for a contract for differences (CFD). During the settlement in a CFD futures contract arrangement, cash payments substitute for the delivery of the asset.

How to Identify and Avoid Trading Scams by Artur Hochberg - FinSMEs

Posted: 30 Sep 2019 05:30 AM PDT

forexForex trading also known as FX trading, is a high-risk, high reward market. Want to stay safe? Avoid scams such as these listed below by Artur Hochberg.

Forex trading is the largest and most liquid market in the world. It trades over $5.1 trillion in a day. Despite the high risk of loss associated with it, investors with a risk appetite cant keep their money off of it. Unfortunately, most traders that lose their capital in FX trading are rookie traders. Artur Hochberg says that the low entry barrier to the market, makes is very easy for anyone to trade in FX.

Indeed, all that you need to get started is an internet connection, some capital, and a computer. If you can access an online trading platform, then you too can become an FX trader. Experienced traders such as Artur Hochberg (soarfx.com) say that a trading FX education is paramount for safety and success in the currency market.

You also need to take your time before rushing in to invest. Access the trading platform and learn as much as you possibly can about it before initiating a trade. Most trading platforms have trial trading platforms, which do not need actual capital to practice on. This means that there will be no loss of cash as you learn the ropes.

If you need a broker, take your time and search for a reliable one. How can you tell that a broker is credible? By looking for positive reviews and experiences as shared by other traders. If you come across a forex broker with an excellent online reputation, establish contact, and ask as many questions as you need. Establish also if they have any legal actions against them. Proper background checks in FX trading can significantly minimize risk. To help you our below are some tips on how to avoid common forex trading scams.

The Artur Hochberg list of common trading scams

  • Trading opportunities with extraordinary high returns

The too good be true promises are often a sign that something is amiss. If a broker or platform promises gain of 30% on your capital each month, you should be very wary of them. Trading in a contract for difference and currencies requires a lot of education, wits, experience, and screening time, to make profits. High profits are therefore not that easy to come by. Artur Hochberg says that if high profits were that easy to make, the broker would probably trade with leverage and enrich themselves, instead of advertising their services.

  • A broker without a background

If your preferred broker does not have sufficient background information, you should take your money and run for the hills. Legitimate traders, brokers, money manager, or educators in currency trading understand the value of building trust. They, therefore, have at hand proof of their professional history when requested. To ascertain all claims always perform a thorough online screening on the broker you are planning to deal with.

Conclusion

If you are going to use a broker for currency trading, access trade brokers who are regulated and established. Avoid the allure of quick money and void quick fix money-making schemes that will put your capital at risk.

SA Forex Trader Wants SEC To Develop Framework To Regulate Online Forex Trading - Modern Ghana

Posted: 30 Sep 2019 06:23 AM PDT

SA Forex Trader Wants SEC To Develop Framework To Regulate Online Forex Trading

Forex Trader and South Africa's youngest millionaire, Sandile Shezi, is urging the Securities and Exchange Commission (SEC) in Ghana to be innovative when it comes to its approach toward online retail forex trading.

So far, SEC has warned against this market stating it is currently unregulated and consequently may be subject to abuse.

Speaking to JoyBusiness, Sandile Shezi stated that industry players are eager to offer assistance on the formation of some regulation to not only make the market safe from scams but also create jobs.

"I've said this even in South Africa with the FCA that whatever it is that they do they can't stop people from trading. The only way to stop people from trading is shutting the internet so regulations or not people will be trading online. What's important is people like myself and leaders in the industry sit down with the regulator to explore best ways to make a policy framework functional and ensuring that we protect the people in this industry," he explained.

So far the Securities and Exchange Commission (SEC) has warned against online trading in forex and cryptocurrencies as it describes these avenues as "unregulated". In the meantime, SEC says it is opened to proper dialogue with stakeholders in this emerging market.

Online currency exchange is an Internet-based platform that facilitates the exchanging of currencies between countries, or businesses, for delivery in a secure, centralized setting.

Comprised of a network of computers that connect banks, brokers, and traders, the online currency exchange allows the conversion of currencies for delivery. Forex brokers usually offer online currency exchange as part of their platforms. The particular platform that processes the transaction will vary by the broker offering it, the location of the trader, and the currency pairs traded.

Some countries have monetary policies that place restrictions on the convertibility of their money. Currency convertibility is essential in a global economy and critical for international commerce. A nonconvertible currency poses significant barriers to trade and tourism.

Some brokers may not handle the exchange of currencies for a contract for differences (CFD). During the settlement in a CFD futures contract arrangement, cash payments substitute for the delivery of the asset.

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