Forex currency trading basics
· In all, $ trillion (£tn) was traded per day on the forex markets in , according to the Bank for International Settlements. To put that in context, that’s just over double the annual Estimated Reading Time: 6 mins. · Slick Instagram accounts and YouTube channels point to foreign exchange (Forex) trading as a route to extra cash. But what’s the reality? Duration. 43 mins. First shown. pm 3 Aug · Forex trading is essentially betting on the value of a currency going up or down. Lauren’s post featured a screenshot of a WhatsApp chat suggesting a customer had made profits of . · Forex scandal: How to rig the market. By Sebastian Chrispin Business reporter, BBC News.
The foreign exchange, or forex, market is a virtual trading place where dealers buy and sell currencies. Deals at today’s price are called the „spot“ market and bets can also be made on forward exchange rates. Currency trading started out as a way for businesses and individuals to change money for overseas travel and commerce. This was a real service industry driven by the underlying level of world trade.
Opportunities for speculation were limited by the Bretton Woods agreement in to peg exchange rates to the gold price. In the early s, this accord broke down, exchange rates began to fluctuate more widely and globalisation created more underlying demand for foreign exchange. Financial institutions saw a new opportunity to make money from the increased size and volatility of the forex market.
Today only a fraction of currency trading is directly related to the original purpose of facilitating cross-border trade: the rest is speculative. There is no physical forex marketplace and nearly all trading takes place on electronic systems operated by the big banks and other providers. Dealers display the prices at which they are prepared to buy and sell currencies: users place orders with the click of a mouse. Prices change according to supply and demand.
For example, if the US dollar is more popular than the euro at any given time, the dollar will strengthen against the euro and vice versa.
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Exclusively talking to Business Live, the University of Plymouth graduate denies acting dishonestly or handling people’s investments after BBC show makes allegations. Gurvin Singh, who graduated from the University of Plymouth in , is the main subject of the four-part expose Scam City: Money, Mayhem and Maseratis, screened on BBC1. In January , the Financial Conduct Authority FCA issued an official warning about Mr Singh and his companies , GS3 Trades and GS3 Marketing Limited, saying they were unauthorised and people should be wary of dealing with them, following complaints from numerous people who claimed to have lost cash in the December crash.
He also admits to being involved in affiliate marketing, a legal activity in which a company pays a person a commission for helping generate business. Mr Singh was paid to introduce potential investors to a broker which then handled the investments, but he said his involvement in such activity only lasted for about three or four months, though he remained involved with a Whatsapp group with some investors after that.
The BBC programme digs into the high-risk but legal world of Forex trading and talks to people who claim to have lost large sums on the market. He stressed he has not been charged with any criminal offences and denied he has acted improperly and that clients of the broker had signed contracts and knew exactly who was trading on their behalf and handling their accounts. Business Live’s South West Business Reporter is William Telford.
William has more than a decade’s experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region. To contact William: Email: william.
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The foreign exchange market is not easy to manipulate. But it is still possible for traders to change the value of a currency in order to make a profit. As it is a hour market, it is not easy to see how much the market is worth on a given day. Institutions find it useful to take a snapshot of how much is being bought and sold. Until February, this happened every day in the 30 seconds before and after in London and the result is known as the 4pm fix, or just the fix.
Since these violations came to light, the window has been changed to five minutes to make it harder to manipulate. The fix is very important, as it is the peg on which many other financial markets depend. So how do you make currency prices change in the way you want? Traders can affect market prices by submitting a rush of orders during the window when the fix is set. This can skew the market’s impression of supply and demand, so changing the price.
This might be where traders obtain confidential information about something that is about to happen and could change prices. For example, some traders shared internal information about their clients‘ orders and trading positions. The traders could then place their own orders or sales in order to profit from the subsequent movement in prices. This can relate to the 4pm fix, with a trader placing a trade before 4pm because he knows something will happen at around 4pm.
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An Instagram post by TV star Lauren Goodger has been banned because she didn’t clearly mark it as an advert. Lauren, 34, had been paid for the post, which promoted a foreign exchange – or forex – trading tips service. Foreign exchange is the conversion of one currency into another. Forex trading is essentially betting on the value of a currency going up or down.
The caption by the former Only Way Is Essex star claimed the forex trader, named hannahd. In the UK, social media stars have to make clear if they are being paid by a company to promote its business. A reader complained that Lauren’s post was not obviously identifiable as an ad and the claims about profitability were misleading. The ASA also said it had not seen any evidence to support the claims about profits in the ad, and ruled that it was therefore misleading.
It said the ad „must not appear again in the form complained about“ and told both hannahd. The unknown person or people trading as hannahd.
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In his four-part series, journalist Mobeen Azhar finds out how investors lost millions of pounds after getting caught up in forex – foreign exchange – schemes. In Scam City: Money, Mayhem and Maseratis, Mobeen discovers: investors were added to WhatsApp groups managed by unlicensed and unregulated so-called traders; allegations of investors being told that they couldn’t withdraw their cash; and investors – after losing everything – realising that their investments, made through a firm called Infinox registered in the Bahamas, were not subject to UK regulation or the control of the Financial Conduct Authority FCA.
In Autumn , a video clip of a man handing out cash to strangers on Plymouth High Street went viral. But in trying to track down the year-old pictured above , it turned out there were different versions of the story. To many, he was simply handing out money to strangers because he’d made it big in the world of online trading and he wanted to give something back.
But Gurvin wasn’t talking. He’d already left Plymouth and his social media profile had been deleted. He’d vanished and it soon became clear the cash handout had been part of a carefully-curated stream of online promotion. Before his profile disappeared, Gurvin had been a social media influencer with , Instagram followers. His online persona was almost entirely focused on affluence: pictures of his gold Maserati, designer clothes and jewellery punctuated with snaps of a pet goat.
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By Hayley Richardson For Mailonline. Published: BST, 4 August Updated: BST, 4 August A woman who claims she failed to make any money while working for a multi-level marketing firm has admitted she ‚fed people lies‘ to recruit them in order to dodge the hefty membership fees in a shocking new documentary. BBC Three’s Instatraders delves into the recent foreign exchange craze on social media, where slick Instagram accounts and YouTube channels point to forex trading – betting on the value of a currency going up or down – as a route to earning extra cash.
But Birmingham-based BBC reporter Dion Hesson discovered it’s harder than it sounds to make a living from trading when you’re a total novice. He signed up to IM Academy, an American multilevel marketing MLM company that sells foreign exchange education packages with educational webinars and mentoring, and eventually trading platforms. Dion also explored the other side to the company – the recruitment and referral strand – where people are encouraged to sign up new members in exchange for commission and waiving their membership fees.
He spoke to several critics of IM Academy, some of whom openly claimed they ’sold people a dream‘ that didn’t exist. An amateur forex trader who claims she failed to make any money while working for a multi-level marketing firm has admitted she ‚fed people lies‘ to recruit them in order to dodge the hefty membership fees in a shocking new documentary.
One woman from the US, known only as Asha, said she worked the ‚hardest three months of her life‘ and failed to make any profit.
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University of Plymouth graduate Gurvin Singh, who famously handed out free money in Plymouth city centre, has vehemently denied acting dishonestly after several allegations were made in a new BBC Three mini-series. In January , the Financial Conduct Authority FCA watchdog issued an official warning about Mr Singh and his companies, GS3 Trades and GS3 Marketing Limited, saying they were unauthorised and people should be wary of dealing with them, following complaints from numerous people who claimed to have lost cash in the December crash.
He also admits to being involved in affiliate marketing, a legal activity in which a company pays a person a commission for helping generate business. Mr Singh was paid to introduce potential investors to a broker which then handled the investments, but he said his involvement in such activity only lasted for about three or four months, though he remained involved with a WhatsApp group with some investors after that.
The BBC programme digs into the high-risk but legal world of Forex trading and talks to people who claim to have lost large sums on the market. He stressed he has not been charged with any criminal offences and denied he has acted improperly and that clients of the broker had signed contracts and knew exactly who was trading on their behalf and handling their accounts. Following the BBC programme the FCA declined to comment further, although its warnings about Mr Singh’s companies are still on its website.
You can watch the four-part series, Scam City: Money, Mayhem and Maseratis, on BBC iPlayer, here. Read more stories: Beautiful sun halo appears in the sky above Devon and Cornwall. Mum wrecks ex’s car outside his new girlfriend’s house. By William Telford Business Editor. Katie Timms Content Editor. Video Loading Video Unavailable.
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Forex Trading analysis and performance of BBC Capital by Forex Trader CurtEsterline. · Forex scandal: How to rig the market where traders don’t need to speak to each other but are still aware of what other people in the market are planning to do. The BBC is not responsible.
HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined. The fines were issued by the UK’s Financial Conduct Authority FCA and two US regulators. Separately, the Swiss regulator, FINMA, has penalised UBS m Swiss francs. Barclays, which had been expected to announce a similar deal to the other banks, said it would not be settling at this time.
FCA boss Martin Wheatley told the BBC: „This isn’t the end of the story. Several senior traders at the banks have already been put on leave and the Serious Fraud Office is in the process of preparing potential criminal charges against those alleged to have masterminded the scheme. The fines follow a month investigation by regulators into claims that the foreign exchange market – in which banks and other financial firms buy and sell currencies between one another – was being rigged.
There is no physical forex marketplace and nearly all trading takes place on electronic systems operated by the big banks and other providers. Daily „spot benchmarks“ known as „fixes“ are used by a wide range of financial and non-financial firms to, for example help value assets or manage currency risk. Countless individuals and companies around the world rely on these rates to settle financial contracts,“ said the CFTC’s director of enforcement Aitan Goelman.
All three regulators found the attempted manipulation of the foreign exchange market had been going on for several years, with the FCA saying the failings occurred between 1 January and 15 October The CFTC said its investigation found the traders‘ misconduct took place between and They found certain foreign exchange traders at the banks had coordinated their trading with one another to attempt to manipulate benchmark foreign exchange rates.