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

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).

 

Continue Reading

news

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

 

Continue Reading

news

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.


 

Continue Reading

Trending