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Forex Trading in Sudan • Forex Strategies in 2020 Benzinga

Looking to trade currencies in the international forex market from Sudan? You’ll have numerous options thanks to the advent of online forex trading and the subsequent proliferation of online forex brokers catering to retail traders. Local markets are not as open, however, since Sudan ranks only 173rd among the freest economies in the world, according…

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Looking to trade currencies in the international forex market from Sudan? You’ll have numerous options thanks to the advent of online forex trading and the subsequent proliferation of online forex brokers catering to retail traders. Local markets are not as open, however, since Sudan ranks only 173rd among the freest economies in the world, according to Heritage.org’s 2020 Index of Economic Freedom. When it comes to fiscal health, Sudan is only ranked 44th out of 47 sub-Saharan African countries — the country has overspending issues so its government debt presents a default risk. 

Corruption has also been an issue historically. The country ranked a rather dismal 172nd out of 180 countries in the 2018 Corruption Perceptions Index by Transparency International. Former President Omar al-Bashir was even indicted in 2019 on money-laundering and corruption charges after a military coup that year removed him from power. 

sudan currency

Middle East Monitor

The Sudanese pound (SDG) is relatively stable versus the U.S. dollar to which it has been pegged since around 1984, although it has fallen notably in value versus the U.S. dollar in a series of devaluation steps seen since early 2018. Forex trading was completely stopped at one point in 2019 after the successful military coup, and the currency lost value it has yet to recover. 

As a result of this decline in value, inflation in Sudan continues to be a problem. The decreased purchasing power of the Sudanese pound tends to reduce private consumption and dissuade foreign investors. Despite this, the country continues to move forward with U.S. trade talks in exchange for a more consistent internal crackdown on terrorist activities. Sudan is also currently taking measures to stabilize its currency.

Get Started with Forex in Sudan

Many top foreign forex brokers offer their services to Sudanese traders that would generally offer considerably greater security for a margin deposit than a local broker could. You can connect to these brokers via the internet and start to trade currencies from Sudan by having these steps.

  1. Secure reliable internet.  To take part in online forex trading, you will need a reliable internet connection. You are more likely to find this in larger cities such as Omdurman or Khartoum.
  2. Choose a regulated foreign broker.  Many well-regulated foreign brokers offer their services to residents of Sudan. Make sure the broker you choose is regulated through a well-known authority such as the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
  3. Open a trading account.  Most online brokers have several account types that differ with respect to their initial deposit requirements and the trading perks provided. Choose the account type that makes sense for you and apply for it on the broker’s website.  
  4. Fund your trading account.  Online brokers generally allow you to fund your trading account with a bank wire transfer or debit card so that you can trade on margin. Many also let you use electronic payment services like Skrill or Paypal to fund an account. You can start with small deposits and test your ability to make withdrawals from your account before you fully fund it to make sure that you can efficiently move money where you need it to be.
  5. Get a latency-free trading platform.  You will probably need a trading platform supported by your broker that provides an intuitive connection to the forex market and some analytical functions without adding any lag to your trade executions.
  6. Begin your 1st trade.  Test every aspect of your online trading setup before putting real money on the line. You can also trade in a demo account first to practice using your broker’s platform and make sure your chosen trading strategy can be profitable. 

Sudan Forex Trading Strategies

Having a suitable trading environment is the first thing you’ll need to start operating in the forex market. The next goal is a successful trading strategy. Many traders trade forex profitably using one or more of these trading strategy types.

The Day Trader

Day traders generally enter and exit all positions within a single trading session to avoid the extra risk involved in holding positions overnight. You should probably avoid day trading from Sudan unless you have a stable internet connection with enough bandwidth to do the analysis you require and let you get out of a position whenever you feel the need to. If you day trade, you will be competing with experienced professional traders with very sophisticated setups and inside knowledge of large order flows, so you may find yourself at a disadvantage. 

The Swing Trader

Swing or momentum trading typically involves watching technical momentum indicators with the goal of profiting from both trends and their corrections. Begin to learn how to swing trade by researching the most popular trading indicators swing traders use and how they can signal market reversals. You should also know how to enter orders and have the discipline to get out of a position when the market reaches your stop loss level. Swing traders can hold overnight positions and they need to filter out trivial intraday volatility to be successful following the more significant market swings.

The Position Trader

Position or trend traders tend to be patient individuals who wait to identify and then follow market trends to their conclusion. They may also do the fundamental research to discover and position themselves to take advantage of market valuation irregularities that should eventually be corrected. They often have a lot of experience studying financial markets. 

The trading frequency of the trend trader is generally considerably lower than that of day traders or swing traders, but the profits are usually bigger on a winning trade that they often protect with trailing stops. Position traders also know how to ignore the short-term exchange rate swings that occur because of news releases and large transactions.

Forex Trading Example in Sudan

Since few, if any, major online brokers offer trading in the SGD, and the USD/SGD exchange rate is also relatively stable outside of its devaluation phases, most traders in Sudan will want to operate in other currency pairs. 

As an example, let’s say that 106.10/15 is the current bid/ask dealing spread at your broker for the U.S. dollar (USD) versus the Japanese yen (JPY) or USD/JPY currency pair. You think the pair’s exchange rate will rise, so you buy a standard lot of $100,000 versus the yen at 106.15. Since your broker allows you to use a leverage ratio of 100:1, you will need to have at least $1,000 deposited in your trading account to collateralize a trade of that size. 

After 10 hours, the bid side from the USD/JPY exchange rate moves up by 20 pips to 106.35, so you decide to close out your entire position at that level. Your profit is (USD100,000 x 0.20) or 20,000 JPY ($188.06). Had the market instead fallen by 20 pips, you would have lost that same amount of yen. 

Making Money with Forex in Sudan

Your overall trading strategy determines how you move in and out of the forex market on a day-to-day basis. Here are some additional terms you may need to know as a forex trader.

  • Going short: You go short a currency pair when you net sell its base currency against its counter currency. You generally go short a currency pair when you think its exchange rate will decline.  
  • CFDs: Contracts for difference (CFDs) are derivative financial instruments that generally have their value determined by that of the spot market for the underlying asset. Traders can use forex CFDs instead of trading the underlying currency pairs. 
  • Binary options: Exotic derivatives where the holder of the binary option pays a fixed premium to get a fixed payout from the seller if a specific market condition is met at or before expiration. 

Best Online Forex Brokers in the Sudan

Sudan has attracted forex brokers from all over the world that will accept its residents as clients. Doing business with a foreign broker really makes the most sense to avoid scams, as long as they are well-regulated in their local jurisdictions and you can readily fund a trading account with them from your available risk capital. Check out the table below of online forex brokers that will take clients from Sudan. 

Forex Terminology

These forex terms are helpful to learn if you want to communicate with other forex market participants. A small mistake in input or a misunderstanding can cost you a substantial amount of money almost instantly.

  • Pip: The minimum exchange rate movement in a particular currency pair. For most pairs, a pip represents a movement of 0.0001 in their exchange rate. 
  • Lot size: A standardized trading amount. At online forex brokers, a standard lot is generally 100,000 base currency units, and many brokers allow trading in mini lots of 10,000 and micro-lots of 1,000 base currency units. 
  • Orders: Instructions given to your broker to execute trades for you. 
  • Calls: Contracts providing their holders with the right, but not the obligation, to buy an asset at a given price (known as the strike price) when or before a certain time frame concludes. Currency options are calls and puts since their underlying asset is an exchange of 2 currencies. 

Is Trading Forex from Sudan Right for You? 

You need to be careful when trading forex from Sudan, but that is actually true everywhere since most retail forex traders lose money. Success as a forex trader generally requires that you perform your due diligence in selecting a reputable and well-regulated online broker with the appropriate rigor.

Most traders also need to keep a close eye on relevant fundamental or technical information as it becomes available to the forex market. Small changes in economic indicators or exchange rate charts can mean a big market opportunity has risen in the forex market for those savvy enough to realize it. Bookmark this website for the information you can use to enhance your success as a forex trader.

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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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