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Forex Brokers in the Philippines: What New Traders Need to Know

Want to trade in the forex market to earn money from home? It isn’t as simple as it sounds. Trading foreign currencies can be very risky—the potential for losing your funds is as high as the potential for earning a profit. To help you manage risks and execute your trades, you need to find a…

Forex Broker Philippines: List of Brokers in the Philippines | MoneymaxForex Broker Philippines: List of Brokers in the Philippines | Moneymax

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Forex Broker Philippines: List of Brokers in the Philippines | Moneymax

Want to trade in the forex market to earn money from home? It isn’t as simple as it sounds. Trading foreign currencies can be very risky—the potential for losing your funds is as high as the potential for earning a profit. To help you manage risks and execute your trades, you need to find a forex broker in the Philippines before you even begin trading in the FX market.

Your broker will play a critical role in your forex trading journey. Thus, it’s important to understand how forex broker Philippines works and know the best options available.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="What is a Forex Broker?” data-reactid=”34″>What is a Forex Broker?

A forex broker is a financial services company that works as a middleman between traders and the foreign exchange market by executing buy or sell orders placed by their clients. Aside from forex, brokers also enable their clients to trade on other assets such as stocks, indices, commodities, metals, and cryptocurrencies.

Typically, FX brokers are international companies based abroad. But even without a Philippine-based headquarters, some forex brokers can serve Filipino clients because all transactions—from account opening to fund withdrawals—are done online.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="What Does a Forex Broker Do?” data-reactid=”37″>What Does a Forex Broker Do?

forex broker philippines - forex broker meaningforex broker philippines - forex broker meaning

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forex broker philippines – forex broker meaning

Forex brokers offer a range of services that makes trading foreign currencies easier and more affordable for their clients.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Provide Easy Access to the FX Market” data-reactid=”59″>Provide Easy Access to the FX Market

To trade currencies in the marketplace, you need to set up a trading account. A forex broker Philippines lets you do that, so you can start trading forex online.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Perform Currency Trades” data-reactid=”61″>Perform Currency Trades

FX brokerages make forex trading platforms available to their clients for placing buy and sell orders, which brokers will execute. The MetaTrader 4 (MT4) forex trading software is widely used among traders today. In addition to MT4 integration, some forex brokers in the Philippines also offer their own proprietary trading platform.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Help Beginners Learn Forex” data-reactid=”63″>Help Beginners Learn Forex

Most forex trading sites have beginner-friendly features such as educational tools and resources to help first-timers learn the ropes of trading currencies. They also provide a free demo account that new traders can use to practice trading using virtual money without risk. For advanced traders, demo accounts enable them to test new strategies.

Some brokers also offer a copy trading feature (also called social trading) that allows inexperienced traders to automatically replicate the trades of successful traders. In doing so, newbies learn from the pros. Experienced traders also benefit from copy trading, as it allows them to earn more money by selling their trading signals.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Provide Leverage” data-reactid=”66″>Provide Leverage

Traders can borrow money from their broker to buy a larger volume of currencies with a smaller capital. This forex broker service is called leverage, which is expressed in a ratio. For example, if your forex trading account is leveraged at 100:1, this means you can trade 100 times the amount you put into your trade.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Give Access to Market Information and Analysis” data-reactid=”68″>Give Access to Market Information and Analysis

Forex trading platforms provide traders with the necessary data to track and analyze the market, so they can make the best trading decision.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read more: Forex Trading in the Philippines: Complete Guide for Newbie Traders” data-reactid=”70″>Read more: Forex Trading in the Philippines: Complete Guide for Newbie Traders

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="How Do Forex Brokers Make Money?” data-reactid=”71″>How Do Forex Brokers Make Money?

forex broker philippines - how forex brokers make moneyforex broker philippines - how forex brokers make money

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forex broker philippines – how forex brokers make money

In return for the services they provide, forex brokers in the Philippines make a profit in two ways: collecting bid-ask spreads and charging fees.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Bid-Ask Spread” data-reactid=”93″>Bid-Ask Spread

Unlike stock brokers, most forex brokers don’t charge any commissions. Instead, they take a cut from executed trades through spreads.

A spread is the difference between the bid price and the ask price for a currency pair. The bid price is the highest price a buyer is willing to pay, while the ask price is the lowest price a seller is willing to accept.

Spreads are calculated in pips (short for point in percentage), which is the fourth decimal point of a price. For example, if the EUR-USD pair is priced as 1.1000 bid and 1.1015 ask, the difference is 0.0015 or 1.5 pips—this is the spread that the forex broker will collect for performing the trade.

Whether you gain or lose on your forex trade, your broker will still make money on the spread.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Forex Broker Fees” data-reactid=”102″>Forex Broker Fees

FX brokers also earn from charging different fees from clients. Here are the common forex broker Philippines fees traders may incur:

  • Rollovers – Also called financing fee or swap charges, this fee is charged for holding a currency position open overnight.
  • Withdrawal fee – A minimal fee may be charged each time you withdraw funds from your forex trading account.
  • Inactivity fee – If your account stays inactive for a certain period, you’ll be charged a fee for it.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best Forex Broker Philippines 2020” data-reactid=”108″>Best Forex Broker Philippines 2020

Here are the top-rated global brokerage companies that serve clients in the Philippines. They make it to this list of the best forex broker Philippines because they are highly regulated, charge low fees, and/or have excellent trading platforms and research tools, among other features.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="eToro” data-reactid=”110″>eToro

forex broker philippines - etoroforex broker philippines - etoro

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forex broker philippines – etoro

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Beginners and busy professionals who would like to try copy trading” data-reactid=”131″>Best for: Beginners and busy professionals who would like to try copy trading

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="eToro[1] caters to millions of forex traders of all experience levels in over 140 countries including the Philippines.” data-reactid=”132″>eToro[1] caters to millions of forex traders of all experience levels in over 140 countries including the Philippines.

The MetaTrader platform is not available on the forex trading site, but eToro’s own social trading platform is more than enough because it’s innovative and beginner-friendly. Through a social news feed built into the forex trading site, eToro users can follow and interact with fellow traders to broaden or share their knowledge.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="eToro Key Features:” data-reactid=”134″>eToro Key Features:

  • Regulators: Cyprus Securities Exchange Commission (CySEC), Financial Conduct Authority (FCA) in the UK, and Australian Securities and Investments Commission (ASIC)
  • Trading instruments: Forex, stocks, cryptocurrencies, exchange-traded funds (ETFs), indices, and commodities
  • Trading platform: eToro Platform
  • Minimum deposit: USD 200 (initial deposit) / USD 50 (succeeding deposits)
  • Maximum leverage: 30:1
  • Currency pairs: 47
  • Spread: 1 pips to 50 pips
  • Negative balance protection
  • With demo account

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FOREX.com” data-reactid=”145″>FOREX.com

forex broker philippines - forex.comforex broker philippines - forex.com

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forex broker philippines – forex.com

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Active, high-volume traders looking for low fees and diverse technical research tools” data-reactid=”166″>Best for: Active, high-volume traders looking for low fees and diverse technical research tools

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FOREX.com[2] is a US-based broker that operates in over 180 countries with 430,000+ customers worldwide. It performs trades fast, with 99.78% of trades executed in less than 1 second and average execution speed of 0.05 seconds. The forex broker also provides high-volume traders with benefits such as up to 15% cash rebates on trades. Thus, FOREX.com is ideal for active traders who buy and sell currencies in large volumes.” data-reactid=”167″>FOREX.com[2] is a US-based broker that operates in over 180 countries with 430,000+ customers worldwide. It performs trades fast, with 99.78% of trades executed in less than 1 second and average execution speed of 0.05 seconds. The forex broker also provides high-volume traders with benefits such as up to 15% cash rebates on trades. Thus, FOREX.com is ideal for active traders who buy and sell currencies in large volumes.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FOREX.com Key Features:” data-reactid=”168″>FOREX.com Key Features:

  • Regulators: Commodity Futures Trading Commission and National Futures Association in the US and other regulatory bodies in six jurisdictions
  • Trading instruments: Forex, equities, commodities, indices, bonds, ETFs, industry sectors, cryptocurrencies, gold, and silver
  • Trading platforms: Advanced Trading, WebTrader, MT4, and MT5
  • Minimum deposit: 100 units of the base currency
  • Maximum leverage: 200:1
  • Currency pairs: 80+
  • Spread: 0.2 pips to 1.0 pips (for Standard Accounts)
  • Commission charge: USD 5 per 100,000 units traded (for Commission Accounts)
  • Segregated client funds
  • With demo account (except for Commission Accounts)

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="XM Global” data-reactid=”180″>XM Global

forex broker philippines - xm globalforex broker philippines - xm global

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forex broker philippines – xm global

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Forex and CFD traders,&nbsp;especially beginners, who want to save on trading fees and learn how to trade currencies” data-reactid=”201″>Best for: Forex and CFD traders, especially beginners, who want to save on trading fees and learn how to trade currencies

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="XM Global[3] is a multi-awarded and highly regulated online forex broker with international licenses in five jurisdictions and serving over 3.5 million clients from 196 countries including the Philippines. Forex trading is made easy with a wide range of research tools and a low minimum deposit of only five dollars.” data-reactid=”202″>XM Global[3] is a multi-awarded and highly regulated online forex broker with international licenses in five jurisdictions and serving over 3.5 million clients from 196 countries including the Philippines. Forex trading is made easy with a wide range of research tools and a low minimum deposit of only five dollars.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="XM Global Key Features:” data-reactid=”203″>XM Global Key Features:

  • Regulators: ASIC, CySEC, International Financial Services Commission in Belize, Dubai Financial Services Authority, and FCA
  • Trading instruments: Forex, stocks, indices, commodities, precious metals, and energies
  • Trading platforms: XM WebTrader, MT4, and MT5
  • Minimum deposit: USD 5
  • Maximum leverage: 888:1
  • Currency pairs: 57
  • Spread: Starting from 0.6 pips
  • Research tools: Free video tutorials, daily forex webinars, forex market research, daily technical analysis, daily FX market outlook, and daily forex trading signals
  • Segregated client funds
  • Negative balance protection
  • No requotes and no rejection of orders
  • Personal account managers
  • 24/5 live help
  • With demo account

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read more: XM Global Guide to Start Your Trading Journey” data-reactid=”219″>Read more: XM Global Guide to Start Your Trading Journey

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="IQ Option” data-reactid=”220″>IQ Option

forex broker philippines - iq optionforex broker philippines - iq option

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forex broker philippines – iq option

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Forex and options traders, especially beginners, looking for low fees and an easy-to-use trading platform” data-reactid=”241″>Best for: Forex and options traders, especially beginners, looking for low fees and an easy-to-use trading platform

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="IQ Option[4] has more than 48 million registered traders from 200+ countries, including the Philippines, with 1.3+ million trades executed daily. In the absence of MetaTrader platforms, IQ Option offers its own mobile trading platform customized to the user’s trading needs.” data-reactid=”242″>IQ Option[4] has more than 48 million registered traders from 200+ countries, including the Philippines, with 1.3+ million trades executed daily. In the absence of MetaTrader platforms, IQ Option offers its own mobile trading platform customized to the user’s trading needs.

The forex trading site features a demo account (with refillable virtual funds worth USD 10,000) that allows for unlimited practice. This helps new traders learn forex trading at their own pace with no risk.

Unlike many online forex brokers in the Philippines, IQ Option does not charge rollovers for holding positions overnight.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="IQ Option Key Features:” data-reactid=”245″>IQ Option Key Features:

  • Regulators: CySEC and Financial Services Authority (FSA) in Seychelles
  • Trading instruments: Forex, options, stocks, cryptocurrencies, ETFs, commodities, and indices
  • Trading platform: IQ Option app
  • Minimum deposit: USD 10, PHP 520, or equivalent
  • Maximum leverage: 500:1
  • Currency pairs: 44
  • Spread: Starting from 0.6 pips
  • Educational tools: Fundamental and technical analysis, news feed, and economic calendars
  • Segregated client funds
  • Negative balance protection
  • 24/7 multilingual customer support
  • With demo account

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read more: IQ Option for Beginners: A Guide to Using the Online Trading Platform” data-reactid=”259″>Read more: IQ Option for Beginners: A Guide to Using the Online Trading Platform

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="AvaTrade” data-reactid=”260″>AvaTrade

forex broker philippines - avatradeforex broker philippines - avatrade

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forex broker philippines – avatrade

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Forex and CFD traders who prefer to use MetaTrader platforms” data-reactid=”281″>Best for: Forex and CFD traders who prefer to use MetaTrader platforms

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Established in 2006, AvaTrade[5] is one of the pioneers of CFD trading on commodities, stocks, and indices. Today, it serves 300,000 registered users globally and executes over three million trades monthly.” data-reactid=”282″>Established in 2006, AvaTrade[5] is one of the pioneers of CFD trading on commodities, stocks, and indices. Today, it serves 300,000 registered users globally and executes over three million trades monthly.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="AvaTrade Key Features:” data-reactid=”283″>AvaTrade Key Features:

  • Regulators: British Virgin Islands Financial Services Commission, Financial Services Agency (FSA) in Japan, ASIC, and other regulatory bodies in seven jurisdictions
  • Trading instruments: Forex, stocks, indices, bonds,  commodities, ETFs, and cryptocurrencies
  • Trading platforms: AvaOptions, AvaTradeGO, WebTrader, MT4, and MT5
  • Minimum deposit: USD 1,000
  • Maximum leverage: 400:1
  • Currency pairs: 50+
  • Spread: Starting from 0.9 pips
  • Research tools: Free ebooks, articles, videos, webinars, and daily market analysis
  • Segregated client funds
  • Negative balance protection
  • One-on-one training with a dedicated account manager
  • 24/5 global customer support
  • With demo account

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FP Markets” data-reactid=”298″>FP Markets

forex broker philippines - fp marketsforex broker philippines - fp markets

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forex broker philippines – fp markets

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Forex and CFD traders interested in IRESS and MetaTrader trading platforms” data-reactid=”319″>Best for: Forex and CFD traders interested in IRESS and MetaTrader trading platforms

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="With 15 years of trading experience, FP Markets[6] offers consistently tight spreads from as low as 0.0 pips on the major currency pairs. Account opening, deposits, and withdrawals are easy and quick.” data-reactid=”320″>With 15 years of trading experience, FP Markets[6] offers consistently tight spreads from as low as 0.0 pips on the major currency pairs. Account opening, deposits, and withdrawals are easy and quick.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FP Markets Key Features:” data-reactid=”321″>FP Markets Key Features:

  • Regulators: ASIC and CySEC
  • Trading instruments: Forex, shares, commodities, indices, cryptocurrencies, gold, and silver
  • Trading platforms: MT4, MT5, IRESS, and WebTrader
  • Minimum deposit: USD 100 or equivalent
  • Maximum leverage: 500:1
  • Currency pairs: 60+
  • Spread: Starting from 0.0 pips
  • Negative balance protection under CySEC
  • No requotes and no dealing desk
  • Segregated client funds
  • Personal account managers
  • 24/5 multilingual customer support
  • With demo account

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="NordFX” data-reactid=”336″>NordFX

forex broker philippines - nord fxforex broker philippines - nord fx

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forex broker philippines – nord fx

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Active traders looking for diverse research tools” data-reactid=”357″>Best for: Active traders looking for diverse research tools

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="With more than 10 years of forex trading experience, NordFX[7] manages over 1.5 million trading accounts from almost 190 countries. Its fast trade execution of 0.5 seconds makes it the best forex broker Philippines for those who trade large volumes of assets. NordFX offers copy trading for people who want to try passive investing.” data-reactid=”358″>With more than 10 years of forex trading experience, NordFX[7] manages over 1.5 million trading accounts from almost 190 countries. Its fast trade execution of 0.5 seconds makes it the best forex broker Philippines for those who trade large volumes of assets. NordFX offers copy trading for people who want to try passive investing.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="NordFX Key Features:” data-reactid=”359″>NordFX Key Features:

  • Regulators: CySEC and Vanuatu Financial Services Commission
  • Trading instruments: Forex, stocks, basic stock indices, cryptocurrencies, oil, gold, and silver
  • Trading platform: MT4
  • Minimum deposit: USD 10
  • Maximum leverage: 1,000:1
  • Currency pairs: 33
  • Spread: Starting from 0.0 pips
  • Research tools: Videos, economic calendar, trading calculator, and in-depth live market analysis
  • 24/5 customer support
  • With demo account

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FXTM” data-reactid=”371″>FXTM

forex broker philippines - fxtmforex broker philippines - fxtm

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forex broker philippines – fxtm

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Beginners who want to learn forex trading strategies from the pros” data-reactid=”392″>Best for: Beginners who want to learn forex trading strategies from the pros

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FXTM[8] was launched in 2011 and now has more than three million clients from 180 countries. The company offers&nbsp;copy trading and a wide selection of trading instruments and forex educational tools.” data-reactid=”393″>FXTM[8] was launched in 2011 and now has more than three million clients from 180 countries. The company offers copy trading and a wide selection of trading instruments and forex educational tools.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="FXTM Key Features:” data-reactid=”394″>FXTM Key Features:

  • Regulators: CySEC, FCA, Financial Sector Conduct Authority in South Africa, and Financial Services Commission of the Republic of Mauritius
  • Trading instruments: Forex, CFDs, precious metals, commodities, stocks, and cryptocurrencies
  • Trading platforms: WebTrader, MT4, and MT5
  • Minimum deposit: USD 100
  • Maximum leverage: 2,000:1
  • Currency pairs: 59
  • Spread: Starting from 0.1 pips
  • Research tools: Videos, webinars, ebooks, and webinars
  • Segregated client funds
  • Negative balance protection
  • Personal account managers
  • With demo account

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Oinvest” data-reactid=”408″>Oinvest

forex broker philippines - oinvestforex broker philippines - oinvest

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forex broker philippines – oinvest

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Best for: Traders looking for lower fees and a simple platform” data-reactid=”429″>Best for: Traders looking for lower fees and a simple platform

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Registered and licensed in Seychelles, Oinvest[9] allows traders to trade over 350 instruments, including forex, in multiple global financial markets.” data-reactid=”430″>Registered and licensed in Seychelles, Oinvest[9] allows traders to trade over 350 instruments, including forex, in multiple global financial markets.

<h4 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Oinvest Key Features:” data-reactid=”431″>Oinvest Key Features:

  • Regulator: FSA in Seychelles
  • Trading instruments: Forex, commodities, stocks, indices, and cryptocurrencies
  • Trading platforms: WebTrader, MT4, and OInvest mobile app
  • Minimum deposit: USD 250
  • Maximum leverage: 400:1
  • Currency pairs: 50+
  • Spread: 0.03 pips to 3.1 pips
  • Segregated client fund
  • Dedicated account manager for Gold and Platinum accounts
  • With demo account

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Final Thoughts” data-reactid=”443″>Final Thoughts

Choosing the right forex broker Philippines is just as important as knowing how to trade currencies. Take your time researching and comparing different online brokers to see which one is the best fit based on your trading needs and preferences. Finding a forex broker Philippines will take time and effort but research is important to ensure you trade with a platform you know and trust.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Sources:” data-reactid=”454″>Sources:

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The post Forex Brokers in the Philippines: What New Traders Need to Know appeared first on Moneymax.” data-reactid=”465″>The post Forex Brokers in the Philippines: What New Traders Need to Know appeared first on Moneymax.

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Forex.com Review – How Legit And Reliable Is This Broker

Forex.com was established in 2001, as an online forex broker with an active presence in over 183 countries across the world. The brand is owned by Gain Capital, which is listed on the New York Stock Exchange (NYSE). The company’s headquarters is in Bedminster, New Jersey and it is regulated by top tier financial regulatory…

Forex.com was established in 2001, as an online forex broker with an active presence in over 183 countries across the world. The brand is owned by Gain Capital, which is listed on the New York Stock Exchange (NYSE). The company’s headquarters is in Bedminster, New Jersey and it is regulated by top tier financial regulatory agencies across the globe including the CFTC in the U.S, the UK’s FCA, and Australia’s ASIC.

The firm offers clients 84 currency pairs, 8 cryptocurrencies, 17 indices, 26 commodities and 270+ stock CFDs. It supports margin trading with a maximum leverage of 20:1 for stocks and 50:1 for all other financial instruments.

In this review, we dig deep into its operations informed by its past and present client comments. We detail and rate each of the tradable financial assets offered as well as rating the quality of their services including customer support, trading fees, trading platforms, and account types.

Our goal is to help answer all your queries regarding its legitimacy and the safety of your funds to help you decide whether to open an account with them or not.

Strengths

  • Provides traders with an expansive range of tradable instruments
  • Features a huge selection of education and research materials
  • Supports multiple trading platforms including MetaTrader and WebTrader
  • Allows traders to choose between standard and commission accounts
  • Boasts of relatively low trading fees compared to its US peers

Weaknesses

  • The maximum leverage isn’t available for all traded instruments
  • Its WebTrader platform if fairly rigid and not easily customizable
  • Trading platform features limited fundamental analysis tools
  • Doesn’t support spread betting and binary options for futures traders

What can you trade?

$50
Min Deposit

Good
App Support

1:30
Max Leverage

With regards to Forex trading, you have access to 84 currency pairs, which is more than you would get elsewhere. You get to trade all the major pairs, many more minor pairs, and a tad more exotic pairs than you would with its competitors.

When it comes to forex trading fees, the company has relatively expensive spreads. The EUR/USD pair, for instance, has an average spread of 1.3 on the standard account that is dependent on factors such as market volatility and liquidity. There also the commission-based trader accounts where spreads start from as low as 0.2 but attract a $5 commission for every $100k traded.

You also get access to margin-based foreign exchange trading for currencies. The rates are however dependent on your geographical location and local regulations. The U.S and international clients, for instance, have access to the entire 50:1 leverage, while UK traders can only use maximum leverage of 30:1 as directed by the FCA.

You can start trading with as little as $50 where the minimum traded lot is currently set at 1,000.

$50
Min Deposit

Mid
App Support

1:30
Max Leverage

Due to regulatory restrictions, Forex.com doesn’t offer this service to its U.S clients due to regulations. However, Canadian, U.K, and international clients have access to the 4500+ CFDs available for trading. These are primarily drawn from the global indices, shares and stocks, as well as commodities and cryptos.

The company has made most of these assets available to international clients on both the MetaTrader and WebTrader platforms. The market analysis section of their website features a fairly detailed economic calendar. You can also access the latest research and pivot points as well as popular topics and thought leaders’ views.

Traders can also opt to design individual automated trading algorithms on the platform or integrate third-party automated tools.

You also get access to the commodities markets through the spot metals CFDs on gold and silver. These commodities are only available on the WebTrader and not on the MetaTrader platform.

With regards to trading the commodities, you can speculate on their price appreciation or depreciation by taking trades in either direction. The precious metal traders also gain insights regarding the assets from the market analysis page.

$500
Min Deposit

Mid
App Support

1:30
Max Leverage

You can trade futures and futures options contracts as there is a platform through which you can invest in such products. U.S clients can also trade these instruments via

There is also a 14-day demo trading account for clients who would like to try trading the futures and futures options contracts. The simulated trading account is loaded with $50,000 virtual cash and contains all the key trading features like ultra-fast execution speeds and live market data.

What did our traders think after reviewing the key criteria?

The are three primary types of trading fees – all of which are volume-based and tied to different account types. These include pure spreads, spread plus fixed commission, and spread plus variable commission. The spreads, though competitive, are variable and are highly dependent on liquidity and the prevailing market conditions. 

The pure spread account is popular with retail traders and spreads for the major currencies start from 1.0 with an average of 1.3 pips. The spread and fixed-rate commission account has lower spreads that start from 0.2 pips in addition to the $5 fixed commission for every $100k traded. The direct market access trader account fees start from 0.1 pips plus a variable commission that averages $60 for every $1 million traded.

With regards to discounts on fees, you get a cash rebate program that is pegged on the volume of trades. It also offers cash rebates of up to $9 for every million traded on the retail standard account, $9 for every million traded on the commission account and $20 per million traded on the high volume and direct market access account.

Non-trading fees include the rollover fees charged on trades that remain open at the end of the day’s trading session – 5 pm ET. Traders on the platform get to earn or pay these rollover rates based on whether they were long or short a trade.

Clients have access to three primary live trading account types, which include: the standard account, the commission account and the direct market account. There are also free demo accounts on offer that you can use to trade both Forex and futures contracts. The demo accounts come loaded $50,000 in virtual trading capital and are valid for 14 days.

The Standard Account

The standard account is accessible on both WebTrader and the MetaTrader trading interfaces. It calls for a $50 minimum deposit and attracts wholly variable trading fees where the spreads average 1.0 pips for the popular EUR/USD pair. Standard account holders subscribed to its Active Trader Program also get to earn up to 18% cash rebates.

The Commission Account

The Commission account stands out because it employs both variable spreads and fixed commissions in the determination of trading fees. Spreads on the account start from 0.2 pips with the fixed commission set at $5 for every $100k traded. The minimum deposit amount is $50 and the account is only available on the Webtrader and mobile apps and not on MetaTrader.

Direct Market Access Account

The direct market access account is specifically designed for high volume and frequent traders. Trading fees are a mix of variable spreads that start from 0.1 pips for major pairs and a variable commission starting from $60 for every million traded. The minimum account operating balance is set at $100K but traders are advised to maintain not less than $250K in their accounts. The DMA account is also not available on the MetaTrader interface.

There are no Sharia-compliant trading accounts, which are synonymous with the absence of overnight/rollover fees.

The firm supports several major trading interfaces including the MetaTrader (MT4), in-house trading platforms, Ninja trader, and API connections.

forex.com platform

However, you can only access the standard forex trading account on the MT4 and Ninjatrader platforms. The two other accounts offeredare only accessible via the proprietary trading platform, which is available as a web trader, desktop app, and mobile app.

Our reviewers found the website well organized and easy to use with the home page featuring all the important tabs needed for fast and easy navigation. These include the signup and login tabs for new and existing clients as well as the markets, services, about us, platforms, market analysis, education and support tabs for everyone else looking for more insights. There also is a search tab where you can key in direct queries for even faster navigation.

The firm provides 24/5 customer support but doesn’t offer a live chat function on its website. However, its clients can access the support team on the telephone and via text messages, or through the different social media pages, and email. The website also features a detailed FAQ section.

forex.com support

There are four key payment options supported, which include: 

  • Debit card payments: it does not support credit card payments but processes debit card transactions for both Visa and MasterCard branded cards. The minimum deposit for debit cards is set at $50 and the maximum at $10,000. You can deposit in USD, EUR, and GBP currencies but all these are automatically converted to USD. processing of deposits is near-instant and free. 

Debit card withdrawals have an estimated wait time of 24 hours. They do not attract processing fee but have a per transaction limit of $50,000.

  • Bank wire transfers: you can make deposits in up to seven different currencies when it comes to bank wire deposits that must then be converted to USD. There is no minimum or maximum deposit limits for bank transfers. It may take up to two business days for the transfer to reflect in your trading account and there is no processing fees in addition to those charged by your bank. 

Bank Wire withdrawals have an estimated wait time of 48 hours. There is no withdrawal limit but attract a $25 fee per transaction for amounts above $10,000.

  • eCheck: they also accept eCheck payments. The minimum deposit is $50 with the maximum set at $10,000. Transaction processing is immediate and free. 

eCheck withdrawals have an estimated wait time of 24 hours, don’t attract processing fees and have a withdrawal limit of $25K per transaction. 

  • Personal or business check: You can also fund your account using both personal and business checks. There are no minimum or maximum limits on deposits and transaction processing is free. Traders might, however, wait for up to 10 business days after the day of receiving the check for the cash to reflect in their accounts.

Personal or business check withdrawals are available with wait times of 48 hours. These are free and there are no maximum withdrawal limits.

There are no running promotions or bonus offers available at the moment, except for the cash rebate program available to its Active Trader Program clients.

The brand is owned by GAIN Capital Group, which is a public company headquartered in Bedminster, NJ, and is registered with and regulated by financial regulatory agencies such as the Futures Market commission (FMC), the National Futures Association (NFA), the Retail Foreign Exchange Dealer (RFED), and the Commodities Futures Trading Commission (CFTC).

As for deposit protection, there is no evidence of brand insuring customer deposits with the FDIC. GAIN Capital claims that it maintains a separate account for their customer funds while adding that these funds are then “distributed across a global network of custodian banks and brokers.”

The firm was established in 2001 and has over the years won several awards and global recognition. For instance, in Feb 2001, Forex.com was named the Forbes “Best of the Web” by Forbes.com before being named the “Best Online FX Trading Platform” for the year 2001 by Global Finance later that year. Others include being voted the Best Forex Broker in the USA for 2013 by the FT and Investors Chronicle magazine the same year.

forex.om awards

Forex.com FAQs

Forex.com is the trademark of Gain Capital UK, Limited, a market-making broker incorporated in England and Wales.  As a market-making broker, Forex.com is fully accountable for all client orders. Besides, the CFD broker reduces a client’s credit exposure by executing back to back positions with LCH. Clearnet, a Central Counterparty Clearinghouse.

Forex.com is not an ECN broker but provides Direct Markets Access (DMA) to traders looking for deep liquidity. The primary difference between ECN and DMA is that while ECN electronically matches buyers and sellers without the intervention of a third party, DMA brokers make individual contracts with liquidity providers. The features of the Forex.com DMA Account include access to level-II pricing, spreads from 0.1 on all markets and the option to split the spread.

Retail clients residing in the UK and the EU come under stringent regulations that limit their max leverage to 30:1. To qualify for lower margins or higher leverage, you could register as a professional client if you meet the eligibility criteria set by the regulators. You can change your leverage by filling out the margin change request form and submitting it to [email protected]

To connect Forex.com to MT4, you have to first register with the CFD broker. Next, check for a welcome email from Forex.com, which would also include your MT4 log in credentials and a link to download the platform. Download the desktop application on your computer or Android, iOS mobile device and start using the cutting-edge platform from MetaQuotes.

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Industry News

A united Britain was victorious in war – but fallacies about the interwar peace persist

THE REPUTATION of the interwar period but especially of the 1930s as the decade of the slump and appeasement has done untold damage to British self-confidence ever since. It was a period during which supposedly a prosperous world power became economically second-rate, a weakling in international affairs and lost its place as a top-rank power.…

THE REPUTATION of the interwar period but especially of the 1930s as the decade of the slump and appeasement has done untold damage to British self-confidence ever since. It was a period during which supposedly a prosperous world power became economically second-rate, a weakling in international affairs and lost its place as a top-rank power. None of this was true.  

Germany and the USA suffered worse depressions than we did, as did France in the later 1930s. France and the USA were greater appeasers than the United Kingdom. Moreover, large parts of the economy by 1939 were booming. To quote A.J.P. Taylor: if the 1930s were the devil’s decade, “at the same time English people were enjoying a richer life than any previously known in the history of the world: longer holidays, shorter hours, higher wages. They had motor cars, cinemas, radio sets, electrical appliances.” Little wonder, there was no threat to democracy in Britain between the wars. None the less, the dreadful reputation of the Thirties has been exploited by the numerous exponents of the myth of national decline in the twentieth century – left-wingers and European federalists – to undermine British self-confidence. This myth has also served Scotland’s nationalists, so from now on this revisionist history of Scotland will set its story within the parameters of a revisionist history of Britain. 

It cannot be denied of course that Britain, and Scotland within it, faced many challenges in the 1920s and 1930s. The First World War had killed off the old international economy and Britain’s place therein. The USA had become the world’s leading economic power and had taken over many British export markets. The Japanese had done so, too, in the Far East, India, China and the East Indies. After the war, too, countries like Canada and Australia began to industrialise with the result that there was less demand for British staples on which for example the Scottish economy depended. India, meanwhile, had gained control of her own tariffs and could levy these on British goods. Even demand for coal began to fall with the rise of petroleum-based transport. There was a post-war glut in shipping but also in primary products causing world prices to fall for countries which traditionally purchased British goods. 

The British position regarding invisibles was also weakened. Ten percent of overseas assets had had to be sold off to help pay for the war and we had accumulated a large war debt with the United States. (While German war debts were later written off, the Americans refused to write off ours.) Britain lacked a surplus on current account throughout the 1930s and on her trading account throughout the whole interwar period. This meant she could not rebuild her overseas wealth. Finally, the 1925 return to the gold standard at $4.85 an ounce brought only deflation. 

Even so industrial productivity grew between 1920 and 1929 at 2.8 per cent per annum and industrial productivity by 3.8 per cent. World War One had spurred on technical advances: motor cars, aircraft, advanced machine tools, chemicals, ball-bearings, leading to more applied science and standardisation in the new industries such as automobiles, electrical engineering, chemicals, paper and printing. Even staples became more efficient with an 18 per cent rise in productivity in coal between 1924 and 1930 and 25 per cent in iron and steel production between 1923 and 1930. And clearly the economy was changing. The old staples produced 42 per cent of export receipts in 1929 and the new industries only 8.2 per cent. By 1937 the corresponding figures were 37 per cent and 21 per cent. Other positive signs were that average growth in industrial production per annum during 1929-1937 saw Britain with 3.4 per cent, Germany with 3.0 per cent, France with minus 2.8 per cent and the USA with 0.4 per cent. The equivalent figures for the average growth in output per manhour per annum for the same period were: Britain 2.1 per cent, Germany 2.1 per cent, France 1.6 per cent and the USA 3.3 per cent. And in England from the mid-1930s there was a huge house-building programme.  

The international economic situation was made even worse by the US stock market collapse in 1929, followed by the US Smoot-Hawley Act of 1930 which raised American tariffs by an average of 20 per cent at the same time that the US money supply was being cut by a third. A US depression inevitably followed. This meant that other countries would find it nigh impossible to export to the USA. In response, the British government did what it could in a very bad situation. In 1931 Britain left the gold standard and in the same year she introduced tariffs of her own as well as imperial preferences agreed with Commonwealth Dominions at Ottawa. The new – and very competent – Chancellor of the Exchequer, Neville Chamberlain, also created ‘cheap money’ by cutting bank rate from 6 per cent to 2 per cent. 

Still, the economy was scarred by high unemployment. Between 1932 and 1935 over 2 million people on average were out of work and a peak figure of almost three million was reached in the winter of 1932-33. This was almost one quarter of the insured workforce. Moreover, those areas dependent on staple industries – Northern Ireland, South Wales, the North East of England and Lancashire and Central Scotland – became depressed and faced huge social and economic problems, even if they benefited from a certain amount of slum clearance, municipal building and relief schemes. Areas such as Jarrow, Gateshead, Motherwell and Greenock saw almost 75 per cent of insured workers out of work in 1932. Half a million Scots emigrated during the 1920s and every year between 1927 and 1939 Scottish unemployment was higher than the national average. In July 1933 it stood at 28 per cent compared to 16 per cent in England and Wales. On the other hand, a social survey of Oxford in 1938 could dismiss unemployment as “almost negligible”. 

The truth, however, was that throughout the interwar period never less than 75 per cent of the UK workforce – and often considerably more – was in employment. And in the Midlands and South of England, new industries were creating new jobs. Welsh miners would flock to Slough, for example, where many other Welshmen had already found jobs. Scots on the other hand lived too far away from these new centres of light industry. 

Several factors encouraged a rise in prosperity in the South. Wages fell by 2 per cent for those in work but prices by 10 per cent. This rise in real wages stimulated the purchase of all kinds of goods and investment in building societies. These latter investments rose from £88 million in 1920 to £711m in 1939. Houses were cheap and so were mortgage rates, so hence the private housing boom in Southern England and the Midlands. Moreover, these new houses had electricity and two thirds of all homes were ‘wired up’ by 1939. The great boost in electricity supply also furthered the sale of all sorts of new electric appliances – washing machines, Hoovers, fridges, radios and record players. It also boosted the electrification of suburban railways and the completion of the national grid. For some industries, indeed, the 1930s were years of unprecedented growth. Britain by 1937 was producing half a million motor cars a year at factories in Coventry, Luton, Oxford and London which employed a workforce of 400,000. Some 1.8 million people owned cars by 1937. Advances in petrochemicals meanwhile brought about the use of Bakelite in consumer goods and man-made fibres in clothing. 

J.B. Priestly could describe England in the 1930s as a country of “arterial and by-pass roads, filling stations and factories that look like exhibition buildings, of great cinemas and dancing halls, bungalows with tiny garages, cocktail bars, Woolworths, motor coaches, wireless, hiking, factory girls looking like actresses, greyhound racing and dirt tracks, swimming pools and everything given away for cigarette coupons.” Orwell wrote in only slightly different terms of the poorer, working class areas in the North, although what he said also applied to Scotland: “It is quite likely that fish and chips, art-silk stockings, tinned salmon, cut-price chocolate (five two-ounce bars for sixpence), the movies, the radio, strong tea and the Football Pools have between them averted revolution.” He could have added dance halls, record players and popular magazines. The Frankfurt School of Marxists thought the same. Consumer goods, jazz, cinema and nylons gave the working class a “false consciousness” that capitalism worked. 

Yet there were other reasons why the unemployed remained so passive. For a start in areas like Central Scotland the scale of unemployment was simply so massive that it seemed like an act of nature about which nothing could be done. More to the point, everyone was on the dole and could avoid starvation. There were even supplementary benefits for the worst off. Labour certainly had no ready solutions and only bothered to organise one demo in 1933. The trades unions were equally useless. They represented only employed workers anyway. Insofar as the radical Left had posed a challenge with the Red Clydesiders after 1918, their influence had died by the early twenties and any challenge from a united left collapsed with the defeat of the General Strike in 1926. It only lasted a week until the miners were deserted by their fellow trade unionists. Evidence for working class militancy or alienation is in any case hard to find.  

The famous Jarrow March of 1936, for example, consisted of only two hundred men, was non-political and organised with the cooperation of the police; one marcher was expelled because he was a communist. On the eve of World War Two the Communist Party achieved its greatest membership – a mere 17,756 members. Even the British Union of Fascists (BUF) had achieved a peak of 40,000 active and non-active members in 1934. The country seemed content to follow a Conservative lead.  

In 1932 supporters of the National Government won 533 seats to Labour’s 35. Even in 1924 in Scotland the Unionists had won 38 seats to Labour’s 27. Orwell conceded: “However much one must hate to admit it, it is almost certain that between 1931 and 1940, the National Government represented the will of the people.” And the leading British socialist intellectual of the time, G.D.H. Cole admitted: “Tory spokesmen are not talking sheer nonsense when they claim that the National Government has pulled Great Britain successfully through the greatest depression in history.”   

This is the sixth part of the series, here are the others:  

Part one – Mythology in the history of Anglo-Scots relations;   

Part two – From Auld Alliance to creating the Union;  

Part three – Scotland 1707-1914: The Union adjusts and consolidates;  

Part four – A loyal Scotland fights for Britain: 1707-1918; 

The Union survives the War and evolves: 1918-1938 

Alan Sked was educated at Allan Glen’s School in Glasgow, before going on to study Modern and Medieval History at the University of Glasgow, followed by a DPhil in Modern History at Merton College, Oxford. Sked taught at the London School of Economics where he became a leading authority on the history of the Hapsburg Empire, also teaching US and modern intellectual history and the history of sex, race and slavery. Alan Sked is now Emeritus Professor of International History at the London School of Economics. 

Portrait of Neville Chamberlain by Sir William Newenham Montague Orpen (1878-1931) 

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PrimeBit Demo Trading Contest will give away $5,000!

PrimeBit is the fastest-growing P2P trading platform where traders can exchange perpetual contracts on Bitcoin, Ethereum, and Litecoin. There are more ways to earn from trading crypto derivatives with the launch of the PrimeBit Demo Trading Contest. A total of 5000 USDT will be given away to the best traders!

Don’t miss the PrimeBit Demo Trading Contest!


PrimeBit is the fastest-growing P2P trading platform where traders
can exchange perpetual contracts on Bitcoin, Ethereum, and Litecoin.
There are more ways to earn from trading
crypto derivatives with the launch of the PrimeBit Demo Trading Contest. A total of 5000 USDT will be given away to the
best traders!

It’s time for traders to cash in huge rewards these months. The
best part is, there is no need to invest anything! Traders can quench their
thirst for competition and earn real rewards easily just by trading on demo
accounts. Traders of all levels can participate.

Trade on a Demo Account and Win Real Cash

PrimeBit’s Demo Trading Contest is a great way to pump up every trader’s game without any risk!
How does it work?

First, participants cansign up for a contest account using their email address. It will only take a
few seconds. After signing up, they will get access to their fully featured
demo account with an initial deposit of 5000 USDT.

All they need to do is use the mock funds provided and buy or sell
any cryptocurrency contracts on the platform during the contest period from
October 19, 2020 (12:00:01 am UTC) to November 15, 2020 (11:59:59 pm UTC). The
competition will heat up as the participants test their trading skills to win
amazing prizes!

Traders with the highest yields on their demo contest accounts
during the contest period can grab awesome bounties. In total, 50 top traders
in global ranking will share in the 3500 USDT prize pool, with the first placer
receiving a whopping 1000 USDT prize! Weekly prizes will also go to 10 traders
ranked in each week. The total side prize amounts to 1500 USDT!

After the contest ends, the winners will receive their rewards on
their PrimeBit live trading account within 2 weeks. The rewards can be
withdrawn easily without any restrictions. As additional perks, all new traders
who signed up at PrimeBit from September 21 and November 15 and joined the
contest will enjoy trading without any commission fees for 14 days!

It’s So Easy to Trade on PrimeBit

PrimeBit caters to traders of all levels. Even beginner traders
can start placing trades at any time on the mobile app. The webtrader is
equipped with basic and advanced tools to help traders make sound decisions. It
is readily accessible on desktop and laptop just by using a normal web browser.

Traders at PrimeBit enjoy trading with very low fees and no
maximum or minimum deposit limits. The easy email sign up kicks away all
unnecessary hassles. What’s more, PrimeBit offers up to 30% revenue share as
affiliate earnings. Unlimited profit potential is within reach when trading
crypto contracts with up to 200x leverage!

The PrimeBit Demo Contest starts on October 19, 2020. Don’t miss it!
For bank trade ideas, check out eFX Plus

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