Tuesday, October 29, 2019

WHAT SHOULD FOREX TRADERS IN INDIA KNOW?



In India, The Reserve Bank is in charge of controlling the rupee, but is not responsible for managing forex brokers. In fact, forex traders in India trading activities are under the control of Forward Markets Commission, which ensures the management of non-exchange traded financial instruments. 

The importance of choosing the best forex broker

In fact, thanks to drastic changes of India after the independence of 1990s, it allows foreign investors to break into the market. This leads to the scenario that the economy of India has been gradually improved. However, with the limited number of forex brokers in India at present, it might be a daunting task for forex traders in India to choose a good broker to trade. Therefore, choosing a forex broker to make transactions at this time is still a challenging matter in their forex trading plan



In order for Indian forex traders to work with good forex brokers, it would be better for them to make a list of trusted forex brokers and then try to understand their characteristics. By doing this, traders will be able to determine which broker is suitable for them as well as shorten their learning process. 

Due to the leverage offered by forex brokers, traders will be able to expand their position after their first deposit. Nonetheless, traders had better take the risks into account when trading in forex market. In some cases, brokers will offer their traders micro account, which enables them to deposit with the amount from $50 to $100. In terms of mini account, you will benefit from it if you have 1000-2000$ in the account. Brokers normally offer their clients a standard account when it has 10000$. 

On the other hand, there are still some variations when it comes to different types of accounts. Islamic account, for instance, will not apply interest accruing regulations or VIP for a special amount of money. If you want to have some additional services, you need to negotiate with your broker and discuss about the matter. 

Why Indian forex traders cannot use online trading platforms

It is impossible for Indian forex traders to use online forex trading platforms because of the illegality. However, forex traders coming from other countries can trade and use those platforms. In my opinion, the prohibition should be abolished because of the number of benefits that they might bring to traders in India. If you are a wise traders, you should not trade with the broker who offers complicated platform. In forex market, you only can make profits if you have a good insight into your broker. 



To be more specific, traders might encounter some difficulties in closing their positions and this leads to big losses. In this case, a good forex broker will allow you to close all your positions in order to reduce the loss. 

It is advisable that traders need to have a several different choices when it comes to platforms. It might be either downloadable such as Metatrader 4 or online version. In addition, brokers also allow their clients to download an app on their website that traders can install on their phones. As a result of this, traders will be able to trade anytime or anywhere they want. 

Briefly, forex traders in India should pay much attention to different features of their brokers and choose which one is suitable for them. With the advent of thousands forex brokers, traders need to be very careful before making the final decision because it might affect their trading career. 
Next stop in Asia, the top 10 forex brokers in Thailand.

Wednesday, October 23, 2019

THE LIST OF THE BEST FOREX BROKERS IN BANGLADESH


In Bangladesh, the evolution of Forex trading is significantly related to the exchange rate regime of the country. The Bank of Bangladesh is the main regulator of other regulators whose main role is to balance foreign exchange demand and supply. However, after the online account was introduced, the operation is now stopped. Today, I want to show you the best forex brokers in Bangladesh so that you can know where to trade.

The Forex trading of Bangladesh

Prior to 1990, some exchange rates used various exchange rate gain plans, such as XPB, XPL, IECS and EFAS. This leads to a wide variation between the official exchange rate and the SEM (secondary trading market). This situation prompted the government of Bangladesh to impose indiscriminately various regulations and lead to macroeconomic imbalance and ineffective risk management measures.
After Bangladesh gained independence, the Taka was dependent on the Pound and ranked according to the Indian Rupee. In 1975, Taka slipped. In 1976, Bangladesh had to apply the system of floating exchange rate with control, which was in effect until 1979, when a currency-weighted package was implemented. In 1983, another foreign exchange management policy (trade-weighted basket) was introduced. The dollar is now an arbitration currency. SEM can also grow as the foreign exchange rate increases. As a result, the roadside market has increased.
Currently, the exchange rate between Taka and other currencies is supervised through  Real Effective Exchange Rate (RFER)

Bangladesh’s top Forex brokers 

When searching the internet about Forex trading in Bangladesh, you will come across a series of brokers. However, the chances of you encountering scam brokers are very high because there is no authority that can authenticate you. Wisely, you should consult the list of top brokers here to have a trusted broker for your forex trading plan.

XM broker

XM broker belongs to and is managed by a financial institution capable of providing global financial markets globally, Holding Ltd. With XM, with just $ 5 for the minimum deposit, you can leverage up to 888: 1. In addition to operating on the Forex market, it also provides other financial instruments such as equity indices and precious metals with a total of more than 120 effectively and transparently. MT4 trading platform can operate on personal computers, tablets and phones.

HotForex broker

Another famous name in the Bangladesh’s forex trading brokerage community is HotForex. HotForex offers a wide range of account types to suit a variety of traders. For as little as $ 5 for the minimum deposit, you can use 1000: 1 leverage with a low spread of about 1 pip. There are 5 different trading platforms that can be used for personal computers, web, tablets, phones using Apple and Android operating systems, namely Metatrader4, Web trader, Ipad Trader, Iphone Trader and HotForex Droid. .

Easy Forex broker

Broker Easy Forex provides trading operations on currencies and raw materials in over 150 countries with a rich trading platform that operates online from personal computers to mobile phones. In addition, the account packages are designed to be flexible to meet the needs of most customers. With only a minimum deposit of $ 25, you can use the leverage up to 4000: 1.Easy Forex offers clients the opportunity to make great money.

Subsidiary information

The weak management of currency brokers in Forex trading in Bangladesh by the national regulator has led to a significant loss of money for its small currency traders. That's what happened a few years ago. And now, Bangladesh Bank is facing an online currency trading situation, all they can do is ask the currency traders to do business with brokers registered with the bank of Bangladesh and each city has its own brokerage.
Next up on the list, learn about forex traders in India.