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what are options in forex?
Replied 3 hours ago -
Options are just a way for investors to manage the many risks they face when doing business.
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what's the difference between trading & investing
Replied 4 hours ago -
Trading is speculation (more like betting) on where the price of something is headed while investing is more of owning that thing and hoping to benefit from any interest that accruses from the ownership. A person who invests can also generate profit from renting the instrument out to traders (short sellers).
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opening my new forex account, what base currency should i choose USD, EUR, GBP or Local?
Replied 4 hours ago -
I prefer trading in my local currency and the reason is because it gives me a realistic idea of how much i am risking at any time. With a trading account domiciled in my local currency I save myself from carrying out currency conversions in my head all the time.
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US30 trading strategy
Replied 13 hours ago -
Yesterday during the NY session, US30 broke out of the lower London range but later started reversing back into the range. The reversal would have presented a buy opportunity.
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High minimum withdrawal with brokers: how to bypass it
Replied 14 hours ago -
This is a good example with my broker Trade Nation. Their minimum withdrawal is $50 but with a ZAR account, the minimum withdrawal is 50 ZAR which is N4,800 or so. So opening a ZAR account will be a good idea to bypass the $50 minimum withdrawal limit.
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| ⚖️Is Forex Trading in UK Legal? | Yes |
| ⚖️Forex Trading Regulator | Financial Conduct Authority (FCA) UK |
| 📅 Date Established | 2013 |
| Investor Protection | Financial Services Compensation Scheme (FSCS) up to 85,000 GBP |
| ✅No. of FCA Licensed Forex Brokers in UK | 15+ |
| 💰Average OTC FX Turnover for UK 2022 (BIS Survery) | 3.755 Trillion USD |
What is Forex Trading & How Does it Work in the UK?
Forex Trading is when you try to make profit from predicting if the exchange rate of a currency will rise against another currency.
To trade forex you pair two currencies together (example GBP/USD) & if you think the exchange rate of the pair will rise, you place a buy order for a specific quantity, to profit if you are right.
On the flip side if you think the exchange rate will fall, you place a sell order to benefit from the fall.
To be able to trade forex in the UK, you need to use the services of a forex broker whose function is to provide you the trading software, liquidity & enabling environment needed to trade.Forex trading in the UK is totally legit & is regulated by the Financial Conduct Authority (FCA) UK.
If you trade with an FCA licensed broker you are eligible for compensation up to 85,000 GBP if you suffer pecuniary losses due to broker bankruptcy etc.