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Simon Mugo

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Everything posted by Simon Mugo

  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.
  16. Hi Penninah, this is not a good time to be investing in stocks given the current high volatility being witnessed in the markets. However, this is a good time to trade stocks and profit from short-term movements in stock prices. We have a newsletter that highlights some of the best opportunities that our experts see in the markets each week, and you can subscribe to the same on the website.
  17. Simon Mugo


    Hi Lesley, Let me look into the company and get back to you on what actions you can take against the scam broker. Could you please provide the link to the broker's site so that we can look into the right company?
  18. Hi cfdTrader, thanks for your question about CFD data providers for amibroker. Kindly check out rtdatafeed.com, which seems to have a suite of data services targeted at users of amibroker. I have not used the service, but it seems like they specialise in serving amibroker users and might have what you need. You should also visit premiumdata.net who also have data services for amibroker users. Do let me know how it goes.
  19. Simon Mugo

    XRP rally

    Yes, I think the current setup in XRP is quite promising and the potential for a significant rally is quite high given the cryptocurrency recently broke above the crucial $0.200 level. I'd open a new position on any pullbacks since the XRPUSD pair has been rallying for the past two days since breaching the crucial support now turned resistance level. However, I'd advise you to be positioned before the Bitcoin halving event on May 6th, which could trigger another rally phase among most cryptocurrencies.
  20. Hi James, thanks for such a great question. Most investors have written off AMC Entertainment holdings given that they have closed all their 600+ theaters amid the COVID-19 outbreak. However, I'm glad to see there's someone who sees the potential of AMC despite all the bad news surrounding the company. Many analysts are predicting the demise of movie theaters as many people choose streaming services such as Netflix of going to theaters to watch movies. However, I do not think that this is the end for AMC given that movie production companies such as Disney still prefer to release their blockbuster movies via theaters. AMC has rallied this week and I think the company still has some upside potential from the $4-$5 level where the stock is currently trading. I'd wait for a pullback to the $4 resistance level to enter a new position given its recent rally and upcoming earnings report.
  21. Hi Jennifer, Glad to see that we have a professional gambler among us. I think professional gamblers and traders share a lot of similarities in that they take a methodical approach to their activities, which is what makes them pros. I'm sure you cannot compare your approach with that of a regular punter who visits Vegas once a year and places some bets hoping to win. The same is true of professional traders who approach the markets with a balanced approach searching for opportunities that align with their defined edge. You can check out our sister website, www.askgamblers.com where we cater to both professional and amateur gamblers.
  22. Simon Mugo

    Forex market

    Hi Rathish, The dollar's value keeps rising mainly because of its reserve currency status. Keep in mind that almost everything that is bought or sold in international trade is paid for in dollars. Even powerful countries such as Russia, Japan, and China have to pay for most of their imports using the US dollar, which makes the currency almost a monopoly. Hence, there is a never ending demand for the dollar by other countries, which is what keeps the currency's value supported, especially in such uncertain times. The powerful position occupied by the dollar means that most investors have faith that its value will never deteriorate given the constant high global demand for the currency, hence, its categorization as a safe-haven currency.
  23. Simon Mugo


    Those are great steps Karl. It's impressive to see you taking such bold steps in light of your significant losses. Such fraudulent actors should be stopped from operating and conning other unsuspecting individuals in future.
  24. Simon Mugo


    You're welcome Karl. I know its hard for most beginner traders to cut their losses, but this is exactly what you must do with your current losses, and in many other future moments when you find yourself stuck in a losing trade.
  25. Simon Mugo


    Hi Karl, thanks for reaching out to us with your trading question. Your situation sure sounds like a scam because if you have made a $31,000 profit/withdrawal, the firm should be able to deduct the 15% tax from your winnings in order to pay the IRS, and send you the rest of your profits. Do not send the trader any more money as I highly doubt if you are going to receive any monies from that person. Furthermore, $4,640 is a significant amount of money. Just out of curiosity, how much did you send this trader who made you such a handsome profit?
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