Connect with us

news

Forex Trading in Bulgaria • Forex Strategies • Benzinga

Bulgaria has a rich European culture and a growing economy. Many Europeans have been trading currencies as a means to supplement their income. If you’re new to forex trading, read on to find out how to get started trading currencies.

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Bulgaria has a rich European culture and a growing economy. Many Europeans have been trading currencies as a means to supplement their income. If you’re new to forex trading, read on to find out how to get started trading currencies. 

Get Started with Forex in Bulgaria

Introduced to Bulgaria in 1881, the lev (BGN) was named after the Bulgarian word for lion. The Bulgarian National Bank has the exclusive right to distribute banknotes and coins to the people of Bulgaria. 

Following the restoration of the Bulgarian state, The Bulgarian National Bank (BNB) was established in 1879. It is an independent institution that reports to the National Assembly. The BNB plays a key role in maintaining the sustainability of the Bulgarian currency as well as strengthening the country’s banking and credit system. 

The Bulgarian lev is divided into 100 stotinki. The national currency of Bulgaria has denominations of 1, 2, 5, 10, 20, 50 and 100. These banknotes have depictions of European architecture, royal emblems and scientific inventions.

Banknotes of Bulgarian Currency

Bulgaria is part of the European Union, NATO, Council of Europe and the Organization for Security and Cooperation in Europe. It has been elected to the UN Security Council 3 times. As a result, the lev has been pegged to different foreign currencies. These currencies include the French franc, the German mark, the Russian ruble and the U.S. dollar. It has also been backed by gold at different stages in its history.

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

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

You can use your desktop, laptop, tablet or smartphone to trade forex. The value of the currency pairs listed frequently fluctuate. Having a personal device to constantly track these changes is essential 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 interested in. 

Be sure to check the footer of their websites for information on the regulatory bodies that oversee their activities. If you can’t find any such information from the U.S. Securities Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) or other reputable regulatory bodies, the broker can’t be trusted. 

Step 3: Sign up for an account. 

You can open a new account with the forex broker on their website. Some forex brokers require a minimum deposit to open an account. These brokers also offer different kinds of accounts based on your financial means and trading needs. 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 transfers, wire transfers and debit cards, as well as ewallet transfers. 

Step 5: Download a forex trading platform.

You need to download the forex trading platform on your computer or smartphone. Take the time to customize the look and feel of the platform to help you better take advantage of forex trading opportunities. 

Step 6: Begin your forex trading journey. 

Before you start trading forex, you might want to open a demo account using virtual money. Demo accounts can help you get used to the interface of the forex broker without taking unnecessary real money losses. After you feel confident using the platform and your trading strategy, you can start trading forex in a live account.

Bulgaria Forex Trading Strategies

Forex traders from all over the world rely on a few simple strategies with the goal of maximizing their profits and minimizing losses. You can consider using these forex trading strategies to earn better results from your trades. 

News Trading

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

For example, you can look for information coming out about inflation rates, trade policies and multinational deals made between countries. News trading generally requires careful risk management, good timing and a correct market view to make a profit. You also run the risk of missing the window of opportunity if you’re not fast enough with your trade executions. 

Day Trading

Day trading involves closely monitoring the intraday exchange rate movements of forex currency pairs within a single trading session. These trades can take place anytime during the day and the trader generally exits all positions on the same day. Traders have adopted this method to reduce losses from overnight market volatility. 

Some day traders watch the market continuously, while others leave orders and log into their account a few times over the day to adjust trade positions. Day trading is quite common among short-term traders. 

Scalping

Scalping is a strategy that generally involves making numerous trades throughout the day with the goal of taking many small gains and fewer small losses. The small profits earned from minor price movements can add up to a sizable income, although transaction costs can be substantial and need to be factored in. 

Rapid price movements during intraday trading sessions can cause significant slippage on your stop-loss trade executions at some brokers. These losses can quickly negate your earnings and eat away at your profits. This method of trading requires a lot of time and focus to track exchange rate movements. Scalping may not be suitable for traders with a full-time job outside of trading. 

Momentum Trading

Momentum trading or swing trading can involve taking overnight positions. Swing traders prefer to buy currency pairs low and sell them high as their exchange rate fluctuates during the week. These traders rely on shifts in market momentum and significant market volatility to profit. 

With this method of trading, you can adjust your entry and exit positions throughout the week based on signals from momentum indicators to take profits and cut losses.   

Forex Trading Example in Bulgaria

Trading currencies can be a rewarding opportunity to supplement your income. The lev is currently pegged to the EU euro at the rate of 1.9558, so Bulgarians can instead trade the highly liquid euro as a proxy for their own currency.

EUR/USD exchange rate over the last 5 years.

As an example, the EUR/USD forex currency pair is currently trading at 1.1800. You can consider buying €100,000 against the USD. After 1 month, the EUR/USD exchange rate might have risen to 1.2000. You can sell your long €100,000 position at that point and earn a profit of $2,000. If the market had instead declined to 1.1600, you would show a loss of $2,000. 

Making Money with Forex in Bulgaria

In Europe, the Bulgarian lev has a higher value relative to the euro than the currencies of some of its neighboring countries, including Russia, Norway and Denmark.  The image below shows the current EUR/BGN exchange rate and some of its recent trading ranges. 

Best Online Forex Brokers in Bulgaria

Online forex brokers let you trade a variety of currency pairs in the forex market. You can easily manage your trading positions on these platforms. Most of these forex brokers allow you the luxury of 24-hour trading commission-free, although you will still pay away the dealing spread whenever you trade. You generally trade currency pairs on margin using these online platforms. 

Take a look at these top forex brokers available online.  

Account Minimum

$100 USD (or equivalent)

Pairs Offered

69

Account Minimum

$100 USD (or equivalent)

Pairs Offered

69

1 Minute Review

HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.

HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service. 

Best For
  • Investors who want a customizable fee schedule
  • Traders comfortable using the MetaTrader platform
  • Islamic traders who need swap-free accounts that don’t build interest
Pros
  • Wide range of currency pairs available
  • Excellent selection of educational tools
  • $0 deposit and withdrawal fees
Cons
  • Not currently available to traders based in the U.S.
Account Minimum

100 of your selected base currency

Pairs Offered

80+

Account Minimum

100 of your selected base currency

Pairs Offered

80+

1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Pros
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
Cons
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Account Minimum

$50 USD

Pairs Offered

47

Account Minimum

$50 USD

Pairs Offered

47

1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
Pros
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
Cons
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum

100 EURO

Pairs Offered

50+

Account Minimum

100 EURO

Pairs Offered

50+

1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
Pros
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
Cons
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Forex Terminology

You should be familiar with a few basic forex terms before you start trading. Millions of forex traders use these terms regularly during intraday trading sessions. 

Pip: The smallest unit of exchange rate movement for a particular currency pair is a pip. Generally, forex pips are a 1-unit movement of the 4th decimal point. 

Lot size: The lot size is a standardized trading amount and 100,000 base currency units are the standard lot size at most online forex brokers. You can buy and sell currency pairs in smaller lot sizes at most brokers.

Orders: An order is a command issued to an online forex broker to carry out your trade. When you want to buy one currency against another, you place an order to do so with your broker. To close out that long position, you can then place an order to sell the base currency against the counter currency. 

Margin calls: An online forex broker can send you notifications called margin calls asking you to deposit more money. This might occur when you have 1 or more forex trades open and your margin account requires additional funds to maintain the existing position. Many online brokers will automatically close out your positions in this situation rather than issuing a margin call. 

Trading European Currencies Can Be Rewarding

Bulgaria has a steady economy. The Bulgarian National Bank is actively engaged in maintaining the value of its lev steady against the euro. Trading currencies can also be a profitable strategy for Bulgarians with short-term and long-term forex market views. You can get involved in trading forex from Bulgaria now. 

Continue Reading
Advertisement

news

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).

Continue Reading

Daily Financial News

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

 

Continue Reading

Daily Financial News

easyMarkets launches Ethereum and Ripple.

easyMarkets launches the crypto-markets’ best kept secret – Ethereum and Ripple.

The crypto markets are the new frontier of trading, we have seen unprecedented movement – from astonishing peaks to abrupt crashes – behaviors and easyMarkets launches Ethereum and Ripple.movements no other instrument experiences or has experienced previously.

Bitcoin was immensely popular when we introduced it to our customers in 2017. After closely following the innovative cryptocurrency markets we found two more immensely interesting (but less visible) cryptos to add to our offerings – Ethereum and Ripple.

easyMarkets launches Ethereum and Ripple.

Ethereum is a blockchain based cryptocurrency like Bitcoin, whereas Ripple is a cryptocurrency payment protocol, touted as a solution to perform payments for institutional clients. Although Bitcoin was undeniably the markets’ star in 2017 – these two crypto-counterparts had equally impressive movements.

Ripple towards the end of 2017 had a notable 33014% overall climb with a market cap of $83.6 Billion. This was assisted by Ripple’s collaboration with institutional users like American Express.

Ethereum had climbed an astounding 8,885% from the beginning of 2017 until the end of that year with a respectable market cap of 69.3 billion. Purely as a cryptocurrency it seemed to even outdo its forefather – Bitcoin – by completing transactions quicker and more effectively.

they have also lowered our spreads on Bitcoin!

Of course, all of their cryptocurrencies include easyMarkets great trading conditions:

Trading Conditions

  • There’s  zero slippage on the easyMarkets web platform meaning your Ripple trades will be executed at the price you see on your screen.
  • You can trade Ripple during its most active times, around the clock, five days a week.
  • They got you covered with an in-depth eBook and plenty of other trading education resources.
  • Make sure you have an exit plan in place by taking advantage of our 100% guaranteed Stop Loss and Take Profit.
  • They cover your deposit and withdrawal fees, so that the amount you deposit or withdraw is the amount you receive.
  • Negative Balance Protection means you can never lose more than you invest when you trade Ripple CFDs at easyMarkets.
 easyMarkets launches Ethereum and Ripple.
Continue Reading

Trending