5 Best iOS Forex Trading Apps of 2020 - Robotics and Automation News

5 Best iOS Forex Trading Apps of 2020 - Robotics and Automation News
Forex Trading in Gambia • Forex Strategies • Benzinga - Benzinga
Forex Trading in Djibouti • Forex Strategies • Benzinga - Benzinga
Forex Trading in Peru • Forex Strategies • Benzinga - Benzinga

Posted: 22 Aug 2020 05:30 PM PDT

5 Best iOS Forex Trading Apps of 2020

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Forex Trading in Gambia • Forex Strategies • Benzinga - Benzinga

Posted: 19 Aug 2020 10:40 AM PDT

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

In 2015, the Gambian dalasi experienced a huge loss of value against major currencies. In an attempt to maintain control of the currency, the government stepped in to limit forex shipments and set a fixed exchange rate. These policies achieved the exact opposite effect, and financial authorities soon reversed course. Since 2016, Gambia's economy has improved under loosened forex rules and market determination of the dalasi exchange rate.

Source: Best Exchange Rates

Gambia's financial policies have sheltered it from the ire of the European Union (EU), which drew back much of its support to Gambia because of West Africa's increasing nationalism. The real gross domestic product (GDP) of Gambia is expected to increase 5.1% by 2021, led by financial policy and the opening of the Trans-Gambia Bridge. The retail forex market is an option for Gambians looking to participate in the country's improving global prospects.

Get Started with Forex in Gambia

To get yourself started trading forex in Gambia, use the following tips.

Get online. Accessing the retail forex market is all about accessing the Internet. If you have a stable, fast connection, you give yourself an advantage when trading.
Get a broker. Any offshore forex broker should be regulated through the Central Bank of Gambia or another major authority. Verify this before committing to any broker. If you choose to do business with a broker outside of the central bank's perview, it is recommended to choose a broker regulated through a major international financial authority.
Open a forex account. Your chosen broker will guide you through the process of opening your brokerage account. Connecting your account is necessary to perform transactions quickly and provide a basis to trade on margin.
Fund yourself. The money you trade with may come from a debit card, a check, the bank account you just connected or selected fintech apps.
Get a trading platform. Choose between the platform your broker provides or a reputable third party interface like MetaTrader.
Trade. After testing the platform with a demo account, you can begin to trade the market with real money.

Gambia Forex Trading Strategies

Attribution: Gain.gm

Now that you are properly set up to trade forex, here are some trading strategies to get you started:

Breakout trading. A breakout is when a price breaks above a range's resistance level or below a range support level — or breaks beyond the lines of many chart patterns, such as triangles, head and shoulders, double tops/bottoms, channels and more. Traders hope that the trend has enough strength to continue in the same direction for big profits.
Return to the mean. If a currency price does not break out, it has a higher probability of returning to its "mean" or average price over that range. Investors can trade in a way that profits from the difference in the current price and the mean price, which may include going long or short the currency pair.
Retracement. Day traders who focus on high frequency strategies may take advantage of retracements, or small pullbacks that occur within a directional trend.
Reversal. Reversal traders wait for trading indicators to tell them that a price is too high or too low and will reverse itself.
Carry tradin.: Buying currencies allows you to collect an interest rate payment just like holding money in a bank. Different currencies have different interest rates. Carry trading means that you profit from the difference in those rates — you are generally long the higher interest rate currency and short the lower interest rate currency in a carry trade.

Forex Trading Example in Gambia

If USD/GMD is trading at 0.0190/0.0210 and you think the exchange rate will rise, you buy into your preferred currency. The margin rate of this currency pair is 6.77%. This entitles you to purchase D1,000,000 with $1,354 in your brokerage account.

The USD/GMD price is trading at 0.0240/0.0260 after 3 hours. If you sell, your profit is (D1,000,000*0.0240)-(D1,000,000*0.0210) or $3,000 on a 30-point move.

Making Money with Forex in Gambia

Chart with support and resistance levels

After you choose the strategies that work best with your personality, you can move into day to day tactics. Here are just a few of the tools you can use to maximize your profits.

Shorting currency pairs. Shorting involves selling a currency pair first then buying it back later at a cheaper rate.
Contracts for difference (CFDs). Trading CFDs lets you trade currency pairs without owning any currency. CFD brokers can also give traders access to leverage.
Binary options. Binary options give a trader only 2 possible outcomes — yes or no. The amount of money on the line is a fixed amount, and the amount you lose if wrong is fixed — but there could be a reference to fixed profits if you're correct.

Best Online Forex Brokers in Gambia

Vet your list of forex brokers thoroughly. Check their feature sets and how they are regulated before committing your funds and personal information.

Forex Terminology

Learning the language of the forex market reduces your chances of error and improves your chances of success. Here are some of the important basics that will help you:

Pip. A "percentage in point"often pegged to U.S. $0.0001, also known as a "basis unit."
Lot size. The standardized amount of currency you sell or buy, with a standard size of 100,000 base currency units.
Orders. The overall strategy describing how the investor enters or exits a trade in forex.
Calls. A contract between a buyer and seller that gives the right but not the obligation to purchase a certain amount of 1 currency against another at a given exchange rate at some point in the future.

Investing in a Growing Economy

Gambia is becoming a bigger player in West Africa. Learning the market and setting yourself up in it safely puts you ahead of the curve and at a distinct advantage when investing.

Alongside learning the market and your chosen interface, accessing a reputable stream of real time information is essential for forex success. Start with our guide to forex trading in Gambia.

Forex Trading in Djibouti • Forex Strategies • Benzinga - Benzinga

Posted: 19 Aug 2020 10:41 AM PDT

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Though forex trading is still largely unknown throughout Djibouti, it's possible to trade forex as a resident of Djibouti.

Because forex trading in Djibouti is still unrestricted, it's easy to open an account and place your 1st currency trade. However, there are a few precautions you'll need to take to ensure that you don't get involved in a forex scam. Our guide will help you trade forex in Djibouti securely.

Get Started with Forex in Djibouti

Most retail forex trading is now done entirely online, which has made it possible to trade the forex market form nearly anywhere on Earth. However, before you can begin trading, you'll need to open and fund a brokerage account. Here's how to get started.

Step 1: Connect to the Internet

Many forex trades rely on minute-to-minute exchange rate movements. A fast, stable connection to the internet is a must-have before you trade. Run a speed test on your device and ensure that your connection is private before proceeding. Do not trade from a public internet connection like those available at internet cafes or libraries.

Step 2: Choose a Broker

You can't trade the forex market directly. Instead, you'll need to work through a forex broker, which is an entity you authorize to execute trades on your behalf. There are many international brokers offering services to traders in Djibouti. Some of the characteristics you might want to consider when you compare brokers include:

Accounting currency availability
The currency pairs you can trade
The level of technical knowledge you'll need to use the broker's platform, if offered
Account and trading fees
Regulatory status

Local brokers operating from inside Djibouti are overseen by the Banque Centrale de Djibouti (Central Bank of Djibouti). International brokers are overseen by independent, nation-specific oversight bodies. Choose a broker that offers the services you need and open an account. Depending on your broker, you may also need to download a 3rd-party trading platform like MetaTrader 4 or 5.

Step 3: Fund Your Account

After your broker opens a trading account for you, select a mutually-acceptable payment method to deposit funds you can use as margin to trade with. Most brokers support a variety of transfer methods, ranging from debit card withdrawals to direct bank transfers.

It might take a few days for your first deposit to appear in your account, and you might need to verify that you own the account that the funds are coming from before you can make any deposits.

Step 4: Place Your First Trade

When your funds arrive in your online forex trading account, you can officially trade forex by placing an order through your broker.

Djibouti Forex Trading Strategies

Technical analysis is a form of market analysis that attempts to predict how currency pairs will move in the future. Let's take a look at a few of the most common technical analysis chart patterns and how you can use them.

Pennant

After a sharp and significant directional movement, a currency may experience a consolidation period during which a new support or resistance level is established. When you draw trendlines through the resistance and support levels, a "pennant" formation may form.

A breakout occurs when the currency again moves sharply in the same direction as the initial movement and breaks one of the subsequent consolidation's trend lines in the process.

Triangle Patterns

Triangle patterns are good patterns for beginners and are relatively easy to spot, as the peaks and valleys on the support and resistance converge together at a single point. There are multiple types of triangles, and the convergence point of the triangle may indicate a bullish or bearish signal depending on where it converges.

Forex Trading Example in Djibouti

How do forex traders earn money? Forex traders capitalize on fluctuations in the relative value of different currencies. Let's take a look at an example.

Imagine that you open a brokerage account and fund it with 100,000 Fdj. You believe that the value of the Djiboutian franc (DJF) is soon going to fall in comparison to the United States dollar (USD). Your broker offers you 10:1 leverage when purchasing USD, so you decide to take a position worth a total of 1 million francs.

1 USD is currently worth 177.72 DJF. You use your margin to take a position of $5,620.00. You keep your eyes on the value of both currencies as the USD continues to rise in value against the DJF. When 1 USD is equal to 180 DJF, you decide to close your position.

After you close your position, you're left with a position worth 1,011,600 DJF. This means that you've profited about 11,600 DJF on this trade.

Making Money with Forex in Djibouti

Forex trading in Djibouti is legal, and there are very few restrictions that traders must follow. You are free to deposit as much money as you'd like into an international brokerage account, you can freely convert your native franc to foreign currencies without any special permission from the government, and you can make as much profit as possible.

However, these lax restrictions also mean that current market regulations in Djibouti aren't fully equipped to regulate local brokers to the extent that international organizations can.

Making money by trading forex in Djibouti is possible — but you'll need to take a few precautions to protect yourself. Use these best practices before you trade:

Know your forex broker's regulatory status. The Central Bank of Djibouti regulates the local forex market of the country, but not every broker you'll see is registered with the Central Bank. In many cases, it can be a better idea to work with an international broker licensed with a regulatory body like the Cyprus Securities and Exchange Commission.
Trade with a demo account first. Most brokers offering services in Djibouti also offer demo accounts. Practice your trading strategy before you enter the market to avoid unnecessary losses.

Best Online Forex Brokers in Djibouti

There are many forex brokers that can allow you to trade forex from Djibouti. However, not every broker you'll have access to is equally as reputable. If you aren't sure where to begin, consider a few of our top picks for forex traders in Djibouti below.

Forex Terminology

Understanding the unique terms that forex traders and brokers use to describe the market can help you learn from your fellow traders. Let's take a look at a few of the most common terms you'll hear when you invest in the forex market:

Pip. A single pip is the smallest amount that a currency pair's exchange rate can move. In most cases, 1 pip is equal to 0.0001 of a currency pair's exchange rate.
Lot size. A lot size is a standardized trading amount equal to 100,000 units of your base currency.
Orders. When you're ready to make a trade, you'll do so by entering an order through your broker's platform. An order is a specific set of instructions that tell your broker which currency pair you wish to trade in what amount, an exchange rate that the order should be executed at and when the order should be executed (if you're not using a market order). There are multiple types of orders, and the types available can vary depending on the broker you choose.
Margin calls. If you use leverage to trade, be very wary of margin calls. If you receive a margin call, you'll need to close out at least part of your current position or deposit more money into your account to correct your deficit margin status. Margin calls can be costly, so be careful when you use leverage to trade.

Master the Forex Market

Though it's becoming easier to trade forex in Djibouti, you should never jump into the market without learning about trading, the indicators you're going to use to buy and sell and your base currency.

Be sure to use a demo account to practice your trading strategy before you invest any real money and never deposit more money than you can afford to lose into your online trading account. Taking steps to protect yourself before you trade can help you trade forex without falling into a forex scam.

Forex Trading in Peru • Forex Strategies • Benzinga - Benzinga

Posted: 19 Aug 2020 10:40 AM PDT

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Like most South American countries, the world of forex trading is a relatively new sphere of financial market speculation for Peruvian residents and travelers. As more and more forex brokers begin offering services to Peruvians, however, it's now easier to get involved in retail forex trading.

Have you ever wanted to trade forex in Peru? Our comprehensive guide to brokers, trading strategies and opening your first account will make things easier.

Get Started with Forex in Peru

Before you can begin forex trading, you'll need to open an account with a broker offering services to traders in Peru. To start your search, make sure that you have a stable connection to the internet and that your connection is private. Investing from a private, secure internet connection doesn't only help ensure that you have access to the most up-to-date price information, it also helps keep your personal and banking information out of the hands of criminals.

Once you're sure that your data connection is private, start comparing brokers. There are a number of international forex brokers offering trading capabilities to traders in Peru. Some of the characteristics you might want to consider when you compare brokers include:

Trading, margin and account maintenance fees
Currency availability
Spanish language customer support, if needed
Supported trading platforms
Supported deposit methods
Local and international oversight and regulation

After you choose a broker you'd like to work with, open an account using your broker's website. You might also need to download a 3rd-party trading platform depending on which broker you choose.

Once you've opened your brokerage account, it's time to add your trading funds. You can add trading funds using a variety of methods, including:

Direct bank transfers
Transfers from electronic wallets
Funds from a debit card

It might take a few days for your trading funds to appear in your account. Once they do, you can officially place your first forex trade.

Peru Forex Trading Strategies

The base currency of Peru is the Peruvian sol (PEN). The sol is a particularly volatile currency, which makes it most suitable for short-term and medium-term trading with technical analysis (though it is possible to also use fundamental analysis). Technical analysis is a form of market analysis that uses past chart patterns and exchange rate data to predict how a currency pair's value will change in the future.

There are profitable technical analysis strategies you can use to earn money trading the sol or another currency. Let's take a look at a few of the most common technical analysis strategies. Though these patterns aren't foolproof guarantees that you'll earn money trading, they can provide you with an excellent jumping-off point to formulate your own unique trading strategy.

Shooting Star

The shooting star formation is a single candlestick pattern that indicates a likely bearish trend. When the price is pushed upward and immediately rejected, the candlestick will form a high shadow with a small body. The shooting star formation typically indicates that a price will move lower, which is a sell signal.

Breakout Strategy

The breakout strategy is another simple technical analysis strategy that you can use for beginner short-term or medium-term trading. First, establish a resistance range for the currency you're trading. When a candlestick "breaks out" of this range, a buy signal is triggered, as the currency moves above the resistance level.

Forex Trading Example in Peru

Forex traders earn money by taking advantage of the fluctuating values of different currency pairs. Let's take a look at an example of how profiting from forex trading works.

Pedro is a trader living in Peru who believes that the value of his native Peruvian soles will soon drop in comparison to the value of the euro. He deposits S/5,000 into his brokerage account, and his broker offers him 10:1 leverage when trading. The value of 1 PEN is currently equal to 0.2400 EUR, which means that Pedro is left with a controlled position of €1,183.22.

Soon, the value of the euro starts to rise in relation to the sol. When 1 PEN is equal to 0.2355 EUR, Pedro decides to take his profits by closing out his position. After the transaction is complete, Pedro's controlled position of €1,183.22 has become S/5,024.28, Pedro has profited about S/24.28 on this trade.

Making Money with Forex in Peru

Forex trading is completely legal in Peru and there are no legal limitations on the amount of profit that you can take from your trading. Though you are not guaranteed to earn a profit forex trading, it is not against the law. However, you are responsible for documenting the income you earn from trading and reporting it to the Peruvian tax administration, pertinent to the Peruvian Income Tax Law.

The Peruvian government has taken steps since 2016 to limit forex trading in an effort to combat the funding of terrorist groups and money laundering. The new regulation scheme titled, the "Money Laundering and Terrorism Finance Prevention System," requires that every broker operating in Peru register with the Financial Intelligence Unit of Peru's Supervisory of Banking, Insurance and Pensions. Under the new law, traders in Peru must submit identification documentation to their broker before making a trade valued at $200 to $5,000 USD.

For exchanges valued at over $5,000, you must sign a sworn affidavit with your broker stating that your identification documentation is correct and that you don't plan to use the funds for illegal purposes. The new law also places limitations on "politically exposed persons," which includes politicians, heads of international corporations and high-level international executives. Your broker must also register your trades as "suspicious transactions" if you're a nonresident of Peru engaged in trading currencies.

Best Online Forex Brokers in Peru

There is a growing number of international forex brokers offering services to investors in Peru. Choosing the right broker can make trading significantly easier and even save you money in fee and account charges. If you aren't sure where you'd like to open your account, consider a few of our top choices below.

Forex Terminology

Forex traders have their own language they use to discuss trades and place orders. Familiarize yourself with a few of the most common forex trading terms below to give yourself an advantage when learning about the market.

Pip: A pip is the smallest calculable exchange rate movement in a particular currency pair. In most cases, 1 pip is a movement of 0.0001 in the currency pair's exchange rate.

Lot size: A lot size is a standardized trading amount. Online forex brokers generally have a lot size of 100,000 base currency units for the various currency pairs.

Orders: To buy or sell a currency pair, you'll place an order through your broker. There are many types of orders, and you can use a combination of order types to limit loss and automatically take profits.

Margin calls: If you use leverage to trade forex, you'll need to know about margin calls. A margin call is a notice from your broker requiring you to deposit more trading funds into your account if your trading positions require more margin for you to continue to hold them.

Keeping Up With the Changing Forex World

Money laundering and the funding of illegal activities has long been a concern for Peruvian lawmakers. In 2015, Peru's Supervisory of Banking, Insurance and Pensions disclosed that over 3,000 suspicious transactions have taken place since 2010 worth over $8 billion. The majority of these illegal funds were found to be diverted to illegal mining operations and drug trafficking.

While trading forex is legal in Peru, be sure to keep an eye on how laws are changing and your positions. Never risk more money than you are willing to lose — profits are not guaranteed.

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