The Central Bank of Ireland warns population about a scammer – Binary Options Hub

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Banks are running away and Bitfinex is struggling with Fiat deposits

Fiat deposits are what actually started the cryptocurrency trend. It all began when everything was still measured in USD on the digital market. But today a lot of the times transactions are made in Bitcoin or Litecoin or any other cryptocurrency, sometimes confusing the traders. Bitfinex has identified the problem and has suspended all fiat deposits in order to make cryptocurrencies more effective in the circulation around the system. Bank transfers have also been stopped completely, because of the fact that the operations were in complete chaos, even though they denied it.

What’s next?

This latest suspension brings questions about the general future of the company and the industry itself. What will happen to all future deposits and what will they be like? Will Bitfinex be able to continue operating as it once could or will it fully cut off from the monetary system and start its dominance on the digital market? all of this questions need to be answered by Bitfinex itself or else it could be looking at a potential bankruptcy because of all the problems with these transfers.

It is known for a fact that Bitfinex has been banking with HSBC through numerous GTS (Global Trading Solutions). However, it is still unclear whether or not the crypto venue will be blocked by these companies and what other channels they have in order to face these challenges. These transmission delays are the top priority for every employee at Bitfinex at this point, because of the scale it may affect the market on a scale that nobody is expecting. Bitfinex had started assuring the customers that everything was under control and the situation would normalize within at least a week. But that week was going to be a hell of a ride for some investors as Bitcoin prices would surely react.

How is Bitcoin dealing with the news?

No matter what happened, Bitcoin was sure to react with its prices, some of the critics believed that the prices would go crazy and it would fall to the lowest it’s been this past year. But fortunately it managed to hold on to its number 1 place on the market and its relative price remained O.K. within the week.

What’s important to note here is that Bitcoin prices are one of the most responsive ones in the world. it is one of the most susceptible currencies regarding news and is sure to stay that way no matter who says what.

Best tips for binary traders to transition into FX trading

The age of trading Binaries is coming to a close as more and more financial regulators are starting to ban the activity. Although there are some cases where companies offer actual good opportunities to trade binaries, the bulk of the market eventually turns out to be either a scam or something unprofitable. If you are a binary trader and are looking for new opportunities then FX is your best bet. Let’s look at what’s best to do when you are switching.

Learn order types

When starting out in Forex you will notice that contrary to the single trading style with Binaries, it has several orders you can make, according to the type of trade you are planning. In most cases, you’ll find guides on FX broker websites and their education pages. There are a lot of orders, but let’s cover the most important ones.

Market Order

This is the order that allows you to buy at the best available price. For example, if the bid price on EUR/USD is 1.2048, and the ask is 1.2050, you’ll be able to buy it at the 1.2050 price point. No machinations whatsoever. This is probably the most popular order type as it guarantees the absence of any unnecessary costs.

Stop Loss

A stop-loss is pretty much self-explanatory. For example let’s say that you just made a trade on the EUR/USD at a price of 1.2050, however, your predictions for the future were wrong and the price is now falling down to 1.2040. Thankfully, before making the trade, you set a stop-loss order on the 1.2045 point. Meaning that the moment the price hits that mark, your position will be closed and you will avoid any further losses. Yes, it’s never good to lose on a trade, but it’s best to limit your losses as much as possible. Besides the stop-loss order helps you not be attached to your screen 24/7 and helps you relax a lot more, knowing that even if things go wrong, you won’t lose much.

Take Profit

The take-profit order is also self-explanatory. It guarantees that if a price reaches a certain point, the position will be closed and you will immediately be able to take the profits. But why limit your profits? Isn’t trading about making as much money as possible? Well, yes but look at it this way. You set the take-profit order at 1.2060, knowing full well that the price will not surpass it. When the price hits that mark, your order is stopped and you make some money, but as soon as it hits the 1.2060 the price starts falling immediately. As you can see a human wouldn’t be able to have such quick reflexes and a take-profit order does. It basically helps you to ensure you’re in the green.

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  • Binomo
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Study the brokers

Binary options brokers usually provide you with the same business model and features. With Forex brokers it’s completely different as their services vary drastically. You see finding a good FX broker that won’t scam you isn’t hard, but finding a Binary broker with the same features may be challenging. Therefore the binaries would copy the most trusted brokers to at least seem familiar. While FX brokers have a plethora of possibilities. Things that you need to pay attention to when studying an FX broker:

  1. Regulation
  2. Spreads
  3. Leverage
  4. Withdrawals & Deposits
  5. Minimum Deposits
  6. Bonuses
  7. Customer Support
  8. Provided analysis tools
  9. Software

And etc. There are a lot of things to pay attention to. These are the basics that you need to know. As to why you need to switch from Binary Options trading is up to you. But in my humble opinion, it’s the best decision you’ll ever make, both for your mind and wallet.

Conclusion

As you can see there aren’t too many details when it comes to learning FX trading. But remember that it is way more complicated than Binaries. When comparing the two, FX may seem like a jungle of information, but remember that it is safer, more effective and most certainly more rewarding. Start with the two I listed above and the next step will open itself up for sure.

Central Bank of Ireland: Watch out for 365BinaryOption

The central bank is the latest financial institution to warn against the broker.

The verdict is in – watch out for 365BinaryOption. On Thursday, the Central Bank of Ireland became the latest in a series of financial institutions to warn against the firm, which also goes by the name of 365-FX, Oproserv Limited, and Fintech Software Inc.

According to the warning released by the central bank, the firm is operating in Ireland and offering financial services without the proper authorization. The bank has highlighted that this is a criminal offense in Ireland and therefore consumers should be wary of this company.

365BinaryOption operates via its websites www.365binaryoption.com and www.365-fx.com. It claims to be a forex broker, specifically, “one you can trust,” that offers investors the chance to trade currencies, shares, indexes, and commodities. However, the list of warnings against the company states the complete opposite.

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On its website, it claims to be one of the leading online trading platforms in the world – quite a big claim to make. But don’t let this statement fool you because, as the central bank reminds in the statement, if you invest in a firm that is not authorized and lose your money, you won’t be eligible for compensation from the Investor Compensation Scheme.

FCA and ASIC Warn Against 365BinaryOption

As stated above, the Central Bank of Ireland is not the first regulator to warn about this broker. Here at Finance Magnates , we have reported on warnings about this broker twice – once from the Financial Conduct Authority (FCA) in the United Kingdom and another time from the Australian Securities and Investments Commission (ASIC) last year.

According to the warning from the FCA, 365 Binary Option is owned by Oproserv Ltd. The broker came up on the watchdog’s radar back in August for promoting or selling financial services or products in the United Kingdom without authorization. As a result, the FCA flagged the firm as suspicious and identified that it could be a scam.

So do yourself a favor and give this broker a wide berth.

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  • Binomo
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    Good Broker For Experienced Traders!

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