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Forex Trading in Tanzania • Forex Strategies • Benzinga

Foreign exchange (forex) trading is one way to make money in Tanzania. You may be able to earn significant returns without burning a hole in your pocket by trading Tanzanian shillings now.  A vast majority of the people in Tanzania earn their livelihoods from the agriculture industry. The Tanzanian shilling (TZS) is their official currency…

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Foreign exchange (forex) trading is one way to make money in Tanzania. You may be able to earn significant returns without burning a hole in your pocket by trading Tanzanian shillings now. 

Get Started with Forex in Tanzania

A vast majority of the people in Tanzania earn their livelihoods from the agriculture industry. The Tanzanian shilling (TZS) is their official currency and it is further subdivided into 100 senti. 

The Bank of Tanzania was established in 1966 and serves as Tanzania’s central bank. Its primary function is to implement monetary policies and uplift the national economy. The Bank of Tanzania manages the foreign exchange reserve that ensures sufficient capital is preserved, liquidity needs are met and income is enhanced for the people. 

Under the Bank of Tanzania Act, 2006, the central bank has the sole right to issue banknotes and coins in the country. The Tanzanian shilling has denominations of 500, 1,000, 2,000, 5,000 and 10,000. Most of these banknotes depict animals and architecture found in Tanzania.

Tanzania currency
back of Tanzania currency
Tanzania currency
back of Tanzania

Banknotes of Tanzanian Currency

Due to the slow rate of GDP growth in the country, Tanzania relies extensively on financial support from the International Monetary Fund (IMF) to run its operations. It has a national debt of $7.9 billion.  

Here’s a step-by-step guide to help you get started with forex trading in Tanzania.

Step 1: Get a digital device with fast internet connectivity. 

You can use your desktop, laptop, tablet or smartphone to trade forex. The value of the currency pairs listed on forex brokers frequently fluctuate. Having a personal device to constantly track these changes is essential to successful forex trading. 

Step 2: Find an online forex broker. 

There are several forex brokers available online. Go through their websites and choose a broker that lets you trade currency pairs with TZS. 

Be sure to check the footer of these websites for information on its regulatory bodies. If you can’t find any such information from the Securities Exchange Commission (SEC) the Financial Industry Regulatory Authority (FINRA) or other regulatory bodies, the broker can’t be trusted. 

Step 3: Sign up for an account. 

You can open a new account with the forex broker on its website. Some forex brokers require a minimum amount of deposit to open an account. These brokers also offer different types of accounts that vary in initial deposit requirements and spread sizes. Choose the one that’s right for you.  

Step 4: Transfer funds to your account.

Once you’ve signed up for an account, you need to transfer funds to start trading forex. Depending on the broker you’ve chosen, you can choose your currency and fund your account using several options. Generally, these funding options include wire transfers, debit cards and electronic payment systems such as Paypal and Skrill. 

Step 5: Download a forex trading platform.

You need to download the forex trading platform on your computer or smartphone. Take the time to customize the look and feel of the platform to help you get accustomed to forex trading.

Step 6: Begin your forex trading journey. 

Before you start trading forex, you might want to open a demo account and trade using virtual money. These demos can help you get used to the interface of the forex broker without conceding unnecessary losses. After you feel confident using the platform, you can start trading forex using real money.

Tanzania Forex Trading Strategies

Forex traders from all over the world rely on a few simple strategies to maximize their profits and minimize losses. You can consider these forex trading strategies to earn better results from your investments. 

News Trading

Global economic news and events can have a strong impact on forex markets. Many traders stay on top of influential financial information to anticipate short-term price movements of forex currency pairs. 

You can research inflation rates, trade policies and multinational deals made between countries. You also run the risk of missing the window of opportunity if you’re not fast enough with your trade executions. 

Day Trading

Day trading involves closely monitoring intraday price movements of forex currency pairs within a single trading session. These trades can take place anytime during the day and all positions are exited on the same day. Traders have adopted this method to reduce losses from overnight market volatility. Day trading can be very beneficial to short-term traders with limited time. 

Scalping

Scalping is a strategy that involves making several trades throughout the day with low profit margins. The profits earned from minor price movements can add up to a sizable income. 

Rapid price movements during intraday trading sessions can cause slippage on your trade executions. These tiny losses can quickly negate your earnings and eat away at your profits. This method of trading requires a lot of time and focus to track price movements. Scalping may not be favorable for traders with a full-time job. 

Momentum Trading

Momentum trading or swing trading are trades that are executed when a forex pair starts to gain momentum in the market. Traders prefer to buy and sell currency pairs during market swings that can occur during the day, week or month. These traders rely on the volatility of the market to make a buck. 

This method of trading can be less stressful than day trading or scalping. You can adjust your entry and exit points throughout the week to cut unnecessary losses.   

Forex Trading Example in Tanzania

Let’s say the USD/TZS currency pair is currently trading at 2,310. According to that price, it will cost you 2,315 shillings to buy a U.S. dollar. You can choose to buy $100,000 at the rate of 23,10,00,000 shillings. After 2 months, consider the price of USD/TZS has risen from 2,310 to 2,315. You can then sell your $100,000 and earn a profit of 500,000 shillings in just 60 days.  

USD/TZS exchange rates over the last 5 years

USD/TZS exchange rates over the last 5 years.

Making Money with Forex in Tanzania

Last year, the Bank of Tanzania tightened its control on forex by issuing new regulations. These new rules were set in response to the government revoking the licenses of 100 bureaus and the forced shut down of a newspaper for using unofficial data on exchange rates. 

Because of the reduced number of forex bureaus in Tanzania, investors have turned to commercial banks for trading shillings. Around $10 million was traded in 2019 and that number is expected to grow in 2020. The increased transparency and improved currency inflows have been a driving force behind Tanzanian investors embracing commercial banks for trade. 

Best Online Forex Brokers in Tanzania

Online brokers let you trade forex currency pairs with convenience. Online brokers let you trade forex currency pairs with convenience. Forex brokers are equipped with advanced tools and educational resources to help you learn how to trade.

Take a look at these top forex brokers to begin your forex trading journey.  

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
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

Forex Terminology

You should be familiar with a few basic forex terms before you start trading. Forex traders use these terms regularly during intraday trading sessions:

  • Pip: The smallest unit of price movement is measured in pips. Generally, forex currency pairs are listed up to the 4th decimal point. 
  • Lot size: The lot size is the standard unit of your trading order. 100,000 units is the standard lot size. You can buy and sell currency pairs in smaller lot sizes as well.
  • Orders: An order is a command you execute through the online forex broker to carry out your trade. When you want to buy forex currency pairs, you execute a buy order. When you want to sell forex currency pairs, you execute a sell order.
  • Call: A call is a request received from your broker. It’s an indication that 1 or more of your open trades needs additional funding to maintain its position.

Start a Trend by Trading Forex in Tanzania 

Affordable smartphones and widely accessible internet have made forex trading a possibility for Tanzanians. Forex trading has provided a robust market to make money but it also comes with a lot of risks. Take your time to analyze the forex market before you start trading forex. 

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Online Trading platform SIRIX

best-forex-demo

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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