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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.

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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.

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

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Wanted Cryptography Experts in China

 Wanted Cryptography Experts in China

The sooner we get to the official launch of China Digital Money. the more Cryptography Experts are needed.

it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.

The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)

this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC  that Bans any activity related to the cryptocurrency market.

Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.

something like if you can beat them , copy them.

in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the  digital currency research institute

This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.

the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project

since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.

the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.

“Beijing’s ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.

The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.

So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.

 

 

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