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Eagle FX Broker – Forextraders.com

EagleFX is a new entrant into the increasingly competitive broker space. Fortunately, it comes with a few unique selling points that mark it out from the crowd.  Founded in 2019 it offers a broker platform which looks to combine tried and tested processes with the latest trading trends.

Signup-Eaglefx | Forextraders

 

EagleFX is a new entrant into the increasingly competitive broker space. Fortunately, it comes with a few unique selling points that mark it out from the crowd.  Founded in 2019 it offers a broker platform which looks to combine tried and tested processes with the latest trading trends.

The best example of them adopting an established top tier process is the selection of Meta Trader MT4 as their trade execution platform. EagleFX clients can benefit from using this powerful and robust platform which is something of an industry standard. Demonstrating their understanding of modern trading styles the platform offers up to 31 cryptocurrency markets. Other useful features include a support team available 24/7 that is able to support clients via live chat, email or phone.

Deposits and withdrawals of funds incur zero fees and can be for amounts as small as US$10. The broker also boasts of being able to facilitate same-day withdrawals which is something most other brokers do not. Once transferred funds are placed in the market traders can take advantage of very competitive trading spreads.

The company is registered in the Dominican Republic and is currently considering its options in terms of which regulatory body to align with. The customer support team explains: “We are currently researching which regulatory body we would like to consider for regulation. What we need to be careful of is that we don’t eliminate certain countries or citizens of the world so for that reason we are taking our time.“

Who does this broker appeal to? 

EagleFX does not try to be all things to all people. As a result, it has an agile functionality backed up by powerful software tools and an approach to trading that will be particularly appealing to a certain type of trader.

The EagleFX site itself is web browser-based and of very light touch. The services provided will appeal to those looking for simple functionality, excellent customer service and punchy leverage terms.

We have yet to come across a trader who doesn’t like to see zero commissions on cash deposits and withdrawals so that part of the EagleFX offering will appeal to all. The fact that withdrawals can be made the same day will also catch the eye of some.

The actual trading takes place through Meta Trader MT4 which is an established, robust system with a market-leading range of software tools and indicators. The charting, analysis and execution functionality of MT4 is hard to match and will appeal to anyone looking to have access to pretty much all the tools out there.

Traders looking to trade forex and crypto will find EagleFX offers a range of markets that is hard to beat. There are 53 forex pairs and 31 crypto markets. Trading spreads are tight and the MT4 execution GUI is as reliable as they get.

One feature which might appeal to those who are more active in cryptocurrencies is that EagleFX provides cold storage for crypto deposits.

Account types

Traders who are new to EagleFX will take comfort from the availability of a free to use Demo account. It has the same functionality as the Live account which allows traders to fully test their strategies before they put capital into the markets. Unlike some other brokers, there is no time limit on the Demo account; a plus point for EagleFX.

The EagleFX offering is very much one that involves simple functionality. Accordingly, there is one type of Live account.

Open A Trading Account Eagle FX | Forextraders

Deposits can be made in USD, GBP, EUR or Bitcoin BITs and are held in what EagleFX refer to as a “Vault” account. Funds are moved from the “Vault” account to the “Trading” account to collateralize trading activity. All trading accounts are USD denominated.

The Account Queries section of the FAQs section includes a concise break down of the options available to account holders who can adjust their profile and preferences very easily. Updates to additional services such as Two Factor Authentication (2FA) or personal details are processed instantly.

Islamic Trading accounts are available and are set up by contacting the EagleFX support desk. Swap-free accounts do not incur rollover charges but administrative charges do apply.

Account Queries Eagle FX | Forextraders

Markets and territories 

 EagleFX offer access to 53 forex markets, 31 cryptocurrency markets, 11 equity indices and 7 commodities markets. The spread of markets is global. Forex markets available include a whole range of Major, Minor and Exotic currency pairs and FX crosses go down to the level of pairs such as AUDCHF, EURPLN and NOKSEK.

Crypto markets include major names such as BTCUSD but also Bitcoin Altcoin pairs such as ETHBIT. The range of global equity indices is limited but includes all the larger names including SPX500, GER30, UK100, AUS200 and NAS100. The limited range of commodities includes markets in oil, gold and natural gas.

Market Types Eagle Fx | ForexTraders

MT4 can be set to operate in one of 41 languages ranging (alphabetically) from Arabic to Vietnamese

MT4-Eaglefx | Forextraders

Customer support

During this review, the testing of the customer support team found the staff were able to address all queries promptly and accurately. In 84% of cases, our issue was addressed in the first instance.

Customer Support Eaglefx | ForexTraders

Live Chat response times were rapid and compared favourably to other brokers in the sector. Our testers report that once engaged with one of the support staff the impression gained was that the member of the EagleFX team was dedicated to answering their query. Consequently, issues were resolved relatively quickly and problem solving didn’t prove too much of a distraction from the business of trading.

The telephone call back system is a neat idea.

Call Back EagleFX | Fprextraders

We did, however, find call back response times were slower than those we experienced when using live chat. Using call back it was a matter of minutes rather than seconds before we were communicating with the EagleFX team.

Not only is the standard of customer service high, but a particularly attractive feature of the EagleFX offering is that it is available 24/7. This squares off an anomaly in the broker space where brokers have typically limited customer support from Monday to Friday, when the majority of markets are open. Traders and analysts looking to develop strategies during the quieter weekend period will find it particularly valuable to have customer support to hand to help them try and test new ideas. Most other brokers in the space provide 24/5 support at best. As crypto markets trade on a 24/7 basis and analysts exert themselves 24/7 it’s helpful to have expert support available at those times as well.  On the downside. The Live Chat window can get in the way of other areas of the site. Scrolling doesn’t always solve the problem and minimizing the chat slows down the speed of resolution.  It would also be helpful to have a switchboard/help desk phone number available. While the Call Back service delivers a degree of convenience there are sometimes delays between requests being logged and calls being made. That can be frustrating.

Instruments and spreads

 

One of the main selling points of EagleFX is its competitive execution spreads.  The spreads are variable which means traders tend to get better rates during periods of low volatility but might experience spreads gapping at times of market stress.  As is often the way with brokers that offer tight spreads, EagleFX is very willing to share information on its pricing. They even provide a Live Spreads area on the website which updates every 10 seconds and details some of the user-friendly small print.

Live Spreads Eaglefx | Forex Traders

The minimum trade size is 0.01 Lots and the maximum trade size is 1,000 Lots.   Another point in EagleFX’s favour is that it allows trading strategies such as ‘scalping’ which some other brokers do not.

ECN

All accounts back into MT4 and offer Electronic Communication Network (ECN) trading.

This essentially involves EagleFX forming a ‘bridge’ between individual account holders and larger liquidity providers who have improved levels of access into the forex markets. The site advertises that liquidity providers include Barclays and Deutsche Bank, however, our review was unable to substantiate that.

Liquidity Eaglefx | Forextraders

The Margin rules for EagleFX are:

– Margin Call at a 100% Margin Level
– Stop Out at a 70% Margin Level

 

Fees and commissions

Financing Fees

Overnight financing fees are applied on open swap positions. The pricing schedule varies across instruments so requires some degree of due diligence to be carried out prior to trading. The EagleFX site doesn’t actually list the rates charged but instead advises that users should contact their support team for the information. Our reviewers note that if this is a trade-off to keep the site’s Spartan aesthetic, it’s, in this case, unwelcome and they’d rather have the information in all its granular detail shared more transparently.

Trading commissions

The commission charged by EagleFX is 6 USD per lot per trade. If the traded lot size is smaller, then this rate is adjusted because the commission is calculated per lot. For example, if you placed a trade with 0.1 lots, it would charge 0.6 cents.

Cash transfers

EagleFX claims to charge zero fees on capital movements into or out of accounts held there.

Adopting a fee-free policy on deposits and withdrawals would be an attractive proposition to most traders as overhead costs are an unpopular drag on trading performance. As the broker is relatively new on the scene (founded in 2019) we might suggest the proposition may not have been tested thoroughly. By this we mean the trading community has not yet shared any negative experiences. It just needs to be flagged up that the absence of comment challenging the proposal might actually be a false negative

Platform review in-depth

The MT4 platform has been around since 2000. Whilst there continue to be refinements it lives according to the adage that “if it ain’t broke, don’t fix it”.

It’s available in a downloadable format which is compliant with Windows, Mac, iOS and Android. There is also a web-trader version available through web browsers

MT4 Browser Eaglefx | ForexTraders

The popularity of the service and the multitude of awards it has won are down to more than it just being readily available.

Charting Eaglefx | Forex Traders

First off, trade execution is intuitive, smooth and reliable. Traders can adjust the system to their preference and operate using ‘one-click’ trading. Order building optionality allows for ‘market’, ‘pending’ and ‘stop’ orders and trailing stop losses and take profit instructions are also available.

Making A Trade Eagle FX | Forex Traders

Given the range of powerful services available it’s worth mentioning that the dashboard maintains a crisp and clear aesthetic and navigating from market to market or screen to screen is simple and easy. This combination of agility and power makes it possible for traders to get into a perfect situation from which to trade the markets

Mobile trading

 

The MT4 mobile trading app is free to download, is available in iOS and Android format for Tablet and Smartphones and supports both Demo and Live account formats.  Like the desktop version Meta Trader mobile app is all about supporting traders. It gives them the tools to analyse the markets and to seamlessly execute trades. MT4 for Android and iOS Apps is supported by 30 technical ‘indicators’ and 24 analytical ‘objects’ such as lines, channels, geometric shapes, as well as Gann and Fibonacci levels. To ensure all this information can be used effectively the screen can be set to Landscape as well as Portrait format.

Social trading

 

EagleFX does not offer social trading. Being a new company it is possible this is on their ‘to do’ list but it is not available at present.  The provision of a Meta Trader account means users are provided with access to resources from that community. Although this is not a specific EagleFX community, Eagle users accessing the Meta Trader community will actually benefit from being part of a larger group. MT4 is, after all, the most popular retail broking platform in the world so the thoughts shared among its many users are a considerable resource to draw on. 

Copy trading

 

EagleFX does not currently offer copy trading. Being a new company it is possible this is on their ‘to do’ list but for current users, it is not an option.

Crypto Currency

EagleFX users have access to 31 crypto markets. That is a considerable amount, particularly as the number offered by some brokers is in single figures.

Crypt Eaglefx | Forex Traders

As well as straightforward markets such as Bitcoin in USD and Ethereum in USD the crypto markets offered by EagleFX include Bitcoin Altcoin pairs such as ETHBTC.

Crypto Trends Eaglefx | Forex Traders

The powerful analytical software is a joy to use. Each symbol can be displayed in 9 timeframes, allowing traders to view the price dynamics in detail and as they choose.  There are 30 technical indicators and 24 graphic objects included which means that users can take advantage of an extensive and comprehensive analysis of price movement.

Tools MT4 Eaglefx | Forex Traders

The appearance and properties of each chart can be set up on an individual basis. The platform has the functionality to allow all the following items on a chart to be individually colour-coded: background, foreground, grid, bar up, bar down, bull candle, bear candle, line graph, volumes, ask lines and stop levels.

Crypto Trends Eaglefx | Forex Traders

The popularity of the service and the multitude of awards it has won are down to more than it just being readily available.

Any ‘objects’ and/or ‘indicators’ which need to be removed can be easily selected and deleted making it easier for analysts to chop and change their approach without losing the areas of their work they value most.

Education

The ‘News’ area of the EagleFX site provides daily news articles which report on recent market events from an analytical viewpoint.

Education Eaglefx | Forex Traders

This section represents the site’s research and education offering. EagleFX offers a more hands-on style of learning than some other brokers. Clients won’t find a long list of bespoke research notes or tutorial videos but they will find technical analysis notes relating to specific trading ideas relevant to the market events of the time.

Knowledge Base Eaglefx | Forex Traders

Alternative research and learning tools come as part of the Meta Trader package. The Traders Forum on the MQL5 site includes services relating to Calendar, CodeBase, Articles, Freelance, Market, Signals, VPS and the members’ forum.

MQL5-EagleFX

Trader protections by territory

As mentioned earlier in this review the company, which is registered in the Dominican Republic, is not regulated or authorized by any financial body. That will obviously be an issue for some and the firm’s customer support team explained the situation as follows:

 “We are currently researching which regulatory body we would like to consider for regulation. What we need to be careful of is that we don’t eliminate certain countries or citizens of the world so for that reason we are taking our time. “ There is also no information available on which bank or organization holds account holder funds. There is also no ‘Negative Balance Protection’ which goes against the current trend for more and more brokers offering NBP.  The best advice in the market is that traders should apply their own rigorous due diligence policy when considering which broker to use. The testing should cover all areas of the service.  Checking any broker’s risk-disclosure policy is always a good starting place for prospective clients. Founded in 2019 EagleFX offer a comprehensive and up to date disclosure page at

https://www.eaglefx.com/risk-disclosure/.

EagleFX does include some security features which other brokers don’t. The cold-storage of crypto assets ensures a firewall sits between client assets and the internet. Same day withdrawals which incur no fees means that traders can liquidate their accounts more quickly than with most other brokers. Operational risk is managed through the use of a two factor log in (2FL) available to all account holders and data exchanged between the client terminal and the MT4 servers is encrypted. Additionally, the MT4 platform also supports the use of digital signatures.

How to open an account

The registration process relating to a demo account is very straightforward and involves little more than providing email details.  In terms of helping traders get down to business EagleFX appear to have done its homework and worked out just what helps users get onboard the MT4 platform. The EagleFX site hosts a well laid out section which uses a series of illustrations, step by step instructions and even videos which explain how to access the different versions of the MT4 trading platform. The Meta Trader platform may be the most widely used retail platform in the world, but even experienced traders can find they need to be reminded of the different aspects of the onboarding process. EagleFX’s decision to hand-hold traders through the process is a welcome development.

There is one type of Live trading account on offer. It can be funded using USD, EUR, GBP or Bitcoin BITs and transfers can be made using Bitcoin, credit card and wire transfer. These are paid into an account area described as the Vault and from there they are transferred into the Trading Account. EagleFX does not share information on which banks are used to hold client funds.

deposit-EagleFX

Leverage rates are set to the preference of the account holder. The minimum rate is 25:1 and the maximum rate 500:1 which would satisfy even the most aggressive trader. As higher leverage rates can mean greater losses as well as greater profits the ability to trade in small sizes is from a risk management perspective a step forward. The minimum amount required to open an account is US$10.

setup-account-eaglefx | Forex Traders

Setting up a live trading account is almost as simple as setting up a Demo account. As EagleFX is unregulated there are none of the Know Your Client documentation requests that are associated with some of the more established and mainstream brokers. Each potential user will have their own interpretation of the pros and cons of this ease of set up and should be factoring in checks of such things when carrying out their due diligence.

The bottom line

EagleFX has carved out a niche by offering its clients certain innovative services. The same day, free of charge withdrawals service removes a feature of the online broking world that has irked traders for some time. Trading and customer services are available 24/7 and during our testing they were found to tick the required boxes. Then there are the trading execution costs where EagleFX proves that tight spreads never go out of fashion.  The regulatory situation will be a concern for many and potential clients would be encouraged to look into this in further detail. Then again, potential clients would be recommended to look into the whole service as well because for some it will be an ideal fit.

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

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Wanted Cryptography Experts in China

 Wanted Cryptography Experts in China

The sooner we get to the official launch of China Digital Money. the more Cryptography Experts are needed.

it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.

The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)

this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC  that Bans any activity related to the cryptocurrency market.

Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.

something like if you can beat them , copy them.

in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the  digital currency research institute

This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.

the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project

since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.

the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.

“Beijing’s ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.

The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.

So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.

 

 

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