Connect with us

news

Forex Trading in Grenada • Forex Strategies • Benzinga

When most people think about Grenada, the first thing that comes to mind is probably luxury beach resorts, yacht races and white sand beaches. However, forex brokers are now offering service to residents of Grenada — and it’s never been easier to open an account and start trading forex.

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

When most people think about Grenada, the first thing that comes to mind is probably luxury beach resorts, yacht races and white sand beaches. However, forex brokers are now offering service to residents of Grenada — and it’s never been easier to open an account and start trading forex. 

Get Started with Forex in Grenada

No matter where you trade from, you’ll need a brokerage account to access the forex market. Here’s how you can open your first account and begin trading.

  • Step 1: Find a device connected to the internet. Almost all forex trading is now done entirely online. You can typically trade from any device with a stable internet connection, including mobile phones, desktop computers and even tablets. Run a speed test on your device of choice and be sure that your connection is private before you trade.
  • Step 2: Find a broker. There are many international forex brokers offering service in Grenada. Compare fees, currency availability and regulatory status before you decide which broker you’d like to work with.
  • Step 3: Open an account. After you choose a broker, open an account online through the broker’s process. You’ll need to provide a bit of personal information (like a scan of your ID and proof of residence) to open an account with most brokers.
  • Step 4: Fund your account. Once your account has been opened in full, deposit trading funds. The specific methods you’ll be able to use to fund your account will vary by broker, but most brokers offering service in Grenada accept direct bank transfers, deposits from an electronic wallet and debit card withdrawals.
  • Step 5: Download your trading platform. Though some brokers offer their own proprietary trading platform, many require you to use a 3rd-party platform. If you aren’t sure which platform to choose, begin by considering MetaTrader 4 or 5. The MetaTrader line of platforms is compatible with most brokers.
  • Step 6: Place your first trade. With your account fully open and operational, you can officially begin trading forex. 

Grenada Forex Trading Strategies

Grenada has a particularly strong local currency thanks to its ties to the USD. Let’s take a look at a few of the differences between these 2 market analysis types and when each is most appropriate.  

Technical Analysis

Technical analysis is a type of currency pair market analysis method that focuses on predicting currency pair price movements by analyzing chart patterns and data. Traders who use technical analysis typically focus on capitalizing on multiple price movements throughout the day or month instead of holding onto their positions for months or years. Some signals that traders using technical analysis might look for can include:

  • Reversal candlesticks that indicate that a currency pair will reverse its prevailing trend
  • Chart patterns that provide a buy or sell signal when a breakout occurs

The ascending triangle pattern is a commonly-followed chart pattern.

To get started with technical analysis, you might want to begin by practicing with a demo account. You should also have a powerful charting software with the ability to draw trendlines.   

Fundamental Analysis 

Fundamental analysis is a type of market analysis method often used by medium- and long-term traders to determine the future direction of a currency pair that attempts to examine the condition of the economy that issues the currency. The goal of fundamental analysis is to pinpoint discrepancies between a currency pair’s traded value and the relative strength of the 2 economies represented by each currency. Some primary sources of information traders using fundamental analysis might examine include:  

  • GDP reports
  • Unemployment rates
  • Consumer confidence indexes
  • Inflation rates
  • Data from political elections

A solid fundamental analysis strategy relies on a variety of primary economic sources.

To get started with fundamental analysis, you’ll need a reliable and unbiased source for international news and economic data for the countries of the currencies you intend to trade. You’ll also need to read and interpret these reports before trading.

Forex Trading Example in Grenada

Forex traders earn money by capitalizing on exchange rate movements between currencies. Currencies frequently change in value when compared to one another due to factors like inflation, gross domestic product (GDP) and unemployment rates. Let’s take a look at an example of a profitable forex trade.

Sabrina opens a forex account from Grenada and funds her account with EC$10,000. Her broker allows her to use 10:1 leverage when trading, which means that she can place trades worth up to EC$100,000 despite only having EC$10,000 in her account. Sabrina believes that the East Caribbean dollar (XCD) is soon going to fall in value in comparison to the British pound (GBP), so she decides to take a position of EC$100,000 into its equivalent in pounds.

In this example, 1 GBP is currently equal to 3.5400 XCD. This means that after her conversion is complete, Sabrina has a position of £28,248.58. Sabrina keeps her eyes on the market and sees that her research was correct. When 1 GBP is equal to 3.6400 XCD, she decides to close her position. Once complete, Sabrina has a position worth EC$102,824.85. This means that she’s seen a profit of EC$2,824.85 on this trade. 

Keep in mind that you are not guaranteed to make money when trading forex. Though earning money through forex trading is possible and legal, many novice forex traders lose money.

Making Money with Forex in Grenada

Since the Investment Promotion Act of 2009, Grenada has had a very lax set of restrictions when it comes to forex trading. You can freely exchange East Caribbean dollars among other currencies, deposit money into an international brokerage account and take profits as you see fit. Traders in Grenada are at a number of advantages when compared to investors in other countries as well. Some of these advantages include:

  • A relatively stable base currency: The East Caribbean dollar is pegged to the USD at a rate of 1 XCD to 0.37 USD. As the USD is the world’s top reserve currency, the USD’s ties to the XCD means that the XCD is comparatively more stable than other non-reserve currencies.
  • A strong internet infrastructure: A component of its rich tourism industry, Grenada has a very advanced internet infrastructure when compared to countries with a similar GDP. This makes it significantly easier to open a forex account and begin trading.
  • A strong electronic banking system: Grenada also has higher-than-average access to electronic wallet and online banking services, which makes it easier to fund your account.

Forex scams do still exist throughout the world. Be wary of any broker offering you very high leverage rates or service without clear oversight from a major regulatory body. 

Best Online Forex Brokers in Grenada

One of the most important decisions you’ll make when you decide to trade forex is which broker you work with. The broker you choose will determine which currency pairs you have access to trade, how you can withdraw your profits and what you’ll pay in fees. This means that it’s well worth the time to compare multiple brokers before you decide where you’d like to open your account.

No clue where to begin? Consider a few of our top choices below. 

Forex Terminology

Forex traders have many unique terms they use to describe currencies, place orders and discuss the market at large. Familiarize yourself with a few of the most common terms below before you trade.

Pip: A single pip movement is the smallest unit by which a currency pair’s exchange rate can change in value. In most cases, 1 pip is equal to 0.0001 of a currency pair’s exchange rate quote. For example, if the value of the USD moves from $1.0050 to $1.0051 in relation to another currency, you could say that its relative value moved by 1 pip.

Lot size: A standardized trading amount equal to 100,000 units of your base currency.

Orders: An order is a specific set of directions you provide to your broker so they can execute trades on your behalf. An order might tell your broker which currency you’d like to purchase, which currency you’d like to sell and what exchange rate the order should be executed at.

Margin calls: If you use margin to trade and the net value of your positions falls below a certain amount such that you lack enough margin money to continue to hold those positions, your broker might subject you to a margin call. If you receive a margin call, you must deposit more money into your brokerage account or immediately close out at least some of your losing positions so that you then have sufficient margin to continue to hold the remaining positions. 

Accessing the Forex Market

With easy internet access and a national currency attached to the world’s top reserve currency, forex trading in Grenada is possible. However, this doesn’t mean that trading in Grenada comes without risk. Always practice your trading strategy using a demo account, research brokers before opening an account and know your margin rates before you put any real money at risk of loss. Doing your due diligence will help you avoid forex scams.

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