How to start forex trading business in... - Daily Scanner
How to start forex trading business in... - Daily Scanner |
- How to start forex trading business in... - Daily Scanner
- What is the mid-market rate of AUD (Australian Dollar) / USD (US Dollar) on Saturday August 1, 2020 - Born2Invest
- How Global Events Can Affect the Foreign Exchange Market - Action Forex
- Singapore Forex Brokers - 2020 - Securities.io
| How to start forex trading business in... - Daily Scanner Posted: 22 Jul 2020 02:11 PM PDT  The Forex is a short term. In full form, the Forex is called foreign exchange. Forex trading is the trading of currencies on a large scale. People can trade in foreign exchange in multiple ways. If you have purchased United States dollars at a certain time with a plan of selling these United States dollars for a higher rate, you are doing the Forex trading. Due to advancement in technology, it is done on a large scale with instant buying and selling orders on specialized portals. How Forex work in Australia It is internationally accepted. Australia Forex trading is the same as all the other countries. If you want to trade in the Forex market, you can open a brokerage firm or you can go to a Forex broker to trade the currencies. Before going into business as a broker, you have to register yourself as a broker in the Australian Securities Investment Commission. You will have to be present in the Forex market for more than 5 years and you have to get a bachelor's degree in finance to become a certified Forex broker in Australia. On the other hand, you can just get the service of a broker to start trading in Australia. How to start a Forex trading business in Australia When are you decide that you want to do the Forex trading business, you will have to think about your eligibility for trading the Forex and how are you are going to make your strategy. You will have to select the right type of Forex broker and open a trading account with them. After that, you can learn their trading platforms and fund your account to start the trading process. There are some technical aspects of all these steps that are given below. Find if you are eligible The first thing which will come in your mind when you want to start Forex trading in Australia is if it is legal. The fact is, every Australian adult can do Forex trading legally. This means that you are fully eligible to start your Forex business in Australia. You just need the right strategy and some funds to start this business in Australia. Find the Forex trader As you know now that you can trade the Forex legally, you will have to find a broker so you can start trading. There are certain points which you should keep in mind when you are selecting a broker. The broker should have a legal presence in Australia. According to FXDailyReport, The Forex broker should be accredited by the Australian Securities Investment Commission (ASIC). You should also check about the reviews of the broker so you can know that if they are giving out profits regularly without any delay. Fund your account When you are ready and you have selected the Forex broker you have to open a trading account with your broker and send funds to start reading. Opening your account with any Forex broker is easy in Australia. You will give your identity details and your bank account details that you are going to use to fund the Forex trading account. There is a misconception that people with high capital can only trade the Forex. The fact is that even a small Forex account can do wonders if you have a proper strategy and you know how to manage your risk while taking leverage. Start trading When you have added funds in your account, you are completely ready to start trading. You will have to learn some basics about the trading platform of your Forex broker. Some brokers will only allow you to place orders on call. This is this worst form of brokers in Australia. Some Forex traders will allow you to place the buying or selling orders through messages. This is also not an efficient way. You should select a broker who has a proper online trading platform. By using the correct strategy you can easily give buying and selling orders using the online platform. At this time, you will know that if yeah strategy is profitable or not. Profitable Forex trading Forex is a game of strategy. You will have to understand the risk involved in opening trade in the market. You can either get profit or you can face loss during any trade. In Australia, the law protects you from any fraudulent Forex activity. This is important that you learn trading before entering the market completely. You should always start with a demo account and later you can use the method tested in the demo account with your real account. Learning is an imported part of starting a Forex business. The profitability in the Forex trading business largely depends upon the strategy of the trader. Some traders want quick profits so they will go after the scalping strategy. This requires you to open a large number of orders and close them at a small profit. Some people will go after day trading which requires you to open one trade in a day and close it in the evening with a profit or loss. Swing trading is another style that can become profitable if you know the right clues of the market. The swing trader will open a trade and he will keep the trade for multiple days until he feels that the market is going to reverse. You can select any of these strategies and become a profitable Forex trader. This is proven in the book named the Wizard of the Market. Conclusion We can conclude that starting the Forex trading business in Australia is easy. You have to be eligible to open the Forex trading account. You will have to find a suitable broker in Australia to start trading the Forex. This trading requires continuous learning and testing strategies. It is best to learn about Forex trading in Australia before making big trades. You must always start with small orders to learn about the market. Opening bigger trades with more risk can wipe out your account in a short span.  |
| Posted: 01 Aug 2020 07:22 AM PDT  Forex pairs explainedForex trading is inherently risky and there are countless forex pairs to choose from. The only way to make a profit from forex trading is to understand how the market works. Luckily for you the Born2Invest forex team has collated some forex trading tips to get you started. Forex trades are always made using currency pairs. Whenever you buy one currency you are selling another. In every pair there is a base currency, for example AUD (Australian Dollar) and a quote currency, which would be USD (US Dollar). The price of a currency pair represents the amount of quote currency, or USD (US Dollar), that you will need to spend in order to purchase a single unit of AUD (Australian Dollar), the base currency. So using the current example you would need to spend 0.714385 of USD (US Dollar) in order to purchase 1 AUD (Australian Dollar).  |
| How Global Events Can Affect the Foreign Exchange Market - Action Forex Posted: 31 Jul 2020 10:02 PM PDT Over the course of the past two decades, the forex market has grown into the world's largest financial venue. In fact, according to the Bank of International Settlements (BIS) Triennial Survey for 2019, the forex market regularly posts an average daily turnover of more than $5.0 trillion. While these averages are down from the $6.0 trillion of 2014, the forex remains a preeminent global marketplace. Given its immense size and breadth, forex volatility can spike because of a multitude of reasons. The leading market drivers are classified into two distinct groups: economic and geopolitical factors. Given the importance of these factors, understanding how global events can affect the foreign exchange market is a key aspect of successful trading Global Events & The Foreign Exchange MarketWhen it comes to market-moving events, elections frequently top the list. Whether referencing the Brexit Referendum of 2016 or leadership contests in the US, UK, or Japan, the impact on the world market after an election can be substantial. For example, in the wake of the UK's shocking decision to depart the European Union in June 2016, GBP/USD moved a staggering 1800 pips in a single day, 50% more than its range over the previous six months. - advertisement - In addition to geopolitical events such as elections, routine economic indicators such as GDP and trade balance can greatly influence a nation's exchange rate. If you're interested in becoming a successful currency trader, then taking the time to learn how global events can affect the foreign exchange market is a necessity. Key Economic FactorsFor individuals interested in successfully trading currencies, it's imperative to stay abreast of important economic events as they unfold. One of the best ways to accomplish this goal is through referencing an economic calendar. The daily calendar lists the key events and times for each release, making it easy for the active forex trader to keep track of all pertinent information. The following is a breakdown of several key economic metrics that impact the forex market: Central banking policyWhen it comes to leading forex market drivers, monetary policy is perhaps the most important. Monetary policy is a multifaceted approach to promoting pricing stability through managing a nation's money supply. Monetary policy is carried out by a country's central banking authority via open market operations, interest rate adjustments, and satisfying reserve requirements. Examples of the world's leading central banks include the Bank of England (BoE), Bank of Japan (BoJ), the United States Federal Reserve (Fed), and the European Central Bank (ECB). Generally speaking, an unexpected interest rate increase benefits the underlying currency, while a surprising rate cut tends to lead to weakness in the currency in question. Gross domestic product (GDP)A country's GDP is a representation of economic activity, aggregate output, and growth. Essentially, higher GDP figures represent more economic output, while lower values suggest less activity. According to a 2020 study from the International Monetary Fund (IMF), the United States (US$20.49 trillion), China (US$13.4 trillion), and Japan (US$4.97 trillion) are the three global leaders in GDP. While critical for assessing the overall health and power of a nation, GDP figures may not lead to dramatic market moves as the data is typically released more than a month (and often two or three months) after the relevant time period. Unemployment rateA country's unemployment rate is a representation of unemployed persons relative to the labor force. High unemployment rates typically accompany recessionary cycles and sluggish GDP growth, while low rates signal robust economic performance. Inflation rateAny study of how global events can affect the foreign exchange market isn't complete until the concept of inflation is addressed. Inflation measures the rise in consumer and producer prices. Central banks primarily seek to manage inflation by raising interest rates, which can limit the impact of currency devaluation. Two key metrics used to place inflation into context are the Consumer Price Index (CPI) and Producer Price Index (PPI). Both inflation and unemployment are key areas of focus for central banks, so the ensuing market reaction is often viewed through that lens. In other words, higher-than-expected inflation and lower-than-anticipated unemployment figures suggest that the central bank may be more likely to raise interest rates, leading to strength in the underlying currency and vice versa. By monitoring how the forex market reacts to surprises in these key economic releases and others, traders can develop strategies to take advantage of the ensuing volatility and trends. Geopolitical Market DriversIn contrast to most economic factors, geopolitical market drivers typically arise less frequently. 2020 has brought several of these events, ranging from the unprecedented COVID-19 pandemic to the scheduled US presidential election. Each had a profound impact on forex trade through enhancing volatility. As the chart below shows, market movement tends to increase around significant events, especially when those events represent negative surprises:
Source: State Street Global Advisors, Bloomberg The following geopolitical factors are critical to forex price action. They all have the potential to drive forex valuations directionally, at the drop of a hat. Political eventsAs a general rule, the forex market isn't fond of political uncertainty. In fact, books have been written about the positive and negative impacts on the world market after an election cycle. As we noted above, the surprise passage of the 2016 Brexit Referendum placed extreme pressure on the British pound sterling (GBP). Amid the uncertainty, the pound fell to levels not seen since 1985. 2019 brought another example of election year volatility, with Argentina drastically restricting US dollar access to limit domestic currency market fallout. Natural DisastersHurricanes, earthquakes, and wildfires rear their heads unexpectedly and can have severe financial consequences. As an illustration, the Australian brush fires of late-2019 and early-2020 had dramatic economic and currency market impacts. With damages estimated to measure in billions of Australian dollars, the Reserve Bank of Australia (RBA) quickly adopted a more supportive policy. Subsequently, a series of RBA rate cuts sent the Australian dollar significantly lower vs the US dollar, highlighting the interplay between economic and geopolitical events. Humanitarian crisesWars, terror attacks, and pandemics can have a devastating impact on the economies and currencies of affected nations. One of the premier examples of a global humanitarian crisis is the novel coronavirus (COVID-19) pandemic of 2020. Widespread quarantines, travel bans, and shutdowns quickly sent the world's economy into a tailspin. Among the hardest hit currencies was the US dollar, which fell to multi-year lows following the FED's implementation of aggressive quantitative easing (QE) policies and aggressive fiscal policy out of Washington. ConclusionIn many ways, it's difficult to overstate the importance of how global events can affect the foreign exchange market. From scheduled economic data releases to "Black Swans" such as COVID-19, the impact of such factors can be dramatic and widespread. To any aspiring forex trader, staying "in the know" regarding such events is a prerequisite for successful trading. After putting the time into studying price action and analyzing market fundamentals, it's time to trade. Designed for currency market participants of all sizes, Forex.com caters to spread, commission, and high-volume FX traders. For more information on selecting an account type that is right for you, get in touch with our team today!  |
| Singapore Forex Brokers - 2020 - Securities.io Posted: 31 Jul 2020 03:14 PM PDT Singapore Forex BrokersWe have reviewed numerous forex brokers in Singapore, there are the top 5 brokers which have met our quality guidelines and accept residents of Singapore. We recommend the following:
XM was founded in 2009 and is our our first recommendation for Singapore residents. Within the period that has passed, they have managed to become one of the most instantly recognizable names in forex trading and they are also our top ranked global forex brokerage. This is not only due to their excellent regulatory compliance worldwide, they are regulated by both CySEC, and ASIC, as well as two other top-tier regulators. The broker caters for the needs of the forex market in more than 196 countries. This makes them one of the most global brokers in the industry to all levels of trader. Couple this with an exceptional education section, and a great variety of assets to trade in, and you have a winning combination with XM.
AvaTrade is a top choice for Singapore residents, While they were founded in 2006 in Ireland, they have since grown to become one of the top forex brokers in the sector. A low minimum deposit requirement of just $100 across most of the available account types, coupled with respected regulation from a number of bodies worldwide, make AvaTrade a popular choice for new and experienced Singapore traders. The broker offers an extensive range of assets to trade in which includes more than 60 currency pairs, and other markets for trading stocks, ETFs, crypto, and more. AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders. Read our Detailed AvaTrade Review
CityIndex is Regulated by the Monetary Authority of Singapore (MAS) which sets them apart. City Index is a trading name of GAIN Capital Singapore Pte Ltd. They have offices at 168 Robinson Road, Capital Tower #20-01, Singapore 068912. The brand name of GAIN Capital who are known in financial circles around the world, and are also listed on the New York Stock Exchange. In terms of the broker standing in the sector, City Index are one of the cornerstone names in the entire industry, having been around since 1983. With such a long track record, it is no surprise then that City Index have become a go to destination for many experienced traders from Singapore seeking an operation that is as safe as they come, with regulation in the form of several top-tier bodies. Still the broker continues to evolve and presents an equally excellent place for newer traders to grow in the industry thanks to a very competitive, low-fee environment with a top selection of asset to choose from. All trading involves risk and losses can exceed deposits. Read Our Detailed CityIndex Review
BD Swiss founded in 2012. Since that time they have grown to become a major forex broker who now offer trading services in more than 180 countries including Singapore. They are also have regulatory oversight in place from a number of trusted bodies in the industry. BDSwiss LLC is authorised and registered with the U.S. National Futures Association NFA ID: 0486419, other regulatory bodies they abide by include CySEC. BDSwiss is also a very well-decorated broker having collected a number of awards particularly in recent years as they have expanded their industry presence. Being recognized as providing one of the best trading platform applications, as well as for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders. Read Our Detailed BDSwiss Review
FXTM was founded in 2011 in Europe. They are currently headquartered in Cyprus but offer services in forex trading and many other assets to traders around the world including all parts of Singapore. They have fast become one of the top forex brokers in the entire sector. The FXTM minimum deposit starts from just $10 depending on your account type. This means trading is high accessible through FXTM for all level of trader. Added to this, they are an extremely well-regulated broker with the support of multiple respected bodies including CySEC in Europe, and the FCA in the UK. This trusted regulation, a competitive range of trading costs, and the availability of more than 250 assets to trade, continue to make FXTM a popular choice for Singaporeans. What is MAS?This stands for: Monetary Authority of Singapore (MAS) This is an independent Singapore government body, it's Singapore's central bank and financial regulatory authority. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. What are the requirements for MAS Brokers?One of the requirements to be licensed by MAS, is that business funds are kept completely segregated from client funds. This is to ensure client funds are safe and not used for business expenses, dividends, or other payments. Another requirement is that the broker only employs staff that is properly qualified to operate in money markets. Each broker must provide a full list of employees in combination with their qualifications before a business can become operational. Similar to other money authorities around the globe, brokers in Singapore must provide evidence of a complete breakdown of business transactions, auditing and accounting. Can I contact customer support?We recommend forex broker in Singapore that offer 24/7 or 24/5 support to all of Singapore. In most cases you may phone, email, or use live chat. Spread the love  |
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