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Experts at Traders Union post the Rating of the Best Forex Brokers in Pakistan in 2021

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The Traders Union and its analysts have studied dozens of brokerage companies using over 100 proprietary and objective criteria to help Pakistani traders choose from among the best Forex brokers. Based on the data obtained, an unbiased rating of the best brokers in Pakistan in 2021 was compiled. Top 10 of the Best Pakistan Forex brokersThe Top 10 Best Pakistani Forex brokers list is the regulated companies offering traders optimal trading terms and first-class customer service. Top 10 Pakistan brokerage companies:

  1. Exness. This broker offers mobile and desktop MT4 and MT5 for trading, as well as MultiTerminal and WebTrader. You can start trading by depositing only $1. Its activities are monitored by CySEC and FSA. 
  2. FBS. This broker is licensed by IFSC. It offers cent, standard, and ECN accounts, including accounts with zero spread. The maximum leverage is 1:3,000, with a spread from 0.1 pips.
  3. ICMarkets. The company offers a wide range of payment systems, with leverage up to 1:500, and tight spreads from 0.0 pips. The minimum amount to start trading with this broker is $200. Its regulators are ASIC and FSA.
  4. InstaForex. This broker is for active trading and investment under FSC’s license. The minimum deposit size is $1. You can make trades in MT4, MT5, InstaTrader, and WebTrader terminals. Access to the multi-terminal is open.
  5. Forex.com. It is part of the GAIN Capital holding, which is regulated by the FCA. When replenishing an account with $1,000 and more, the client gets spreads from 0.2 pips, as well as access to the MT4, MT5 terminal, and the proprietary Forex.com platform.
  6. OctaFX. This broker is regulated by CySEC and offers leverage up to 1:500 and spreads from 0.6 pips. The minimum deposit is $100.
  7. FXTM. The minimum deposit is $10, and the leverage is up to 1:2,000. Available platforms are MT4 and MT5. Its regulators are FCA, CySEC, FSCA, and FSC.
  8. XM. The broker offers standard and cent accounts with the most precise market spreads possible. The initial investment for entering Forex is only $5. The company is regulated by ASIC, CySEC, and IFCS. 
  9. CMC Markets. This is an FCA-controlled broker having no initial investment requirements. Registered traders navigate the Forex market using the MetaTrader4 terminal with precise floating spreads.
  10. FXCM. This is a reliable company regulated by FCA. FXCM offers favorable terms for both novice traders and professionals. You can start trading at Forex if you deposit at least $50.

List of Forex brokers by objective parameters The Traders Union experts have also published a list of the best companies based on specific criteria on the ranking page to help Pakistani traders choose a top-tier broker.Please find the following ratings in the Pakistan Best Brokers section: 

  • Companies that have more than one office in the state.
  • Brokers that allow deposits in Pakistani rupees.
  • The best brokerage companies to invest in.
  • Best brokers for novice traders from Pakistan.
  • Top companies that allow deposits into trading accounts via local banks.

Also, you can read about Forex regulation in Pakistan and study the reviews of existing clients of the Top 10 companies on the Pakistan brokers rating page. A comparative analysis of brokers using objective criteria The experts at Traders Union evaluated companies according to the following criteria when compiling a rating of brokers with the best terms for Pakistani traders: 

  • Financial (22); 
  • Economic (18); 
  • Clients (27);
  • Service (23);
  • Reputational (17). 

This research methodology helped to form the most objective Best Pakistani Forex Brokers rating

Benefits of cooperating with Traders UnionFor over 10 years, the independent Traders Union has paid its members rebates based on the spreads and provides free legal assistance and professional information materials. Today, over 300,000 traders receive affiliate payments from Traders Union for trades made on Forex. 

Forex

FX Market View #20

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The Dollar rally’s against all major currencies last week apart for the Yen, to break the resistance it faced earlier in the month. A contributing factor towards the slight rally in Yen is put down to the BOJ tweaking its macro forecasts during Friday’s meeting. In effect, the Japanese central bank will be reducing its asset purchasing program. As for the Dollar’s recent rise, it was the unexpected jump in inflation data and retail sales which prompted this trading environment. However, the fact that US yields softened as an outcome is more of a surprise. The current counter-intuitive relationship between the greenback and yields seen so far this year, appears to be remaining.

Looking ahead into the summer period, the economic impact of the Delta mutation of the corona virus is taking the forefront. Concerns are developing in the equity markets whether this variant could be the cause to partially or fully close economies again. This potential reverse in momentum behind the global economic recovery can be halted or at worse even reversed. Consequently, the appetite for risk assets has taken a hit with most market indices trading lower. In this situation the Dollar has been trading higher, benefiting from being the go-to currency as markets seek safe haven investments. Modest gains are also seen in Yen and Swiss Franc, other safe haven currencies.

The major economic event for this week will clearly be the ECB meeting on Thursday. Markets are not expecting hawkish views for the ECB, as we factor in the case that the Eurozone has not experienced strong inflationary pressures. Therefore it will be doubtful to hear any rhetoric on monetary easing by the ECB, unlike the situation seen in the US over the past few months. This will reduce the possibility of any upside potential in the common currency gains. Other notable events will be the meeting of the central banks of China and Australia on Tuesday, as well as the services and manufacturing data from the UK and Germany being released on Friday.

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Source: https://www.blockleaders.io/fx-market-view-20/

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Is Mobile FX Trading Taking Over Desktop Clients?

Demand for mobile trading has ramped up among both retail and professional traders.

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Digitization of the trading industry has revolutionized the market, but now technology is evolving. The online forex trading industry has seen significant growth of trade execution on mobile devices over the past few years.

Though mobile trading platforms have been available for a while now, traders have been reluctant to adopt them due to several constraints, but things turned the other way with the Covid-19 lockdown. Both retail and professional traders are now starting to use mobile platforms.

“We see an increase in mobile trading platform usage by our clients in recent years,” Normund Nowitzki, Head of Platform Development at Dukascopy, told Finance Magnates.

Numbers Favour Mobile Trading

Indeed, based on the data compiled by Finance Magnates Intelligence, 55 percent of traders were executed on mobile devices in the first quarter of 2021, while desktop platforms accounted for the remaining 45 percent. Though this is not a representation of the entire industry, it clearly shows a trend.

Dukascopy, which is one of the top global brokerages, revealed that the dominance of the trade executions using desktop clients is continuously decreasing. Trading volume on the mobile platforms offered by the broker jumped from almost 19 percent in the first quarter of 2017 to more than 36 percent in the second quarter of 2021.

“Although the flagship trading platform of Dukascopy is still Desktop JForex, our statistics suggest that most use both – Desktop version for convenient charting and backtesting and mobile version for position management on the road,” Nowitzki said.

Additionally, the fifth annual JPMorgan e-FICC survey, published in February 2021, conformed to this growing trend of mobile trading and is expecting mobile devices to have a big impact on the industry in the coming years.

Retail Traders Set the Trend

Other industry experts Finance Magnates talked to are also agreeing on the future dominance of mobile trading, both among retail and professional traders. 

Jon Light, VP of Trading Solutions at Devexperts
Jon Light, VP of Trading Solutions at Devexperts

But, the retail market clearly has been at the forefront of this changing trend. “The retail market moved first in the area of providing mobile trading applications, as traders pushed brokers to provide them with a way to view pricing, pending orders and positions whilst on the move,” said Jon Light, VP of Trading Solutions at Devexperts, a trading industry technology provider.

He believes that the usage of mobile devices is ‘now extremely common across this area of the market and will not change’.

Despite the big push, the usage of the mobile platforms remains limited to trade executions and modifying positions on the move, along with price monitoring. Traders still need their multi-screen setups to analyze charts and come up with strategies.

Deepak Jassal, Executive Director at M4Markets
Deepak Jassal, Executive Director at M4Markets

“Trading has traditionally required traders to be in front of big screens so that they can follow charts and carry out analysis, but being able to trade on mobile is important for traders who are on the go and want to manage their positions,” Deepak Jassal, M4Markets Executive Director, told Finance Magnates

“The markets never wait so being able to monitor and control your trades during important events or in times of volatility is crucial.”

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Institutions Are Jumping In

The adoption of mobile platforms was strengthened when the industry saw interest for them among professional traders. As Nowitzki pointed out, these on-the-go platforms complement push notifications, and instant access only complements stationary computers.

But, professional traders can never go mobile-only as it is not convenient to create strategies or analyze several currencies at once on a small screen. “Besides, it might seem reckless to rely on a mobile device solely as both phone and Internet performance can fail anytime,” Nowitzki added.

Institutions also need to consider the regulatory control and information security requirements these firms must adhere to. “Bigger institutions are understanding the risks and becoming more comfortable with their security controls, they have come up to speed with modern practices, such as multi-factor authentication and secure protocols,” the Devexperts VP said.

Challenges

Mobile platforms have several other limitations too. “Some of the major challenges with mobile platforms that Devexperts have dealt with are performance, security and user experience,” according to Light. 

“It’s important to make sure that the mobile applications are performant when dealing with market data even when the connection is bad.” He further detailed that Devexperts has built a proprietary binary protocol that solves this problem.

“Security is obviously important, and the applications need to adhere to the latest security requirements to keep the data safe,” Light added.

Another key challenge in front of the mobile platform developers is the abundance of the mobile device form factor and the availability of multiple mobile operating systems in the market.

“Another challenge we face is extreme variability in devices, especially those working on Android OS, which makes it tough to create an app that would perfectly fit any operating system, performance level, and screen size. As an alternative solution, we have developed a web platform, a tool designed to run on any device, operating system and under any technical conditions,” the Dukascopy Platform Development Head said.

The policy of Apple and Google for admitting applications on the AppStore and PlayStore is another barrier in front of the brokerages as they do not allow listing of several kinds of trading services. Though this can be bypassed on Android devices, there is no way to circumvent this with Apple, as the company has a monopoly on app listings.

“While we have a green light from FINMA to offer binary options to our clients, Appstore and Playmarket reject such apps,” Nowitzki said.

Innovative Technologies

Despite some serious limitations, innovative technologies can significantly bypass several other shortcomings of mobile trading. “We managed to allow algo trading on our iOS and Android apps using our remote servers. Traders can now start and manage their automatic strategies using their phones,” Nowitzki said. “In general, we believe that trading services with cloud saving and cross-platform features are and will be clear winners in the ever-changing trading software industry.”

Jassal added: “We expect that most professional traders will continue to prefer the desktop experience, but at the same time, with all the improvements available on mobile trading, a well-designed mobile application could help shift a number of traders from desktop to mobile, or at least convince them to use both interchangeably. It’s just a matter of being able to offer an application that is user-friendly and meets the needs of your traders.” 

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Source: https://www.financemagnates.com/forex/analysis/is-mobile-fx-trading-taking-over-desktop-clients/

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77.7% FX Traders on Polish Brokers Ended 2020 in Losses

The average loss of each trader in 2020 remained at PLN 11,370.

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The Polish financial markets regulator, locally known as Komisja Nadzoru Finansowego (KNF), published its annual report on forex market transactions on Thursday. According to the regulator, 77.7 percent of forex traders ended up with losses in 2020.

The report published by KNF, which collects and compiles trading data from all regulated over-the-counter (OTC) platforms, outlined that retail traders account for 99.3 percent of active traders in the forex market.

Poland-regulated brokers take both Polish and international traders as clients. These brokers are popular as they offer up to 100:1 leverage, contrary to the European Securities and Markets Authority-recommended maximum level of 30:1.

A Loss Making Trade

The latest KNF report shows that the number of loss-making forex traders increased last year compared to 2019 when the figure improved significantly to 73 percent. The average amount lost by each trader in 2020 remained at PLN 11,370, while the figure was only at PLN 6,354 in the previous year, for both Polish and international clients.

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The statistics remained very similar for Poland resident traders as 77.4 percent of them lost deposits at an average of PLN 12,693.

Yearly Losses of Polish FX Traders
Yearly Losses of Polish FX Traders

The report further outlined that a total of 17,914 traders, both Polish and international, realized a total profit of PLN 277.4 million, while the realized customer losses came in at almost PLN 1.19 billion. For Polish residents, the total realized profits remained PLN 162 million, compared to the loss of PLN 660.7 million.

Interestingly, both realized profits and losses skyrocketed last year, when compared to the data of the four previous years, which was mostly due to the retail trading frenzy triggered by the various aspects of the Covid-spurred lockdown.

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Source: https://www.financemagnates.com/forex/brokers/77-7-fx-traders-on-polish-brokers-ended-up-in-losses-in-2020/

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Forex

FX Market View #19

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In the past week the Dollar faced resistance to its near-term trend of strengthening against the currency majors. Despite the fact that the jobs report released in the beginning of the month showed robust numbers, the greenback initially declined following a bout of profit-taking. However, the short-selling momentum was brief and with little follow through. As a consequence, the Dollar made a full recovery displaying its resilience during period of uncertainty. Against currencies from nations whose central banks are looking to normalise their monetary policies sooner, the Dollar made the most gains. More notably was a Dollar recovery despite a slide in US yields.

As the new week has begun, the Dollar resistance from the Swiss Franc and the Yen appears to have continued. On the flip side, last week’s weakest performers against the greenback such as the Scandies and Dollar-bloc currencies are also continuing on the same trajectory. It becomes clear that the central banks which are lagging when it comes to normalising rates are resisting the Dollar advances. These are the patterns which are being exhibited in the global currency markets, however volatility is low due to the quiet trading session that are typical during the mid-summer period. Global yields have also drifted lower with a slight rally in the major equity indices.

One focal point of this week is the headline increase in US inflation. The CPI data release was significantly higher than in the period earlier, as well as the June Year-on-Year numbers. This can be partially explained by the increase in consumer spending made available from the US government stimulus checks. Additionally, the closures that were a direct result of the pandemic resulted in consumers saving their disposable income earlier. Therefore when the economy was re-opened, prices received an initial boost as cash was injected back into businesses. So far the FED has categorised this price increase as transitional inflation with the Dollar reacting to the upside. However, should there be concerns are this can spill-over to uncontrollable inflation?

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Source: https://www.blockleaders.io/fx-market-view-19/

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