Individual and corporate forex brokers are another type of remittance facilitator. The final classical facilitators are post offices, where customers can purchase and send money orders to their homelands. Although they may not be the fastest or most efficient, post offices are one of the cheaper classical remittance options for individuals.
One simple word: Fees. Users using banks or incumbent MTOs have to pay high fees to send money back home. When Bill Gates spoke at the G20 summit in , he addressed the importance of lowering remittance costs.
Forex Trading a Great Opportunity or a Scam
The high cost associated with remittance can be best seen by the forex rate that MTOs give for remittance payments. Disruptors like TransferWise frequently offer more competitive forex rates and lower fees. Below is a side-by-side shot of the exchange rates on the same day and time from Western Union and TransferWise:. As you can see, TransferWise offers a lower forex rate than Western Union. By offering lower fees, better forex rates, and more transparency, new fintech companies are slowly chipping away at the lb remittance gorillas.
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Various P2P models and low overhead result in substantially lower fees and better forex rates than the incumbents. Other companies allow workers to fill debit cards remotely through an app, and digital wallets allow remittance users to transfer funds through online and mobile apps to their native countries.
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Finally, with new cryptocurrencies like Bitcoin and Etherium, workers can convert funds to digital assets and send the money home, as well. Startups are chipping away at fees and transparency. Catering to active traders and institutional clients, SaxoTraderPRO is set to replace the current SaxoTrader platform, while SaxoTraderGO continues to cater to a wider range of retail traders and investors. We strive to democratize trading and investment, essentially providing traders and investors with the same professional tools and market access as fund managers and large financial institutions.
Based on our scalable business model and efficient technology, SaxoTraderPRO offers intuitive and free access to tools and functionality that has previously been the preserve of a select few and carrying hefty fees. A lot of unique features have been developed based on specific feedback from our beta users like the margin break down module to help our clients manage their risk.
WTF is remittance?
I am very proud of the result of our efforts and SaxoTraderPRO is an obvious first choice for active traders and institutional clients looking for both a feature rich trading platform and user friendly interface with no monthly license fees. More information is available here: home. Usability: An intuitive, fully customisable professional-grade trading platform for active traders.
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Advanced trading tools: New high-performance tools to manage and execute orders and analyse market data. Innovative Risk Management: New integrated risk-management tools.
Saxo Bank is a leading Fintech specialist and global multi-asset facilitator of capital markets products and services. This means it may be best to enter any new trades in the same direction as the market. If you have any open positions that are not in line with the current price direction, it may be safer to close them. The appearance of a brown fade bar suggests that traders are losing interest in the current price move and that it may be coming to an end. At this time, it may be best to avoid entering trades in the same direction as a current price move.
The appearance of several brown bars in a row may also indicate that the price is about to change direction.
The British Pound in Forex Trading
The appearance of a blue fake bar indicates that there is a disconnect between price moves and the volume of trade. It suggests that strong moves could be the result of one-off speculators having the power to push around illiquid markets.
Any price moves are therefore unlikely to last long. Experienced traders tend not to enter the market during this phase, which can be a time when new traders get sucked into the market and experience losses.
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The appearance of a pink squat bar suggests that traders are very enthusiastic about entering the market, but it is a battle between bulls and bears, meaning the price does not yet have a clear direction. As soon as either the buyers or sellers win this fight, prices can experience a sudden, powerful move, and traders have the potential to make quick profits from this.
However, the indicator will not determine the direction for you. The chart below highlights the MFI and shows how the market is in a battle between buyers and sellers. Tradimo helps people to actively take control of their financial future by teaching them how to trade, invest and manage their personal finance.
Risk warning: Trading in financial instruments carries a high level of risk to your capital with the possibility of losing more than your initial investment. Trading in financial instruments may not be suitable for all investors, and is only intended for people over Please ensure that you are fully aware of the risks involved and, if necessary, seek independent financial advice. The educational content on Tradimo is presented for educational purposes only and does not constitute financial advice.
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