Tag Archives: Trading

Introducing the FX Global Code of Conduct

The Forex industry has long been plagued with complaints of improprieties on behalf of brokers, despite the heightened regulation and increasing number of watchdogs whose goal is to supervise brokers and to make sure that they act within accepted legal and ethical guidelines.  To protect Forex traders and to keep brokers on the straight and narrow, the FX Global Code of Conduct was launched in May 2016 as a precursor to the document that was released earlier this month by the Bank of International Settlements.

The code is designed to create a fair, liquid, open and transparent market where traders are protected and supported by a solid industry infrastructure.  The Global Code was developed by a partnership between central banks and Market Participants from 16 jurisdictions worldwide.  Among the guiding principles are:

  • Market Participants are expected to behave in an ethical and professional manner to promote the fairness and integrity of the FXM Market.
  • Market Participants are expected to promote responsible engagement in the FX Market and to have an effective governance framework to provide for comprehensive oversite of their activity.
  • Market Participants will comply with laws and regulations applicable to them in the jurisdiction in which they do business.

As it stands, the Global Code is meant to include Market Participants which are outlined as all persons or organizations engaged in the Forex market including, but not limited to organizations such as financial institutions, central banks, asset managers including sovereign wealth funds and hedge funds, non-bank liquidity providers, brokers, trading platforms, money changes and money services.  The Global Code confirms that all Market Participants will act in an ethical way and to be aware of potential conflicts that will need to be resolved with professionalism and care.

The initiative is a good one – there is certainly room for additional oversight and a commitment to moral activity within the Forex industry.  However, we question whether the initiative will be successful on the global level as there may always be brokers who are likely to engage in unscrupulous behavior in an effort to dupe innocent traders out of their money.  For this reason, we suggest that in addition to engaging a code of conduct for Market Participants, it is also critical for traders to know their rights and to understand that such a Global Code exists, so that they insist upon choosing a broker or other financial service provider that will maintain the highest standards of ethical and professional integrity.  Only with proper education on the traders’ side and honorable intentions on the side of Market Participants, will we be able to make strides against Forex fraud.

FXTM Sponsors Rookie IndyCar Driver Ed Jones

Indy500Leading global Forex broker FXTM has announced its sponsorship of Rookie IndyCar driver Ed Jones, a partnership which comes right after the company partnered with Sahara Force India, an F1 team.  FXTM’s partnership with these leading brands gives the company a prominent role in two-thirds of the most iconic motorsport events of the season.

FXTM’s motorsports partnerships serve a dual purpose; they testify to the company’s continued success in becoming a recognized global brokerage, and they attest to the qualities that FXTM wants to be known for in the financial world.  Specifically, said Martin Lamming, FXTM’s Global Head of Marketing, success in motorsports requires “dedication, innovation and a commitment to learning.”  It is exactly these three attributes that Lamming believes have lead to FXTM’s recent success as well.

Added Lamming: “Ed is a phenomenal young driver.  He has displayed a dedication to his sport that has seen him successfully climb the ranks of lower series to earn a place on the grid of the iconic Indy 500. As an ambitious brand driven by a commitment to excellence in trading, learning and innovation, FXTM are proud to be sponsoring him for the landmark race of his career so far.”

We look forward to hearing about Jones’s continued success and, of course, about FXTM’s continued achievements as well.

AvaTrade Introduces More Digital Currency Trading

Digital CurrencyAvaTrade, a widely-respected global Forex broker headquartered in Dublin, Ireland, announced this week that it has added trading of three digital currencies to its already wide range of tradeable assets.  The assets are Ethereum, Dash and Ripple.  These currencies have shown a 1,000-4,000% increase in the past year, as has Bitcoin, the most famous digital currency, which AvaTrade also offers.

Digital currency trading is becoming more popular across the globe, though traders are advised to learn about the opportunities and risks before trading.  AvaTrade joins a list of very few Forex brokers which provide these offerings.  eToro is another broker that offers similar opportunities, though the primary difference between the brokers is that AvaTrade is primarily focused on individual trading while eToro’s trading platform is focused on social trading.

Learn more about AvaTrade in our comprehensive AvaTrade review to see if this broker is right for you, and make sure to practice trading digital currencies on a deme before moving to a live account so that you can get a sense for how they fluctuate.

DailyForex Expands to Support Swedish & Polish Traders

DailyForex.comFORT LAUDERDALE, Fla. - March 5, 2017 -  DailyForex, a company that provides currency traders with updates and analysis about the currency markets, has announced today the launch of its website in Swedish and Polish.  The Swedish and Polish websites offer timely market analysis directly from the DailyForex trading desk as well as reviews of Forex brokers that serve the Swedish and Polish markets.

DailyForex Polish Website: http://pl.dailyforex.com
DailyForex Swedish Website – http://se.dailyforex.com

The DailyForex website is also available in English, Arabic, Spanish, Italian, French, Turkish, German and Japanese.  The addition of these languages results directly from the need for quality content and reliable information for native Polish and Swedish speakers who are usually forced to read information in English due to the lack of websites in their native tongues.

“It’s very exciting to be able to bring valuable information to a wider audience and to help people understand the currency markets properly,” said Adam Lemon, Chief Analyst at DailyForex.  “When someone’s money is at stake it’s critical for them to understand trading strategies and principles properly and oftentimes critical details get lost in translation or aren’t understood completely when traders read articles in a secondary language.”

In addition to providing timely market analysis, each new language website offers a comprehensive ebook that traders can use to learn more about currency trading at their convenience as well as educational articles that were written by professional traders with the express goal of guiding traders at all levels to become profitable, long-term currency traders.

More Changes for FXCM

FXCM announced earlier this week that it will be changing its company name to Global Brokerage, Inc. and that its stock trading ticker will be changed to GLBR as of market opening on February 27, 2017.FXCM

The company also announced that its Director and Chairman of the company’s Board of Directors, Drew Niv, has resigned, and that he will be replaced immediately with Brian Reyhani as Chairman of the company’s Board of Directors.  Mr. Niv will also relinquish his post as the company’s CEO, to be replaced by interim CEO Brendan Callan, who has been the CEO and President of European Operations subsidiary since 2010.

Jimmy Hallac, a Managing Director of Leucadia, the company that bailed out FXCM following the Swiss National Bank crisis in 2015, has been appointed as Chairman of the FXCM Group, after William Adhout resigned this week as Director of the Board.

Despite the changes in the company’s executive structure, FXCM (or Global Brokerage, Inc.) remains committed to putting its customers first and is expected to remain a leading global Forex brokerage. Commenting on the appointments, Leucadia’s CEO Rich Handler and President Brian Friedman commented:  “We are very excited to have Brendan and Jimmy in their new roles.  We believe that, under their leadership, FXCM Group will be able to continue to enhance and grow its global platform and customer offering.   Brendan and Jimmy share our deep commitment to always putting clients first, maintaining and building a culture of transparency, communication and support among employees, and responding to the needs and goals of all relevant constituencies, including FXCM’s customers, employees, regulators, business partners and equity owners.”

AvaTrade Partners with FutexLive to Provide Trading Courses

AvaTrade, an internationally-regulated Forex broker, has announced its partnership with FutexLive, an interactive online trader knowledge portal whose goal is to help traders learn how to trade profitably. FutexLive offers Forex learning at a quick speed to help traders develop an edge in their trading as soon as possible.AVATrade

FutexLive also offers live daily market analysis and educational classes that provide traders with an in-depth understanding of market movements, how to read technical charts and other topics that are critical for anyone who wants to become a long-term trader.

AvaTrade was launched in 2006 and has become one of the leading Forex brokers worldwide, with regulation in the European Union, Japan, Australia, South Africa and the British Virgin Islands. The brokerage offers currency and commodity trading, CFD trading and spread betting opportunities. To learn more, read our full AvaTrade review.

DailyForex App Adds Push Notifications for Price Alerts

The Company’s Android and iOS Apps Keep Traders Updated Around the Clock

FORT LAUDERDALE, Fla.Nov. 15, 2016PRLog — DailyForex, a company that provides currency traders with updates and analysis about the currency markets, has announced today the update of its Android and iOS DailyForex mobile application to include instant push notifications that will alert traders every time certain price triggers are hit.

DailyForex’s new alerts service sends immediate, easy-to-follow push notifications to all users when significant price events happen to the major currency pairs. The company’s trading team discovered that most typical, generic offerings are mainly indicator or news-based, and therefore they tend to simply generate noise rather than provide a real value to Forex traders. To solve this problem, the company’s talented technical team worked diligently with its daily traders to create a notification system that would be based upon real-time market triggers.

“Traders tend to find better success when they focus on the price and not lagging indicators,” said Adam Lemon, chief analyst at DailyForex. “I know that these notifications will help thousands of users, and I hope we can expand this feature soon to make it even more useful.”

The result was a push notification system based solely upon significant, relative price events which have been used for centuries as basic building blocks by professional traders to good effect. Each push notification has a direct headline that tells traders of the market action, which opens into a more detailed message explaining the significance of the price event.

About DailyForex

DailyForex was established out of a strong need for a Forex website that provides all the information necessary to become a successful Forex trader. DailyForex.com provides in-depth reviews of Forex brokers, signal providers, online and offline Forex courses, as well as Forex products. Our goal is to provide both new and experienced Forex traders with a set of clear and easy-to-use tools that will enable them to make educated decisions when choosing any type of Forex-related service.

http://www.dailyforex.com