Jump to content

Simon Mugo

  • Posts

  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

Simon Mugo's Achievements


Newbie (1/14)




Community Answers

  1. A CFD spread is the difference between the price you can buy a CFD or sell a CFD. The two prices are sometimes referred to as the bid and ask. The spread can also be referred to as the bid-ask spread. For example, if you are trading the EURUSD and the current price is 1.1210, and there is a two pip spread. The price you will be able to buy the EURUSD CFD at is 1.1211, and the price you will be able to sell it at is 1.1209
  2. Hi Lawrence When it comes to CFD and spread-betting they are very much alike but with one main difference. The first is the difference in the taxes paid on any potential profits made. There is no stamp duty to be paid on either of the accounts, but CFD’s are liable for capital gains tax. So if you do profit from your CFD trading then you will need to account for that. Spread-betting, on the other hand, is different. It is not liable for capital gains tax. One other difference you will need to note is the countries in which you can open a spread betting or CFD account. Spread betting accounts are only available in the UK and Ireland while CFD accounts are available in the majority of countries. However, you can not trade CFD’s in the USA.
  3. Hi Georg, It's been a while and I haven't heard back from you. I hope our customer support team was able to help you make a formal complaint against the broker. It seems like IronFX is a scam broker as there are multiple complaints against them on the Forex Peace Army forum. You can see the same at this link: https://www.forexpeacearmy.com/forex-reviews/7653/ironfx-forex-brokers I'm sorry that you had an encounter with this scam broker and lost the money you had deposited with them. Do not let this encounter stop you from pursuing tour trading dreams as there are many legitimate brokers out there. We have a list of recommended brokers whom you can trade with once you are ready to give trading another shot. Here's the link to our verified and recommended brokers: https://www.asktraders.com/broker/forex/
  4. Hi Jeremy, the growing popularity of cryptos means that most governments can no longer ignore them. However, we are a long way off from seeing cryptos completely replace fiat currencies as the governments have a monopoly over such currencies. What we are likely to see is governments issuing digital versions of their fiat currencies such as a digital dollar. Many countries are already working on such initiatives with several nations having issued digital versions of their currencies; these countries include Venezuela, the Marshall Islands, Tunisia and Senegal. Other countries such as China and the US are testing the viability of a digital version of their currencies and its only a matter of time before such currencies are issued. You should keep in mind that digital currencies developed by Central Banks will be very different from other cryptos as they are modeled after fiat currencies.
  5. Hi Georg, Thank you for the detailed account of your encounter with IronFX, we will look into your issue and get back to you within market hours tomorrow. Kindly hang in there as we work to find you the answers you need given that IronFX is well known broker. Talk to you soon.
  6. Hi Luyanda, there are several methods which you can use to determine is a crypto/Forex firm is a scam and one of the easiest ways is to check if they are regulated. A regulated broker will usually list the name of the financial authority that regulates the firm and its license number. Brokers that do not specify the entity that regulates them are usually unregulated and have a higher chance of being scammers.
  7. Hi Romp93, kindly provide the details of exactly how you were scammed and the amounts involved so that we can do a thorough review of your case and guide you on the next steps.
  8. Hi Carlyn, I'm happy to hear you did not go ahead and given the guy your cryptocurrency to trade for you. One of the easiest ways to make money with the crypto in your wallet is to hold it for a while and wait for prices to rise then sell the crypto at a higher price than you bought it for a profit. Another way to make money from your cryptocurrency is to deposit the same with a broker who accepts crypto payments such as eToro and use it to trade the markets. This method has a huge advantage in that you can make money from both falling and rising prices, unlike holding your crypto in a wallet where you only make money from rising prices.
  9. Simon Mugo


    Hi Anna, Vodafone withdrew its full-year guidance due to the impact of the coronavirus pandemic on international travel. The telecommunications company reported a significant drop in international roaming charges given the lockdown measures implemented by most countries. However, the company saw a spike in data usage, which should cushion it during this period. The company's future prospects are not as bad as those of firms in other industries such as aviation and hospitality.
  10. Hi Natasha, I do not think you should pay any money to the US Internal Revenue Service (IRS) given that you are a South African citizen. You do not have a US tax ID, hence, you should only pay taxes to the South African Revenue Service. Most US-based and regulated brokers have clients in other countries and they do not require them to pay taxes in the US unless they reside there. Kindly hold off sending any money to the Astra expert traders until you have spoken to a licensed professional in your country. I have done a quick check of Astra expert traders and they do not list their US license number or the regulator who licenses them, which is a major red flag, indicating that they could be scammers. Do not send any money to Astra expert traders, they are a CLONE firm of www.astrafx.com, which is a legitimate broker.
  11. Hi Jovan, both CFD trading and stock trading are excellent ways to make money from the markets. The main difference between the two types of trading is that CFD trading is not done on a centralised exchange like stock trading. Therefore, you can trade CFDs 24 hours five days a week, unlike stock trading which is limited to just a few hours each day. There are also limits to which stocks you can trade with most investors choosing to trade US stocks, which are the most liquid in the world. You might have difficulties trading US stocks if you live in developing countries as the US exchanges place strict limits on brokers that offer their equities. However, do not be discouraged because you can trade US stocks as CFDs via Forex brokers, hence, why many non-US traders prefer to trade CFDs. I would recommend starting with CFDs if you're based outside the US as they are readily available in most countries via Forex broker. Please do your own due diligence before making any investment decisions.
  12. Simon Mugo


    Hi Anna, thanks for your question. Yes, there is a very good chance that we shall see Gold trading at $2,000 before the end of this year. I believe that this will happen once the second leg of this bear market gets into full swing, and we see major declines in stocks similar to what we saw in late February and up to the bottom on 23rd March.
  13. Hi Alex, eToro is a pretty reliable broker. I think your best option is to submit a support ticket so that they can look into your failed transfers. Your funds are safe with eToro and I believe that their support team will help you complete the transfer once you submit a ticket. I hope that helps.
  14. Hi trader, thanks for asking about Topcmarket.com. I have checked their website and they do not seem to be regulated by any of the top regulators such as the UK's FCA and the ASIC. Their registered office is in Saint Vincent and the Grenadines, which is probably where they are also regulated. However, given that they are a crypto firm, it is no surprise that they are not regulated by any of the top regulators. I'd still tread carefully when dealing with the company as there are other trusted crypto firms out there that have stood the test of time such as Binance, Kraken, CEX.IO and Bittrex.
  15. Simon Mugo

    Gold EFT Investment

    Hi Rockey, the process for investing in an ETF is quite simple as all you need is to open an account with a broker who offers ETFs to its clients and then purchase the ETF through the broker. The most liquid ETFs are those listed on New York exchanges, hence, you'll need to open an account with a broker who has access to them. I would recommend Interactive Brokers if you reside outside the US, especially in developing countries, as they are the only US broker who accept international clients from most countries including non-G20 nations.
  • Create New...