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Forex Trading in Gambia • Forex Strategies • Benzinga

In 2015, the Gambian dalasi experienced a huge loss of value against major currencies. In an attempt to maintain control of the currency, the government stepped in to limit forex shipments and set a fixed exchange rate. These policies achieved the exact opposite effect, and financial authorities soon reversed course. Since 2016, Gambia’s economy has…

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In 2015, the Gambian dalasi experienced a huge loss of value against major currencies. In an attempt to maintain control of the currency, the government stepped in to limit forex shipments and set a fixed exchange rate. These policies achieved the exact opposite effect, and financial authorities soon reversed course. Since 2016, Gambia’s economy has improved under loosened forex rules and market determination of the dalasi exchange rate.

Source: Best Exchange Rates

Gambia’s financial policies have sheltered it from the ire of the European Union (EU), which drew back much of its support to Gambia because of West Africa’s increasing nationalism. The real gross domestic product (GDP) of Gambia is expected to increase 5.1% by 2021, led by financial policy and the opening of the Trans-Gambia Bridge. The retail forex market is an option for Gambians looking to participate in the country’s improving global prospects.

Get Started with Forex in Gambia

To get yourself started trading forex in Gambia, use the following tips.

  1. Get online. Accessing the retail forex market is all about accessing the Internet. If you have a stable, fast connection, you give yourself an advantage when trading.
  2. Get a broker. Any offshore forex broker should be regulated through the Central Bank of Gambia or another major authority. Verify this before committing to any broker. If you choose to do business with a broker outside of the central bank’s perview, it is recommended to choose a broker regulated through a major international financial authority.
  3. Open a forex account. Your chosen broker will guide you through the process of opening your brokerage account. Connecting your account is necessary to perform transactions quickly and provide a basis to trade on margin.
  4. Fund yourself. The money you trade with may come from a debit card, a check, the bank account you just connected or selected fintech apps.
  5. Get a trading platform. Choose between the platform your broker provides or a reputable third party interface like MetaTrader.
  6. Trade. After testing the platform with a demo account, you can begin to trade the market with real money.

Gambia Forex Trading Strategies

Attribution: Gain.gm

Now that you are properly set up to trade forex, here are some trading strategies to get you started: 

  • Breakout trading. A breakout is when a price breaks above a range’s resistance level or below a range support level — or breaks beyond the lines of many chart patterns, such as triangles, head and shoulders, double tops/bottoms, channels and more. Traders hope that the trend has enough strength to continue in the same direction for big profits.
  • Return to the mean. If a currency price does not break out, it has a higher probability of returning to its “mean” or average price over that range. Investors can trade in a way that profits from the difference in the current price and the mean price, which may include going long or short the currency pair.
  • Retracement. Day traders who focus on high frequency strategies may take advantage of retracements, or small pullbacks that occur within a directional trend.
  • Reversal. Reversal traders wait for trading indicators to tell them that a price is too high or too low and will reverse itself.
  • Carry tradin.: Buying currencies allows you to collect an interest rate payment just like holding money in a bank. Different currencies have different interest rates. Carry trading means that you profit from the difference in those rates — you are generally long the higher interest rate currency and short the lower interest rate currency in a carry trade.

Forex Trading Example in Gambia

If USD/GMD is trading at 0.0190/0.0210 and you think the exchange rate will rise, you buy into your preferred currency. The margin rate of this currency pair is 6.77%. This entitles you to purchase D1,000,000 with $1,354 in your brokerage account.

The USD/GMD price is trading at 0.0240/0.0260 after 3 hours. If you sell, your profit is (D1,000,000*0.0240)-(D1,000,000*0.0210) or $3,000 on a 30-point move.

Making Money with Forex in Gambia 

Chart with support and resistance levels

After you choose the strategies that work best with your personality, you can move into day to day tactics. Here are just a few of the tools you can use to maximize your profits. 

  • Shorting currency pairs. Shorting involves selling a currency pair first then buying it back later at a cheaper rate.
  • Contracts for difference (CFDs). Trading CFDs lets you trade currency pairs without owning any currency. CFD brokers can also give traders access to leverage.
  • Binary options. Binary options give a trader only 2 possible outcomes — yes or no. The amount of money on the line is a fixed amount, and the amount you lose if wrong is fixed — but there could be a reference to fixed profits if you’re correct. 

Best Online Forex Brokers in Gambia 

Vet your list of forex brokers thoroughly. Check their feature sets and how they are regulated before committing your funds and personal information.

Forex Terminology

Learning the language of the forex market reduces your chances of error and improves your chances of success. Here are some of the important basics that will help you:

  • Pip. A “percentage in point”often pegged to U.S. $0.0001, also known as a “basis unit.”
  • Lot size. The standardized amount of currency you sell or buy, with a standard size of 100,000 base currency units.
  • Orders. The overall strategy describing how the investor enters or exits a trade in forex.
  • Calls. A contract between a buyer and seller that gives the right but not the obligation to purchase a certain amount of 1 currency against another at a given exchange rate at some point in the future.

Investing in a Growing Economy

Gambia is becoming a bigger player in West Africa. Learning the market and setting yourself up in it safely puts you ahead of the curve and at a distinct advantage when investing.

Alongside learning the market and your chosen interface, accessing a reputable stream of real time information is essential for forex success. Start with our guide to forex trading in Gambia.

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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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