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Below you will learn a lot about forex so that you can understand the market and stay safe while trading. Please ensure you trade with regualed brokers, and if you have ever been victimised by a scam broker, please do not hesistate to report to us using the contact form.
Understanding Forex
Forex is a very diverse financial market, full of different types of terms and concepts that sometimes are quite hard to understand. For a beginner trader, learning the key terms in Forex might be a vital step towards understanding this market better.
In Forex, terminology ranges from basic terms that describe the market, to economic definitions and acronyms. Even if you are a total beginner, you might already know how many terms there are in Forex. Some of these terms are vital to describe the market movements, while others are used to describe the general situation in the market.
To help you better understand the major concepts in Forex trading, we have prepared a comprehensive guide. In this guide, we will discuss the most important terms and concepts in Forex, that will help you become a more informed Forex trader.
Most important terms
Before you start trading Forex, there are several terms that you really need to know. This will help you better understand the basic terminology and feel more in touch with the market. Before we go any further, let’s discuss the meaning behind Forex.
It is very logical to start talking about the meaning of Forex. The Foreign Exchange Market, better known as Forex, is a global, decentralized market that offers you access to currency pairs trading. In terms of trading volume, Forex is known to be the largest market.
While trading Forex, you are dealing with currency pairs. But what are they? A currency pair is the main trading asset in Forex. It consists of a pair of two currencies. The changing value of the currency pair is what allows Forex traders to earn profits.
Currency pairs are expressed in a specific format, the first currency in the pair is called the base currency, and the second one is called the quote currency. In EUR/USD Euro is the base currency, and the US dollar is the quote currency.
There are three currency pair types available in Forex, they are Majors, Minors, and Exotic currency pairs. In the Forex terms dictionary, you can find that Major currency pairs are the ones that are made up of the major currencies and USD. Great examples for major currency pairs are EUR/USD, USD/GBP, and others.
Minor currency pairs are made up of major currencies as well, however, they do not include USD. Exotics, on the other hand, are the currency pairs that are made up of currencies from emerging economies.
Names of the currencies
In Forex, many currencies, and even some currency pairs, have their own informal names. These nicknames are very easily distinguishable and you might have already come across them without knowing what they meant. These names are very frequently used by traders and brokers alike.
For instance, GBP/USD is many times referred to as the cable, EUR/CHF is frequently called swiss, EUR/USD – Fiber, USD/CAD – Loonie, and many others.
Basic terms
If you have ever tried trading Forex, you should already know that currency pairs have two different price quotes attached to them. The first price that you see is the bid price, which refers to the amount of the quote currency that the broker will pay you to buy the base currency.
The ask price in Forex is the amount of the quote currency that you will need to pay to the Forex Broker to buy the pair. In short, Bid is the buying price, while Ask is the selling price.
In Forex basic terminology, the spread is the difference between the bid and ask price. It is usually expressed in pips. In most cases, spreads are the main source of the broker’s commission. It is also a fact that most traded currency pairs have tighter spreads. For example, spreads for EUR/USD should be tighter than for exotic currency pairs.
Pip in Forex stands for the percentage in point and represents the smallest price move that an exchange rate can possibly make. You can use it to measure the value between two currencies. The minimum pip for the majority of currency pairs is 0.0001, while for JPY pairs, it is 0.01.
Another very important term that you should definitely know is a LOT, which can be defined as a unit of measurement which is used in Forex to determine the size of the trade. In Forex, you will most commonly come across three major types of lots, they are standard, mini, and macro lots. A standard lot in Forex equals 100,000 USD, a mini lot equals 10,000 USD, and a macro lot equals 1,000 USD.
Leverage
Leverage represents one of the biggest and most important parts of Forex trading. There are millions of people who are using leverage every day, but one thing that not many of them understand is that leverage can be very risky. While it is true that leverage can increase your profits, it also increases the risks of trading.
In a sense, Leverage is a type of credit that the broker gives you to trade with larger quantities. If you are using a leverage of 1:100, it means that for every 1 dollar, you can trade 100 dollars worth of positions. If you want to access leverage, you will have to first make an initial deposit. This minimum deposit requirement in Forex is shown as a percentage of the entire trading position, it is sometimes also referred to as a margin.
We have already discussed the basic Forex terminology that is vital for beginner traders to know. However, there is much more that one should know to be more comfortable while trading Forex. Now, we will move on to explaining the terms that are used to describe the processes within the financial markets.
One that every trader should know is the long and short positions. So, say that you have decided to buy a currency pair, it means that you are expecting the currency pair to go up in the near future. In this case, you will be taking a long position.
However, if you choose to sell a currency pair because you are expecting it to decrease in value in the near future, it means that you are taking a short position.
Then there are bullish, bearish, and dovish, which are the terms that sometimes confuse some traders. Forex words dictionary frequently refers to the trading strategy that you choose to use. If the market goes bullish, you are more likely to take a long position on a certain currency pair. On the other hand, if the market is going in a bearish direction, you might prefer to take a short position.
To put it simply, a bullish currency pair in Forex refers to the one that is increasing in value, while bearish currency pair refers to the one that is decreasing in value. Bullish markets are upward-moving, whereas bearish markets are downward-moving.
Economic dictionary for Forex
If you want to become a successful Forex trader, it is vital for you to understand the way finance works in general. Learning more about the economic indicators can make the job much easier for you. Below, we will provide you with some of the key economic terms that you, as a trader, should know and remember very well.
Let’s start with the one that you might already have heard, GDP. Gross Domestic Product, simply known as GDP, is a term that shows the total amount of goods and services produced in the country in a one-year period of time.
While this concept is not used to predict market movements in Forex, it is rather important to assess an overall economic climate of a certain country. This, in turn, could possibly have an impact on the currency that you are planning to trade.
Another one that you might come across in Forex market terminology is inflation. In the world of finance, it is a term that describes the environment where the prices for goods and services increase and the consumer purchasing power decreases. It is very important to follow this trend because it makes decision-making a little easier. There actually is a special way to track inflation.
The Consumer Price Index, also known as CPI, determines the change in the prices that the consumers pay for a variety of goods and services. This can be used to track the changes in inflation.
Even if you are a total Forex beginner, you might have already heard the term interest rate. In Forex vocabulary, you will find currency interest rate as one of the most important factors influencing the Forex market. The interest rate largely depends on inflation.
If the inflation goes up, the central bank of the country will decide to increase the interest rates to slow down the growth, if the inflation nears zero and gets to the point of becoming negative, the central bank will decide to lower the interest rates, to keep the market stable.
Final thoughts on Forex terms
Understanding Forex definitions can be very important for traders. There are hundreds of terms that can be used to describe different types of movements in the market, while others are used to describe financial events.
Although it is not required to know every single Forex term, it is vital to know the meaning of the most important ones. As a trader, you should take your time to learn more about Forex and build on your existing knowledge. This way, you will become a more well-rounded trader.
24Option is a CFD and cryptocurrency broker which helps traders to trade in different types of CFDs and cryptocurrencies available in the market. It is based in Cyprus and the company’s official website which has been in existence for many years is still operating till now. The company is not regulated and many reviews of 24Option show that the broker is a scam.
About 24Option
24Option has a web trading platform through which a trader can trade directly from the website and there is no need to download the software. The minimum initial deposit required by 24Option broker is 250 Euros/GBP which seems to be neither high nor low. The transaction is possible through Mastercard, Visa, Maestro, Wire Transfer and many more. There are 3 types of accounts offered by the broker. It offers around 30 CFD underlying assets and the digital coins used are Bitcoins, Ethereum and the others.
The information on deposit and withdrawal methods is also not provided clearly by this broker. The trading account offered by 24Option are self trading account, Social trading account and Auto trading account. In the automated trading account, the robots trade on behalf of traders through artificial intelligence theory. In the social trading type account, a user copies the position of successful traders.
24Option offers a high leverage facility which is 1:200. The broker offers a bonus of 15% to the traders who trader exotic cryptos.
IS 24Option a legit or scam?
24Option is a part of a large corporation but there has been no proofs which show that the broker is regulated. They do not have a valid license from any of the known EU based regulating authorities. We have also received a lot of complaints from victims of 24Option scam. This fact makes us believe that 24Option can be a scam broker. Due to regulations imposed by known regulating bodies, a broker can not easily run with the money of the traders.
The lack of a proper trading platform and a lack of trading conditions specified by 24Option broker support the fact. We have also seen a number of trader complaints and negative reviews of this broker in the internet. Many traders have reported that their money was lost to 24Option broker in an unfair manner and the broker is not a legitimate one. Therefore, we will not recommend trading with 24Option broker. It is not worth the risk to trade with an unregulated broker like 24Option and put your money at risk. If you are a victim of 24Option scam, Report to us as soon as possible, and we will help you recover your lost investment.
Reports are showing that this is a huge risk in using them
They have no license as brokers
Unusual withdraw terms and conditions
Payment methods are dodgy
Other people’s experience with KontoFX
Stay far from KontoFX
There are so many different investment brokers on the market. Many of them are legit, but there are some of them that are illegal and just another scam for people to lose money. KontoFX is one of the brokers that have many negative reviews and comments. But, still are there so many people that are making use of them, and that are getting scammed on a regular basis.
This is why it is so important to make sure that you are reading all the reviews and information online, to ensure that you are not going to fall for a company like KontoFX. If you are still considering using them, you should make sure that you are reading this. This will ensure that you protect your money, and not lose money by using them.
What is Konto FX
The first thing that you need to know is what is KontoFX. This is an investment CFD broker on the crypto market. They are offering a huge variety crypto coins that you can buy and resell. This is why this is also called an investment.
They are offering a fast and huge turnaround on your investments. They are also promising that the risks are much lower than with other CFD brokers. But, is this really the truth?
Why are there so many people making use of them?
If there are so many complaints about them and so many bad reviews, why are there still people that are making use of them and falling for their scams?
The answer is simple. Most people don’t read reviews and don’t gather as much information as possible before they are using a website. They just trust them and start using them.
The other reason is that of the promises that KontoFX are making. Some are really unrealistic promises, but still, people believe them. Just to find out after a month or two, that they were actually a victim of a scam where they have lost a huge amount of money.
Reports are showing that this is a huge risk in using them
The negative publicity that KontoFX is getting, has nothing to do with people that are just unhappy because their investments didn’t show a profit. Reports are showing that all their information is misleading and not honest at all.
From the fact that they have some terms and conditions that are ridiculous to promises that are impossible to keep. When you are taking the time to do some research, you will find there aren’t any positive reviews about them. All of the reviews are warnings that they aren’t legit and that they are scammers.
These are some of the reasons why you should stay away from KontoFX if you are looking for a cryptocurrency investment.
They have no license as brokers
The first thing that you need to realize is that they are an unlicensed broker. This means that they can make and break rules as far as they can go. They aren’t registered as a broker, so you can’t report them for being dishonest and misleading.
This is normally the first sign that there is something fishy with this broker. Every legit and trustworthy broker is licensed and needs to obey all the rules and regulations of being a CFD broker.
Unusual withdraw terms and conditions
The last thing that you want, is not to be able to withdraw your money from a broker when you need to get the money that you invested in. In most cases, a legit CFD broker doesn’t have high withdraw terms and conditions. You can get the money paid into your account at any time.
However, this isn’t the case with KontoFX. They have unusual withdraw terms and conditions that you will see immediately when you read the terms and conditions. And, this is a mistake that everyone makes. Who really read the terms and conditions of a company before buying or using their services? You can’t withdraw your deposit with your profit immediately after requesting it. Meaning that you will have huge problems for getting the money paid into your bank account.
Payment methods are dodgy
Looking at the payment and deposit methods that they are offering, something isn’t right. The popular and trusted e-wallets that you can use aren’t available at KontoFX for paying the deposit and for withdrawing the money from your account. Most reliable services are making use of options like Neteller, Skrill, and PayPal. You can only make use of your visa, debit or credit card. Those cards where you can’t get a refund when you realize it is a scam.
Now, you need to ask, why don’t they make use of the normal e-wallet options. This is normally easier and better to use than to use your visa, or credit card. Maybe because they don’t want to lose the money with a refund?
Other people’s experience with Konto FX
It is easy to see that KontoFX are illegal and a scam, by just looking at other people’s experience with KontoFX. There is not one single person that has left a positive feedback about this broker. You will see that the company wasreported a lot of times, because of scams.
Reviews are negative, there are many complaints and reports against them. But, still, they are in business and scamming people out of money.
KontoFX is offering some great services, with promises that might let you consider using them. However, you need to make sure that you know that if something sounds too good to be true, it probably isn’t true at all. They are unlicensed brokers and they are not really paying profit out.
This is one of the most popular CFD brokers, that is ending up stealing your money. So, before you consider making use of them, because of their promises, you need to make sure that you are getting all the facts. Facts that might show that they are fraudsters and they will steal your money, without thinking twice.
Send us a message if you have been scammed by Konto FX
