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Quentin
@quentin_ubuma
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2 days ago
in order to succeed you must be willing to fail
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Its surprising how us30 is just moving even as FOMC decision isnt out. EUR/USD I hope you are learning
brokerages owned by scammers may be allowing you withdraw money but they can manipulate your trades so you lose most of the time. Remember, they are the ones to be trading against you as market makers
Fixed spread should not be trusted so much, when there is fire on the mountain some brokers can choose to suspend their fixed spread policy. So, for me I rather deal with variable spread which can be lowered when markets are calm.
Normally banks and exchanges in the UK open for business by 8 am. This means the London session should start by 8 am but here's where it gets tricky: During daylight savings (DST) the UK wakes up one hour earlier for everything (because they turn their clocks forward by one hour). So, businesses open one hour earlier (meaning 8 am becomes 7 am).
Enter Nigerian traders, remember Nigeria is ahead of UK by one hour so during DST London forex session opens at 7 am in UK but that translates to 8 am in Nigeria. After DST, London forex sessions opens from 8 am in UK which translates to 9 am in Nigeria.
If you want low spreads I think you should look for a low spread broker, its not really about timing. In South Africa most of the brokers have high spread but there are still some with decent spreads. When researching a new broker always look out for their average spread per instrument (some brokers refuse to show the average spread) beccause thats what you will be getting most of the time.
Trading without a side hustle means you intent to earn a living via trading which is near impossible except you work for a trading firm. Yes I say it is impossible because to rely n trading for a living means you need to eat everyday so you need to make a profit every day which is impossible in the market.
Words of wisdom right there, it means you must not trade every day sometimes by sitting it out, you actually save money you would have lost to the market. Some trade setups require you do nothing, you must not trade every setup you see.
In my opinion, they are both the same (Exness and XM). Both have great mobile apps but their desktop platforms are not great, they should both add TradingView
The benefit of using low leverage is that it helps prevent you from over-trading and blowing up your account. Low leverage brokers require you to deposit a larger amount of money as collateral, before they allow you to open a trade.
Now, if you just sustained a huge loss from a trade, your low leverage broker will not allow you to open another trade if your account balance is insufficient to meet the collateral (margin) requirements.
This helps to keep you from over-trading or revenge trading where you try to chase a loss.
Step 5: Buy Cryptocurrency Assets
After a successful deposit into your account, you can then buy digital assets by converting your USDT into whatever asset you want, or you can simply go through your trading platform’s marketplace, and pick a Cryptocurrency asset you want to buy, you will find hundreds of options available.
You will also find that they are quite different order types to choose from, they include:
1. Limit Order
You get to buy at any price you set for the order to be executed.
2. Stop-Limit Order
This order is executed when the market price reaches a certain point.
3. Market Order
This executes your order at the current market price.
Furthermore, you should note that you can either hold digital asset as a form of a long term investment or you can buy/sell them on the Futures perpetual & quarterly contracts on a trading platform you choose to use as a day trader.
After Buying Cryptocurrencies you can save them on platforms like Trust Wallet, Metamask, etc, these platforms do not support trading, but they serve as banks for digital assets. Meanwhile other platforms like Binance offers a built-in wallet to hold assets and also offers futures trading where you trade with leverage to increase potential gain.
Keep in mind that leverage increases potential losses too. Consider each step carefully before buying Cryptocurrency, as earlier mentioned Cryptocurrency carries significant risks, market volatility & potential losses.
Deposit ZAR via Bank Transfer
For Binance Users you can deposit funds into your trading platform using Stitch, link your South African Bank Account to Binance through the Stitch platform.
Simply navigate to the deposit section on Binance, Pick ZAR as your currency and click on bank transfer as your payment method.
You will then be redirected to the Stitch platform website to finish up your bank transfer, after a successful transaction the funds will appear in your Binance account. The other listed platforms above, provide similar features.
Credit/Debit Card
You can buy Cryptocurrency assets using your credit or debit card on Binance and the other listed Cryptocurrency platforms. Click on deposit and choose the credit/debit card option.
Step 4: Deposit Funds
After a successful verification you can deposit funds into your Crypto exchange account using various methods. We will start with the most common method to deposit funds into your trading platform account, this method is called:Peer to Peer, P2P for short
The P2P fund deposit method is an easy and reliable way to deposit funds into your account and you can do this on the platforms we listed above, like on Binance for example. P2P is like a marketplace that connects you to sellers who are interested in withdrawing funds from the same platform you intend to fund.
The sellers account number will be available for you to send the amount you want to fund your account with, and the platform will hold their asset until they confirm your payment and the assets will be released into your account, as the buyer.
Note that you cannot fake a transfer as the platform will ask you for proof and ban you for life, if you are found guilty.
There is a long list of local banks available for you to directly transfer to, while using the P2P method. You will set up your local bank account, and you are all set to deposit using this method.
The P2P deposit option is clearly visible on your trading platform, all you need do is to select the option.
Step 3: Identity Verification
To comply with South African regulations, Cryptocurrency trading platforms ask their users to verify their identity. This simply means that you will be asked to provide identification documents, for example a valid ID card or passport, and proof of address. You can take it a step further by doing a Two-factor authentication for some extra security on your account. Every process is quite easy and self-explanatory once you get on the app.
Step 2: Create an Account on a Cryptocurrency Trading Platform
Now, it is okay for you to choose whichever reputable platforms to buy Cryptocurrency. And what’s more interesting, you can invest as low as a 100 ZAR into Crypto, to either trade digital assets or just hold coins with a high future potentials. My personal advice would be to start with a fairly little amount, since the Cryptocurrency market investments carry profound risk, including market volatility and potential losses.
To Create an Account on either of these platforms, you will start by providing your email address and a password, or your phone and a password. A verification mail will be sent either to your email address, or as a text message for confirmation.
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