Everyone knows that the costs of forex trading have a dramatic impact on profitability and are one of the main factors when choosing a broker to trade with. However, when comparing offers from several brokerages, it is common to consider trading commissions, spreads, account maintenance and deposit/withdrawal fees.
The cost of trading forex is the overall expense that a forex trader has to incur in order to run their trading business. There are optional costs for things that the trader may wish to purchase, such as news services, custom technical analysis services and faster connections, and compulsory costs, which are expenses that every trader must pay. For every trade that you place, you will have to pay a certain amount in costs or commissions for each trade that you place with a broker. These costs vary from broker to broker, but they are usually a relatively low amount. These are usually the only cost of trading that you are likely to incur.This may sound like a simple enough process, but many traders overlook these costs of trading and thus underestimate the challenges to generate a long-term profit.
Over the past few years, Bitcoin has had a major impact on global finances in general, and the FX industry in particular. Fluctuating wildly in value and grabbing headlines around the world, this innovative cryptocurrency has quickly made its presence felt.Although Bitcoin is likely to continue to impact on the FX industry, it’s actually blockchain, the technology behind the currency, that’s set to have a more significant and irreversible impact on the FX industry. Blockchain could potentially transform the face of FX, changing the way the industry operates for good.
In relation to the FX industry, one of the main ways in which blockchain will have an impact is in terms of decentralisation. As blockchain is a reliable, permanent way to recorded information – be that transactions, currency prices, or anything else – it offers the FX industry the unique opportunity to decentralise record keeping and increase the availability of the information being stored.
As well as giving more power to smaller traders and startups, this is giving individuals and companies the ability to exchange money peer to peer rather than going through central banks, something that could really change the way the industry operates.
Blockchain could also help to improve security in the FX industry. By decentralising record keeping and making full use of ledgers, sensitive data will be a lot harder to hack. With online security one of the biggest challenges currently facing the financial industry and the economy in general – almost half of UK firms were hit by a cyber breach or attack in 2016 alone– this aspect of blockchain could be a real game changer.
FXPay is an exciting and highly prospective business opportunity that brings innovative technology to the Foreign Exchange (Forex) market. FXPay believes we can intelligently mitigate risk and increase the speed of transactions in the Forex market through the utilization of its FXP token, an ERC20 token based on Ethereum blockchain technology.
By introducing blockchain technology to the Forex market, FXPay is able to address inefficiencies in the market that, until now, have not had a solution. By offering a digital currency to brokers and traders, FXPay provides a mediumt hrough which to effortlessly convert fiat currency into FXP tokens. Once it is securely logged on the blockchain, it can be converted into any of our Forex pairs.Traders can then use Forex credit to participatein the market. Once trading has ceased, trader scan trade Forex credit back into FXP or any other digital currency. Alternatively, traders can choose to keep Forex credit, which can either be used to continue trading at a later stage or withdrawn into fiat currency through the Forex trading platform, at minimal cost.
- Token: FXP
- PreICO Price 1 FXP = 1.15 USD
- Price 1 FXP = 1.60 USD
- Platform: Ethereum
- Accepting: ETH, BTC
- Minimum investment 100 USD
- Soft cap: 30,000 ETH
- Hard cap: 90,000 ETH
For more information please visit :
Bitcoin talk thread: https://bitcointalk.org/index.php?topic=3851151