Forex trading free money

It is a free bonus (no deposit required) with no deposit required and no strings attached.

No deposit forex bonuses

Forex trading free money, forex trading free money.

You just have to register to get anywhere from $30 to $500 for free to get you started in trading. Make sure you don't waste the money and work hard to learn the basics. Youвђ™re probably interested in forex live trading. It is a good way to increase your wealth if you have the right skills and knowledge about the industry as a whole. However, itвђ™s worth to mention that there are a lot of pitfalls in forex trading. If you fail to become an expert in trading before investing large sums of money in it, you may be leading yourself towards financial ruin.

Expose what is the meaning of forex no deposit bonus. You gain a real forex trading account with original money on it no deposit required from your side

Youвђ™re probably interested in forex live trading. It is a good way to increase your wealth if you have the right skills and knowledge about the industry as a whole. However, itвђ™s worth to mention that there are a lot of pitfalls in forex trading. If you fail to become an expert in trading before investing large sums of money in it, you may be leading yourself towards financial ruin.

Now, sure, you have read dozens of articles on forex and how to make a profit on it. You have seen dozens of people talk about their immense fortunes earned by trading. What you havenвђ™t seen is thousands of people who only suffered losses when they started trading. Donвђ™t become one of them, trade with skill.

You canвђ™t get experience unless you fail. But how do you get trading skills if you donвђ™t want to lose your own money to learn? The answer is to get a no deposit forex bonus on a forex trading platform.

It is a free bonus (no deposit required) with no deposit required and no strings attached. You just have to register to get anywhere from $30 to $500 for free to get you started in trading. Make sure you don't waste the money and work hard to learn the basics.

Is bonus with no deposit on forex a scam?

While the industry has seen some fraudulent projects, most places that offer trading bonuses with no deposit are trustworthy. The thing is there are so many trading platforms that they have to compete against each other to win new paying customers. Giving away some free money for you to learn how to trade is only beneficial for them.
Profit from their offers. Browse the list of trading platforms that offer no deposit bonuses and chose the most beneficial option fo you.

Get Free $30 from Profitto No Deposit Welcome Bonus

Get Free $30 Forex No Deposit Welcome Bonus on HotForex

$30 Christmas No Deposit Forex Welcome Bonus from JustForex

Waited for Free No Deposit Forex Bonus $100 from FortFS

Take an amazing $35 Reception Trading Bonus on FortFS

Forex no deposit bonus is risk free and deposit free bonus. You don’t need any deposit, the broker will give you bonus after opening a new account. Just you need to register with a forex broker and verify your account. Then you can start your live trading.

This how forex broker makes their potential client. Forex broker utilizes no deposit bonuses to pull in new customers, particularly in the event that they are new brokers, to expand their demographic as quickly as conceivable which is the reason they offer such free rewards.

Presently, forex trading becoming more popular, so there are too many traders and they want to start deposit free welcome mean no deposit bonus. Luckily, there is various forex broker offering no deposit bonus for beginners. They offer amazing bonuses, often $5 USD to 100 USD.

How free bonus is important?

Most of the brokers offering bonus. In any case, the greater part of them is unregulated. They are doing it is a great way to find new clients and they can’t find another good way. But regulated forex broker is good they offer some good bonuses for a newbie to familiar with live trading and their trading platform. We reviewed unregulated forex broker offer a free bonus with too many conditions and trading period is very short like 15 days, 20 days maximum 30 days, also you can’t withdraw the bonus, you have to trade required standard lot volume within a short time. Also, you fell trouble with leverage, the maximum amount of withdrawing and withdrawal method and other things. Then?

However, forex free reward is significant for currency traders. A regulated broker always offers a good bonus with some easy conditions to familiar with them. I think finding a trustable broker is important, so a beginner can join with a regulated broker bonus and they have to check some important factors like leverage, speared, fees and commissions and other things. One other thing is a security issue and trading platform.

So you already got it free bonus is important and joining with a regulated broker is better.

In this case, if you are a newbie in this forex trading market, obviously you can start with a free no deposit bonus. Forex is an extremely entangled and professional market, you need some experience to success on trade. In this case, if you are new in the FX market, utilizing a free reward can enable you to make some profit and increase some knowledge on how the market actually work you can make money more.

When you get familiar with your way (strategy, techniques), you don’t need the free reward again. You'd have the option to trade and make plenty of benefits by live trading. Moreover, experience traders, sometime takes a free bonus to multiply their profit and test a new strategy.

Terms and conditions for free forex bonuses

The different broker set different terms and conditions. There are a lot of terms and conditions in a free bonus, some terms and conditions are really hard. Like you have to trade a certain number of standard lot volume to withdraw profit. But there have also some good trader they regularly making money with this free bonuses. They use tricky techniques, they always hunt bonus presenting a website to choose an amazing bonus. The choose bonus then joins, start trading make some money, and build up their special strategy.

On the other hand, some other brokers will give you one time to withdraw conditions. Some will ask to deposit for withdrawing and some will say to start live trading and internal transfer your amount.

Discover more about the free bonuses

You have learned a lot already from here, but sometimes beginner asks some question us this like:

Is forex free bonus is a welcome bonus?

Actually, most of the time broker gives the bonus after joining with them so you can say it is forex welcome bonus.

Also, some reputed broker gives a bonus to their old clients and new clients, its deposit bonus like a 20% deposit bonus. Example: a trader after deposit $100 the broker will give $20 and the trader will able to trade with $100.

Does forex broker give no deposit bonus without verification?

Yes! Usually, a broker doesn’t provide the free bonus without verification. First things you need to fill-up at least your name and email, you have to confirm your email id for the complete creation of account.

Usually, the broker wants some individual data like ID card, passport or utility document after opening or before withdrawing profit.

But sometimes it happens that forex broker offers no deposit bonus without any verification.

Can I make money with a free bonus?

Why not? The broker gives the bonus to trade on the real market. It totally depends on you, if you can make some profit it’s obviously yours. But we suggest free bonus for newbie and learn something and for familiar with real market trading and for preparing themselves for the future.

So you can make with free bonus and withdraw it after meeting the terms and conditions.

What is the best thing in a free bonus?

The best thing is if you have a no fund you can start live trading, you can learn new thing and if you can make some profit further you can trade it with a forex deposit bonus that will boost your trading capital.

So you have to start with a free bonus wisely.

Conclusion

Forex no deposit or deposit free trading bonus is a kind of blessing for a newbie, they can start live trading with it easily. Here is some good opportunity will help you to take a decision to choose a free bonus.

You can start live trading without any deposit

You can change your broker platform of a broker

You can earn some money and grow your confidence

You can change your trading instruments (currency pair, stocks, indices, share, commodities, and crypto currency)

You can start trade without pressure and risk free

You can develop your trading plan, strategy, and pattern

So you may say the free bonus is a really good opportunity to learn real forex trading, familiar with live trading environment and prepare yourself to take the challenge (forex trading contest)

Forex trading without deposit | no deposit bonus explained

It’s generally known that in order to get started in forex, you need to put a lot of resources into it. And while these resources can be your time and energy, the most straightforward one is, of course, your money.

It’s no surprise that one regular lot is equal to 100,000 currency units – forex trading is definitely an expensive endeavor. However, there are still some ways in which you can start trading forex while maintaining some sort of profitability without spending hundreds of thousands of dollars.

No deposit bonus in a glance

In forex trading you can, in fact, start trading with no money of your own or even making a deposit. With free no deposit bonus offered by the top forex brokers, you can start forex trading without deposit with a good boost.

There is no sense in hiding the fact that FX trading is risky, especially if you are trading without proper knowledge and at least minimal experience. In an attempt to prevail over the risk of losing your money and to stay safe, it is undoubtedly better to start trading with a free forex account or no deposit bonus offered by various FX brokers. Especially if such deals are not so rare at this time and even best forex brokers sometimes offer such deals.

It is always better to preview all conditions that offer you an option to trade without money of your own. So, be sure to start forex trading without a deposit now and get yourself a good and reliable deal!

But let’s say that although you’ve learned how to start deposit free forex trading, it’s still too risky for you. Thankfully, there is an alternative. One way to start trading with a broker is by opening a free forex demo account for beginners. A demo account will allow you to try your hand at trading on the real market without ever touching real money. One of the best brokers to try a free demo account with would be FXTM. If you don’t want to be working with FXTM and want access to a reliable forex broker that offers its services around the globe, alpari offers a similar service, including forex trading demo accounts. If you are a US citizen that wants to trade with local brokers, then you should go for forex.Com, who offer their services within the US and are known to be one of the best brokers in the world.

Transparent pricing and fast, reliable trade executions on over 80 currencies

Start trading with the largest forex broker in the US

How to start forex trading without deposit: tips & recommendations

As a matter of fact, a lot of brokers worldwide try to offer their clients those no deposit deals, and we’ve even seen some trading apps without deposit popping up here and there. Do not perceive this as an act of generosity though, those bonuses serve as a sort of protection for them also. But still, this is good for you if you want to start forex trading without a deposit.

Here are some of the main considerations that can help you spot a decent no deposit bonus:

If you somehow dislike conditions and terms offered by the broker – simply skip the promotion. Let’s investigate the ways that may help you find the best bonus in FX. First of all, bonuses must be easy to understand and transparent in general conditions. If you see non-explicit information presented, avoid the promotion or ask the broker for clarification.

If you wish to take part in the particular promotion and start forex trading without investment, then do not overlook terms and conditions. Even the smallest detail must be in your sight. A free bonus is actually not always 100% free. Some brokers may ask you to deposit some money in order to collect your profits. Indeed, such promotions are scams.

Be attentive, because some forex brokers can demonstrate a good opportunity with their no deposit bonus, however it may ask to complete the trading volume requirement. Stay away from the bonus that asks to complete more than 1 lot for $10 to further unlock the profits and balance.

Bonuses can vary in terms of geographical location requirements. Therefore, ensure that FX bonus accounts of the broker are given in your country as well if you desire to start forex trading without investment. Furthermore, there can be account restrictions. This means that no deposit bonuses may not always be available for every account at a particular broker. Thus, check whether you applied for a correct account.

In addition, make sure what instruments can be traded to withdraw your profit before you begin trading as sometimes FX bonus accounts are not available for some of them. As for the withdrawal, some forex bonus brokers limit the maximum profit available to withdraw from the account. So, do not miss this field before you start trading on your no deposit FX bonus account.

Bonuses are frequently represented only in 1 currency equivalent. However, there are many no deposit bonuses that evaluate a similar amount in your local currency, so doing your research in order to figure out how to join forex trading without making any deposits is a good way for ensuring success in the long run.

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How to start forex trading without a deposit?

As one of the cases, no deposit bonus may come with SMS verification. It is recommended to make sure that you have the right phone number prior to start applying for the bonus.

One of the last tips that can help you find a trustworthy no deposit bonus, or at least help you get through a scammer, is to save the terms and conditions document as a .Pdf file. Do this even if you deal with the best no deposit forex bonus account. You can use the help of your account manager and ask him to confirm all the statements of the bonus promotion in which you participate.

Start forex trading without deposit: introduction to best no deposit bonuses

Although there are very good no deposit bonuses offered by industry leaders and most proficient brokers, you should understand one fact: FX bonuses without a deposit are most frequently offered by bad brokers. That is the very reason why you should be very careful not to get entangled with a scammer.

All this leads to us stressing how important it is to be attentive at all times, so be attentive to details when researching how to start trading with no deposit bonuses. Fortunately, we have examples of the best brokers/investment firms.

Start forex trading without investment: XM forex broker

To begin with, XM is recognized by the united kingdom-based organization – investors in people for its powerful efforts in developing individuals to realize their entire potential and achieve both individual and corporate goals. We should also admit that this organization provides a huge amount of proven tools and resources specially designed to complement its unique framework with an aim to boost performance and indeed maximize sustainability. XM achieves this standard by showing that it is a driving force in the online trading sector and is committed to the provision of services and products of the best quality. How to start forex trading without money? If you are interested, you can claim the XM 30 USD no deposit bonus!

Get your 30 USD no deposit bonus with XM, and start trading today

*clients registered under the EU regulated entity of the group are not eligible for the bonus

No deposit bonus as an alternative – is it worth it?

So, now that you know what no deposit bonuses are and how they work, one question remains active: is it actually worth it to sign up for one yourself? Will you get any significant benefit from it?

The answer to that question is subjective; some traders can definitely find use in this type of promotion by amassing a small account balance and then turning it into a full-blown trading career. But in order to do so, you need to be very careful not to catch a scammer instead of a legitimate promotion issuer.

As for other traders, they often prefer spending their own money, which gives them more incentive to be more careful in the market – after all, it’s their own money they’re risking.

So, suffice to say no deposit bonuses have their time and place; one just has to seize that exact moment.

Free real money forex no deposit

Among forex brokers, there is a tough competition going on as to who will get the most number of novice traders. The race for new clients is so important to forex brokers that they are willing to sponsor their new clients by giving them access to take part in live forex trades without making any deposit. This is called the fore no deposit account.

With this development, it is now possible to actually trade the forex market without making any financial commitments at all. The normal trend was to sign up with a broker and make some deposits in your real account before you can start trading the forex market, but things has changed and broker have devised new ways of getting new clients every day. Once you sign up with the broker, you get real money in your account with which you can trade the forex market with.

In as much as this is basically to encourage people to trade the forex market, it is also important t know that there are terms and conditions attached to the forex no deposit accounts. These terms and conditions help the forex broker stay safe and not exposed to huge risks seeing as they are the ones sponsoring their new clients with their no deposit accounts. Some of the terms and conditions are

1. The trader must register with the broker and trade with the platform offered by the broker. This is the main reason why brokers go as far as offering traders the opportunity to trade the forex market without any deposit.

2. Once the client registers with the broker and is set to trade, the broke gives the trader access to an account with a certain amount of real money with which the trader can trade the live forex market on the condition that the trader does not withdraw the money. The money is there and can be traded with but the trader does not have the ability to make withdrawals from the no deposit account until some conditions are met.

3. For the trader to withdraw some real money from his or her no deposit account, the trader must have accumulated some trade points and made some profits. Form the profit made, the trader is expected to make some deposit to his account, which will serve as a trade capital, after which the trader can freely withdraw the rest of the profit made.

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of liteforex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of directive 2004/39/EC.

How does forex trading work?

Updated: 12th january 2021

source: getty images

You may want to start this new year trying different types of investing. But with lots of different markets to invest in, it can be hard to know where to focus your attention. If you are starting to explore different options and wondering what forex trading is, then we are here to help.

What is forex trading?

Forex trading, which is the same as currency trading, is the conversion of one currency into another.

It is one of the most actively traded markets in the world. Individuals, banks and businesses carry out millions of forex transactions every single day.

Here are some key things you need to know about forex trading:

It’s global

There is no central exchange for forex trading. It’s not like you are using the london stock exchange.

Instead, it is traded via a global network of banks, dealers and brokers. Which means that trading happens 24/7, monday to friday.

Prices are quoted in pairs

When looking at currency prices, you will find them in pairs. The currency you are selling and the one you are buying.

One currency is the base currency, the other is the quote. The difference between the two is known as the spread.

In very basic terms, you would buy a currency pair if you thought the base currency would strengthen against the quote currency. You would sell if you thought the base was going to weaken against the quote.

The market can be volatile

The extended trading hours and the global nature of forex trading mean that it can be quite volatile.

Prices can be affected by things such as interest rates or government policies. And as forex traders are in it for the profit, price movements on some currencies can be quite extreme.

Is it legal in the UK?

Forex trading is completely legal in the UK. In fact, we are known for our regulation and reliable companies.

If you are interested in dipping your toe into the forex trading pool, then maybe look for an FCA-regulated broker. This will then offer you some protection, and you can be confident that they are a straight-shooting business.

Why trade this way?

You may be wondering why you should use forex trading when it can seem confusing and volatile. Well, it’s those characteristics that mean that you can potentially make big gains from it.

The volatility of forex trading means that you could find yourself making a decent sum of money speculating on price movements. However, be warned: this could also work against you, and you could expose yourself to losses.

Meanwhile, the 24-hour nature of the market means that you can take advantage of different active sessions. You are not tied into a central exchange, so you can make the most of the freedom.

Finally, it is a big market. Large numbers of buyers and sellers are trading away at any one time. So if you decide to try forex trading, you will find that transactions are completed quickly and easily.

And ‘spreads’ (don’t worry, I did mention them earlier) are tight. So the underlying market price of the pair won’t need to move a huge amount in order for you to be able to make a profit.

Who is forex for?

Most importantly, here’s our warning: forex trading can be extremely challenging for beginners, as there is a very high level of risk involved. While it’s not strictly impossible as a newbie to grow your money pot through it, you would need to really know your stuff and be hands on.

This is mainly because of how quickly the market changes. Surges in currency prices and the speed at which things can change mean that you could likely lose money if you are not monitoring your investments closely. It’s also true that forex providers often push huge levels of leverage – and at high leverage, even small market fluctuations can wipe out a trader’s entire position.

For these reasons, we don’t believe forex trading is suitable for novice investors on the whole.

Where can I find more information?

If you are keen to learn more about different types of trading or investment, take a look at our top picks for share dealing accounts. Or check out our five tips for a diversified portfolio if you’re a new investor.

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*affiliate partner. Important information and risk disclaimer: the value of shares and any income produced can fall as well as rise, and you may get back less than you invest. Exchange rate fluctuations can reduce the sterling value of any overseas holdings.

Some offers on mywallethero are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are the motley fool’s alone and have not been provided or endorsed by bank advertisers. John mackey, CEO of whole foods market, an amazon subsidiary, is a member of the motley fool’s board of directors. The motley fool UK has recommended barclays, hargreaves lansdown, HSBC holdings, lloyds banking group, mastercard, and tesco.

About the author

I am a freelance finance writer who also writes for fitch solutions. Previously I worked as an analyst for nielsen, specialising in consumer finance reports and news insights.

Our mywallethero experts have reviewed and rated all of these UK brokerage accounts 4 stars or better. *affiliate partner.

Forex 101 - the forex and CFD trading course

Step up your trading game with our free online forex and CFD trading course. We hope that this 3 step programme will help you learn everything you need to know to begin trading forex and cfds. Don`t just take our word for it, see for yourself!

9 online lessons

The full course is available online and in 18 different languages. You`ll get access to 9 video lessons, each of which will be accompanied by detailed written notes and be followed by a quiz!

Learn from the pros

Learn forex from experienced professional traders. Each lesson focusses on a key topic and has been carefully crafted and delivered by two leading industry experts.

Access

Access the first 3 lessons now – free for all, get a demo trading account to unlock the rest of the course and put your knowledge to practice.

Train anytime, anywhere

Learn to trade on your commute, in a cafe, or after work - it`s up to you! With all 9 lessons available online, you can easily fit your learning around your life.

What is forex 101?

Our previous education campaign, zero to hero, was so popular that we decided to make a brand new one! Forex 101 is a forex trading course designed to help even absolute beginners learn how to trade. The training course is absolutely free and 100% online. Each lesson will feature a video, written notes and a follow-up quiz. The course will be split over 3 steps - `beginner`, `intermediate` and `advanced`. The world of forex trading awaits. Are you ready for class?

Getting started

Kick off this forex trading course by learning the basics. Our experts will tell you all about the impact of the forex market on the world-stage, teach you all the key terms you`ll need and walk you through creating your very own demo trading account.

1. Getting to know forex

2. A trader`s starter pack

3. Practise time! Get your own demo account!

1. Setting up MT4

2. Making your first trade

3. Thinking strategically

Getting a feel for forex trading

You're getting there now! Over these three lessons our forex trading experts will teach you how to set up your trading platform, how to make your first demo trade and then explain the power of utilising a trading strategy.

Getting a feel for forex trading

1. Setting up MT4

2. Making your first trade

3. Thinking strategically

Taking it to the next level

In this final step of the forex course our experts will teach you how to perfect your trading set ups. You`ll learn all about making a trading plan and how to use vital indicators, as well as get some tips that may help you minimise risk.

1. Creating your game plan

2. The power of indicators

3. Managing risk effectively

So, are you ready to begin?

Risk warning: trading forex (foreign exchange) or cfds (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Before using admiral markets UK ltd, admiral markets AS or admiral markets cyprus ltd services, please acknowledge all of the risks associated with trading.

The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.

All references on this site to ‘admiral markets' refer jointly to admiral markets UK ltd, admiral markets AS and admiral markets cyprus ltd. Admiral markets' investment firms are fully owned by admiral markets group AS.

Admiral markets UK ltd is registered in england and wales under companies house – registration number 08171762. Admiral markets UK ltd is authorised and regulated by the financial conduct authority (FCA) – registration number 595450. The registered office for admiral markets UK ltd is: 60 st. Martins lane, covent garden, london, united kingdom, WC2N 4JS.

Admiral markets AS is registered in estonia – commercial registry number 10932555. Admiral markets AS is authorised and regulated by the estonian financial supervision authority (EFSA) – activity license number 4.1-1/46. The registered office for admiral markets AS is: maakri 19/1, 11th floor, 10145 tallinn, estonia.

Admiral markets cyprus ltd is registered in cyprus – with company registration number 310328 at the department of the registrar of companies and official receiver. Admiral markets cyprus ltd authorised and regulated by the cyprus securities and exchange commission (cysec), license number 201/13. The registered office for admiral markets cyprus ltd is: dramas 2, 1st floor, 1077 nicosia, cyprus

Admiral markets pty ltd registered office: level 10,17 castlereagh street sydney NSW 2000. Admiral markets pty ltd (ABN 63 151 613 839) holds an australian financial services licence (AFSL) to carry on financial services business in australia, limited to the financial services covered by its AFSL no. 410681.

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Your FOREX.Com account gives you access to our full suite of downloadable, web, and mobile apps.

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Leverage our experts

Our global research team identifies the information that drives markets so you can forecast potential price movement and seize forex trading opportunities.

Ready to learn about forex?

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New trader?

Welcome, we’ll show you how forex works and why you should trade it.

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Have some experience?

Let’s create a trading plan that will help you stay on track and meet your goals.

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Want to go deep on strategy?

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CFD and forex trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

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Forex brokers that accept mobile money

This article describes forex brokers who accept the use of mobile money for forex deposits and withdrawals. But what is mobile money all about?

Mobile money refers to money stored in an account that is operated by telecom companies, in which the user’s mobile phone and other telephony details such as the phone number are integral components of the transaction process. This is possible because phone numbers are unique in themselves, and every phone device comes with a unique international mobile equipment (IMEI) number. The unique nature of phone numbers can be enhanced by subjecting each user to biometric registration, in which physical traits that cannot be replicated in any other human being such as the fingerprint, are captured and assigned to the phone number. That way, a user can perform financial transactions over a mobile network using the phone number as a unique identification number, just the way every bank customer would have a unique bank account number, cheque books or savings passbooks of years gone by.

The mobile money payment channel is very common in africa, where it is used as a tool for financial inclusion. Many african countries and indeed countries of the middle east have large unbanked populations. Accessing services such as a forex trading account require financial inclusion, where a user of the financial system can be identified and the individual’s financial history can be profiled, in compliance with international laws against money laundering.

What forex brokers accept mobile money

The number of forex brokers that accept mobile money for deposits and withdrawals is still relatively low. Despite this fact, there are already a couple of solid forex brokers who work with mobile money.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading cfds.

You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.

Forex brokers and mobile money

With the passage of the european securities and markets authority (ESMA) rules of 2018, it has become very expensive for traders to open and operate trading accounts with UK and EU forex brokers. This has led to a mass migration of traders to so-called offshore locations and loss of business for many of these EU brokers. The loss of business has hit many of them so badly, that their loud protests have caught the attention of the european commission, which has instituted a process to review the mifid II protocols that ESMA derives its regulatory powers from.

Some EU brokerages have been able to adapt to the situation by creating international divisions to handle clients from outside the EU. Africa represents a huge opportunity for forex brokers because the penetration of forex trading on the continent is relatively low. However, there is a large unbanked population in the african market. For the unbanked, mobile money represents one of the major means of transaction. This has led to a slight increase in the number of forex brokers that accept mobile money for transactions. Kenya and ghana are two countries where the use of mobile money is very high.

Forex brokers that accept mobile money in ghana have an advantage because even those who operate bank accounts also have access to mobile money. Mobile money usage in ghana is driven by telecom companies such as airtel/tigo, MTN and glo. In kenya on the other hand, the most popular mobile money payment system is vodafone’s M-pesa.

Mobile money as a funding method

To be able to get registered on a mobile money network, the user must have a phone number, with a registered SIM card matched to the user by means of biometrics. This provides an infallible means of identification, allowing the user to perform transactions on the mobile phone.

Forex brokers that accept mobile money in ghana are then able to accept deposits in the local currency, the ghana cedis (GHS). Withdrawals are also conducted in the local currency. Users have the option of operating forex accounts in the local currency (if the broker allows it), or they can still maintain foreign currency accounts, in which case the appropriate conversion rates and charges are applied.

Since the mobile money registration process also incorporates biometric registration, all data can be harmonized and checked by the brokerage’s compliance department to ensure that appropriate know-your-customer (KYC) protocols are followed.

Benefits of using a forex broker that accepts mobile money

The benefits of using an FX broker that accepts mobile money are as follows:

A) very fast deposits and withdrawals: transaction times are very fast, as transfers are processed in a matter of minutes.

B) it is a cashless method which allows the user to transact without carrying money.

C) the convenience of this transaction method is virtually unrivalled. A country like ghana has mobile money outlets on virtually every street. You can simply walk into a vendor’s shop, deposit ghana cedis with the vendor, have your mobile money wallet funded and you proceed to fund your forex account.

D) no need to fill any forms and there is no waiting time. You can do your forex account funding anytime, including weekends and holidays.

Drawbacks of using a forex broker that accepts mobile money

What are the drawbacks of using forex brokers that accept mobile money?

A) initial sign-up processes can be a hassle. There are instances of registration failure due to problems with the internet network.

B) forex brokers that accept mobile money are relatively few. This narrows the user’s choice of brokers.

Choosing a forex broker that accepts mobile money

Presently, the number of forex brokers accept mobile money in ghana and around africa are few. However, this could change quickly as more brokers are entering the african market. For a user, make sure to use online forums and other information sources to get a first-hand account on the experience others have had with the mobile money transaction process. You can also check the table above to see some of the most popular FX brokers that are accepting mobile money.

Can forex trading make you rich?

Can forex trading make you rich? Although our instinctive reaction to that question would be an unequivocal "no,” we should qualify that response. Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

But first, the stats. A bloomberg article in nov. 2014 noted that based on reports to their clients by two of the biggest forex companies at the time—gain capital holdings inc. (GCAP) and FXCM inc.—68% of investors had net losses from trading currencies in the prior year. While this could be interpreted to mean that about one in three traders does not lose money trading currencies, that's not the same as getting rich trading forex.

Key takeaways

Many retail traders turn to the forex market in search of fast profits.

Statistics show that most aspiring forex traders fail, and some even lose large amounts of money.

Leverage is a double-edged sword, as it can lead to outsized profits but also substantial losses.

Counterparty risks, platform malfunctions, and sudden bursts of volatility also pose challenges to would-be forex traders.

Unlike stocks and futures that trade on exchanges, forex pairs trade in the over-the-counter market with no central clearing firm.

Note that the bloomberg numbers were cited just two months before an unexpected seismic shock in the currency markets highlighted the risks of forex trading. On jan. 15, 2015, the swiss national bank abandoned the swiss franc's cap of 1.20 against the euro that it had in place for three years. as a result, the swiss franc soared as much as 41% against the euro on that day.

The surprise move from switzerland's central bank inflicted losses running into the hundreds of millions of dollars on innumerable participants in forex trading, from small retail investors to large banks. Losses in retail trading accounts wiped out the capital of at least three brokerages, rendering them insolvent, and took FXCM, then the largest retail forex brokerage in the united states, to the verge of bankruptcy.

Unexpected one time events are not the only risk facing forex traders. Here are seven other reasons why the odds are stacked against the retail trader who wants to get rich trading the forex market.

Excessive leverage

Although currencies can be volatile, violent gyrations like that of the aforementioned swiss franc are not that common. For example, a substantial move that takes the euro from 1.20 to 1.10 versus the U.S. Dollar over a week is still a change of less than 10%. Stocks, on the other hand, can easily trade up or down 20% or more in a single day. But the allure of forex trading lies in the huge leverage provided by forex brokerages, which can magnify gains (and losses).

A trader who shorts $5,000 worth of euros against the U.S. Dollar at 1.20 and then covers the short position at 1.10 would make a tidy profit of $500 or 8.33%. If the trader used the maximum leverage of 50:1 permitted in the U.S. (ignoring trading costs and commissions) the profit is $25,000, or 416.67%.

Of course, had the trader been long euro at 1.20, used 50:1 leverage, and exited the trade at 1.10, the potential loss would have been $25,000. In some overseas jurisdictions, leverage can be as much as 200:1 or even higher. Because excessive leverage is the single biggest risk factor in retail forex trading, regulators in a number of nations are clamping down on it.

Asymmetric risk to reward

Seasoned forex traders keep their losses small and offset these with sizable gains when their currency call proves to be correct. Most retail traders, however, do it the other way around, making small profits on a number of positions but then holding on to a losing trade for too long and incurring a substantial loss. This can also result in losing more than your initial investment.

Platform or system malfunction

Imagine your plight if you have a large position and are unable to close a trade because of a platform malfunction or system failure, which could be anything from a power outage to an internet overload or computer crash. This category would also include exceptionally volatile times when orders such as stop-losses do not work. For instance, many traders had tight stop-losses in place on their short swiss franc positions before the currency surged on jan. 15, 2015. However, these proved ineffective because liquidity dried up even as everyone stampeded to close their short franc positions.

Forex trading: A beginner's guide

Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or tourism. According to a recent triennial report from the bank for international settlements (a global bank for national central banks), the average was more than $5.1 trillion in daily forex trading volume.

Key takeaways

The foreign exchange (also known as FX or forex) market is a global marketplace for exchanging national currencies against one another.

Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world.

Currencies trade against each other as exchange rate pairs. For example, EUR/USD.

Forex markets exist as spot (cash) markets as well as derivatives markets offering forwards, futures, options, and currency swaps.

Market participants use forex to hedge against international currency and interest rate risk, to speculate on geopolitical events, and to diversify portfolios, among several other reasons.

What is the forex market?

The foreign exchange market is where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business. If you are living in the U.S. And want to buy cheese from france, either you or the company that you buy the cheese from has to pay the french for the cheese in euros (EUR). This means that the U.S. Importer would have to exchange the equivalent value of U.S. Dollars (USD) into euros. The same goes for traveling. A french tourist in egypt can't pay in euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the euros for the local currency, in this case the egyptian pound, at the current exchange rate.

One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency trading is conducted electronically over-the-counter (OTC), which means that all transactions occur via computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of london, new york, tokyo, zurich, frankfurt, hong kong, singapore, paris and sydney—across almost every time zone. This means that when the trading day in the U.S. Ends, the forex market begins anew in tokyo and hong kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly.

A brief history of forex

Unlike stock markets, which can trace their roots back centuries, the forex market as we understand it today is a truly new market. Of course, in its most basic sense—that of people converting one currency to another for financial advantage—forex has been around since nations began minting currencies. But the modern forex markets are a modern invention. After the accord at bretton woods in 1971, more major currencies were allowed to float freely against one another. The values of individual currencies vary, which has given rise to the need for foreign exchange services and trading.

Commercial and investment banks conduct most of the trading in the forex markets on behalf of their clients, but there are also speculative opportunities for trading one currency against another for professional and individual investors.

Spot market and the forwards & futures markets

There are actually three ways that institutions, corporations and individuals trade forex: the spot market, the forwards market, and the futures market. Forex trading in the spot market has always been the largest market because it is the "underlying" real asset that the forwards and futures markets are based on. In the past, the futures market was the most popular venue for traders because it was available to individual investors for a longer period of time. However, with the advent of electronic trading and numerous forex brokers, the spot market has witnessed a huge surge in activity and now surpasses the futures market as the preferred trading market for individual investors and speculators. When people refer to the forex market, they usually are referring to the spot market. The forwards and futures markets tend to be more popular with companies that need to hedge their foreign exchange risks out to a specific date in the future.

More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations (both locally and internationally), as well as the perception of the future performance of one currency against another. When a deal is finalized, this is known as a "spot deal." it is a bilateral transaction by which one party delivers an agreed-upon currency amount to the counter party and receives a specified amount of another currency at the agreed-upon exchange rate value. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present (rather than the future), these trades actually take two days for settlement.

Unlike the spot market, the forwards and futures markets do not trade actual currencies. Instead they deal in contracts that represent claims to a certain currency type, a specific price per unit and a future date for settlement.

In the forwards market, contracts are bought and sold OTC between two parties, who determine the terms of the agreement between themselves.

In the futures market, futures contracts are bought and sold based upon a standard size and settlement date on public commodities markets, such as the chicago mercantile exchange. In the U.S., the national futures association regulates the futures market. Futures contracts have specific details, including the number of units being traded, delivery and settlement dates, and minimum price increments that cannot be customized. The exchange acts as a counterpart to the trader, providing clearance and settlement.

Both types of contracts are binding and are typically settled for cash at the exchange in question upon expiry, although contracts can also be bought and sold before they expire. The forwards and futures markets can offer protection against risk when trading currencies. Usually, big international corporations use these markets in order to hedge against future exchange rate fluctuations, but speculators take part in these markets as well.

Note that you'll often see the terms: FX, forex, foreign-exchange market, and currency market. These terms are synonymous and all refer to the forex market.

Forex for hedging

Companies doing business in foreign countries are at risk due to fluctuations in currency values when they buy or sell goods and services outside of their domestic market. Foreign exchange markets provide a way to hedge currency risk by fixing a rate at which the transaction will be completed.

To accomplish this, a trader can buy or sell currencies in the forward or swap markets in advance, which locks in an exchange rate. For example, imagine that a company plans to sell U.S.-made blenders in europe when the exchange rate between the euro and the dollar (EUR/USD) is €1 to $1 at parity.

The blender costs $100 to manufacture, and the U.S. Firm plans to sell it for €150—which is competitive with other blenders that were made in europe. If this plan is successful, the company will make $50 in profit because the EUR/USD exchange rate is even. Unfortunately, the USD begins to rise in value versus the euro until the EUR/USD exchange rate is 0.80, which means it now costs $0.80 to buy €1.00.

The problem the company faces is that while it still costs $100 to make the blender, the company can only sell the product at the competitive price of €150, which when translated back into dollars is only $120 (€150 X 0.80 = $120). A stronger dollar resulted in a much smaller profit than expected.

The blender company could have reduced this risk by shorting the euro and buying the USD when they were at parity. That way, if the dollar rose in value, the profits from the trade would offset the reduced profit from the sale of blenders. If the USD fell in value, the more favorable exchange rate will increase the profit from the sale of blenders, which offsets the losses in the trade.

Hedging of this kind can be done in the currency futures market. The advantage for the trader is that futures contracts are standardized and cleared by a central authority. However, currency futures may be less liquid than the forward markets, which are decentralized and exist within the interbank system throughout the world.

Forex for speculation

Factors like interest rates, trade flows, tourism, economic strength, and geopolitical risk affect supply and demand for currencies, which creates daily volatility in the forex markets. An opportunity exists to profit from changes that may increase or reduce one currency's value compared to another. A forecast that one currency will weaken is essentially the same as assuming that the other currency in the pair will strengthen because currencies are traded as pairs.

Imagine a trader who expects interest rates to rise in the U.S. Compared to australia while the exchange rate between the two currencies (AUD/USD) is 0.71 (it takes $0.71 USD to buy $1.00 AUD). The trader believes higher interest rates in the U.S. Will increase demand for USD, and therefore the AUD/USD exchange rate will fall because it will require fewer, stronger USD to buy an AUD.

Assume that the trader is correct and interest rates rise, which decreases the AUD/USD exchange rate to 0.50. This means that it requires $0.50 USD to buy $1.00 AUD. If the investor had shorted the AUD and went long the USD, he or she would have profited from the change in value.

Currency as an asset class

There are two distinct features to currencies as an asset class:

You can earn the interest rate differential between two currencies.

You can profit from changes in the exchange rate.

An investor can profit from the difference between two interest rates in two different economies by buying the currency with the higher interest rate and shorting the currency with the lower interest rate. Prior to the 2008 financial crisis, it was very common to short the japanese yen (JPY) and buy british pounds (GBP) because the interest rate differential was very large. This strategy is sometimes referred to as a "carry trade."

Why we can trade currencies

Currency trading was very difficult for individual investors prior to the internet. Most currency traders were large multinational corporations, hedge funds or high-net-worth individuals because forex trading required a lot of capital. With help from the internet, a retail market aimed at individual traders has emerged, providing easy access to the foreign exchange markets, either through the banks themselves or brokers making a secondary market. Most online brokers or dealers offer very high leverage to individual traders who can control a large trade with a small account balance.

Forex trading: A beginner’s guide

Forex trading risks

Trading currencies can be risky and complex. The interbank market has varying degrees of regulation, and forex instruments are not standardized. In some parts of the world, forex trading is almost completely unregulated.

The interbank market is made up of banks trading with each other around the world. The banks themselves have to determine and accept sovereign risk and credit risk, and they have established internal processes to keep themselves as safe as possible. Regulations like this are industry-imposed for the protection of each participating bank.

Since the market is made by each of the participating banks providing offers and bids for a particular currency, the market pricing mechanism is based on supply and demand. Because there are such large trade flows within the system, it is difficult for rogue traders to influence the price of a currency. This system helps create transparency in the market for investors with access to interbank dealing.

Most small retail traders trade with relatively small and semi-unregulated forex brokers/dealers, which can (and sometimes do) re-quote prices and even trade against their own customers. Depending on where the dealer exists, there may be some government and industry regulation, but those safeguards are inconsistent around the globe.

Most retail investors should spend time investigating a forex dealer to find out whether it is regulated in the U.S. Or the U.K. (dealers in the U.S. And U.K. Have more oversight) or in a country with lax rules and oversight. It is also a good idea to find out what kind of account protections are available in case of a market crisis, or if a dealer becomes insolvent.

Pros and challenges of trading forex

Pro: the forex markets are the largest in terms of daily trading volume in the world and therefore offer the most liquidity. this makes it easy to enter and exit a position in any of the major currencies within a fraction of a second for a small spread in most market conditions.

Challenge: banks, brokers, and dealers in the forex markets allow a high amount of leverage, which means that traders can control large positions with relatively little money of their own. Leverage in the range of 100:1 is a high ratio but not uncommon in forex. A trader must understand the use of leverage and the risks that leverage introduces in an account. Extreme amounts of leverage have led to many dealers becoming insolvent unexpectedly.

Pro: the forex market is traded 24 hours a day, five days a week—starting each day in australia and ending in new york. The major centers are sydney, hong kong, singapore, tokyo, frankfurt, paris, london, and new york.

Challenge: trading currencies productively requires an understanding of economic fundamentals and indicators. A currency trader needs to have a big-picture understanding of the economies of the various countries and their inter-connectedness to grasp the fundamentals that drive currency values.

The bottom line

For traders—especially those with limited funds—day trading or swing trading in small amounts is easier in the forex market than other markets. For those with longer-term horizons and larger funds, long-term fundamentals-based trading or a carry trade can be profitable. A focus on understanding the macroeconomic fundamentals driving currency values and experience with technical analysis may help new forex traders to become more profitable.

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