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Let’s consider the following statement. If it’s true that the market can only go up or down over the long-term, then using the most basic 1:1 risk/reward ratio, there should be at least 50% winners, shouldn’t there? Well, there isn’t. This article debates in favour of the notion that a trader is their own worst enemy, and that human error is at the root of most problems. In short, the main reason why Forex traders lose money is no rocket science. It’s the traders themselves.

Financial trading, including the currency markets, requires long and detailed planning on multiple levels. Trading cannot commence without a trader’s understanding of the market basics, and an ongoing analysis of the ever changing market environment. For those interested in investing and trading, read through the suggestions below and you will learn how to avoid losing money in Forex trading.

Overtrading

Overtrading – either trading too big or too often – is the most common reason why Forex traders fail. Overtrading might be caused by unrealistically high profit goals, market addiction, or insufficient capitalisation. We will skip unrealistic expectations for now, as that concept will be covered later in the article.

Insufficient capitalisation

Most traders know that it takes money to make a return on their investment. One of Forex’s biggest advantages is the availability of highly leveraged accounts. This means that traders with limited starting capital can still achieve substantial profits (or indeed losses) by speculating on the price of financial assets.

Whether a substantial investment base is achieved through the means of high leverage or high initial investment is practically irrelevant, provided that a solid risk management strategy is in place. The key here is to ensure that the investment base is sufficient. Having a sufficient amount of money in a trading account improves a trader’s chances of long-term profitability significantly – and also lowers the psychological pressure that comes with trading.

As a result, traders risk smaller portions of the total investment per trade, while still accumulating reasonable profits. So, how much capital is enough? Here it is important to learn how to stop losing money in Forex trading due to improper account management. The minimum Forex trading volume any broker can offer is 0.01 lot.

This is also known as a micro lot and is equivalent to 1,000 units of the base currency that is being traded. Of course, a small trade size is not the only way to limit your risk. Beginners and experienced traders alike need to think carefully about the placement of stop-losses. As a general rule of thumb, beginner traders should risk no more than 1% of their capital per trade. For novice traders, trading with more capital than this increases the chances of making substantial losses.

Carefully balancing leverage whilst trading lower volumes is a good way to ensure that an account has enough capital for the long-term. For example, to place one micro lot trade for the USD/EUR currency pair, risking no more than 1% of total capital, would only require a $250 investment on an account with 1:400 leverage. However, trading with higher leverage also increases the amount of capital that can be lost within a trade. In this example, overtrading an account with 1:400 leverage by one micro lot quadruples potential losses, compared to the same trade being placed on an account with 1:100 leverage.

Trading Addiction

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Trading addiction is another reason why Forex traders tend to lose money. They do something institutional traders never do: chase the price. Forex trading can bring a lot of excitement. With short-term trading intervals, and volatile currency pairs, the market can be fast paced and cause an influx of adrenaline. It can also cause a huge amount of stress if the market moves in an unanticipated direction.

To avoid this scenario, traders need to enter the markets with a clear exit strategy if things aren’t going their way. Chasing the price – which is effectively opening and closing trades with no plan – is the opposite of this approach, and can be more accurately described as gambling, rather than trading. Unlike what some traders would like to believe, they have no control or influence over the market at all. On certain occasions, there will be limits to how much can be drawn from the market.

When these situations arise, smart traders will recognise that some moves are not worth taking, and that the risks associated with a particular trade are too high. This is the time to exit trading for the day and keep the account balance intact. The market will still be here tomorrow, and new trading opportunities may arise.

The sooner a trader starts seeing patience as a strength rather than a weakness, the closer they are to realising a higher percentage of winning trades. As paradoxical as it may seem, refusing to enter the market can sometimes be the best way to be profitable as a Forex trader.

If you feel confident that you can avoid trading addiction when trading, why not open a Forex trading account with Admiral Markets? Traders who choose Admiral Markets can trade with an award-winning, fully regulated broker that provides access to over 40 CFDs on currency pairs, tight spreads, fast deposits & withdrawals, and so much more! Click the banner below to start trading Forex today!

Not Adapting to the Market Conditions

Assuming that one proven trading strategy is going to be enough to produce endless winning trades is another reason why Forex traders lose money. Markets are not static. If they were, trading them would have been impossible. Because the markets are ever-changing, a trader has to develop an ability to track down these changes and adapt to any situation that may occur.

The good news is that these market changes present not only new risks, but also new trading opportunities. A skilful trader values changes, instead of fearing them. Among other things, a trader needs to familiarise themselves with tracking average volatility following financial news releases, and being able to distinguish a trending market from a ranging market.

Market volatility can have a major impact on trading performance. Traders should know that market volatility can spread across hours, days, months, and even years. Many trading strategies can be considered volatility dependent, with many producing less effective results in periods of unpredictability. So a trader must always make sure that the strategy they use is consistent with the volatility that exists in the present market conditions.

Financial news releases are also important to keep track of, even if a selected strategy is not based on fundamentals. Monetary policy decisions, such as a change in interest rates, or even surprising economic data concerning unemployment or consumer confidence can shift market sentiment within the trading community.

As the market reacts to these events, there’s an inevitable impact on supply and demand for respective currencies. Lastly, the inability to distinguish trending markets from ranging markets, often results in traders applying the wrong trading tools at the wrong time.

Poor Risk Management

Improper risk management is a major reason why Forex traders tend to lose money quickly. It’s not by chance that trading platforms are equipped with automatic take-profit and stop-loss mechanisms. Mastering them will significantly improve a trader’s chances for success. Traders not only need to know that these mechanisms exist, but also how to implement them properly in accordance with the market volatility levels predicted for the period, and for the duration of a trade.

Keep in mind that a ‘stop-loss to low’ could liquidate what could have otherwise been a profitable position. At the same time, a ‘take-profit to high’ might not be reached due to a lack of volatility. Paying attention to risk/reward ratios is also an important part of good risk management.

What is the Risk Return Ratio?

The Risk/Reward Ratio (or Risk Return Ratio/ RR) is simply a set measurement to help traders plan how much profit will be made should a trade progress as anticipated, or how much will be lost in case it doesn’t. Consider this example. If your ‘take-profit’ is set at 100 pips and your stop-loss is at 50 pips, the risk/reward ratio is 2:1. This also means that you will break-even at least every one out of three trades, providing that they are profitable. Traders should always check these two variables in tandem to ensure they fit with profit goals.

The best way to avoid risks completely in Forex trading is to use a risk-free demo trading account. With a demo account you can trade without putting your capital at risk, while still using the latest real-time trading information and analysis. It’s the best place for traders to learn how to trade, and for advanced traders to practice their new strategies. To open your FREE demo trading account, click the banner below!

Not Having or Not Following a Trading Plan

How else do Forex traders lose money? Well, a poor attitude and a failure to prepare for current market conditions certainly plays a part. It’s highly recommended to treat financial trading as a form of business, simply because it is. Any serious business project needs a business plan. Similarly, a serious trader needs to invest time and effort into developing a thorough trading strategy. As a bare minimum, a trading plan needs to consider optimum entry and exit points for trades, risk/reward ratios, along with money management rules.

Unrealistic Expectations

There are two kinds of traders that come to the Forex market. The first are renegades from the stock market and other financial markets. They move to Forex in search of better trading conditions, or just to diversify their investments. The second are first-time retail traders that have never traded in any financial markets before. Quite understandably, the first group tends to experience far more success in Forex trading because of their past experiences.

They know the answers to the questions posed by novices, such as ‘why do Forex traders fail?’ and ‘why do all traders fail?’. Experienced traders usually have realistic expectations when it comes to profits. This mindset means that they refrain from chasing the price and bending the trading rules of their particular strategy – both of which are rarely advantageous. Having realistic expectations also relieves some of the psychological pressure that comes with trading. Some inexperienced traders can get lost in their emotions during a losing trade, which leads to a spiral of poor decisions.

It’s important for first-time traders to remember that Forex is not a means to get rich quickly. As with any business or professional career, there will be good periods, and there will be bad periods, along with risk and loss. By minimising the market exposure per trade, a trader can have peace of mind that one losing trade should not compromise their overall performance over the long-term.

Make sure to understand that patience and consistency are your best allies. Traders don’t need to make a small fortune with one or two big trades. This simply reinforces bad trading habits, and can lead to substantial losses over time. Achieving positive compound results with smaller trades over many months and years is the best option.

In Summary

There we have it, the main reasons why Forex traders fail and lose money, along with the steps traders need to take in order to prevent them from occurring. Studying hard, researching and adapting to the markets, preparing thorough trading plans, and, ultimately, managing capital correctly can lead to profitability. Follow these steps and your chances for consistent success in trading will improve dramatically!

Furthemore, to increase those chances even further, you should consider upgrading your MetaTrader trading platform with the ultimate enhancement – MetaTrader Supreme Edition! This free plugin offered by Admiral Markets enables you to boost your trading experience by adding excellent features such as the regular technical analysis updates provided by Trading Central, global opinion widgets, FREE real-time news, and so much more!

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About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Three Reasons Why Bitcoin Is Not Money

With the dramatic rise of bitcoin, many are talking about this crypto-currency as the new money of the future.

Such a simplification is understandable, since the matter of money is complex. Not all that glitters is gold. Likewise, what appears to be money often is not.

Bitcoin does nothing to clarify the matter, since it markets itself as a transactional currency that will be one of many digital replacements for the world’s tired old legacy currencies – especially the dollar. In addition, merchants accepting bitcoin payments give the impression that it functions as money.

Libertarians love bitcoin since it appears to break away from the bonds of government. Perhaps they exult in thinking that the predictions of economist F.A. Hayek are coming to pass. He advocated competitive currencies and even imagined monetary units like “Hayeks” alongside “Smiths” and “Joneses” jockeying for prominence in a vibrant market economy.

However, bitcoin is not money.

Difference between Money and Currency

The main confusion lies in the distinction between money and currency. In the mind of the public, the two terms are synonymous.

Currency consists of banknotes and government-issued paper bills and coins that serve as media of exchange to facilitate transactions. In the modern economy, this currency, which is the actual physical cash in circulation, accounts for only a small amount of total money supply.

In this sense, bitcoin, acting like virtual cash, can perform functions similar to currencies’ as a medium of exchange.

What Makes Something Money

Money is something different. It requires the existence of a lawful monetary authority. In Greek, money is termed numisma (from which comes numismatics), meaning law. Money is a creation of law. Currency becomes money by the action of lawful authority that assures its universal acceptance and takes it as payment for taxes. It acquires credibility through common usage and custom.

Like a stable legal system, every society needs a stable monetary framework. Throughout history, it has always fallen to responsible government, which exists for the common good, to control money and currency supply, prevent counterfeiting, and keep money’s value stable.

That is why the American Constitution granted Congress the power to “coin money, regulate the value thereof, and of foreign coin.” Milton Friedman notes: “There is probably no other area of economic activity with respect to which government intervention has been so uniformly accepted.”

A private medium of exchange that is not accepted universally and lacks stability cannot be considered money.

That is why bitcoin is not money.

A Measure of Value

For something to be money, it must serve three basic functions: a measure of value, a medium of exchange, and a store of wealth. These are the three reasons why bitcoin is not money.

Money is a measure of value that allows people to gauge what something is worth. A money of account serves as a yardstick. Americans look at things and calculate their worth in dollars – the dominant measure of value.

It is important that money be a stable measurement, since one cannot trade or make contracts when the unit wildly fluctuates. A yardstick that is constantly changing is useless in the construction of a house. That is why it has always been the duty of the state to safeguard the political and monetary stability needed to plan for the future. Determining a measure of value is also an attribute of sovereignty, since it involves the very life of the nation and prevents the country from falling into the hands of a shadow government of manipulators.

By its nature, bitcoin does not seek to be a stable measure of value. Its enthusiasts welcomed its speculative rise in value from one to twenty thousand dollars. No one looks at things and thinks in terms of bitcoin because one cannot be sure what the unit is worth at the moment. Bitcoin itself is further expressed in dollars and not in its own units since it has no stable value in the public mind. It is risky to make contracts in bitcoin since its future value is unknowable.

Money as Medium of Exchange

Money must also serve as a medium of exchange that facilitates the buying and selling of goods. The fact that money is universally recognized within a sovereign area makes it desirable, respected, and trusted.

Bitcoin presents itself as a medium of exchange. Using blockchain technology, the crypto-currency claims to process global transactions more efficiently and instantly, especially outside the limitations of borders and other currencies.

However, bitcoin is a limited medium of exchange restricted to those who accept it. It carries no buyer protection mechanisms against fraud and error found in more traditional methods and instruments like credit cards. Indeed, its lack of security and transparency is a major concern that undermines its reliability.

A Store of Wealth

The final function of money is what Aristotle calls “a store of wealth.” It involves money’s ability to preserve value over time and therefore ensure the stability of trade. In this sense, most experts will admit that bitcoin is a store of wealth. However, because of its volatility, it behaves more like a commodity than a currency. Indeed, since bitcoins have no real existence beyond the algorithms that create them, they represent an unreal and precarious store of wealth.

Given its extraordinary rise, bitcoin is better called a risky investment. It is hardly the calm financial yardstick and medium needed to make an economy prosper.

This is yet another reason why bitcoin is not money.

The Drive to “Monetize” Bitcoin

The drive to “monetize” bitcoin and other digital currencies is dangerous. The bitcoin phenomenon represents those who long to break free from legacy currencies that have provided some measure of stability and expressed the sovereignty of nations. They yearn for an economy of frenetic intemperance, in which everything must be instant and effortless. It is an economy detached from reality and responsibility, from which they might create their own abstract economic worlds.

Much like political ideologues who forced their ideal systems upon others, the new economic ideologues do the same. Their economic musings are dangerous, since they tend to force reality to conform to their global fantasies of a free-flowing abstract currency that sidesteps national sovereignty and links all nations and peoples.

German sociologist Georg Simmel, who wrote about the philosophy of money, once defined money as the value of things without the things. Perhaps bitcoin might be defined as the value of nothing without something.

It is certainly not money.

John Horvat II is a scholar, researcher, educator, international speaker, and author of the book Return to Order, as well as the author of hundreds of published articles. He lives in Spring Grove, Pennsylvania, where he is the vice president of the American Society for the Defense of Tradition, Family, and Property.

With the dramatic rise of bitcoin, many are talking about this crypto-currency as the new money of the future.

Such a simplification is understandable, since the matter of money is complex. Not all that glitters is gold. Likewise, what appears to be money often is not.

Bitcoin does nothing to clarify the matter, since it markets itself as a transactional currency that will be one of many digital replacements for the world’s tired old legacy currencies – especially the dollar. In addition, merchants accepting bitcoin payments give the impression that it functions as money.

Libertarians love bitcoin since it appears to break away from the bonds of government. Perhaps they exult in thinking that the predictions of economist F.A. Hayek are coming to pass. He advocated competitive currencies and even imagined monetary units like “Hayeks” alongside “Smiths” and “Joneses” jockeying for prominence in a vibrant market economy.

However, bitcoin is not money.

Difference between Money and Currency

The main confusion lies in the distinction between money and currency. In the mind of the public, the two terms are synonymous.

Currency consists of banknotes and government-issued paper bills and coins that serve as media of exchange to facilitate transactions. In the modern economy, this currency, which is the actual physical cash in circulation, accounts for only a small amount of total money supply.

In this sense, bitcoin, acting like virtual cash, can perform functions similar to currencies’ as a medium of exchange.

What Makes Something Money

Money is something different. It requires the existence of a lawful monetary authority. In Greek, money is termed numisma (from which comes numismatics), meaning law. Money is a creation of law. Currency becomes money by the action of lawful authority that assures its universal acceptance and takes it as payment for taxes. It acquires credibility through common usage and custom.

Like a stable legal system, every society needs a stable monetary framework. Throughout history, it has always fallen to responsible government, which exists for the common good, to control money and currency supply, prevent counterfeiting, and keep money’s value stable.

That is why the American Constitution granted Congress the power to “coin money, regulate the value thereof, and of foreign coin.” Milton Friedman notes: “There is probably no other area of economic activity with respect to which government intervention has been so uniformly accepted.”

A private medium of exchange that is not accepted universally and lacks stability cannot be considered money.

That is why bitcoin is not money.

A Measure of Value

For something to be money, it must serve three basic functions: a measure of value, a medium of exchange, and a store of wealth. These are the three reasons why bitcoin is not money.

Money is a measure of value that allows people to gauge what something is worth. A money of account serves as a yardstick. Americans look at things and calculate their worth in dollars – the dominant measure of value.

It is important that money be a stable measurement, since one cannot trade or make contracts when the unit wildly fluctuates. A yardstick that is constantly changing is useless in the construction of a house. That is why it has always been the duty of the state to safeguard the political and monetary stability needed to plan for the future. Determining a measure of value is also an attribute of sovereignty, since it involves the very life of the nation and prevents the country from falling into the hands of a shadow government of manipulators.

By its nature, bitcoin does not seek to be a stable measure of value. Its enthusiasts welcomed its speculative rise in value from one to twenty thousand dollars. No one looks at things and thinks in terms of bitcoin because one cannot be sure what the unit is worth at the moment. Bitcoin itself is further expressed in dollars and not in its own units since it has no stable value in the public mind. It is risky to make contracts in bitcoin since its future value is unknowable.

Money as Medium of Exchange

Money must also serve as a medium of exchange that facilitates the buying and selling of goods. The fact that money is universally recognized within a sovereign area makes it desirable, respected, and trusted.

Bitcoin presents itself as a medium of exchange. Using blockchain technology, the crypto-currency claims to process global transactions more efficiently and instantly, especially outside the limitations of borders and other currencies.

However, bitcoin is a limited medium of exchange restricted to those who accept it. It carries no buyer protection mechanisms against fraud and error found in more traditional methods and instruments like credit cards. Indeed, its lack of security and transparency is a major concern that undermines its reliability.

A Store of Wealth

The final function of money is what Aristotle calls “a store of wealth.” It involves money’s ability to preserve value over time and therefore ensure the stability of trade. In this sense, most experts will admit that bitcoin is a store of wealth. However, because of its volatility, it behaves more like a commodity than a currency. Indeed, since bitcoins have no real existence beyond the algorithms that create them, they represent an unreal and precarious store of wealth.

Given its extraordinary rise, bitcoin is better called a risky investment. It is hardly the calm financial yardstick and medium needed to make an economy prosper.

This is yet another reason why bitcoin is not money.

The Drive to “Monetize” Bitcoin

The drive to “monetize” bitcoin and other digital currencies is dangerous. The bitcoin phenomenon represents those who long to break free from legacy currencies that have provided some measure of stability and expressed the sovereignty of nations. They yearn for an economy of frenetic intemperance, in which everything must be instant and effortless. It is an economy detached from reality and responsibility, from which they might create their own abstract economic worlds.

Much like political ideologues who forced their ideal systems upon others, the new economic ideologues do the same. Their economic musings are dangerous, since they tend to force reality to conform to their global fantasies of a free-flowing abstract currency that sidesteps national sovereignty and links all nations and peoples.

German sociologist Georg Simmel, who wrote about the philosophy of money, once defined money as the value of things without the things. Perhaps bitcoin might be defined as the value of nothing without something.

It is certainly not money.

John Horvat II is a scholar, researcher, educator, international speaker, and author of the book Return to Order, as well as the author of hundreds of published articles. He lives in Spring Grove, Pennsylvania, where he is the vice president of the American Society for the Defense of Tradition, Family, and Property.

Exw-wallet.com Review: 5 Reasons Why This HYIP is Not Worth Your Money

However, Simon Healy, managing director of Aldermore Bank, believes Isas can still form a valuable part of a savings portfolio for many Britons.

He says that although there are benefits to holding cash in other accounts, cash Isas offer long-term tax saving benefits, especially when building a substantial pot over time, whereas other accounts will not allow you to do so with as much of a tax-free allowance.

Depending on personal circumstances, Simon says there are a number of compelling reasons why cash Isas remain a good place to put savings:

1. Future rise in income could hit your PSA

Following the introduction of the Personal Savings Allowance in April 2020, savers can earn up to £1,000 in interest tax-free on their savings, in their traditional savings accounts, depending on their tax bracket.

Basic-rate tax payers – earning £11,500-£45,000 in the 2020/18 tax year – receive the full PSA of £1,000.

CHANGE OF TACTICS

While the PSA came in last year, there is no guarantee that this will not be tinkered with or removed in the future, especially if there is a change of government.

Meanwhile, Isas are a long-established savings product, and for those who continue to grow big balances inside them, they are vital for shielding tax.

However, Simon says it is important to consider the effect if earnings change in the future, for example receiving a pay rise which pushes you up a tax bracket.

In this event, the PSA would reduce, meaning the cash Isa becomes an even more attractive way to save tax-free.

Higher-rate tax payers – earning £45,000-£150,000 in 2020/18 – those who pay tax at the 40 per cent level, receive a smaller £500 personal allowance.

This means any interest if they earn on savings over this limit, they will have to pay tax on.

Therefore the cash Isa remains an important product for these savings plans because of the increased allowance they’re entitled to.

Additional or highest-rate tax payers (earning more than £150,000 in 17/18) those who are 45 per cent taxpayers, do not receive a PSA at all – this means a cash Isa plays an important role to ensure interest on savings is tax-free up to the Isa limit allowance for the tax year.

2. Benefit of compounding for the long-term

In a continued low interest rate environment, many savvy savers will be thinking about where to place their money to get the best returns, especially over the longer-term with the benefits that can be gained, Simon says.

The tax-free status of the cash Isa is helpful for long-term savers who, thanks to their larger savings pots, can earn more interest.

Over time, the benefits of saving into a cash Isa become increasingly appealing as traditional savings accounts are likely to incur tax implications, whereas your Isa allowance prevents this occurring under the allowance.

There are real benefits to continuing to hold money within your cash Isa year-on-year, because you’ll benefit from what’s known as compound interest – basically meaning you’ll earn interest on interest already earned.

You are able to use your allowance each tax year, so the higher the amount you hold in your Isa the larger the amount of interest you can earn.

Consolidating your money into one high-rate Isa (within Financial Service Compensation Limits) can make this easier to manage and most providers will accept Isa transfers.

3. Flexibility Isas offer

Historically, savers could only open one Isa product per tax year. However a number of providers are now ‘Portfolio Isa Managers’ Simon says.

This means that, although subject to the same personal Isa limit, customers can choose to open a range of cash Isas in one tax year that use the Isa allowance across various products.

This provides savers with greater flexibility, allowing them to save into a combination of fixed and variable rate Isas, or even a Help to Buy Isa.

Some providers will allow you to save on your cash Isa flexibly, meaning savers can take money out and pay in within that year without losing their tax-free allowance.

Big balances: Many have built up big pots of cash in Isa wrappers over the years

4. Inherited Isa benefits

Simon points out that in April 2020, the Government introduced new rules that mean spouses and civil partners can pass on their Isa savings tax-free in the event of a death.

This benefit isn’t available with other savings products.

This is a one-off additional Isa allowance for their partner for the year that they have passed away; it is equivalent to the value of the deceased person’s ISA at the time of death.

This means that the tax-efficiency benefit of the Isa won’t be lost. The PSA, however, cannot be passed on.

5. The varying types of Isa on offer

In addition to the cash Isa, there are also a number of specialist Isa products designed to meet very specific needs.

Depending on your circumstances, these may well represent the best option for you, Simon says.

Cash Isa: The simplest Isa on the market, where money can be continuously paid into an account within the tax year and the allowance begins again each new tax year.

Depending on provider, many cash Isas will be flexible meaning money can be withdrawn and put back in without losing the tax allowance for that year.

BEST ISA RATES

Easy-access cash Isa: 1.05%, Coventry Building Society

One-year fixed Isa: 1.05%, Virgin Money

Two-year fixed Isa: 1.26%, Principality Building Society

Five-year fixed Isa: 1.75%, Paragon Bank

Junior Isa: An Isa that can be opened for parents to save tax-free each year for their children.

The child can take control of the account from the age of 16, but no money can be withdrawn until their 18th birthday – when the account turns into a basic Isa.

Help to Buy Isa: First time buyers’ benefit from this account, by being able to save £200 a month, up to a maximum of £12,000, with an initial £1,000 to open the account.

The Government will give you a bonus of 25 per cent when you complete on the purchase of your property, providing your Isa has a balance of at least £1,600.

If the money is withdrawn from the account for another reason other than buying their own home, then the bonus offering will be lost.

In order to claim the bonus a solicitor must have been appointed and therefore will claim this on their behalf. Applicants must be 16 or over to open the account and never owned their own home before.

These are also being withdrawn to new savers from 2020.

Innovative Finance Isa: A new way of using your tax-free allowance, which is more risky and is not covered by the £85,000 FCSC limit.

Consumers use money to fund peer-to-peer lending or investing in start-up companies through crowd-funding, for example.

Stocks and Shares Isa: Different to the cash Isa, this provides you with the opportunity to invest in the stock market.

Lifetime Isa: The Lifetime Isa is a government savings initiative to encourage the public to save for their first home or for their retirement and those who open the account will receive a 25 per cent bonus on top of their own contributions.

Within the Isa you can save up to £4,000 a year, either as a lump sum or putting in cash as and when you can – then the government will add the 25 per cent bonus on top annually, the maximum bonus earned is £32,000 which stops at the age of 50.

This is a relatively new product and many providers are still considering offering the product as one of their Isas, currently a limited amount of providers plan to have this available to open.

Simon adds: ‘Depending on your circumstances, there are some clear reasons why Isas remain a valuable part of your savings portfolio.

‘With all savings accounts, it really pays to look around. Ensuring you shop around to open the best Isa or savings accounts for your needs is vital to ensure your cash works hard for you.’

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