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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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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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