Thursday, June 11, 2009
USD surges, as risk aversion returns with a vengeance
USD: Higher, supported by safe haven flows as equity markets tumble JPY: Higher, supported in cross by a spike in risk aversion EUR: Lower, pressured by Trichet’s comment that rates may be cut 25 basis points next month CHF: Lower, downside limited by safe haven flows, threat of intervention is rising GBP: Lower, pressured by report of rising cost of UK bank bailout, CBI cuts growth forecast CAD and AUD: AUD & CAD lower, Australian PPI declines, tracking weaker equities and falling CRB
European markets drop affected by swine flu; Euro and Pound try to pick up
European markets drop affected by swine flu; Euro and Pound try to pick upFITITOL-->FXstreet.com (Barcelona) - European markets are feeling the pressure from swine flu and main indexes are going through losses at the opening. Euro and Pound attempt recovery after declines in Asian session.Eurostoxx 50 Index drops 1.71% with German DAX Index 1.57% down, and French CAC 1.62% down and London FTSE Index 1.51% down, short after the opening.Swine flu outbreak seems to be the hot topic on the markets today. In one hand, shares of pharmaceutical firms such as Roche or GlaxoSmithKline are rising, while European trade and leisure companies, especially airlines, are being hit.
Oil above $61 ahead of OPEC meeting
Oil prices edged lower but hovered above $61 a barrel Monday in Asia as investors eyed an OPEC meeting this week and weighed evidence of a global economic recovery.
Trading was light because U.S. markets are closed Monday for Memorial Day.
Benchmark crude for July delivery was down 35 cents to $61.32 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. On Friday, the contract rose 62 cents to settle at $61.67.
Oil has rallied on investor optimism that the worst of the global economic downturn is over. Traders will get fresh data to mull this week when the U.S. releases a consumer confidence index for May and reports on sales of existing and new homes last month.
In Asia, there are signs that the drop in exports has bottomed, although the outlook remains murky.
Investors will also be looking for evidence of increased demand as the U.S. summer driving season begins.
“The $60 level implies that we’re going to have a V-shaped recovery in the global economy, and there’s really very little evidence of that,” said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.
“In the near-term, the rhetoric about post-Memorial Day driving activity may provide support, but eventually fundamentals will re-exert themselves in the market,” he said.
The Organization of Petroleum Exporting Countries meets on Wednesday in Vienna to discuss a possible production cut that would add to 4.2 million barrels a day of output reductions the cartel has announced since September.
OPEC leaders this year have said they want the price of crude at $70 a barrel, and most analysts say the recent jump to above $60 from below $35 in March will keep the group from any further production cuts.
“We don’t expect any changes in output targets,” Shum said. “The price is too high to cut.”In other Nymex trading, gasoline for June delivery was steady at $1.84 a gallon and heating oil fell 0.72 cent to $1.53 a gallon. Natural gas for June delivery dropped 2.5 cents to $3.49 per 1,000 cubic feet.
In London, Brent prices slid 29 cents to $60.49 a barrel on the ICE Futures exchange. Posted by graadil at 3:10 PM 0 comments Monday, May 18, 2009Taxpayers foreign assets: FBR has authority to investigate ISLAMABAD: The Federal Board of Revenue (FBR) has legal authority to investigate assets held outside Pakistan, depending on whether the tax authorities have sufficient evidence of unexplained assets under Income Tax Ordinance 2001. Sources told Business Recorder on Saturday that if the assets purchased outside Pakistan have not been declared in the wealth statement, it is difficult to check the source or extent of investment. Without authentic evidence, it is impossible to assess the source of investment.
However, the most important issue during the entire exercise is to determine the resident status of the taxpayer. This alone would form the basis for investigating any Pakistani with assets abroad. Resident status means a person who has lived in Pakistan or stayed in Pakistan for 183 days or more in one fiscal year under Income Tax Ordinance 2001.
Under relevant clause on exchange of information under the Avoidance of Double Taxation Convention, the department can ask tax authorities of other countries (bilateral agreement) to provide taxpayer profile or information about a Pakistani living abroad. Based on this information, the income tax department can probe assets abroad. If the source of investment has not been explained by the taxpayer, the department is legally empowered to convert the equal amount of foreign currency into Pak rupees and adding this amount to his income chargeable to tax.
Sources said that the taxpayers have to declare income earned outside Pakistan in their income tax returns and such income earned abroad is liable to tax provided the status of these taxpayers is of resident person in Pakistan. Presently, there is no wealth tax on fixed assets as the relevant wealth tax law was repealed.
The assets, whether purchased locally or abroad, could be probed in case the source of investment for purchasing assets is unexplained under section 111 of the Income Tax Ordinance 2001. In case assets purchased abroad have not been declared in the wealth statement, it is not possible for the department to add this to his income.
In the past, the department tried to access information about Pakistanis making huge investments in the real estate business in United Arab Emirates (UAE). The exercise was done to pinpoint potential Pakistani investors who are out of the tax net. However, the department was unable to proceed against such Pakistanis due to weak enforcement. The provisions of Income Tax Ordinance of 2001 are weak, almost non-existent, especially with respect to international money transfers. The exercise was not successful because of the legal provisions being insufficient and ineffective, sources added.
Explaining section 111, analysts said that the concept behind its provisions was to bring into account under the chargeability of such incomes that either have no source or a taxpayer fails to explain its sources or the assets are recorded below transactional value actually transacted. In this way, it is the taxation of income, which is either consciously or by fiction concealed/avoided from the tax authorities. The section 111 has been drafted to cater this situation.
Sources said that if a Pakistani is doing business in the UK and earning income/profit abroad, he would be liable to declare such profit in the income tax returns. Under Income Tax Ordinance, he has to declare world income in Pakistan. However, the status of the taxpayer as a resident must be determined before chargeability of tax.
There are two scenarios of taxation of unexplained income and assets under income tax laws: (i) if a taxpayer has, say, paid tax in UK, he has to declare his income and tax paid to the UK tax department and has to declare the tax paid in the income tax return filed in Pakistan. Under the Avoidance of Double Taxation Convention inked with the UK, if a person has paid the tax in UK, he will be entitled to claim its credit in Pakistan; in the presence of Avoidance of Double Taxation agreement, if a person has paid tax in UK and subsequently declared his income in Pakistan, he can claim credit in Pakistan. He would inform the department that he has paid tax in UK for claiming credit in Pakistan; (ii) in case there is no treaty on Avoidance of Double Taxation with a specific country, the taxpayer has to pay additional tax in Pakistan even if he has paid the due tax abroad.
When asked about foreign assets declarations by top government officials, tax experts said that the President, Prime Minister and MNAs have to file their income tax returns. Under section 114 of the Income Tax Ordinance 2001, every person having taxable income is required to file returns. Similarly, every resident person is required to file wealth statement if his income is more than Rs 5 lakh per year under section 116 of the Ordinance 2001.
Thus, the President, Prime Minister and MNAs have to declare assets including foreign assets. They have to file statements of assets and liabilities to the government inclusive of assets belonging to spouse and dependent children. The question arises whether the top government functionaries are declaring foreign assets in their respective wealth statements or these statements are not being filed by them, experts added.
Trading was light because U.S. markets are closed Monday for Memorial Day.
Benchmark crude for July delivery was down 35 cents to $61.32 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. On Friday, the contract rose 62 cents to settle at $61.67.
Oil has rallied on investor optimism that the worst of the global economic downturn is over. Traders will get fresh data to mull this week when the U.S. releases a consumer confidence index for May and reports on sales of existing and new homes last month.
In Asia, there are signs that the drop in exports has bottomed, although the outlook remains murky.
Investors will also be looking for evidence of increased demand as the U.S. summer driving season begins.
“The $60 level implies that we’re going to have a V-shaped recovery in the global economy, and there’s really very little evidence of that,” said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.
“In the near-term, the rhetoric about post-Memorial Day driving activity may provide support, but eventually fundamentals will re-exert themselves in the market,” he said.
The Organization of Petroleum Exporting Countries meets on Wednesday in Vienna to discuss a possible production cut that would add to 4.2 million barrels a day of output reductions the cartel has announced since September.
OPEC leaders this year have said they want the price of crude at $70 a barrel, and most analysts say the recent jump to above $60 from below $35 in March will keep the group from any further production cuts.
“We don’t expect any changes in output targets,” Shum said. “The price is too high to cut.”In other Nymex trading, gasoline for June delivery was steady at $1.84 a gallon and heating oil fell 0.72 cent to $1.53 a gallon. Natural gas for June delivery dropped 2.5 cents to $3.49 per 1,000 cubic feet.
In London, Brent prices slid 29 cents to $60.49 a barrel on the ICE Futures exchange. Posted by graadil at 3:10 PM 0 comments Monday, May 18, 2009Taxpayers foreign assets: FBR has authority to investigate ISLAMABAD: The Federal Board of Revenue (FBR) has legal authority to investigate assets held outside Pakistan, depending on whether the tax authorities have sufficient evidence of unexplained assets under Income Tax Ordinance 2001. Sources told Business Recorder on Saturday that if the assets purchased outside Pakistan have not been declared in the wealth statement, it is difficult to check the source or extent of investment. Without authentic evidence, it is impossible to assess the source of investment.
However, the most important issue during the entire exercise is to determine the resident status of the taxpayer. This alone would form the basis for investigating any Pakistani with assets abroad. Resident status means a person who has lived in Pakistan or stayed in Pakistan for 183 days or more in one fiscal year under Income Tax Ordinance 2001.
Under relevant clause on exchange of information under the Avoidance of Double Taxation Convention, the department can ask tax authorities of other countries (bilateral agreement) to provide taxpayer profile or information about a Pakistani living abroad. Based on this information, the income tax department can probe assets abroad. If the source of investment has not been explained by the taxpayer, the department is legally empowered to convert the equal amount of foreign currency into Pak rupees and adding this amount to his income chargeable to tax.
Sources said that the taxpayers have to declare income earned outside Pakistan in their income tax returns and such income earned abroad is liable to tax provided the status of these taxpayers is of resident person in Pakistan. Presently, there is no wealth tax on fixed assets as the relevant wealth tax law was repealed.
The assets, whether purchased locally or abroad, could be probed in case the source of investment for purchasing assets is unexplained under section 111 of the Income Tax Ordinance 2001. In case assets purchased abroad have not been declared in the wealth statement, it is not possible for the department to add this to his income.
In the past, the department tried to access information about Pakistanis making huge investments in the real estate business in United Arab Emirates (UAE). The exercise was done to pinpoint potential Pakistani investors who are out of the tax net. However, the department was unable to proceed against such Pakistanis due to weak enforcement. The provisions of Income Tax Ordinance of 2001 are weak, almost non-existent, especially with respect to international money transfers. The exercise was not successful because of the legal provisions being insufficient and ineffective, sources added.
Explaining section 111, analysts said that the concept behind its provisions was to bring into account under the chargeability of such incomes that either have no source or a taxpayer fails to explain its sources or the assets are recorded below transactional value actually transacted. In this way, it is the taxation of income, which is either consciously or by fiction concealed/avoided from the tax authorities. The section 111 has been drafted to cater this situation.
Sources said that if a Pakistani is doing business in the UK and earning income/profit abroad, he would be liable to declare such profit in the income tax returns. Under Income Tax Ordinance, he has to declare world income in Pakistan. However, the status of the taxpayer as a resident must be determined before chargeability of tax.
There are two scenarios of taxation of unexplained income and assets under income tax laws: (i) if a taxpayer has, say, paid tax in UK, he has to declare his income and tax paid to the UK tax department and has to declare the tax paid in the income tax return filed in Pakistan. Under the Avoidance of Double Taxation Convention inked with the UK, if a person has paid the tax in UK, he will be entitled to claim its credit in Pakistan; in the presence of Avoidance of Double Taxation agreement, if a person has paid tax in UK and subsequently declared his income in Pakistan, he can claim credit in Pakistan. He would inform the department that he has paid tax in UK for claiming credit in Pakistan; (ii) in case there is no treaty on Avoidance of Double Taxation with a specific country, the taxpayer has to pay additional tax in Pakistan even if he has paid the due tax abroad.
When asked about foreign assets declarations by top government officials, tax experts said that the President, Prime Minister and MNAs have to file their income tax returns. Under section 114 of the Income Tax Ordinance 2001, every person having taxable income is required to file returns. Similarly, every resident person is required to file wealth statement if his income is more than Rs 5 lakh per year under section 116 of the Ordinance 2001.
Thus, the President, Prime Minister and MNAs have to declare assets including foreign assets. They have to file statements of assets and liabilities to the government inclusive of assets belonging to spouse and dependent children. The question arises whether the top government functionaries are declaring foreign assets in their respective wealth statements or these statements are not being filed by them, experts added.
Internet Marketing VS Forex Currency Trading
Have you noticed that when someone’s trying to sell you something — such as a system for making money — they always make it look far easier than it is?
Let’s look at two Internet businesses, almost as diametrically opposed as it’s possible to be — Internet Marketing and Forex Currency Trading.
You’ve probably heard the old Internet adage — build a better website and they will come. Well it ain’t true!
You could put up a site advertising dollars for a dime and they still wouldn’t come — because they wouldn’t know where to look!
Let’s look at what you need to have in place in order to build a successful Internet marketing business.
First of all, you need a product. If you’ve been reading the recent Internet marketing blurb you’ll know you need a niche product.
Actually, the new thing is sub-niche but whatever they call it, you need a product for which there is high demand but low supply.
Finding a suitable niche is the hardest part of the whole process but let’s say you have a killer product, what else do you need?
The List.
Ask any Internet marketeer and they will say that the most important part of your business is your opt-in list.
For people to join your list you usually have to give them something of value such as a free eBook or report on a subject related to your main product line.
To keep them interested, you need to keep in touch with them offering them additional information, advice and tips.
Website.
To promote your opt-in list you need a website (although there are other ways of promoting your list, too) with features that will encourage people to sign up to your list.
You also need a killer website with killer copy to describe — and sell — your killer product. This may or may not be the same as the one you use for your opt-in list.
Killer copy.
Maybe you’re not a good copywriter. There are many eBooks on the subject that can help you or you can pay someone to write copy for you.
You need a domain name, preferably one with some relation to the product but good domain names are becoming increasing difficult to find.
Ads.
To get people to visit your website in the first place you need to register it with the search engines.
SEO (Search Engine Optimisation) is an art in itself. You can mug up on the subject or pay someone to do the job for you (but be aware that not all experts are!).
You might also want to place ads for your list in newsletters and ezines.The better ones will charge you although you might get a free ad in return for an article.
Autoresponder.
To automate your business you need an autoresponder. These clever devices automatically send emails to everyone on your opt-in list at predetermined intervals, and contain predetermined copy.
For example, you could create a series of emails containing, say, five parts of a free course to be sent one a day over the first five days.
Then emails would be sent once a week advertising a different product each time.
Whenever anyone signs up to your list they automatically start at the beginning so everyone gets the full cycle of marketing material.
We haven’t even looked at affiliate sales and marketing but I’m sure you get the picture.
The basic idea of selling over the Internet sounds good but there’s a lot more to it than most people realise.
Forex Currency Trading
Someone said that trading is the last frontier, the last place where men and women can stand up and pit themselves against the world.
It sounds very Wild Westish but most of it is true! You win or lose entirely by your own efforts and if you win, it’s like having your very own bank.
However, even owning a bank is a business and you still have to work hard to put the money there — and to keep it!
Unlike Internet marketing where all your efforts, in one form or another, are geared towards making people join your list and then selling them stuff.
Currency Trading has no customers. That’s worth repeating — with currency trading, you don’t need customers.
No customers means you don’t need any of the associated accoutrements that go with Internet marketing such as:
ProductsWeb siteDomain nameOpt-in listAdseBooks and reportsAutoresponderAny other marketing aids
So far so good, but what do you have to do and what do you need? Well, you need to know what currency prices are doing.
You can get a list of prices at the close of each trading day free from many web sites. If you want to trade during the day — intraday trading, you can get real-time prices for a nominal fee from several data suppliers.
In the foreign exchange currency market, commonly called forex, you can get this data and charting software free from many web sites.
Okay, that’s the easy bit. In order to trade currencies, you need to analyse the data and determine which way price is heading.
In other words you need a system and this will require study and dedication.
There’s lots of other stuff you have to know, too — trading terminology, margin, leverage, money management, order types, trader psychology and more.But all of this is available in eBooks and courses and on the Net.
Okay, that’s the easy bit. In order to trade currencies, you need to analyse the data and determine which way price is heading.
In other words you need a system and this will require study and dedication.
There’s lots of other stuff you have to know, too — trading terminology, margin, leverage, money management, order types, trader psychology and more.
But all of this is available in eBooks and courses and on the Net.
You also need some money upfront to fund your trading account. With forex you can begin with as little as $300-500 although you would be advised to start with more.
So while you don’t have the ongoing quest for new customers, new products and inventive sales techniques, you do need some sort of education or training before you begin and you need discipline while you’re trading.
Making money takes work whether it’s online or off. Make sure you know what’s involved before you start and remember that the more you put into a business, the easier it gets.
by Amin Sadak
Let’s look at two Internet businesses, almost as diametrically opposed as it’s possible to be — Internet Marketing and Forex Currency Trading.
You’ve probably heard the old Internet adage — build a better website and they will come. Well it ain’t true!
You could put up a site advertising dollars for a dime and they still wouldn’t come — because they wouldn’t know where to look!
Let’s look at what you need to have in place in order to build a successful Internet marketing business.
First of all, you need a product. If you’ve been reading the recent Internet marketing blurb you’ll know you need a niche product.
Actually, the new thing is sub-niche but whatever they call it, you need a product for which there is high demand but low supply.
Finding a suitable niche is the hardest part of the whole process but let’s say you have a killer product, what else do you need?
The List.
Ask any Internet marketeer and they will say that the most important part of your business is your opt-in list.
For people to join your list you usually have to give them something of value such as a free eBook or report on a subject related to your main product line.
To keep them interested, you need to keep in touch with them offering them additional information, advice and tips.
Website.
To promote your opt-in list you need a website (although there are other ways of promoting your list, too) with features that will encourage people to sign up to your list.
You also need a killer website with killer copy to describe — and sell — your killer product. This may or may not be the same as the one you use for your opt-in list.
Killer copy.
Maybe you’re not a good copywriter. There are many eBooks on the subject that can help you or you can pay someone to write copy for you.
You need a domain name, preferably one with some relation to the product but good domain names are becoming increasing difficult to find.
Ads.
To get people to visit your website in the first place you need to register it with the search engines.
SEO (Search Engine Optimisation) is an art in itself. You can mug up on the subject or pay someone to do the job for you (but be aware that not all experts are!).
You might also want to place ads for your list in newsletters and ezines.The better ones will charge you although you might get a free ad in return for an article.
Autoresponder.
To automate your business you need an autoresponder. These clever devices automatically send emails to everyone on your opt-in list at predetermined intervals, and contain predetermined copy.
For example, you could create a series of emails containing, say, five parts of a free course to be sent one a day over the first five days.
Then emails would be sent once a week advertising a different product each time.
Whenever anyone signs up to your list they automatically start at the beginning so everyone gets the full cycle of marketing material.
We haven’t even looked at affiliate sales and marketing but I’m sure you get the picture.
The basic idea of selling over the Internet sounds good but there’s a lot more to it than most people realise.
Forex Currency Trading
Someone said that trading is the last frontier, the last place where men and women can stand up and pit themselves against the world.
It sounds very Wild Westish but most of it is true! You win or lose entirely by your own efforts and if you win, it’s like having your very own bank.
However, even owning a bank is a business and you still have to work hard to put the money there — and to keep it!
Unlike Internet marketing where all your efforts, in one form or another, are geared towards making people join your list and then selling them stuff.
Currency Trading has no customers. That’s worth repeating — with currency trading, you don’t need customers.
No customers means you don’t need any of the associated accoutrements that go with Internet marketing such as:
ProductsWeb siteDomain nameOpt-in listAdseBooks and reportsAutoresponderAny other marketing aids
So far so good, but what do you have to do and what do you need? Well, you need to know what currency prices are doing.
You can get a list of prices at the close of each trading day free from many web sites. If you want to trade during the day — intraday trading, you can get real-time prices for a nominal fee from several data suppliers.
In the foreign exchange currency market, commonly called forex, you can get this data and charting software free from many web sites.
Okay, that’s the easy bit. In order to trade currencies, you need to analyse the data and determine which way price is heading.
In other words you need a system and this will require study and dedication.
There’s lots of other stuff you have to know, too — trading terminology, margin, leverage, money management, order types, trader psychology and more.But all of this is available in eBooks and courses and on the Net.
Okay, that’s the easy bit. In order to trade currencies, you need to analyse the data and determine which way price is heading.
In other words you need a system and this will require study and dedication.
There’s lots of other stuff you have to know, too — trading terminology, margin, leverage, money management, order types, trader psychology and more.
But all of this is available in eBooks and courses and on the Net.
You also need some money upfront to fund your trading account. With forex you can begin with as little as $300-500 although you would be advised to start with more.
So while you don’t have the ongoing quest for new customers, new products and inventive sales techniques, you do need some sort of education or training before you begin and you need discipline while you’re trading.
Making money takes work whether it’s online or off. Make sure you know what’s involved before you start and remember that the more you put into a business, the easier it gets.
by Amin Sadak
Tuesday, June 9, 2009
BASICS OF FOREX
What is Forex Trading?
Foreign Exchange (forex) is the simultaneous buying of one currency, and selling of another currency. Daily volume in the currency market exceeds $1.4 trillion, making it the largest and most liquid market in the world. Unlike other financial markets, the forex market has no physical location or central exchange. It is an over-the-counter market where buyers and sellers including banks, corporations, and private investors conduct business. Foreign exchange trading takes place in financial trading canters all over the world, including New York, London, and Tokyo creating one cohesive, international market. The huge number and diversity of players involved make it difficult for even governments to control the direction of the market. The unmatched liquidity and around-the-clock global activity make forex the ideal market for active traders. Traditionally the forex market was only available to larger entities trading currencies for commercial and investment purposes through banks. Now, specialized Forex trading platforms allow smaller financial institutions and retail investor’s access to a similar level of liquidity as the major foreign exchange banks, by offering a gateway to the primary (Inter bank) market.
What is Buying/Selling:
In the forex market currencies are always priced in pairs; therefore all trades result in the simultaneous buying of one currency and the selling of another. The objective of currency trading is to exchange one currency for another in the expectation that the market rate or price will change so that the currency you bought has increased its value relative to the one you sold. If you have bought a currency and the price appreciates in value, the trader must sell the currency back in order to lock in the profit. An open trade or position is one in which a trader has either bought/sold one currency pair and has not sold/bought back the equivalent amount to effectively close the position.
Quoting Conventions:
The first currency in the pair is referred to as the base currency, and the second currency is the counter or quote currency. The U.S Dollar, as the world’s dominant currency, is usually considered the base currency for quotes, and includes USD/JPY, USD/CHF, and USD/CAD. This means that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The exceptions are the Euro, Great Britain pound, and Australian dollar. These currencies are quoted as dollars per foreign currency.
Foreign Exchange (forex) is the simultaneous buying of one currency, and selling of another currency. Daily volume in the currency market exceeds $1.4 trillion, making it the largest and most liquid market in the world. Unlike other financial markets, the forex market has no physical location or central exchange. It is an over-the-counter market where buyers and sellers including banks, corporations, and private investors conduct business. Foreign exchange trading takes place in financial trading canters all over the world, including New York, London, and Tokyo creating one cohesive, international market. The huge number and diversity of players involved make it difficult for even governments to control the direction of the market. The unmatched liquidity and around-the-clock global activity make forex the ideal market for active traders. Traditionally the forex market was only available to larger entities trading currencies for commercial and investment purposes through banks. Now, specialized Forex trading platforms allow smaller financial institutions and retail investor’s access to a similar level of liquidity as the major foreign exchange banks, by offering a gateway to the primary (Inter bank) market.
What is Buying/Selling:
In the forex market currencies are always priced in pairs; therefore all trades result in the simultaneous buying of one currency and the selling of another. The objective of currency trading is to exchange one currency for another in the expectation that the market rate or price will change so that the currency you bought has increased its value relative to the one you sold. If you have bought a currency and the price appreciates in value, the trader must sell the currency back in order to lock in the profit. An open trade or position is one in which a trader has either bought/sold one currency pair and has not sold/bought back the equivalent amount to effectively close the position.
Quoting Conventions:
The first currency in the pair is referred to as the base currency, and the second currency is the counter or quote currency. The U.S Dollar, as the world’s dominant currency, is usually considered the base currency for quotes, and includes USD/JPY, USD/CHF, and USD/CAD. This means that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The exceptions are the Euro, Great Britain pound, and Australian dollar. These currencies are quoted as dollars per foreign currency.
Top Ten Forex Brokers Who Can Change Your Fortune
by Rod Soto
There are several different trading markets available to customers. The hardest to master without the proper resource is the currency exchange market. With the proper resources at your disposal this market is easy to handle and can make you a profit. Sitting back and watching as you get destroyed by the market is not helpful you must be active.
It is also very complex since it is not limited to one or two countries like other trades. Involvement of skilled traders from all over the world, huge profit margins compared to share market makes it unique. The most important single resource required to play in a forex market is huge money and to safe guard this money and make profit from it one should make some strategies.
Not all markets use broking agencies but for the forex market they are important because of it volatile nature. These forex brokers often work with over a hundred thousand accounts internationally. These brokers are competing intensely to provide the best facilities for their customers.
Depending upon their performance and customer satisfaction index, these agencies are given rankings on regular basis; it is a prestigious issue to every broker to get top ten forex broker ranking continuously. They will not leave any stone unturned to get a place in a list of top ten or top hundred, depending upon the size of their agency.
The primary goal of the forex broker is to improve their customer satisfaction ranking so that theif overall ranking is healthy and looks appealing to future and current customers. Also this ranking shows their competition that they are popular or not causing other agencies to safe guard their clients. Although their customers are important the ranking is for overall importance so nothing is neglected.
Broking agencies hold no guarantees at the beginning many come and go in just a matter of a couple of years. New investors to the market are often fooled by start up companies that appear to offer them deals they cannot resist. New or potential investors should keep to the companies that are known for their success.
The number one broking agency is FXCM holdings. They have proven time and time again that their fincancial services are beneficial and will help you to make a profit. Their members are specialized in online trading as well as speculators in the foreign exchange market. The top ten are listed below; 1. FXCM 2. Interactive Brokers 3. MG Forex 4. Alpari-idc 5. Hot Spot FX 6. MB 7. WestCapFx 8. Dukascopy 9. Oanda 20. eToro.
Once a company has obtained a position on the top ten list it is hard to keep that position. The companies can keep that position only by giving their best effort on all fronts. The FXCM company realized this and has shown excellence in all required fields.
There are several different trading markets available to customers. The hardest to master without the proper resource is the currency exchange market. With the proper resources at your disposal this market is easy to handle and can make you a profit. Sitting back and watching as you get destroyed by the market is not helpful you must be active.
It is also very complex since it is not limited to one or two countries like other trades. Involvement of skilled traders from all over the world, huge profit margins compared to share market makes it unique. The most important single resource required to play in a forex market is huge money and to safe guard this money and make profit from it one should make some strategies.
Not all markets use broking agencies but for the forex market they are important because of it volatile nature. These forex brokers often work with over a hundred thousand accounts internationally. These brokers are competing intensely to provide the best facilities for their customers.
Depending upon their performance and customer satisfaction index, these agencies are given rankings on regular basis; it is a prestigious issue to every broker to get top ten forex broker ranking continuously. They will not leave any stone unturned to get a place in a list of top ten or top hundred, depending upon the size of their agency.
The primary goal of the forex broker is to improve their customer satisfaction ranking so that theif overall ranking is healthy and looks appealing to future and current customers. Also this ranking shows their competition that they are popular or not causing other agencies to safe guard their clients. Although their customers are important the ranking is for overall importance so nothing is neglected.
Broking agencies hold no guarantees at the beginning many come and go in just a matter of a couple of years. New investors to the market are often fooled by start up companies that appear to offer them deals they cannot resist. New or potential investors should keep to the companies that are known for their success.
The number one broking agency is FXCM holdings. They have proven time and time again that their fincancial services are beneficial and will help you to make a profit. Their members are specialized in online trading as well as speculators in the foreign exchange market. The top ten are listed below; 1. FXCM 2. Interactive Brokers 3. MG Forex 4. Alpari-idc 5. Hot Spot FX 6. MB 7. WestCapFx 8. Dukascopy 9. Oanda 20. eToro.
Once a company has obtained a position on the top ten list it is hard to keep that position. The companies can keep that position only by giving their best effort on all fronts. The FXCM company realized this and has shown excellence in all required fields.
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