#Kenya Forex regulation | Explore Tumblr posts and blogs

ejesgistnews · 1 month ago

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Dollar to Naira Exchange Rate Today Friday, October 4, 2024 - Black Market and CBN USD to NGN Exchange Rate can be accessed here on Ejes Gist News. What is 1 US Dollar to Naira Today Black Market & CBN? As Many Nigerians continues to navigate economic challenges, the dollar-to-naira exchange rate remains a focal point for those engaged in foreign trade, investments, and travel. The black market, also known as the parallel market or Aboki FX, often reflects rates different from the official Central Bank of Nigeria (CBN) rates. Today, the exchange rates offer insight into the fluctuating value of the naira. Current Exchange 1 US Dollar to Naira Today. Dollar to Naira Black Market Exchange Rate (Parallel Market): Buying Rate: ₦1,695 Selling Rate: ₦1,705 1 US dollar to naira today CBN Official Rates: Buying Rate: ₦1,685 Selling Rate: ₦1,686 Pounds and Euro to Naira Exchange Rates Pounds to Naira (CBN Rates): Buying Rate: ₦2,180 Selling Rate: ₦2,185 Euro to Naira (Black Market Rates): Buying Rate: ₦1,850 Selling Rate: ₦1,856 1 US dollar to naira today for Online Exchange Platforms: Geegpay and Grey Geegpay Rates: EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55 GBP (£): Buying at ₦2,120, Selling at ₦2,127 USD ($): Buying at ₦1,675, Selling at ₦1,680 For Grey, the USD to NGN Exchange Rates are: EUR (€): Buying at ₦1,845.03, Selling at ₦1,850 GBP (£): Buying at ₦2,102, Selling at ₦2,205 USD ($): Buying at ₦1,670, Selling at ₦1,675 Understanding Dollar to Naira Black Market Exchange Rate. What is the Black Market? The black market is an unofficial exchange channel where currencies are traded without government regulation. Due to high demand and limited supply, this market often offers more competitive rates. Why Do People Use the Black MarketUSD to NGN Exchange Rate? Favorable Rates: Higher than official rates. Accessibility: Easier to obtain foreign currency without stringent regulatory requirements. Latest Forex news highlights in Nigeria for today, October 4, 2024: Here are some of the latest Forex news highlights in Nigeria for today, October 4, 2024: CBN introduces electronic matching system for FX transactions, to begin by December: The Central Bank of Nigeria (CBN) has announced the introduction of an electronic matching system for foreign exchange (FX) transactions. The system is expected to be operational by December 2024 and will be used to match buyers and sellers of FX, thereby improving transparency and efficiency in the market. Nigeria's crude oil production declines by 40,000 bpd as OPEC's output drops in September – Report: Nigeria's crude oil production has declined by 40,000 barrels per day (bpd) in September, according to a report by Reuters. This follows a drop in OPEC's overall output in the same month. The decline in Nigeria's production is attributed to a number of factors, including technical issues and theft. Italy targets windfall taxes amid budget deficit concerns, echoing Nigeria's recent bank levy: The Italian government has announced plans to introduce windfall taxes on banks and energy companies in order to raise revenue and reduce its budget deficit. This move echoes Nigeria's recent decision to impose a levy on banks in order to fund the country's development. Former Flutterwave employee in Kenya loses $900,000 appeal against fintech firm: A former employee of Flutterwave, a Nigerian fintech company, has lost an appeal against the firm in Kenya over a $900,000 claim. The employee had alleged that Flutterwave had failed to pay him bonuses and commissions. AfDB targets 120 million tonnes of food production by 2025: The African Development Bank (AfDB) has set a target of increasing food production in Africa to 120 million tonnes by 2025. The bank is investing $1 billion in agricultural projects in order to achieve this goal. Naira edges up against the Dollar, closes at N1,659.26 in I&E window: The Nigerian naira has appreciated slightly against the US dollar, closing at N1,659.

26 in the Investors and Exporters (I&E) window on October 4, 2024. This is the highest level the naira has reached in several months. All-Share Index drops by 1.19% despite gains in Seplat and other top advancers: The Nigerian Stock Exchange (NSE) All-Share Index declined by 1.19% on October 4, 2024, despite gains in some of the top advancers, such as Seplat Petroleum Development Company and Guaranty Trust Bank. New withholding tax regime to take effect from January 1st, 2025- FIRS: The Federal Inland Revenue Service (FIRS) has announced that a new withholding tax regime will take effect from January 1st, 2025. The new regime will increase the withholding tax rate for some types of income. Total Crypto market cap drops by 6% as liquidations hit $550 million: The total market capitalization of cryptocurrencies declined by 6% on October 4, 2024, as liquidations hit $550 million. Bitcoin, the largest cryptocurrency by market capitalization, fell by 4%. Phishing attacks and private key leaks resulted to $753 million crypto theft in Q3 -Report: A report by Chainalysis has revealed that phishing attacks and private key leaks were responsible for $753 million in cryptocurrency theft in the third quarter of 2024. NDDC Youth Internship Scheme Portal Link: Step-by-Step Guide to Apply & Secure Your Spot Davido Called Out For Smoking Next To His Wife, Chioma WhatsApp Threatens to Exit Nigeria Over FCCPC Demands, $270 Million Fine Thanks for using our platform to know the value of the 1 US Dollar to Naira Today for CBN and the black market USD to NGN Exchange Rate.

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thepricetrader · 1 year ago

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Forex Trading in Kenya

Forex trading has gained significant traction worldwide as a lucrative investment opportunity, and Kenya is no exception. With its accessibility and potential for profit, Forex trading in Kenya has attracted the attention of both seasoned investors and newcomers. In this comprehensive guide, we will delve into the world of Forex trading in Kenya, exploring its growth, regulations, opportunities,…

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ailtrahq · 1 year ago

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Of the many lofty promises of cryptocurrency, one of the most commendable ones is its potential to bring financial inclusion to underserved users. Nairobi-based Kotani Pay is a crypto payments startup with a vision to make cross-border remittances easier for the large underbanked populations in Africa. The two-year-old startup is targeting a use case that concerns the livelihood of hundreds of millions of people including in Kenya, Ghana, Zambia and South Africa. The startup, which has closed $2 million pre-seed funding round led by P1 Ventures, with participation from a number of investors including DCG/Luno and Flori Ventures, plans to further expand to Rwanda, Senegal, Ivory Coast, Tanzania, and Nigeria. According to the World Bank, the Sub-Saharan region will receive an estimated $55 billion in remittances this year. In some African countries, remittances account for as much as 20% of GDP, according to stats from the United Nations. Despite their key role in the African economy, remittances face an insurmountable challenge: high transfer fees. In some countries, the cut can be as high as 20% of the amount transferred. A number of factors have led to the exorbitant costs, including an underdeveloped banking system, information asymmetry, and currency fluctuation. In many cases, families at home don’t have bank accounts or even the official identifications to open one. Recognizing these stumbling blocks in the traditional money transfer method, Kotani proposes the use of blockchain to facilitate remittances to Africa. Specifically, it’s tapping stablecoins, which are cryptocurrencies pegged to fiat currencies like USD, to move money internationally at a fraction of the costs of the old way. Then, to actually cash out the stablecoins one holds on their mobile wallets and pay for things in local currencies, Kotani has built a middleware connecting blockchains to local payment networks, many of which let users send money on feature phones without the internet using a communication protocol called Unstructured Supplementary Service Data (USSD), as this demo shows: Kotani is offering its technologies as a B2B solution, connecting crypto platforms’ smart contracts on the one side and mobile money APIs on the other. Some of its major crypto partners include Yellowcard, DCG, Fonbank, Celo’s Valora, Mercy Corps, UNICEF Crypto Innovation Fund and Stellar. Kotani also allows users to “on-ramp,” or convert their local currencies into USD, a solution that’s tailored more to businesses at the moment but could open to retail users in the future with the required licenses, the founder said. The process is enabled by a “network of liquidity providers through partnerships with local forex services and money transmitter operators from whom we source local USD,” according to the co-founder. Most of the transfers that take place on Kotani — $23 million to date — are inbound payments. Given its enterprise focus, the platform’s average transaction size is $150,000. Like other payment infrastructure providers, Kotani monetizes through an interchange fee, which is on average around 1% of the gross transaction volumes, according to Macharia. The startup is set to introduce other products including Reconset, a Reconciliation-as-a-Service offering, and Money Ledger, a Ledger-as-a-Service solution, after acquiring Fuhlstack, a Nigerian startup. Fuhlstack founder Lemuel Okoli joins Macharia, and Samuel Kariuki, as Kotani Pay co-founders. Crypto regulation With a business that can potentially tip the balance of foreign currency reserves, Kotani is likely already on the radar of regulators. Macharia acknowledged that the central banks in the countries where the firm operates already “monitor these transactions as they oversee all termination points to banking and mobile money services.” “We either work directly with the local mobile money operators or ride on the charter of regulated partners to ensure that our operations are compliant,” he continued,

adding that “the central banks are actually getting excited about some of these use cases and are getting involved as they develop Central Bank Digital Currencies.” The crypto regulatory landscape is changing rapidly, dampening investor confidence in some regions like the U.S. and creating posivie sentiments in others, such as Asia. Overall, Macharia feels “positive” about regulatory developments on the continent. “We are seeing positive developments in the Southern part of Africa with Botswana, Mauritius and South Africa all launching Virtual Asset Service Provider Licenses that regulate Digital Asset Fintechs. MiCa passed by the European Union parliament is another positive development as it regulates stablecoin issuers, on ramps and off ramps and exchanges,” he said. “Based on our engagement with regulators in Kenya such as the Capital Markets Authority, we believe it’s just a matter of time before other markets like Kenya, Ghana, Nigeria catch up.” Source

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qocsuing · 2 years ago

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FXTM Review: 5 facts to consider (February 2023)

Following its exponential growth on the European market and beyond, it would not be an exaggeration to say that FXTM quickly became one of the best known and most trusted brands in the forex industry.To get more news about fxtm review, you can visit wikifx.com official website.

Using innovative technologies and products, FXTM gained recognition on highly competitive financial markets and has been continuously acknowledged by multiple awarding bodies.

FXTM operates under the umbrella of Exinity Group, which also represents Alpari International. In different regions around the world FXTM is represented by its subsidiaries:

ForexTime Ltd, based in Cyprus and regulated both by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 185/12, and the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614; Exinity UK Limited, based in London and authorized and regulated by the Financial Conduct Authority (FCA) in the UK with license number 777911; Exinity Limited, registered in the Republic of Mauritius and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius with an Investment Dealer License with license number C113012295; Exinity Capital East Africa Ltd, registered in Nairobi, Republic of Kenya and regulated by the Capital Markets Authority (CMA) of the Republic of Kenya as a Non- Dealing Online Foreign Exchange Broker with license number 135. Under the guidelines of the European Securities and Markets Authority (ESMA) all brokers operating in the European Union should be licensed by at least one official national regulatory institution as for example the Cyprus Securities and Exchange Commission (CySEC) – as a matter of fact one of the most popular regulatory destinations in the forex industry. On our next screenshot you may take a look at the FXTM’s CySEC license. The EU market is considered one of the most strictly regulated ones, when it comes to forex and CFD trading. Apart from being required to hold all clients’ money is segregated, protected from creditors, trust accounts, all EU brokers are also required to provide traders with a negative balance protection, meaning that no one can lose more money than what he or she has initially deposited.

On top of that all EU brokers should be holding at all times no less than 730 000 EUR, designated as a minimum operational capital, with which to cover all outstanding payments towards traders.

And we should not forget the special client compensations schemes, where all EU brokers are also obliged to participate, and which basically insure your trading account up to a certain amount – in the case of CySEC up to 20 000 EUR – payable in the unlikely event your broker files for bankruptcy.

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tonygmercurio · 2 years ago

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Best Forex Brokers in Kenya

Do you want the most current information on regulated forex brokers in Kenya and their trading strategies? So that they can improve their trade efficiency and profits, you must visit us.

#best forex brokers in kenya #forex brokers in kenya #forex brokers kenya #best forex broker in kenya

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justxpress · 2 years ago

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Stock profit calculator simple

#Stock profit calculator simple registration

Each option contract covers 100 shares of the underlying stocks.Ī call option gives you the right, but not the obligation to buy the underlying stock at the strike price. The longer the expiration date, the more expensive the premium to justify the risks for options writers. Options writers collect a premium when they sell an option contract to the buyer who has the right to buy or sell the underlying stock at an agreed price and time. To have this option, the buyer has to pay a premium to the seller who writes the contract.įollowing are a few terminologies used in options trading that you must know in order to trade options.Īn option premium is the current market price for the options contract. An option gives the buyer the option to buy or sell on the type of contract that they hold on a specified future day. Options are a type of trading instrument that are derivatives based on the value of underlying stocks or other financial assets. You can do the calculation by yourself manually or you can just plugin the number to our options profit calculator to get the results quickly. On the other hand, if the stock falls to $60 or under, then you just lose your initial investment of $500 for buying the option contracts. Therefore, you made $4,500 on this options investment. Profit Formula = Current stock value - Strike price value - Total Investment Here's how you calculate your options profit.Ĭurrent stock value = 500 x $70 = $35,000 Find out more in the Regulations section of our FAQs.Assume the strike price for the options is $60, and the stock has risen to $70 since you bought the options. Regional restrictions FXTM brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Iran, Suriname, the Democratic People's Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, Quebec, Iraq, Hong Kong, Syria and Cuba. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FXTM brand based on the legal requirements in his/her country of residence. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. Address for cardholder correspondence: Business location address: FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.Įxinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd, Reg No.

#Stock profit calculator simple registration

Katharine's Way London, England, E1W 1UN, UK is authorised and regulated by the Financial Conduct Authority with license number 777911.Įxinity Limited (with registration number C119470 C1/GBL and registration address at 5th Floor, NEX Tower, Rue du Savoir, Cybercity, 72201 Ebene, Republic of Mauritius is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License with license number C113012295.Ĭard transactions are processed via FT Global Services Ltd, Reg No. Box 1896-00606, Nairobi, Republic of Kenya is regulated by the Capital Markets Authority of the Republic of Kenya with a Non-Dealing Online Foreign Exchange Broker with license number 135.Įxinity UK Limited (with registration number 10599136 and registration address at 1 st. 46614.Įxinity Capital East Africa Ltd (with registration number PVT-ZQU6JE7 and registration address at West End Towers, Waiyaki Way, 6th Floor, P.O. FXTM brand is authorized and regulated in various jurisdictions.įorexTime Ltd (with registration number HE 310361 and registration address at 35, Lamprou Konstantara, FXTM Tower, 4156, Kato Polemidia, Limassol, Cyprus is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No.

#Stock profit calculator simple

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wikifx-africa · 2 years ago

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It is nonetheless remarkable that numerous African countries have not yet followed suit with the strict regulation that applies to retail forex trading in industrialized countries.

There are about 1.3 million active Forex traders on the African continent, with Nigeria, South Africa, and Kenya leading the pack.

Despite being smaller than on other continents, the number is rising every day.

Read the Full Article:

👇👇👇👇

https://www.wikifx.com/en/newsdetail/202209016214566513.html

#forexnews #forexbroker #forexmarket #broker #forexsignals #forexlife #forex #CryptoNews #crypto

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briefnewschannel · 3 years ago

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CMA cracks down on 40 unlicensed forex traders

Economy CMA cracks down on 40 unlicensed forex traders Thursday July 08 2021 The Central Bank of Kenya offices in Nairobi. FILE PHOTO | NMG By OTIATO GUGUYUMore by this Author Summary The markets regulator has cracked down on 40 online forex traders operating without a licence in a bid to protect investors from possible fraud on the Internet. The Capital Market Authority (CMA) says it has…

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theexchangeafrica1234 · 4 years ago

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Forex trading in Kenya

Forex trading is the buying or selling of currency on the international currency market.

Forex trading aims at extracting profits from the price movements of the currencies. Therefore, forex traders aim to make money from buying a currency at a low price or exchange rate and selling at a higher price. It involves two currencies while the trade is facilitated by a forex broker.

Traders often use margin trading to speculate on currencies, risk factors increase due to the involvement of leverage and margins which leads traders to risk even more than their invested amount.

Forex Trading

Forex trading determines the exchange rates of all global currencies and is the largest financial market in the world with daily transactions of $6.6 trillion. Forex trading has high liquidity, operates 24-hours, has low transactions costs, easy to use platforms and has fast-paced regulations.

In the past foreign exchange market was limited to Banks, governments and large institutions, however, this has changed with retail traders and speculators increasing their participation due to the availability of low-cost trading platforms. Around 5.5 per cent volume of the global forex market consists of retail and speculative investors.

Forex trading in Kenya has increased over the years with Kenya accounting for 70,000 people participating in the trade.

The Capital Markets Authority ((CMA) of Kenya is the regulatory authority that monitors financial conduct in Kenya. Meaning that any forex broker in Kenya has to be authorized CMA to operate. CMA advises traders against using brokers that serve Kenyan markets and are not based in Kenya.

Kenyans can trade in the foreign exchange market through any retail CFD or forex broker in Kenya. Traders using CDF broker and retail forex do not own the asset or currency physically but only speculate on the price movements of currency pair through CFD instrument created by the broker. Which is the commonest way of online forex trading in Kenya.

The most famous and trusted brokers around the world are FCA of UK, NFA of the US, CySEC of Cyprus and ASIC of Australia, CMA of Kenya. If a broker is regulated by more than one of the top regulatory authority it’s a good sign of trust.

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sheet-music-for-teachers-school · 5 years ago

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Kenya to launch Africa’s biggest wind farm - Daily Times - #biggest #Africa’s #Africa’s #aePiot

Kenya to launch Africa’s biggest wind farm - Daily Times

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jacobhinkley · 6 years ago

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Economic value does exist for all Bitcoin [BTC] and other crypto transactions

OPINION: On 26th July, Bloomberg claimed, “Up to Two-Thirds of Bitcoin [BTC] Transactions Have No Economic Value”. In their article, the author explained how they feel that Bitcoin has no economic value and has nothing to do with the purchase and selling of goods and services. It was also remarked that in Ethereum, more than 45% of their transactions had no economic value.

The reality, however, is quite the opposite.

Many transactions on the Bitcoin network, include purchasing of assets using BTC a.k.a. buying and selling of goods using Bitcoin. For example Cheapair.com, an online travel agency accepts BTC as a method of payment for flight bookings.

Many other companies also accept BTC as a mode of payment while rendering goods and services like Microsoft, Reed’s Jewelers, Newegg, Expedia, Overstock.com and Pizza For Coins, a site that delivers pizzas from popular joints.

When an investor is withdrawing the profits they made it adds up to their disposable income which allows them to purchase other goods and services, which eventually contributes to GDP. This is known as the ‘Wealth Effect’, ironically a theory proposed by Bloomberg.

In the context of market manipulation and spoofing, this is true for almost all markets, whether it’s for cryptocurrencies, shares, forex markets, stocks or equity. The number of people who actively participate in market manipulation is according to a lot of market observers, “very less”, which makes its influence on volume very insignificant.

Mining pools disbursing coins to members would eventually lead to the users withdrawing the coins and therefore adding to their income and therefore GDP.

In 2016, Ethereum domain institutions received credits from the Federal government of up to CHF 2.5 billion. Every Franc used directly for business activities of the ETH domain generated not less than 5.4 billion CHF in GVA Switzerland and an average of CHF 6.6 billion around the planet.

During the same year, Ethereum also had 21000 employees and every job that exists in the ETH domain today induces 5 jobs in Switzerland and 6 more jobs in foreign countries. The core contribution of the Ethereum domain according to a recent report creates an average of 20,500 jobs in Switzerland.

To further add, when Ethereum was founded, it was not for the purpose of exchanging economic transaction but function as a decentralized world where systems that link data and documents to a database is stored all over the world and people from any part of the world can access it.

It is the world’s first completely decentralized system consisting of a network of billions of nodes distributed all over the planet and working in complete synchronization. So, the number of economic activities that take place would be very less since economic transactions are only a secondary function for Ethereum.

Ethereum is defined by many as:

“A global database and network of automatically executable and perennially running code, backed by blockchain immutability and network consensus.”

Sources from Ethrat describes that when it comes to tourism:

“Students, friends and family visitors as well as participants in conferences and events of the institutions of the ETH Domain generated an estimated CHF 66 million in GVA and supported almost 700 jobs in Switzerland.”

Cardano, on the other hand, has set their focus on Africa, planning to develop and improve networks thereby establishing an effective and efficient blockchain technology. From improving the biodiversity in Kenya to making a decentralized app that can connect everyone across the continent, there are limitless possibilities as to what Cardano can achieve.

Bloomberg claimed:

“The lack of transparency on the distributed ledger technology is seen by some industry participants as a hindrance to greater acceptance by both institutional and individual investors, as well as regulators.”

The founding principle for any blockchain or a distributed ledger technology is transparency that exists in every step of the process. Whenever a transaction is made between two parties, the transaction is first confirmed by a network of nodes, after that the transaction is then sent to a mining pool where a group of miners validate the transaction.

Only when the transaction is validated, it is sent to the blockchain. Hence, this would mean that a user can see every step of where the transaction goes, providing complete transparency.

The post Economic value does exist for all Bitcoin [BTC] and other crypto transactions appeared first on AMBCrypto.

Economic value does exist for all Bitcoin [BTC] and other crypto transactions published first on https://medium.com/@smartoptions

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nipashe411 · 5 years ago

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Absa’s forex trade suspended over irregular transactions

The Central Bank of Kenya(CBK) has taken regulatory action against Absa Bank over suspicious foreign transactions it did last month.

Upon investigation by the regulator, the bank was found not to have required assurance neither did it apply the standard checks to block money laundering.

Central Bank announced the actions on April 9 requiring Absa to ensure documents on forex transactions are…

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globalnewsafrica · 5 years ago

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How Kenyans are gambling away millions in shady online forex trade

The dream of becoming an overnight millionaire ended one night for Nancy Wanjiku when she woke up and Sh400,000 was gone. This was not a heist. She had put in Sh200,000 which grew literally on the screen of her mobile phone in sophisticated charts and doubled to Sh400,000. Then while she waited for the cash to double again, she slept and the money was gone. Wanjiku had invested her money with a certain local online forex (foreign exchange) broker who had promised her handsome returns. “You know, the money doubles and you feel you will be a millionaire overnight, I should have removed it when it doubled. This thing is just like gambling,” she said. Just how big is this online forex trading business in Kenya? For any ordinary Kenyan, converting shillings to dollars is tricky arithmetic yet they are lured by supposedly huge returns from buying and selling currencies such as Japanese Yen and Chinese Yuan whose exchange rate they cannot even tell. Weekend Business set out to discover the world of online forex trading by setting up an account with a legitimate trader, EGM Securities. A split screen with four charts dancing with zig zag lines like those of a life-saving defibrillator machine is all we see, and are completely clueless on how the buying and selling happens. SEE ALSO :Betting tips: Here’s when you should give an underdog complete trust We ask EGM Securities how one could even make sense of such complexity and whether it is easy to lose Sh200,000 overnight. “Yes, this is true. You can wipe out your investment. Again depending on your trading experience you can make a lot of money or lose,” says a customer support executive at EGM who only gave one name, Martin. EGM calls the new clients who have set up a demo account and offers YouTube tutorials and reading materials. They say the interest in online forex trading is growing. “New traders sometimes are not even able to sign into the demo account so if you have placed a trade you have really tried,” says Martin. “The risk is there so that is why we have the demo account so that you are familiar with the trading before you start the actual trading. We offer workshops that take you through the basics of forex trading.” Brian Masila, who operates an online forex trading account, says he learnt how to do it at Nairobi School of Forex Trading, an institution run by Silah Obegi. “They facilitated me to open a demo account where I learnt practical trading. Initially, I had done my own research but it was not easy until they took me through the process,” Mr Masila says. Mr Obegi says the course, which takes a month, costs Sh50,000. They also give their students a real account at EGM Securities to trade Sh50,000 where they monitor the learner and give advice on how to make the trades. “You can see here one student called Esther had confused Australian dollars with US dollars and I was able to notify her to make amends,” he says, showing me his phone. “We give practicals on fundamentals of trading as well as technical training and even psychological training,” says Obegi. “You see, when you are making money you become greedy and when you are losing you become fearful and make subjective decisions, so we teach our students how to manage emotions and even if they are losing they do it in a sustainable way.” Dozen of Internet websites make it look like forex trading is a piece of cake. Most based in the UK including FXCL, XM Global, FBS Brokers and Irish-based Ava trade require you to put in a minimum of $5 (Sh500) to minimum of $100 (Sh10,000) to start trading, some of which you pay by debit or credit card. One such establishment has taken up a whole wing at View Park Towers. With over 1,000 businesses in the imposing complex, the company is camouflaged in the aging building with no signage to direct you. It relies on referrals rather than walk-in clients. Operating in three offices, the firm is split into cubicles of up to four in each room with each cubicle manned by a female attendant - a sales trick common in Nairobi. At the reception, there are droves of waiting ‘investors’ some of whom are directed to the other offices to wait their turn, a crowd that would be the envy of any investment firm. The cubicles are layered top to bottom with blue wall paper, and the only place the name of the company is displayed is inside, not outside. The attendant’s desk is bare save for her phone and a pile of ‘contracts’ to be filled by potential clients. She repeats a sales pitch she was probably trained to say over and over. “At Interweb we invest exclusively in online forex, buying seven strong currencies like the Euro, dollars, British pounds, Canadian dollars, Japanese and Chinese. You can invest a minimum of Sh10,000 to Sh100,000 and we guarantee you a return of 20 per cent every month,” she says. “You will need to lock in the money for at least three months or a year. We also offer training for Sh100,000, giving classes every day in the morning. We have been in this building for 15 years and in this business,” says the sales executive. Then it gets into Ponzi scheme territory where if you bring in another referral you get five per cent commission, one off, of what the new investor puts in - thus encouraging spread by the word of mouth This multilevel marketing strategy is usually a specialty of pyramid schemes. When we ask how they can guarantee 20 per cent return and whether the company is licensed, they are elusive. “Our director has a way of balancing so you cannot lose the money and when the profits are high he also balances. We are regulated by FXCL, it’s not local but a global body,” says the sales executive. When we asked EGM Securities whether such a high return is a reasonable promise in this line of business: “No, it is not,” says Martin. In fact, FXCL is just a trading platform which declares that the business is risky and not for everyone. “Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. You should make sure you understand the risks involved, seeking for independent advice if necessary,” the British based firm states. So risky is the business that the firm bars investments from countries where authorities look out for their citizens with harsh regulations against such business or where the governments tax the sector. “FXCL Markets does not solicit residents of Japan, USA and Canada to open trading accounts. Citizens of mentioned countries (regardless of residence) are not accepted. Residents and citizens of the UN-sanctioned countries are also not accepted,” the website reads. Masila says the industry is strewn with fake players and it is difficult to know which ones are genuine. “Before I got Nairobi School of Forex Trading, I went researching online and on social media. Some claim they are trainers but when you ask for their offices they tell you the training will be online or in a hotel,” he says. Market regulators seem to have woken up to the threat posed by the online businesses following reports that investors had been conned out of hundreds of millions. The Capital Markets Authority (CMA) estimates that about 50,000 people including brokers, dealers and money managers, are in the business and are mainly using offshore platforms that are not overseen by the local regulators. “The authority will take appropriate enforcement action against any persons or entities illegally conducting online foreign exchange trade or collecting clients’ funds in contravention of the regulatory provisions,” said CMA Chief Executive Paul Muthaura. “The public affected or aware of such illegal online foreign exchange transactions are advised to report to the authority or the Capital Markets Fraud Investigation Unit.” CMA enacted the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017 which has since seen Cyprus-based online currency trader SCFM Limited and EGM Securities get the only two approvals to carry out the business. Obegi says that he was consulted for coments when the law was being drafted and part of the training they give is to take students through the regulations. “Educators are not regulated unless you are giving some sort of certification. Ours is specialised training into niche markets, like people taking a seminar,” he said. Cryptocurrency CMA has also cracked down on cryptocurrency traders who attempt to set up online pages to trade them like you would shares. A local cryptocurrency company, Wiseman Talent Ventures is embroiled in a court battle with the regulator, which stopped its Initial Coin Offer. Between April and August last year, the company offered to sell digital coins dubbed Kenicoin at Sh100 each whose prices gained to Sh400 over the five months. To have more people buy the digital investment, the company promised 10 per cent monthly gains. But it fixed a higher price at its trading website of 20 times the value of the investment. “The CMA observed that the plaintiff promised guaranteed returns of 10 per cent monthly on initial investments in coins which were issued at Sh100 and were purportedly being marketed as trading at Sh2,000 at the Kenicoin exchange,” says CMA in a reply filed by Timothy Githendu. Further, CMA says the firm cooked figures of the number of people buying their product to show 27,768 people had raised Sh535 million, while in reality only 2,000 people had raised Sh2 million. When it summoned the founder and CEO of Wiseman, Haron Kiriba, and questioned him, the firm allegedly changed the figures on the website. Kiriba told CMA that his entity was a ‘mentorship firm’ with a vision to nurture talent among the youth and he began Kenicoin investment business model to raise funds for ‘mentorship .’ Read the full article

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abigailswager · 6 years ago

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How can a blockchain project in Kenya help California?

New Post has been published on https://forexbroker.news/how-can-a-blockchain-project-in-kenya-help-california/

How can a blockchain project in Kenya help California?

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FXopen Forex Broker Review

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FXOpen Forex Broker Review | we will explain why FXopen is one of the Best brokers in the world for trading Crypto Currencies and why when you plan to trade Forex they should be among the brokers you will consider

[/vc_column_text][vc_btn title="Trade Forex with FXopen" color="warning" align="center" i_icon_fontawesome="fa fa-signal" button_block="true" add_icon="true" link="url:https%3A%2F%2Ffxopen.com%2F%3Fagent%3DXX74FXPNXXM667971000B|title:FXopen%20Forex%20Broker%20Trading%20Account||"][/vc_column][/vc_row][vc_row][vc_column][vc_separator color="orange"][vc_column_text]FXOpen Forex Broker | FXopen was originally not launched as a brokerage but as a financial trading educational center in Egypt. Then in 2005 they made the decision to become a full-service forex broker for the retail traders' industry. Coming from the education aspect of trading they were very much aware of what was lacking at that time in the forex market and with most of the brokers. aiming for clarity and transparency FXopen has a clear mission and the financial means to realize it.

The second part of their mission statement was innovation and implementation for new technologies that should provide the traders with even better tools. Keep in mind this was in the early days of forex trading online.

A broker could at that time still distinguish themselves from others with what technologies there were offering.

For example, the introduction of the popular ECN MT4 platform revolutionizing the trader's industry as retail traders for the first time could access inter-bank rates directly, this helped them to lower their trading costs significantly.

FXOpen Forex Broker is regulated by the FCA and regulations under license number FRN: 579202 in the UK. Besides the British regulation

FXopen is also active in Australia under the brand name FXOpen AU Pty Ltd, which is regulated by the Australian Securities and Investment Commission better known as ASIC.

The fact that have maintained these very restricted licenses shows that FX Open is prepared to take its client activities on their platform very seriously.

The good thing about the british licesene over for example the cysec one from Cyprus is that regardless of whether or not you are a citizen in the UK , funding your account with the brokerage that holds the license will always come with an insurance of £50,000. This prefents customers from incurring losses up to that amount in case the broker goes bankrupt

FXopen Forex Broker Features

FXOpen Forex Broker offers the metatrader 4 or better known as the MT4 trading platform

MT4 is ideal for traders of all levels because it is highly customizable, has the latest in technology implemented, easily integrated with EA ( expert advisors) and last but not least, it offers fast execution in the market.

In addition to the download version, FXOpen offers also the popular MT4 WebTrader which allows traders to trade like on most other web-based trading platforms without having to downloaded the software on their PC.

This is a browser-based, and is very convenient and easy for those who trade on the while moving around. Thou most people today have laptops there are still enough traders that have a stationary computer at home that simple cannot be dragged around everywhere.

I have to say thou that time has caught uyp somewhat with the web based trading platforms as most people twill use the mobile applications that offer the same trading optiong and FXopen Forex Broker also provides a trader with this solution.

They have MT4 mobile app for Android, iOS and tablets in general.

The MT4 mobile app is a fully-fledged MT4 platform which houses all features you require to trade like you would on your home-station

What account types does FXopen offer?

FXOpen offers various accounts for clients in order to cater to traders of different levels and traders that have different requirements these are the accounst:

FXopen Crypto Trading Account

This account is specially for you actually as it is made for traders that look to trade Bitcoin, Ethereum,and Peercoin.

Because of the the high volatility and dramatic price moves Crypto-currency has shown its great potential as an investment instrument,

The Minimum deposit for a Crypto account at FXOpen is only$10 so it is easy and cheap to start . Commission is 0.25% half-turn. You can find all the details below

Minimum transaction size is 0.01 lot and there is no upper limit. Scalping, hedging, phone dealing, news trading is all permitted.

FXopen ECN Trading Account

A trader has under this account direct access to the market which is moved by the banks, centralized exchanges, companies, open brokers and other players.

The benefits of ECN accounts are :

best execution,

Lowest spreads.( from 0 pip, a minimum investment of $100, minimum lot size of 0.01 and 1.5USD commission per lot traded)

no dealing desk the broker won’t trade against you (hedge your account).

FXopen STP Trading account

With this FXOpen account, you get to enjoy all the benefits of an ECN account but with a minimum deposit of $10 only.

Like ECN account, this account offers a wide range of tradable financial instruments

The account does not restrict the use of automated trading, EAs, or strategies such as scalping, hedging etc.

The minimum lot size that you can trade is 0.01. Finally, this account does not charge commissions, and there is no maximum balance requirement.

FXopen Micro Trading Account

This is for people that really want to start with the lowest amount possible. As account lets you start trading with as little as $1.

As a trader you should not expect to make any money on this account but in general it is very usefull for beginners and for experienced traders that want to test an EA or forex Signals or any other system where they have to trade with real money but do not want to commit to higher amounts

All strategies are allowed and there are no commissions with this account, The smallest transaction that can be traded is 0.1 microlots..

FXopen CFD Trading Account

Also more and more people start trading commodities as the market is easier to understand. Indices, trade oil, natural gas and metal are traded on the ECN trading environment the same as the currencies so for many this is a very small step.

FXopen Demo Trading account

If you want to learn how to trade dor just want to see how the MT4 of FX open is working the Demo account gives you this opportunity. FXopen Forex Broker Trading can this way be practiced without any risk of losses.

FXOpen offers demo trading for all account types.

Spread and commission

Commissions are depending on the account type you selected. FXOpen offers floating spreads for all account types.

FXopen Customer support

The FXOpen support department is available 24/5. this is not around the clock and since now crypto currencies might be traded also during the weekends on some brokers we might see a change in this, for the moment they will be there by Mail, chat or phone from Monday till Friday.[/vc_column_text][vc_btn title="Trade Forex with FXopen" color="warning" align="center" i_icon_fontawesome="fa fa-signal" button_block="true" add_icon="true" link="url:https%3A%2F%2Ffxopen.com%2F%3Fagent%3DXX74FXPNXXM667971000B|title:FXopen%20Forex%20Broker%20Trading%20Account||"][vc_column_text]

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FXOpen cryptocurrency Trading account

they are one of the first to actually have a dedicated accounts specially for the cryptocurrency trading community.

here the rules are a little bit different from regular Forex trading . even thou we are talking about currencies you have to see them as commodities , this way the rules spread and also the leverage will make more sense to traders that normally trading only currency pairs.

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Crypto trading account Account currency USD, EUR, GBP, RUB, JPY, *Bitcoin (mBTC), Ethereum (ETH), Ethereum (ETH), and Dash Minimum deposit from $10 (or equivalent in other currency) Maximum balance without limitations Spread floating Commission 0.5% half-turn Quotes format 0.12345 Execution market Minimum transaction size 0.01 lots Maximum transaction size without limitations Minimal increment 0.01 lots Leverage 1:3 Margin call 30% Stop Out 15% Demo accounts Yes Islamic accounts No Instruments 24 pairs with BTC, LTC, ETH, DSH, EMC, NMC and PPC Bonuses None Expert Advisors Yes Scalping Yes Hedging Yes News trading Yes Phone dealing Yes Market depth with level 2 quotes Yes Trading time 24/7 Inactive account fees maintenance - $10 per month; reactivation - $50;

*All values for Bitcoin-based accounts in MetaTrader 4 (including account balance, profit, etc) are indicated in mBTC (milibitcoin). 1 mBTC equals 0.001 BTC.

**The round-turn commission is equal to 1% of the base currency. Right after you open a trade, you will see the round turn commission charged. Trading commissions are a subject to review in case of high trading volumes. The minimum commission per transaction is 0.01 units of the MT4 account currency.

Commission may vary if you open an account through an affiliate, IB or franchise. Please, contact your referring agent for details.

***For overnight positions we charge an additional commission equal to the Swap rate of the particular currency pair.

[/vc_column_text][vc_btn title="Trade Forex with FXopen" color="warning" align="center" i_icon_fontawesome="fa fa-signal" button_block="true" add_icon="true" link="url:https%3A%2F%2Ffxopen.com%2F%3Fagent%3DXX74FXPNXXM667971000B|title:FXopen%20Forex%20Broker%20Trading%20Account||"][vc_column_text]FXOpen Forex Broker | FXopen Crypto accounts allow pairs trading with the following cryptocurrencies: Bitcoin, Litecoin, Ethereum, Dash, Namecoin, Emercoin and Peercoin. The basic principal of the Crypto accounts is the same as that of the ECN accounts – trading is carried out directly by participants who with their orders form the trading network.

The main difference in trading cryptocurrencies is that the system operates in decentralized peer-to-peer (P2P) network, i.e. the network is controlled not by one of the central financial and public authorities but by the network members who possess equal rights.

FXOpen Company provides its client with the best offers available thanks to the unique mechanism of price aggregation that has long been successfully used for FXOpen ECN accounts. ECN aggregator processes all the requests available at the time and your orders are executed at the most favorable conditions.

Swap—a charge that is incurred by Customers who move their positions to the next trading session—is applied on Crypto accounts.

Swap size: 18% per annum of the value of an open position.

Swap calculation: The swap is given in percent per annum. Since swaps are calculated and charged every day at the end of the trading session, the calculated amount of the annual interest rate is divided by 360. When charging swaps, first the cost of one symbol lot is calculated (the symbol of the opened position), and then the specified percent is calculated, the obtained amount is multiplied by the position volume (in lots) and the result is divided by 360. If the base currency of the symbol is different from the deposit currency, the swap is converted into the deposit currency. The conversion is performed using the average price at the moment of swap charging: (Bid+Ask)/2.

Overnight from Wednesday to Thursday a triple SWAP is charged.

Crypto Trading platform MetaTrader 4 for ECN Account currency USD, EUR, GBP, RUB, JPY, Bitcoin1, Litecoin2, Ethereum and Dash Execution Market Minimum deposit USD 10 Maximum balance Not limited Spreads Floating depending on the buy and sell orders on Exchange Commissions 0.5% half-turn3 Pricing format 0,12345 Minimum transaction size 0.01 lot Maximum transaction size Depending on the available liquidity on Exchange Leverage 1:3 Financial instruments Crypto pairs Margin call 30% Stop out 15% Trading time 24/7 Swap 18% annualy Contracts specifications

1 All values for Bitcoin-based accounts in MetaTrader 4 (including account balance, profit, etc) are indicated in mBTC (milibitcoin) which equals 0.001 BTC.

2 All values for Litecoin-based accounts in MetaTrader 4 are indicated using 1 LTC (Litecoin).

3 The minimum commission per transaction is 0.01 units of the MT4 account currency.

[/vc_column_text][vc_column_text] Our spreads could be increased with news or other high/low volume conditions.

Swap – a charge that is incurred by Customers who move their positions to the next trading session – is applied on Crypto accounts.

Swap size: 18% per annum of the value of an open position.

The conversion is performed using the average price at the moment of swap charging: (Bid+Ask)/2.

Overnight from Wednesday to Thursday a triple SWAP is charged.[/vc_column_text][vc_wp_rss items="4" options="show_summary,show_author" url="https://www.fxopen.com/about-us/news/ethereum-new-currency-on-crypto-accounts/?rss=news"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

FXOpen Forex Broker Details

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Broker Details Info Regulated By FCA, FSA Headquarters United Kingdom Foundation Year 2005 Publicly Traded No Number Of Employees 100 Contact Information Tel:+44 (0) 203 519 1224 Web:https://fxopen.co.uk Email:[email protected] Account Type Info Min. Deposit $300 Max. Leverage 1:500 Mini Account No Demo Account Yes Premium Account Yes Islamic Account Yes Managed Account Yes Deposit Options Credit Card, Moneybookers, Neteller, Skrill, Webmoney, Wire Transfer withdrawal Options Credit Card, Moneybookers, Neteller, Skrill, Webmoney, Wire Transfer Trader Level Yes/No Beginners Yes Professionals Yes Scalping Yes Day Trading Yes Weekly Trading Yes Swing Trading Yes Social Trading No CUSTOMER SERVICE Time Yes/No 24 Hours Support Yes Support During Weekends No Customer Support Languages English, French, Russian Instrument Type Yes/No Forex Yes Commodities Yes CFDs Yes Indices Yes ETFs No Stocks No Cryptocurrencies Yes Bonds No Trading Service Info Supported Trading Platforms MT4, MT5 Commission On Trades Yes Fixed Spreads No Educational Service No Trading Signals Yes Email Alerts Yes Guaranteed Stop Loss No Guaranteed Limit Orders No Guaranteed Fills/Liquidity No OCO Orders No Trailing SP/TP Yes Automated Trading Yes API Trading Yes Has VPS Services Yes

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Read the Reviews Selection on Forex Broker News Reviews

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Forex Broker review : Resources and more Reading for Reviews, Knowledge and entertainment

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legit-scam-review · 6 years ago

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the Great Tether ‘Unpegging’ and Wozniak Gets Into Blockchain

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.