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Forex Trading in Jamaica • Forex Stategies • Benzinga

Any adult based in Jamaica who wants to trade forex should not have much trouble getting started. Trading forex in Jamaica just requires an account with a reliable online broker and a trading platform to make trades through. For the most successful trades, you’ll need a viable trading strategy with a sound trading plan.

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Any adult based in Jamaica who wants to trade forex should not have much trouble getting started. Trading forex in Jamaica just requires an account with a reliable online broker and a trading platform to make trades through. For the most successful trades, you’ll need a viable trading strategy with a sound trading plan.

Trading forex from Jamaica also has some advantages over trading currencies from more highly regulated jurisdictions like the U.S. or the EU. For example, you can use higher leverage ratios when trading from Jamaica, although that can magnify your losses as well as your profits. Continue reading to learn how to start trading forex from Jamaica.

Get Started with Forex in Jamaica

Many quality international forex brokers offer their services to Jamaican clients. If you’ve never traded currencies before, trading forex from Jamaica can be quite easy. You just need to follow the 6 steps detailed below:

  • Get a reliable internet-connected device like a smartphone, tablet or PC.
  • Find an online forex broker that will accept Jamaican clients.
  • Open a forex trading margin account with that broker. 
  • Deposit funds to your account using a payment method accepted by the broker, such as Skrill, Neteller or WebMoney. Many brokers also accept deposits made via MasterCard, Visa and bank wire transfers. 
  • Obtain access to the broker’s trading platform or one it supports, like MetaTrader.
  • Enter your first trade.

Once you’ve taken those steps, you will have a funded online forex trading account you can use to trade forex from Jamaica. 

Jamaica Forex Trading Strategies

Having a good forex trading strategy can make or break your forex trading account. You can practice using your strategy with a forex demo account that most brokers offer.

Several popular trading strategies you can implement in your account are listed below, although keep in mind that some require more expertise and dedicated time than others. These strategies can help forex traders make money whether trading from Jamaica or elsewhere. 

Scalping: This short-term trading strategy involves quickly entering and exiting the market to take advantage of small exchange rate fluctuations. Scalpers typically aim to capture a few pips of profit on each trade.  

Day trading: This trading strategy involves buying and selling during a trading session, although all positions are closed out before that session ends. This means day traders can avoid the extra risk exposure involved in carrying overnight positions.

News trading: Traders who like to watch economic and geopolitical news might enjoy news trading. This strategy aims to profit from the sharp exchange rate moves often seen right after sensitive economic data or news is released. 

Trend trading: If you like to take a longer-term view on exchange rates, then trend trading might be for you. This strategy involves establishing a position to profit from a prevailing market trend and then closing that position out once the trend finishes. 

Swing trading: Sometimes also called momentum trading, swing trading usually involves making trades based on momentum indicator signals. The overall goal is to buy low then sell high or sell high then buy low. Since this strategy lacks time constraints, swing traders can hold positions for as long as needed to allow the market to move as expected. 

This daily chart for the past year shows how USD/JMD typically trades in a range between 130 and 145 that an astute swing trader could take advantage of. Source: XE.com

Forex Trading Example in Jamaica

Jamaica’s national currency is the Jamaican dollar (JMD) that has the code J$ to distinguish it from other dollar currencies. The Jamaican dollar is divided into 100 smaller units — cents — although the 1, 10 and 25 cent coins were demonetized in February 2018, so the $1 coin is currently the lowest coin denomination in Jamaica. The Bank of Jamaica issues and manages the value of the Jamaican dollar.

A recent quote for the USD/JMD exchange rate was 140.75 Jamaican dollars to 1 U.S. dollar. If your analysis of the market suggests the USD/JMD exchange rate will rise, then you could purchase 100,000 U.S. dollars against the Jamaican dollar today at that 140.75 exchange rate

If the USD/JMD rate then subsequently rallied to 141.75, you would use this calculation to determine your trading profits:

100,000 USD x (141.75-140.75 JMD/USD) = 100,000 JMD

To convert that amount of profit from Jamaican dollars into U.S. dollars, you would need to perform this calculation:

100,000 JMD ÷ 141.75 JMD/USD = 705.47 USD

Alternatively, if the USD/JMD market had instead declined to 139.75, you would have lost this amount:

100,000 USD x (139.75-140.75 JMD/USD) = -100,000 JMD

When converted into U.S. dollars at the USD/JMD exchange rate of 139.75, your loss would be:

-100,000 JMD ÷ 139.75 JMD/USD = -715.56 USD

Making Money with Forex in Jamaica

Trading forex successfully typically requires more than just acting on educated guesses or hunches. Most good traders obtain their market knowledge and develop their views through extensive research and analysis. They also incorporate that information into a profitable trading strategy and have the discipline required to stick to it. 

Since making money trading forex generally requires having a consistently profitable strategy that you can adhere to, you should be prepared to take the time to perform the detailed research and testing needed to formulate a profitable trading strategy. Most good strategies incorporate objective trading criteria, as well as some form of risk/reward analysis and well-established money management techniques. 

Remember, too, that many strategies can work well for a while, but they might not do as well once market conditions change, so be sure to backtest your strategy over a wide range of market environments. 

Best Online Forex Brokers in Jamaica

Although online brokers generally do not have offices in Jamaica, various forex brokers based outside of Jamaica accept clients from the county.  For example, international brokers like eToro, AvaTrade, Alpari, FXPro and XM have been known to accept clients from Jamaica. If you meet a certain broker’s requirements, you can often open an account using the Skrill or Neteller online payment services to add funds to your margin trading account. 

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

Professional forex traders have evolved a unique jargon to describe certain aspects of their business. You may benefit from familiarizing yourself with this special terminology before starting to trade. It includes the following common terms: 

  • Lot size: A lot is a standardized trading unit. Standard forex lots have a lot size of 100,000 base currency units, while mini lots consist of 10,000 units and micro-lots consist of 1,000 units.  
  • Pip: This popular acronym stands for “point in percentage” and refers to the smallest exchange rate movement for a particular currency pair.
  • Margin call: If holding your trading positions necessitates an additional margin deposit, your broker may issue a notice or “margin call” for you to add funds to your account. Some online brokers will instead automatically liquidate positions when holding them exceeds your deposited margin.  
  • Orders: These consist of instructions you give your broker to make trades on your behalf. Commonly used forex orders include limit, stop-loss, take profit and market orders.  

Does Trading Forex in Jamaica Make Sense for You?

Those prepared to invest the time and money into developing a profitable trading strategy can stand a chance of becoming successful trading forex on their own. The good news is that you can do that in Jamaica or anywhere else in the world you can trade forex. 

Beginners without a strategy or those who have less time to spend developing one can use a social trading platform and copy the trades of those traders with a good established track record in their own account.  

Remember, the broker you choose to trade with from Jamaica should be strictly overseen by a major financial regulator like the Financial Conduct Authority (FCA). You can select any broker from among those we listed that take Jamaican clients and apply them to open a trading account. 

Hire a Pro: Compare Financial Advisors In Your Area

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Online Trading platform SIRIX

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SIRIX|  Online Trading platform SIRIX Review

[yasr_overall_rating]

Everyone that has been trading for some time has most likely traded on the metatrader 4 trading platform of metaquotes. This has been the standard in the industry for the last couple of years.

 

But more and more brokers Like CMSTrader and UBCFX are offering alternatives that might suite certain traders even better then the MT4 as they have a lower learning curve and are designed more intuitive.
One of these platforms is the Sirix Trading Platform.
The Sirix Trading platform is

Sirix, a fully packed trading software with numerous with numerous options and special indicators that are designed by the software company to present you with a personalized trading experience.

Positive features and benefits of the Sirix Trading Platform

Ease of Use: if you are a trader you will be able to access your Sirix trading platform and see all your trades and other information at any place and time. The Web-trader is a fully function trading platform that does not require you to do any download. This has more or less become the norm of the industry and if you for example take the Sirix Trading platform of LegacyFX you will be able to have a download desktop version, a web version and a mobile version.
these in general all have the same functionalities but of course is the mobile version a bit more limited due to the smaller screen real estate.

Indicators and Options: this platform provides build I more than 50 Indicators which for most traders is over kill but it does allow most traders to find the right indications to match their trading behavior and trading strategies.

The Charting Package that Sirix provides is easy enough to understand and gives you as a trader all the information you need, there are different time frames that in combination with the ability to display lines and annotations make this platform feel like it is designed for you.

Social Trading: Sirix has a full feature social trading module that allows you to watch the trades of others which might give you new insights and trading ideas. If you come a across a trader that is particular successful you are able to copy that traders’ trades and create a full automated copy trader,
You as the trader are still in charge and you have the option to trade with lesser or higher amount then the trader you are copying.
In order to use the social trading, you have to open an account with their social trading community.

This can only be done by using a nickname an order to protect you identity. When you are part of the community then you are part of all the brokers that offer this feature to their traders. Meaning you are able to follow a trader that is trading with 12trader while you are trading with account from UBCFX or any other broker that has Sirix.

Now I have to mention that if you look to only trade social then the Etoro Platform is still a better solution s this system is built only for social trading and they have pretty much defined the concept.

 


Sirix Crypto Trading Platform

this is the latest platform that was launched by Leverate.

it focuses , just like the name says more n the trading of cryptocurrencies.

as this company understands that this is the direction where the market is going and more and more traders are asking for trading in Bitcoin or ripple trading to just name a few they have added this feature to the Sirix Platform , this means that every broker that has the sirix trading platform is in theory able to offer trading in cryptocurrencies.

in addition they have launched also a platform that is only trading cryptocurrencies but that will be another review as i have yet to see and play with this system


Conclusion
The Software company Leverate has created a very user friendly platform with inbuilt social trading and news functionality. When they launched this platform in 2012 it was already a good platform but today it rivals the best of them easily.

The Intuitive aspect of this platform is one of the key features and makes the threshold of trading lower for newbies. There is also a fastn amount of Sirix Tutorials out there that will help even the total beginners with the Sirix Platform

Now of the traders that need bots and more indicators then there sis still nothing that beats the metatrader 4 trading platform but for many traders Sirix offers more then enough and makes the trading experience easier then with MT4.
More and more brokers are offering this alongside their other trading platform so you as a trader will come across more and more brokers that have the Sirix Trading platform in their arsenal.

These are some of the Best Broker for trading on Sirix

UBCFX
LegacyFX
12Trader
CMStrader

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Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Bringing DLT Specialists Together:

 

 On September 11, Sweden will host Blockchain & Bitcoin Conference Stockholm organized by Smile-Expo – international coordinator of business events.

The conference will introduce various topics regarding blockchain and will drive attention to the most topical problems of the cryptocurrency market today.

Key speakers:[yasr_overall_rating]

One of the invited experts is the Member of Swedish Parliament Mathias Sundin who is involved in the Tax Committee and the Finance Committee. The specialist has co-founded a revolutionary technological organization Warp Institute and joined financial company Goobit. At the event, the speaker will analyse the power of decentralized systems, evaluating its long-term strenghts.

Head of Digital and Innovation at Landshypotek Bank Merete Salmeling will deliver the presentation, too. She will explain how DLT can be integrated into the real estate, and what advantages it brings.

President of Blockchain Alliance Europe Tanja Bivic Plankar will join the conference as well. Being an initial coin offerings expert, she will share knowledge about ICOs, describe recent innovations in the token sale sphere and talk about the regulatory framework.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

Regulatory and legal challenges coming with innovations will also be discussed by Dr. Guenther Dobrauz-Saldapenna – Partner & Leader PwC Legal Switzerland. The speaker is a lawyer, VC investor, and banking specialist. He provides business consultations and has already written 10 books discovering innovative processes, money and technology.

See the full list of Key speakers here

Blockchain & Bitcoin Conference Stockholm is the second crypto event in Sweden carried out by Smile-Expo. The company has already held 40 successful crypto conferences in 25 countries.

Use an opportunity to meet leading DLT specialists, ask questions and learn new topical information about the blockchain industry at first hand at the conference!

Blockchain & Bitcoin Conference Stockholm

Details of the event and registration are available on the official website of Blockchain & Bitcoin Conference Stockholm.

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Go Visit the Blockchain & Bitcoin Conference Stockholm

Go Visit the Blockchain & Bitcoin Conference Stockholm

The Blockchain & Bitcoin Conference Stockholm is a highly anticipated crypto event in Sweden.  and is being held for the second time.

after the success of the first one they look to make this event a annual one.  since the crypto industry is going more and more out of the shadows and becomes more mainstream you will find that the quality of people involved also grows.

this is clearly displayed in the extensive list of speakers at this event.

Event goals:

bringing together the international business community in order to share their experience of integrating blockchain and cryptocurrencies; discussing blockchain industry issues and finding ways to solve them; encouraging a balanced growth of the cryptocurrency market.

Conference topics: 

  • blockchain in various sectors: energy industry, real property, newsmaking etc.
  • Legal regulation of the blockchain sector
  • token models and their application
  • ICO regulation.

Speakers:

the list of world-renowned blockchain experts, including government officials, foreign investors, entrepreneurs, lawyers, and developers is impressive and should get this event the notice it deserves.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

who should not miss this Event :

investors, business people, lawyers, startup founders, and those aiming to launch a token sale.

why should not miss this Event :

:to receive full information with case studies about the blockchain application, to discover how to comply with the legal norms in the blockchain industry, to find business partners, and to enhance your brand awareness.

Prices of the Event

Standard ticket  – 240 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

Student ticket – 121 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

A valid student ID should be presented at check-in. No refunds on the day of the event.

Buy Your ticket Now


Blockchain & Bitcoin Conference Stockholm is a part of the series of Blockchain World Events held in 25 countries. The organizer is Smile-Expo International Company.

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