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Forex Trading in Barbados • Forex Strategies • Benzinga

Traders in Barbados are able to engage in the online foreign exchange (forex) market to speculate on exchange rate movements. If you reside in Barbados and are new to forex trading, here’s how you can get involved in trading currency pairs.

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Traders in Barbados are able to engage in the online foreign exchange (forex) market to speculate on exchange rate movements. If you reside in Barbados and are new to forex trading, here’s how you can get involved in trading currency pairs. 

Get Started with Forex in Barbados

The Central Bank of Barbados was established in 1972. As part of its plans for economic development, the Barbados dollar (BBD) was introduced in 1973 to be used in place of the Eastern Caribbean dollar in Barbados. The Central Bank of Barbados has the sole authority to issue Barbados dollars. The banknotes of Barbadian dollars have denominations of 2, 5, 10, 20, 50 and 100. A Barbadian dollar is divided into 100 cents. 

The Barbados dollar notes were redesigned in 2013. The new series of banknotes featured imprints of outstanding Barbadians and major security measures to curb the counterfeiting of the national currency.  

Banknotes of Barbados Dollars

The cultivation of cash crops such as sugarcane, yam, sweet potatoes and corn are prevalent in Barbados. Apart from agriculture, tourism and financial services also generate sizable revenue for the Caribbean country. There are more than 45 offshore banks, 242 insurance companies and 3,065 international business companies operating in Barbados. 

Here’s a step-by-step guide to help you get started with forex trading in Barbados.

Step 1: Get a digital device with fast internet connectivity. 

You can use your desktop, laptop, tablet or smartphone to trade forex. The exchange rates of the currency pairs listed at online brokers frequently fluctuate. Having a personal device to track these changes whenever necessary and adjust positions is very helpful to successful forex trading. 

Step 2: Find an online forex broker. 

There are several forex brokers available online. Go through their websites and choose a broker that lets you trade the currency pairs you are most interested in speculating on. 

Be sure to check the footer of its website for information on their regulatory status. If you can’t find any such information from reputable regulators like the U.S. Securities Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA) or another strict regulatory agency, the broker probably can’t be trusted. 

Step 3: Sign up for an account. 

You can open a new account with the forex broker on its website. Most online forex brokers require a minimum deposit amount to open an account. Most brokers also offer different kinds of accounts based on your initial deposit amount, desired benefits and other trading requirements. Choose the one that’s right for you. 

Step 4: Transfer funds to your account.

Once you’ve signed up for an account, you need to transfer funds to start trading forex. Depending on the broker you’ve chosen, you can choose your accounting currency and fund your account using several options. Generally, these funding options include bank wire transfers, ewallet transfers and debit cards. 

Step 5: Download a forex trading platform.

You may need to download a forex trading platform on your computer or smartphone that your broker supports. Take the time to customize the look and feel of the platform to help you trade more efficiently. 

Step 6: Begin your forex trading journey. 

Before you start trading forex, you might want to open a demo account funded with virtual money. These practice accounts can help you get used to the interface of the forex broker without the risk of losing money. After you feel confident using the platform and your trading strategy, you can start trading forex using real money in a live account.

Barbados Forex Trading Strategies

Many forex traders from all over the world rely on a few basic trading strategy types to maximize their profits and minimize losses. You can check out these common forex trading strategies to help achieve better results when trading. 

Day Trading

Day trading involves closely monitoring intraday exchange rate movements of forex currency pairs as you open and close out all positions within a single trading session. These day trades can take place anytime during the day and will be closed out on the same day. Traders have adopted this method to reduce the chance of losses from overnight market volatility when they cannot watch the market. 

You can adjust your day trading positions a couple of times over the day based on market movements and as your market views change. Day trading can be time-consuming, so make sure you have the spare time required to commit to a particular day trading strategy. 

News Trading

Global economic news and events can have a strong impact on relevant currency pairs quoted in the forex market. Many traders stay on top of influential financial information to anticipate the short-term exchange rate movements of forex currency pairs. 

You can research relative inflation and interest rates, monetary policy and multinational trade deals made between countries. News trading often involves quick and appropriate reactions to new information to make a profit and low stop-loss order slippage at your broker to help limit losses. You run the risk of missing the window of opportunity if you’re not fast enough with your trade executions. 

Scalping

Scalping is a very short-term trading strategy that typically involves making numerous quick trades throughout the day aiming to capture small profits while taking even smaller losses. The accumulated profits earned scalping currency pairs can add up to a sizable income for quick traders. 

Rapid exchange rate movements during daily trading sessions can cause slippage on your stop-loss trade executions. These losses can quickly eat away at your profits, so it makes sense to choose a broker that offers no order slippage if possible. This method of trading requires a lot of time and focus to be successful, so scalping will probably not be suitable for traders with another full-time job. 

Momentum Trading

Momentum trading or swing trading is a short- to medium-term trading strategy that can involve taking overnight positions and tends to profit from market volatility. Swing traders typically trade along with the prevailing trend but also watch momentum indicators for market reversal signals so that they can also profit from corrections. 

This method of trading can be less stressful than day trading or scalping, although taking overnight positions does involve extra risks. You can adjust your positions throughout the week to take profits and cut losses.   

Forex Trading Example in Barbados

The long-standing peg of the Barbadian or Bajan dollar to the U.S. dollar makes the USD/BBD an unusually stable forex currency pair. Most traders will therefore want to operate in other currency pairs that exhibit greater exchange rate volatility. 

As an example, let’s say that the USD/BBD forex currency pair is trading at 1.9919. It will cost you 1.9919 Barbadian dollars to buy 1 U.S. dollar, so you can buy $100,000 for 199,190 Barbadian dollars. You can also take a $100,000 position in USD/BDD in your margin account if your forex broker allows you to trade that currency pair. 

Assuming a leverage ratio of 30:1, that means you would need to have at least $3,333.33 in your broker account as margin to initiate that position. After 1 month, the price of the USD/BBD currency pair might have risen to 1.9981. 

At that time, you can sell out your $100,000 position in USD/BBD to realize a profit of 620 Barbadian dollars over that time frame. Alternatively, if the USD/BBD exchange rate instead fell to 1.9880, you would have lost 390 Barbadian dollars. 

USD/BBD exchange rate over the last 1 year.

Making Money with Forex in Barbados

When the Barbadian dollar was newly launched in 1973, 2 Barbadian dollars equaled 1 U.S. dollar. In almost 50 years, the Barbados dollar has maintained that value with minimal changes. This aspect of the native Barbadian currency has prompted some forex traders to trade the well-established range around that pegged value if they have access to the Interbank market or can actually find an online broker that will let them operate in the USD/BBD pair. 

Over the past year, the USD/BBD currency pair has hit a 52-week high of 2.0421 and a 52-week low of 1.9800. These relatively small exchange rate movements can present a range trading opportunity for residents of Barbados, although most Barbadians will probably want to trade other more liquid currency pairs that exhibit greater volatility. 

Best Online Forex Brokers that Accept Clients from Barbados

You will probably need an online broker to start your forex trading journey. These brokers support trading platforms with advanced tools to help you browse through, chart and trade numerous forex currency pairs. You can also find tons of educational resources and daily financial news from around the globe to improve your forex trading knowledge on many brokers’ websites.

Take a look at some of the best forex brokers that will take clients from Barbados in the table below. 

Forex Terminology

You should be familiar with a few basic forex terms before you start trading. Many forex traders use these terms regularly.

Pip: The smallest exchange rate movement in a particular currency pair. In most cases, a single forex currency pip change will be in the 4th decimal place or 0.0001. For instance, if the USD/BBD exchange rate rose from 1.9981 to 1.9982, it is considered a movement of 1 pip.

Lot size: This is a standardized trading amount; 100,000 base currency units are the standard lot size at most online forex brokers. You can also transact currency pairs in smaller micro and mini-lot sizes at some brokers.

Orders: An order is a command given to your online forex broker to execute a trade for you in the market. When you want to buy or go long a forex currency pair, you place an order to buy the base currency and sell the counter currency. When you want to sell or go short on a forex currency pair, you execute an order to sell the base currency and buy the counter currency in your desired amount.

Margin calls: A notification from your broker to deposit more margin in your trading account. Instead of issuing a margin call, most online forex brokers will instead automatically close out your open positions if the margin required to hold them exceeds your trading account’s balance. Keep an eye on your account balance and required margin when trading to make sure this does not happen. 

Trade from Barbados Today

Islands in the Caribbean such as Barbados have limited job opportunities. Due to a shortage of employment options, Barbadians who feel comfortable taking financial risks can explore trading forex as a way to possibly generate more money from their risk capital. Moreover, the Barbados government stated in 2019 that it had increased the amount of foreign currency that residents can hold in bank accounts to $10,000 in 2019 and that it aims to pursue a policy of gradually relaxing exchange controls. This may help residents of Barbados trade BBD, although most online forex traders will want to operate in the major currency pairs instead because of its greater liquidity. 

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Statements about Cryptocurrency

Statements about Cryptocurrency

Cryptocurrencies are in a bubble and regulators could burst this at a whim.

  • Eight years after the introduction of Bitcoin, there are now over 900 cryptocurrencies and their prices are at all-time highs.
  • Richard Schiller categorizes bubbles as an underlying story driving the market forward, as opposed to the fundamentals of the assets. Cryptocurrencies are riding on a narrative of economic empowerment and freedom.
  • Despite the widespread attention that cryptocurrency receive, many of the actors involved in the market are not fully informed. Debate tends to turn to hype and naive investors are buying crypto-assets without fully understanding what they are.
  • Banks spend 73% of the market capitalization of Bitcoin each year on regulatory compliance. Crypto-assets are currently unregulated and free of these restrictions. As such, the market has thrived but also developed some bad habits.
  • Regulators cannot necessarily shut down cryptocurrencies, but they can restrict liquidity into them from fiat currencies and hamper their growth. The global derivatives market, for example, is worth $1.2 quadrillion, dwarfing Bitcoin’s $100 billion market cap.

Statements about Cryptocurrency

Market manipulations in crypto markets are undermining their credibility.

  • Due to low liquidity, no regulation, and a lack of clear understanding of the markets, pump and dumps are widespread in crypto markets. This is where a speculator can artificially sell while concurrently buying their own currency, wait for the market to rise, and then dump their holdings.
  • Frontrunning is also a common occurrence in ICOs, where early investors—who are used to show initial faith in the enterprise—buy discounted tokens before immediately selling them on.

As with historic bubbles, scams are exploiting naive investors.

ICOs can have the characteristics of vaporware. Entrepreneurs are raising hundred of millions of dollars purely on concepts. Money is being raised from investors who do not truly understand the technical concepts being proposed to them, let alone whether they are feasible.

  • The actual asset structures of ICOs are not only complex but also new forms of assets in their own right. This further confuses investors, which is compounded by the “FOMO” mentality of rushing into investments and following the crowd.
  • The use of celebrities to promote ICOs further demonstrates the use of manipulative marketing techniques used to cajole immature investors into participating in ICOs.
  • The current ICO craze is reminiscent of the South Sea Bubble of the 18th century, a speculatory period that involved crazed investment into enterprises in the New World. Once one of the highest valued companies of all time, the South Sea Company’s bubble burst and the company disappeared almost as quickly as it appeared.

Blockchains are still not proven technology, and more work is required.

  • Blockchains are still new concepts and their technology has not yet been proven on a consumer-wide scale. Attention should be focused on developing this, not speculating on short-termist projects.
  • The security of blockchains is a concept that most investors in crypto-assets do not understand. The onus is on them to protect their assets, which, on the basis of the amount of thefts and frauds in the space, is not being done properly.

There are some solutions to these issues.

  • A less polarized mentality of “us against the world” is needed; this could be enforced by the promotion of self-regulatory standards. These could also help to highlight the bad actors in the ecosystem.
  • More development is required into the underlying technology of blockchains. In the long run, this would be far more valuable than ICO moon-shot projects.
  • Awareness and discussion needs to be promoted. Conferences should present balanced debates from both sides of the crypto-view and more emphasis should be placed on educating investors instead of soliciting their investments.

Originally Published here at https://www.toptal.com

Statements about Cryptocurrency

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CMStrader Signals provider, the number 1 signal provider 4 years in a row

CMStrader Signals provider, the number 1 signal provider 4 years in a row.

CMStrader, the number 1 signal provider 4 years in a row, is now offering free signals to new clients!  Reliable trading tools are fundamental part of successful trading.

cmstrader for the Best Trading Signals

cmstrader for the Best Trading Signals

 

CMStrader’s signals success rate is estimated in 91% this should be enough to take a look and decide for yourself. since this is their biggest feature and drives this broker towards success, it is opretty afe to say that they do their utmost to provide you with quality forex signals.

This broker also entered the cryptocurrency market and offers several cryptocurrencies.  in short they act on the market and engage their clients directly.

when you start trading at CMSTrader, you can choose from a extended list of currencies, indices, commodities, gold and oil.

CMStrader Signals for better Trading

CMSTrader sends trading signals to traders’ accounts when there is an opportunity to buy or sell orders at specific points; an overview of the speculated price or loss ratio is included.

CMStrader Signals the number 1 signal provider among brokers

CMStrader Signals the number 1 signal provider among brokers

The signals are sent directly via SMS to a cellphone for major currencies traded on the stock exchange, foreign goods and precious metals.

In addition, signals can be sent to an e-mail address and or traders can be notified directly over the phone.  This service is available 24/5.

Like with Most proper signal services don’t expect 50 signals a day as simply there are not that many. you will get maybe a few good ones a day on which you could and most of the time should act.

Earn profits with CMStrader Signals in the forex market – the biggest trading scene in the world. Enjoy our unique benefits, trading education, minimum margin and best leverage! Start with a demo account and enter the amazing world of forex with CMStrader.

More about CMStrader Signals & Forex Broker

  • Name :CMSTrader
  • Website :cmstrader.com
  • Established :2013
  • Regulation :FSP
  • Country :United Kingdom
  • U.S. Clients Allowed ?  :No

CMSTrader is a leading investment advisor specializing in personal wealth management and growth and is a somewhat a newcomer to the Forex market.

they started in 2013 and since then have won several awards 2 including one for having best customer service in 2013.

CMSTrader “CMStrader Signals” is authorized under the name of CMS Ventures Limited which is a New Zealand Registered Financial Service Provider (FSP).

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Supreme Court Sides With Bits of Gold in Bank Dispute

Supreme Court Sides With Bitcoin Broker “Bits of Gold” in Israeli Bank Dispute

Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.

The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.

As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.

We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them. Bits of gold versus leumi

They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos  as hard as possible knowing that they will never be able to stop them.

There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane. 

Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.

There is thus Hope But no decision

Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.

On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.

During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.

The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”

 

The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”

Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.

One Small Step Forward

Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.

 

The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.

This was First Published by coindesk

 

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