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Forex Trading in Venezuela • Forex Strategies • Benzinga

The bolívar soberano (VES) was introduced as Venezuela’s national currency in August 2018. Forex trading is now legal in Venezuela, so you may be able to trade this new currency or any of the major and minor currency pairs by opening up a forex trading margin account at an online broker.

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The bolívar soberano (VES) was introduced as Venezuela’s national currency in August 2018. Forex trading is now legal in Venezuela, so you may be able to trade this new currency or any of the major and minor currency pairs by opening up a forex trading margin account at an online broker. 

Learn more about forex trading in Venezuela with Benzinga’s guide.

Get Started with Forex in Venezuela

Named after Simon Bolivar, the hero of Latin American independence, the bolívar soberano is the official national currency of Venezuela. 

Venezuela has experienced harsh economic climates since the 1980s. Due to hyperinflation, Venezuela has replaced its currency multiple times in less than 50 years. 

As of August 2018, the Venezuelan bolivar soberano (VES) has served as the currency in circulation. It was preceded by the bolivar fuerte. The bolivar soberano has denominations of 2, 5, 10, 20, 50, 100, 200, 500, 10,000, 20,000 and 50,000. These banknotes have images of Venezuela’s national parks and indigenous animals depicted on them. 

Banknotes of Venezuelan Bolivar Soberano

The Central Bank of Venezuela was established in 1939. It was enacted by law to ease social, political and economic tensions in Venezuela at the start of WWII. The Central Bank of Venezuela has the sole right to issue Venezuelan currency. 

Oil is Venezuela’s main export. It is the 6th largest member of the Organization of the Petroleum Exporting Countries (OPEC) by oil production. Beyond oil, Venezuela also manufactures and exports industrial products such as steel, aluminum and cement. 

The Venezuelan government has instilled a currency control board to handle forex procedures. The board offers a limited sum of foreign currency to local merchants to help them pay for foreign goods. 

Since the government limits foreign currency to individuals, merchants in Venezuela resort to the black market to get more foreign currency. This has increased the printing of bolivar notes and has caused inflation over the years.    

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

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 frequently fluctuate. Having a personal device to constantly track these changes is often essential to successful forex trading. 

Step 2: Find an online forex broker. 

There are various forex brokers available online. Go through each broker’s website, and choose a broker that lets you trade the currency pairs you are interested in.

Be sure to check the footer of each website for information on the broker’s overseeing regulatory bodies. If you can’t find any such information from the U.S. Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA) or other reputable regulatory bodies, then the broker can’t be trusted. 

Step 3: Sign-up for an account. 

You can open a new account with the forex broker on their website. Some forex brokers require a minimum deposit amount to open an account. These brokers also offer different kinds of accounts based on initial deposits and trading strategies. 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 accounting currency and fund your account using several options. Generally, these funding options include bank wire transfers, eWallet transfers and debit cards. 

Step 5: Download a forex trading platform.

You may need to download a forex trading platform supported by your broker onto your computer or smartphone. Take the time to customize the look and feel of the platform to help you have the best chance of identifying forex trading opportunities. 

Step 6: Begin your forex trading journey. 

Before you start trading forex, you might want to open a demo account to trade using virtual money. These demo accounts can help you get used to the interface of the forex broker’s platform without risking your money. After you feel confident using the platform and have developed a decent strategy, you can start trading forex using real money.

Forex Trading Strategies from Venezuela

Experienced forex traders rely on several tried-and-true strategies to increase their chances of making a profit and limiting losses. 

These forex trading strategies can include the following:

Swing trading

Swing traders typically operate by using momentum indicators to identify likely market reversal points. This short- to mid-term forex trading strategy can help you also profit from corrections while following an overall trend. 

Range trading

Range trading is a strategy that involves identifying a set of similar highs and similar lows for a specific forex currency pair. You do this by looking at the past performance of a currency pair and then aiming to either buy on a dip to the lows and sell on a rally near the highs or sell on a rally and buy on a dip. 

Scalping

Scalping is a forex trading strategy that involves quickly entering and exiting the market aiming to profit from small exchange rate movements. This very short-term strategy is typically time-consuming and generally requires access to real-time market data to make it work. If you’re not fast enough with your scalping trades, you may miss opportunities or let profits turn into losses. 

Position trading

Position or trend traders generally have a long-term outlook on the overall direction of the exchange rate of a forex currency pair. This method of trading typically requires you to hold positions in forex currency pairs until there is a significant change in their exchange rate. With this strategy, you can look past minor market changes. It can take months or even years before you close out a profitable position, although the gains tend to be higher when you do compared to scalping, for instance. 

Day trading

Day trading is a forex trading strategy that generally requires you to exit all your positions by the end of the day’s trading session. This strategy is most suitable for short-term traders who have the time to regularly monitor the market. Day traders can trade once or twice per day or more, and they have the benefit of avoiding the major market volatility that occurs overnight. 

Forex Trading Example in Venezuela

Venezuelan merchants often need U.S. dollars to pay for imports and the country receives US dollars for its oil exports. That makes the USD/VES an especially interesting currency pair for some Venezuelans.  

The USD/VES pair is currently trading at 241,365.85, so that means it costs 241,365.85 bolivars to buy 1 U.S. dollar. If your broker allows you to trade VES, then you can take a long $100,000 position against the VES if you have sufficient margin in your trading account. 

If the USD/VES exchange rate has risen to 251,365.85 after 3 months, then you can sell your position for a profit of 1,000,000,000 VES. Of course, you could also lose money if the exchange rate declined instead. 

Make Money with Forex in Venezuela

To counter the collapse of the economy, the Central Bank of Venezuela has allowed local banks to open foreign currency trading platforms. Although the weakening of the series of Venezuelan bolivars has been the subject of many economic reforms in the country, it may have benefitted some lucky forex traders. 

It’s not the 1st time that the national currency of Venezuela has faced hyperinflation. The U.S. dollar was worth 7,518.80 bolivars in June 2019. The price of a USD skyrocketed to 292,167.00 by August 2020. You could have potentially earned $97,426.54 with a $100,000 long USD/VES trade using a 1-year buy-and-hold strategy if you could actually get an online broker to allow you to make that trade.

Best Online Forex Brokers in Venezuela

Online brokers let you instantly track the exchange rate of and trade currency pairs in the forex market. You can sign-up for an account on their website and start trading forex within minutes. These brokers may even give you access to financial data such as 52-week highs and lows, exchange rate forecasts and historical levels on a single platform. 

Many forex brokers also help keep you up-to-date with current events and news that shape the world’s economies. They often provide a plethora of educational resources and expert analysis to help you gain an edge in your trading tactics. 

Forex Terminology

Before you begin trading forex, you should be familiar with certain terms and meanings. A grasp of this financial lingo will help you understand the forex market better. 

  • Pip. The smallest unit of movement in an exchange rate. Generally, forex currency pairs are quoted out to the 4th decimal point. 
  • Lot size. A standardized trading amount, usually 100,000 base currency units at online forex brokers. You can also buy and sell smaller lot sizes at many brokers, such as mini and micro lots.
  • Orders. A command given to your broker to execute a transaction either at the market or based on other conditions you specify. To go long a currency pair, you enter an order to buy the base currency and sell the counter currency. To go short a currency pair, you enter an order to sell the base currency and buy the counter currency. 
  • Margin calls. If your account margin is insufficient to continue to hold your outstanding positions, your broker might issue a margin call. Most online forex brokers will instead automatically close out your positions. 

Trade Forex in Venezuela

Most of Venezuela’s income is generated by oil. The extreme hyperinflation rates in Venezuela have created numerous profitable entry and exit points in the USD/VES exchange rate over the last decade. 

You can trade forex in Venezuela to put your capital at risk speculating on exchange rate movements. Start with our recommended broker to start trading forex in Venezuela today.

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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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Statements about Cryptocurrency

Statements about Cryptocurrency

Cryptocurrencies are in a bubble and regulators could burst this at a whim.

  • Eight years after the introduction of Bitcoin, there are now over 900 cryptocurrencies and their prices are at all-time highs.
  • Richard Schiller categorizes bubbles as an underlying story driving the market forward, as opposed to the fundamentals of the assets. Cryptocurrencies are riding on a narrative of economic empowerment and freedom.
  • Despite the widespread attention that cryptocurrency receive, many of the actors involved in the market are not fully informed. Debate tends to turn to hype and naive investors are buying crypto-assets without fully understanding what they are.
  • Banks spend 73% of the market capitalization of Bitcoin each year on regulatory compliance. Crypto-assets are currently unregulated and free of these restrictions. As such, the market has thrived but also developed some bad habits.
  • Regulators cannot necessarily shut down cryptocurrencies, but they can restrict liquidity into them from fiat currencies and hamper their growth. The global derivatives market, for example, is worth $1.2 quadrillion, dwarfing Bitcoin’s $100 billion market cap.

Statements about Cryptocurrency

Market manipulations in crypto markets are undermining their credibility.

  • Due to low liquidity, no regulation, and a lack of clear understanding of the markets, pump and dumps are widespread in crypto markets. This is where a speculator can artificially sell while concurrently buying their own currency, wait for the market to rise, and then dump their holdings.
  • Frontrunning is also a common occurrence in ICOs, where early investors—who are used to show initial faith in the enterprise—buy discounted tokens before immediately selling them on.

As with historic bubbles, scams are exploiting naive investors.

ICOs can have the characteristics of vaporware. Entrepreneurs are raising hundred of millions of dollars purely on concepts. Money is being raised from investors who do not truly understand the technical concepts being proposed to them, let alone whether they are feasible.

  • The actual asset structures of ICOs are not only complex but also new forms of assets in their own right. This further confuses investors, which is compounded by the “FOMO” mentality of rushing into investments and following the crowd.
  • The use of celebrities to promote ICOs further demonstrates the use of manipulative marketing techniques used to cajole immature investors into participating in ICOs.
  • The current ICO craze is reminiscent of the South Sea Bubble of the 18th century, a speculatory period that involved crazed investment into enterprises in the New World. Once one of the highest valued companies of all time, the South Sea Company’s bubble burst and the company disappeared almost as quickly as it appeared.

Blockchains are still not proven technology, and more work is required.

  • Blockchains are still new concepts and their technology has not yet been proven on a consumer-wide scale. Attention should be focused on developing this, not speculating on short-termist projects.
  • The security of blockchains is a concept that most investors in crypto-assets do not understand. The onus is on them to protect their assets, which, on the basis of the amount of thefts and frauds in the space, is not being done properly.

There are some solutions to these issues.

  • A less polarized mentality of “us against the world” is needed; this could be enforced by the promotion of self-regulatory standards. These could also help to highlight the bad actors in the ecosystem.
  • More development is required into the underlying technology of blockchains. In the long run, this would be far more valuable than ICO moon-shot projects.
  • Awareness and discussion needs to be promoted. Conferences should present balanced debates from both sides of the crypto-view and more emphasis should be placed on educating investors instead of soliciting their investments.

Originally Published here at https://www.toptal.com

Statements about Cryptocurrency

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CMStrader Signals provider, the number 1 signal provider 4 years in a row

CMStrader Signals provider, the number 1 signal provider 4 years in a row.

CMStrader, the number 1 signal provider 4 years in a row, is now offering free signals to new clients!  Reliable trading tools are fundamental part of successful trading.

cmstrader for the Best Trading Signals

cmstrader for the Best Trading Signals

 

CMStrader’s signals success rate is estimated in 91% this should be enough to take a look and decide for yourself. since this is their biggest feature and drives this broker towards success, it is opretty afe to say that they do their utmost to provide you with quality forex signals.

This broker also entered the cryptocurrency market and offers several cryptocurrencies.  in short they act on the market and engage their clients directly.

when you start trading at CMSTrader, you can choose from a extended list of currencies, indices, commodities, gold and oil.

CMStrader Signals for better Trading

CMSTrader sends trading signals to traders’ accounts when there is an opportunity to buy or sell orders at specific points; an overview of the speculated price or loss ratio is included.

CMStrader Signals the number 1 signal provider among brokers

CMStrader Signals the number 1 signal provider among brokers

The signals are sent directly via SMS to a cellphone for major currencies traded on the stock exchange, foreign goods and precious metals.

In addition, signals can be sent to an e-mail address and or traders can be notified directly over the phone.  This service is available 24/5.

Like with Most proper signal services don’t expect 50 signals a day as simply there are not that many. you will get maybe a few good ones a day on which you could and most of the time should act.

Earn profits with CMStrader Signals in the forex market – the biggest trading scene in the world. Enjoy our unique benefits, trading education, minimum margin and best leverage! Start with a demo account and enter the amazing world of forex with CMStrader.

More about CMStrader Signals & Forex Broker

  • Name :CMSTrader
  • Website :cmstrader.com
  • Established :2013
  • Regulation :FSP
  • Country :United Kingdom
  • U.S. Clients Allowed ?  :No

CMSTrader is a leading investment advisor specializing in personal wealth management and growth and is a somewhat a newcomer to the Forex market.

they started in 2013 and since then have won several awards 2 including one for having best customer service in 2013.

CMSTrader “CMStrader Signals” is authorized under the name of CMS Ventures Limited which is a New Zealand Registered Financial Service Provider (FSP).

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