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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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Online Trading platform SIRIX

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SIRIX|  Online Trading platform SIRIX Review

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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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