Is Forex a Scam? Answers for 2020 • Benzinga - Benzinga
Is Forex a Scam? Answers for 2020 • Benzinga - Benzinga |
- Is Forex a Scam? Answers for 2020 • Benzinga - Benzinga
- 2020 IG Review • Pros & Cons • Benzinga - Benzinga
- How to Start Online Business from Home with Forex Trading - Scubby
| Is Forex a Scam? Answers for 2020 • Benzinga - Benzinga Posted: 27 Mar 2020 10:23 AM PDT Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more. The world is getting smaller by the day and now more than ever, you have a chance to call yourself a global citizen. You could be spending much of your time in the U.S., Great Britain, Switzerland, Australia, Japan or any other place you call home. Wherever you are, getting your hands on the local currency is a walk in the park, thanks to forex. Foreign exchange, or forex, allows you to trade between different currencies in a matter of minutes and make a profit at the same time. Simply Put: Is Forex a Scam?Although this sounds too good to be true, you can rest assured that forex is not a scam. If you've ever stumbled upon FOREX.com or any other forex trading platform, you must have noticed that the currencies are usually listed in pairs. That's because when you trade forex, you buy one currency and sell another simultaneously. Previously Identified ScamsHow can you be certain that forex isn't a scam? For one thing, the foreign exchange market makes the biggest turnover of $6.6 trillion per day. Unfortunately, the opportunity to create such massive wealth in short durations comes with its risks. When large sums of money are doing the rounds, there are bound to be a few culprits that purposely want to mislead you and cheat you out of your money. Here's a rundown of common forex fraudsters and scams you should avoid. Broker ScamsForex traders from all over the world are always on the lookout for the best brokers. Traders want to get the most returns on their investment, just as you do. But beware of forex brokers who take their clients for a ride. Novice forex traders often complain about signing up with brokers that have outright declined withdrawals from accounts. Be sure to do your research about brokers and their reputations. A good place to start is the footer of the broker's website. If the footer has no information about regulatory bodies or any other disclaimers along with their corporate address, you cannot trust them. However, if the broker has a Securities and Exchange Commission (SEC) regulations listed, it's a good indication of a trustworthy broker. You can also do a quick check on forexfraud.com for brokers with a history of negligence and fraud. Remember, the brokers must have your best interest and their trading strategies must reflect that. Signal Seller ScamsForex brokers rely on signals or paid information to predict the movement of currencies and their value. This information can be purchased from firms, asset managers or seasoned traders called signal sellers. You can subscribe to signal sellers on a weekly or monthly basis for a fee. Often, you will hear brokers citing these sources to convince you about a trade. In such cases, ask your broker to give you a historical performance chart of their signals to assess the authenticity of their claims. Since most signal sellers have a mixed record of good and bad tips, you can have a tough time making a firm decision. Brokers will leverage such grey areas to give them the benefit of the doubt while swaying you to trade in a particular way. And if the trade doesn't go as planned, brokers will blame the signal sellers for the losses incurred without taking responsibility. Point-Spread ScamsThe point-spread scam is one of the oldest tricks in the book. Since forex trading started, brokers have been using computer-manipulated bid and ask spreads to deceive the trader. Typically, forex currency pairs are projected with 4 decimal points. Crooked brokers will manually input a specific bid and ask spread with a large difference in the 4th decimal point for higher commissions, taking a huge cut from your profits without your knowledge. In recent years, the point-spread scam has been curbed but has not entirely gone out of practice. Comparing bid and ask spreads from other brokers will give you an immediate insight into point-spread scams. Robot ScamsThe latest trend in forex trading is the use of automated algorithms or "expert advisors." These robotic systems scan the data of various currencies and their past performances to determine and set profitable enter and exit trades in advance for you. From stellar websites to fake testimonials, many such bot-based organizations go a long way to persuade you to think you can create wealth on autopilot without logging into your account for days and nights at a time. The tech boom is so prevalent that several bots have lured forex beginners who wish to make money while they sleep, only to realize too late that their money is all gone. However, there are tried and tested bots in the market that have proved to be very successful in their trades. Best Forex BrokersForex trading takes place 24 hours a day, 5 days a week. But unlike the stock trading market, which has a multitude of stock options to buy and sell, you only have a limited number of currency pairs in forex to invest in. Since there isn't an on-ground marketplace for forex, an online platform is essential for active trading. Signing up with an online forex trading platform gives you access to plenty of research tools and international currency-related news that can make or break your trade. Out of the hundreds of forex trading platforms available online, Benzinga has hand-picked the best ones to get you started.  Best For
1. FOREX.comEstablished in 1999, FOREX.com has been a frontrunner for foreign exchange trades for over 2 decades. You can open an account with a minimum deposit of $100 or 100 units of your base currency. Its advanced interface offers fast and accurate trading that you can make on-the-fly on desktop, web or mobile application. Based on your trading style, you can customize the platform to your liking. It is authorized and regulated by the Cayman Islands Monetary Authority. You'll find plenty of online FOREX.com reviews that praise the platform for its robust research tools. Research tools provided by FOREX.com:
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2. IGHaving dominated the foreign exchange markets for over 40 years, IG is one of the most trusted online platforms for forex trading. Its expertise is complemented with an easy-to-use platform that allows you to trade with up to 93 currency pairs. You can open an account on IG with a $0 minimum deposit. Most recently, IG won the FX Weeks e-FX 2019 Award for Best Retail FX Platform of the Year. The spreads and commissions IG offers are among the lowest in the industry. It is regulated by the Commodities Futures Trading Commission and is a member of the National Futures Association.  Best For
3. TD AmeritradeTD Ameritrade is among the most popular online forex trading platforms in the U.S. As one of the earliest implementers of commission-free trading, TD Ameritrade allows you to open an account with $0 minimum deposits and trading minimums. You can take advantage of the wide range of charting tools it provides to compare multiple currencies side by side. Although it has a fully digital platform for trading, it does not allow credit/debit cards or electronic wallets to transfer money. It also has a dedicated Twitter feed to keep you up to date with the latest financial buzz. TD Ameritrade is regulated by the SEC and Financial Industry Regulatory Authority (FINRA). Take the World in Your HandsForex is a transparent and open trading market built for dedicated investors. As an active forex trader, you have a front-row seat to events that shape global economies. Be wise with your investments and you can influence the value of international currencies from the palm of your hands. Find Professional Financial Advisors Near YouDo you have 5 minutes to connect with financial advisors in your area? SmartAsset is equipped to match you with local advisors that can help you with all of your financial needs. The candidates have been thoroughly vetted by SmartAsset so you can rest assured that you're working with the best, with your best interest in mind. Get started now for your perfect match.  | ||||||||||
| 2020 IG Review • Pros & Cons • Benzinga - Benzinga Posted: 27 Mar 2020 10:03 AM PDT Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more. Why IG Over Others?Why use IG over competing forex brokers? Let's take a look at the platform's biggest benefits. It offers:
Brokerage Quick Summary
As a forex brokerage firm, IG charges commissions a little differently than brokers that focus on stock and ETF trading. Instead of charging a flat-rate commission, IG follows the spread pricing model like most other brokers focused on forex. When you view currencies on your trading platform, you'll see 2 different prices listed: the bid price and the ask price. The bid price is the highest price that a buyer is currently willing to pay for the currency listed. The ask price is the lowest price that a seller is willing to sell a unit of his or her currency for. The difference between the bid price and the ask price is referred to as the "spread." The spread goes to IG in exchange for carrying out your trade. Spreads may vary depending on your base currency, the currency you're trading for and current market conditions. IG institutes a minimum spread for all its transactions, but its spreads are, on average, on par with competitors.  The difference between the bid and ask price is called the spread. The spread goes to your broker in exchange for executing your trades. IG's spreads vary depending on the currency you're trading. IG also offers margin trading for forex accounts. Margin availability is high, like with most forex brokers. Instead of requiring a set dollar amount in your account to access margin trading, IG requires traders to maintain at least a certain percentage of their margin power in their account. For example, if your base currency is the United States dollar and you want to purchase British pounds on margin, you'll have a 2% margin requirement. This means that if you want to trade with the power of $100,000 USD, you'll need 2% of the transaction value ($2,000) to use this level of margin. Percentage margin requirements vary depending on base currency and traded currency, with the highest margin requirements on currencies that frequently fluctuate in value. IG has a minimum account requirement of $0, meaning that anyone can get started forex trading on its platform. However, IG loses points for its high hidden fees. IG charges an expensive "inactivity fee" of $18 per month if you don't make a trade for at least 2 years. If you want access to live charts, you'll pay a whopping $40 a month — though this fee is refunded if you place more than 4 trades a month. What happens if you forget to fill out a valid W-9 form? You'll be charged a $50 fee each quarter you fail to provide documentation. Creating an account with IG is fast and simple, even for those who have never opened a brokerage account before. You can complete the entire process online, and IG's intuitive signup system will assist you in uploading identity verification documents and linking your bank details to fund your forex account. Most users will be able to open their account in a few minutes, and the process is simple enough that you can complete it on a phone or tablet. IG's desktop trading platform is equally intuitive and easy to use. Bid and ask prices are clearly laid out side-by-side for faster comparisons. You can open, close and edit your positions with just a few clicks and you can even set automatic stop-loss and profit-taking orders to further streamline your trading. If you trade more than 1 currency pair, you can also create multiple workspaces and flip through tabs with just a few clicks.  IG's quick search feature allows you to look for currencies by name or symbol. The platform currently supports a variety of order types, ranging from market orders to trailing stop orders. IG's platform also offers a wide range of indicator and charting tools for intermediate traders, and you can place multiple indicators and annotations on a single chart. Two-factor authentication is available for enhanced security. You can enable price alert notifications from your desktop as well. You'll find a wide selection of charting and platform tools and quick workspace tools. IG earns top marks for usability. IG provides account holders with a few different educational resources to learn more about trading forex. Let's take a look at 3 of our favorite educational resources offered by IG.
All educational materials are free, though you'll need to be logged into your IG account to start using them. IG provides customers with two methods to contact customer service.
IG offers a variety of different phone numbers for its customer support team, so check which number to call by checking the company's phone rubric. IG is primarily a forex broker, and if you're a U.S.-based trader, you can currently only access the forex market through IG. Though IG's available assets are limited for most traders, it offers comprehensive and affordable access to the forex market. You can currently trade over 80 currency pairs on IG's platform. Fees are straightforward and clear. The broker's desktop platform is impressive and useful for forex traders of all skill levels. Beginner traders will appreciate the platform's easy-to-use and clean design and more advanced traders will be impressed with the variety of screening tools and indicators available. IG continues its commitment to simple and streamlined design with a comprehensive mobile offering. Easy to use and quick to master, the mobile platform mirrors desktop compatibilities. IG's mobile app doesn't cut any features and allows you to place advanced and multi-step orders — just like on the desktop platform. We wish the app offered 2-factor authentication or Touch ID for enhanced security, IG's current mobile app is great for both beginner and advanced traders. Let's take a look at a few of our favorite features you can take advantage of as an IG mobile user.
The IG app is available as a free download for both Apple and Android users. It's important to set your expectations beforehand when you compare IG to other traders. If you're a U.S.-based trader, that means understanding that IG isn't a one-stop shop for all your investing needs, and only offers access to the forex market. What IG lacks in offerings, it more than makes up for with its easy-to-use and welcoming platform. IG's desktop platform seamlessly combines a clean and intuitive interface with a variety of hidden tools. Though the broker's customer service and educational offerings aren't anything to write home about, IG does wonders for providing a welcome first-step for new forex traders, who are often overwhelmed with expert-oriented platforms. So, should you open an account with IG? If you're interested at all in forex trading, our answer is a resounding "Yes!" If you're a more casual investor who's only interested in stocks, options or retirement saving, you'll need to look elsewhere for your investing needs. Find Professional Financial Advisors Near YouDo you have 5 minutes to connect with financial advisors in your area? SmartAsset is equipped to match you with local advisors that can help you with all of your financial needs. The candidates have been thoroughly vetted by SmartAsset so you can rest assured that you're working with the best, with your best interest in mind. Get started now for your perfect match.  | ||||||||||
| How to Start Online Business from Home with Forex Trading - Scubby Posted: 15 Mar 2020 09:46 AM PDT  Working from home has been one of the best alternatives to a 9-6 day job. If you are trying to look for something that will free you from corporate slavery, you have many options to choose from. A lot of work from home jobs are posted across the internet. You can also opt for online businesses if you know you can manage it while you are comfortably sitting on your couch. A good online business to consider is forex trading. In this article, you will learn the basics of how you can start earning through forex trading.
Before you start anything, remember that knowledge is power. This is going to be your number one asset in your online business. Knowledge is one thing that can save you from losses, unnecessary expenses, and business damages. If you know enough and you are able to use the knowledge you have to formulate new strategies, you will become a successful entrepreneur. Your knowledge will guide you through your business's ups and downs. Forex trading is just the same as other home-based jobs and businesses. You need a strong foundation to earn from it. So, how do you build your foundation in forex trading? It's simple. You gain knowledge by reading books and learning from different experienced forex authors. When looking for a good book to read, make sure that the content can be easily understood. There are books that are meant for beginners, intermediate, and professional. Choose the book that suits your experience as a forex trader. If you are just starting out, buy the one that is meant for newbies. And as you continue trading, don't forget to update your materials to intermediate and professional levels. Keep on reading until you have enough knowledge to start forex trading.
When trading in the forex market, you don't actually need super high-tech devices and tools to start. If you own a PC, a smartphone, and a stable internet connection, you can easily start earning through it. Make sure that you invest in your equipment if you want to begin forex trading. Buy a PC or a laptop that can connect to the internet. Ensure that the application or website you are going to use for the trading is compatible with your device. Your smartphone should support your forex platform too so that you can easily monitor your investments when you are outside your home.
Choosing a good online broker might bring your success like on fxdailyreport list. There are different platforms that exist on the internet today. If you will find a broker that is not too greedy with commission and deductions, you are lucky. When selecting a broker, consider different factors such as the stability of the company, the number of traders using the platform, how simple the website is, how you can easily navigate the platform, and so on. There are also great online brokers that offer free webinars and materials for the benefit of the traders.
Once you have chosen a good online broker, you can now create your forex trading account and fund it. When funding, you can start with a small investment. If you are a newbie, don't get too greedy because you can lose money overnight if you are not careful. Start with the minimum amount. Gradually increase your investment as you learn more about forex trading. Don't forget to monitor your investments as this is a way for you to see if you are profiting or not. Remember that trading is not the same as investing. Money is moving fast here. Monitoring your investments is a must.
Last but not least is continuous learning. If you have enough budget to hire a mentor, get one. Don't stop reading your books or watching tutorials from Youtube. Look for a person that you can follow on social media. Be updated with new learning videos. Use the knowledge you are getting to make your own tactics. Getting a mentor will also help you become engaged as this person will encourage you to study more. When trading in the foreign exchange market, you should never stop learning.  |
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