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Forex Trading in the United Arab Emirates • Benzinga

Are you looking for a way to earn money while traveling or living abroad? Forex trading is steadily growing in the United Arab Emirates as more traders become involved in the global currency trading scene.

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Are you looking for a way to earn money while traveling or living abroad? Forex trading is steadily growing in the United Arab Emirates as more traders become involved in the global currency trading scene. 

Before you trade forex in the United Arab Emirates, be sure to read our comprehensive guide to strategies, legality and brokers. 

Get Started with Forex in the United Arab Emirates

Getting started with a forex broker in the United Arab Emirates is exceptionally easy. Here are the basic steps you’ll go through when you open an account and start trading.

  • Step 1: Stabilize your internet connection. A stable internet connection is the most important tool a forex trader can have at their disposal. Before you open a trading account, run a speed test on your computer or smartphone and be sure that your connection is secure and private.
  • Step 2: Choose a broker. To operate in the United Arab Emirates, every broker must meet strict standards set by the Central Bank of the United Arab Emirates (CBUAE) and the Securities and Commodities Authority (SCA). This means that you can be sure that both foreign and domestic brokers licensed in the UAE have the capital to maintain your investment. Check and make sure that your broker is licensed with both the SCA and CBUAE before you open an account.
  • Step 3: Choose your trading platform. Though some brokers offer traders the ability to use their own proprietary platforms, you may need to download additional charting software like MetaTrader 4 or 5. Be sure that your broker supports your platform of choice before you download.
  • Step 4: Fund your account. Once your account has been opened in full, it’s time to deposit funds into your trading account. Most brokers operating in the UAE allow traders to deposit funds with a bank transfer, credit card or even PayPal.
  • Step 5: Make your first trade. After your funds have cleared your account, you can officially trade forex online. 

United Arab Emirates Forex Trading Strategies

Most traders who trade with the dirham as their primary currency use a technical analysis strategy to capitalize on short-term price fluctuations. Technical analysis involves the use of price charts and past data to predict how a currency will move in the future. By charting signals and price movements, you can make a prediction on whether the currency you’re trading will rise or drop in value.

Below you can explore some of the most common technical analysis signals and strategies traders use to decide which currencies to buy and sell. Though these signals aren’t a foolproof guarantee that you’ll make money trading forex, they can provide a helpful starting point to cultivate your own trading strategy. 

Reversal Candlesticks

A reversal candlestick is an indication that a trend will change and the value of a currency will switch directions in its movement. For example, a reversal candlestick that is triggered when the USD is increasing in value may act as a sell signal. There are multiple types of reversal candlesticks, and they may be bullish or bearish depending on their placement and type.  

Breakout Strategy

The breakout trading strategy is a popular strategy for newer traders because it doesn’t involve any complex math and is relatively consistent in terms of profits. Traders using the breakout strategy calculate a resistance or support level and monitor how prices of a currency are moving. This strategy works best when markets are moving sideways. A “breakout” candle occurs when the resistance or support level is broken, which may indicate a buy or sell signal.   

Forex Trading Example in the United Arab Emirates

Let’s take a look at an example of how you might earn money while forex trading with the United Arab Emirates Dirham (AED) as your base currency.

Imagine that you believe that the value of the USD is going to rise in relation to the AED. You fund your trading account with 1,000 AED, and your broker offers you 10:1 leverage to accompany your trading. This means that you can trade with the power of 10,000 AED despite only having 1,000 AED in your account.

Using your leverage, you convert your entire lot of AED to USD. The value of 1 AED is currently equal to $0.2711 USD. That means onverting 10,000 AED to USD leaves you with $2,711.00 USD.

After a few days of holding onto your USD, a sell signal is triggered when the value of 1 AED is equal to $0.2680 USD. You convert your entire lot of $2,711.00 USD back to your native AED and are left with about 10,115.67 AED. After you account for what you borrowed in margin, this means that you earned a total profit of 115.67 AED on this trade. 

Making Money with Forex in the United Arab Emirates

Making money by trading forex in the UAE is safe and legal. Unlike some other countries, there are no legal limitations to the amount of money that you can earn from forex trading or that you can deposit into your brokerage account as a resident or traveler in the UAE.

However, this doesn’t mean that you’re guaranteed to make money when you trade forex. Be sure to take these steps to protect your investment when you first begin your trading journey.

  • Only work through a licensed broker. Though the UAE has a regulated forex system, forex scams are still present. To protect your investment, search for your broker through the Dubai Financial Services Authority before you open an account. If a broker isn’t registered, move onto other options.
  • Cultivate your trading strategy. Many brokers in the UAE offer demo accounts that allow you to simulate the forex trading experience without risking any of your own capital. Create your trading strategy and master your buy and sell signals with a demo account before you risk any of your money trading for real.
  • Limit your leverage usage. Depending on the amount of money you deposit into your brokerage account, your broker might offer you leverage to enhance your trading. Using leverage can multiply your profits — but it can also cause you to eliminate all of your profits with a single bad trade. Limit the amount of leverage you use, and always be sure you can meet your broker’s margin calls before you commit to a trade using leverage. 

Best Online Forex Brokers in the United Arab Emirates

There are a wide range of domestic and international forex brokers licensed to accommodate traders in the United Arab Emirates. The broker you choose to work with will determine the currencies you have access to, the platforms you can use and your fees — so be sure to do your research before you open an account.

Not sure where to begin? Consider a few of our top picks for forex brokers in the UAE below. 

Account Minimum

$100 USD (or equivalent)

Pairs Offered

69

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 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

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

It can be easy to become overwhelmed by the amount of “forex lingo” brokers and other traders use when discussing trades and fees. Familiarize yourself with the following terms before you trade:

Pip: the smallest denomination of any currency, usually rounded to the 4th decimal place. For example, if the USD moves from 1.0000 to 1.0010 in relation to a certain currency, traders will say that the USD moved by 10 pips.

Lot size: the total number of units of currency you are buying or selling. It doesn’t matter if you sell 1,000 USD or 1,000 AED — in both cases, your lot size is 1,000.

Orders: a set of instructions you give to your broker that lets them know which currency you want to buy or sell, your lot size and the price you want to execute the order at. Orders are crucial in forex trading because you cannot buy or sell currencies directly.

Call: a major risk of using leverage. If the value of your lot goes down after using leverage, your broker may subject you to a margin call. When you receive a margin call, you’ll be required to deposit more capital into your account to maintain your position. This can quickly wipe out any profits you’ve made previously — or even put you into debt in extreme cases. 

Trade Forex in the UAE

Compared to other countries, forex trading in the UAE is well-regulated and safe. However, this doesn’t mean that forex trading in this country is risk-free. You should still be wary of potential scams and continuously monitor the forex market before you decide to invest — this will help you preserve your trading funds and earn more money over time. 

Hire a Pro: Compare Financial Advisors In Your Area

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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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