How to Succeed with Binary Options Trading at Home 2020

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Paying on Your Travels Abroad - Forex Card vs Credit Card vs Fiat Currency vs Bank Account

Been researching a little on the best way to pay when traveling abroad. Here's what I found. Eager to know what this sub thinks.
When you travel outside India, there are restrictions in how you can pay. The biggest concern is usually forex i.e. foreign exchange differences. As of 29 June 2022, it takes roughly 57 INR to make 1 SGD if I do that transaction via HDFC Bank. However, if I were to convert in my local city airport, the figure would be different. The same applies if I choose to do in Changi Airport, say, today itself. Not to mention the conversion fee in both latter cases.
This makes understanding the best way pay during your international travels a critical discussion. Especially if you are like me who is not a fan of paying heavy markups. I recently paid over 8K INR as markup fee to HDFC Bank because of an agent mess-up.
Thankfully, there are ways to limit the overhead when you convert currencies. Do note that it is impossible to avoid overhead. If you see foreign exchange, get ready to pay extra.
There are basically 3 common ways to make payments abroad:
  1. Get a forex card from the country where you are a citizen
  2. Use a credit card with international payments switched on
  3. Convert currencies locally and carry fiat money during travel
There is a 4th method that involves creating a bank account. This is not feasible if you travel as a tourist. Hence, it is out of the scope of this writeup.

Forex Card Basics for Travels

The idea is to refill a card with money where the currency exchange rate is fixed. If you buy a forex card today and fill it with INR 57k, you'll get about SGD 1K in that card. The biggest advantage is that the exchange rate is locked after you fill it. The card will still have SGD 1K when I travel to Singapore 6 months later.
There are single-currency and multi-currency forex cards, which are self-explanatory. The latter is a better option in most cases. However, if you only plan to travel to Phillipines because Liu Sin Ma ChooChoo from Facebook - your online flame - lives there, go ahead with an SIF.
Other benefits include not having to carry cash, fraud protection, electronic payment, etc.
Forex cards can be bought for free sometimes. HDFC charges 500++ for a new forex card and then charges 75++ every time you refill it. Electronic payments (say, when you pay for a hotel abroad), there is usually no charge. I say usually because the hotel should accept the currencies available in your FX card. Otherwise, you'll be charged cross-currency fees, which if I could ELI5, I would have been effing Raghuram Rajan.
Some banks seem to add a markup even when you pay using a forex card. However, this is not exactly black and white. I have found that banks usually charge a hidden fee even for electronic payments. Compare this with a Niyo Global FX that markets itself with 0% joining and markup fee. Due diligence is required here. In any case, prefer a reputable non-bank if you opt for FX card.
This sub's endorsement for forex from early in 2022 -

Credit Card as a Payment Method Abroad?

If you have enabled international transactions on your credit card (which you shouldn't generally as frauds are attracted to them), you can pay through it during your travels. The only major drawback is the currency conversion markup fee levied by your CC bank. This can range from 1%++ to 3.5%++ which can be a lot if you are staying at the Ritz. Remember the 8K markup I paid? It was heartbreaking. I would have considered buying Reddit Premium for myself and then dropped the plan later.
I recommend CCs (VISA and Mastercard; Diners Club is a small club) as backup plans unless you have OneCard that offers 1% markup. The drawback here is that credit limits are laughable. BOB Financial, you unhelpful itch!
Useful thread from 2019 on forex vs credit debate -


Simply convert INR to any currency and carry it. However, we're in 2022, and a lot of global merchants don't accept it anymore. Few friends who are in Scotland right now said even local transit system insisted on card payment. They had taken 100K INR in cash and didn't use even half of it.
Converting cash in India has a hidden conversion fee whether you did it via an exchange agency or a travel portal. No one will tell you the fee as it is absorbed in the converted amount. I converted 20K INR into USD in late 2021 and saw that the calculation was 1 USD = 71 INR. Not a rip off but you get the idea.
Drawback is exchange variations and the need to handle cash during the trip.
I recommend some cash for local expenses. Say, you want to tip your gigolo when in Thailand? Go right ahead and slip that crunchy on his chest vest.

Bottom Line

The comparison between forex and credit cards is consequential. Both are good but I feel forex cards are slightly better as they also allow ATM withdrawals for a small fee. For instance, HDFC MMT card charges $2 for every USD withdrawal. That's a steal when compared to a withdrawal made via a CC.
What do I do?
If you want to know, I go the extra mile. I have 2 forex cards so far, one a HDFC multi-currency one and the other a Mastercard exclusive gifted my previous employer. I applied for a Niyo Global yesterday.
I have 4 CCs with decent limits + OneCard with 1% markup. All these are different charge back brands, so they all act as good buffer. If Discover doesn't work, I'll use MC and then never visit that merchant again.
I also convert some cash to the tune of 20K INR just to keep them in me and my partner's common bag and then pretend to not notice when a few big notes out of it travels its way from a hand or two to a fully waxed thorax portion beneath a fishnet.
This may read tricky to some who haven't travelled and paid abroad before. So, the best way to do this is to learn for experience and use this guide as a "Haan, u/rhoul ne bola tha!"
submitted by rhoul to IndiaInvestments [link] [comments]

Help! Commission Account vs STP Pro

Hello everyone,
I recently opened up a commission account on and am wondering if anyone can explain the difference between that account and the STP Pro account.
I have made several attempts to look online for the answer but I have not found a clear one yet.
According to the website, the STP Pro account benefits high volume traders, but what exactly are the benefits and how do they compare to the commission account.
Thanks in advance.
submitted by Business-Tadpole-187 to Forex [link] [comments]

#shorts #binomo #forex #binance #gateio #btc #kriptopara #coin #shibainu #trader #trading

#shorts #binomo #forex #binance #gateio #btc #kriptopara #coin #shibainu #trader #trading submitted by crytoloover to coinmarketbag [link] [comments]

Blown my forex account

I recently started forex trading i grew my account from £500 to £10,000 in just less than a month i was so happy and i got carried away then i put too high lot size on gold and lost my full balance :(
Has this happened to anyone else ?
submitted by Gamer67999 to Forex [link] [comments]

My Omegaboxes: Main vs Mini account.

My Omegaboxes: Main vs Mini account.
This community quest to get 4 billion takedowns is being so much fun. LMAOOO
submitted by pfsg100 to Brawlstars [link] [comments]

Can I make 100$ / day with 1000$ account? (With Forex trading)

Hello guys, I want to make 100$/day or even 50$/day consistently (average 350 - 500$ per week) with 1000$ account. Is that realistic for a complete beginner? If so, where can I start?
submitted by shadowofthetoast to Daytrading [link] [comments]

Forex account in EUR or USD for USDCAD trading?

i am relatively new to forex trading (was trading crypto only before) and i wonder what currency account i should open with my broker. I will be trading USD pairs like USDCAD, USDJPY, but i live in a EUR country... So what should i go for, a USD or EUR account?
P.S.: I will be mainly algo trading and i heard some EA's (MT5) have troubles with EUR accounts trading USD pairs, the money management would have problems... Is that true?
Any ideas highly appreciated!
submitted by SupMap123 to Forex [link] [comments]

Can I make 100$ / day with 1000$ account? (Forex trading)

Hello guys, I want to make 100$/day or even 50$/day consistently (average 350 - 500$ per week) with 1000$ account. Is that realistic for a complete beginner? If so, where can I start?
submitted by shadowofthetoast to Forexstrategy [link] [comments]

Forex vs all traders.

Forex vs all traders. submitted by sonil2020 to Forex [link] [comments]

Anyone here trading forex with IBKR? How are the spreads on the majors? Is the Pro account worth it with forex?

I’ve used the platform for stocks but never forex. Any other general thoughts are appreciated. I’m in the US. Thanks.
submitted by Thor50s to Forex [link] [comments]

Forex account terminated Due to quality control?

Forex account terminated Due to quality control? submitted by mattamidus to Forex [link] [comments]

Forex vs stocks for small account

It's better to trade forex for small accounts right bc of the high leverage u can use.
Also, is it true that it is better to swing trade forex rather than day trade bc of rollover costs?
submitted by Coremixx to Trading [link] [comments]

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submitted by SophiaVardon to fxtrsignal [link] [comments]

Pepperstone Spreads: Forex, Razor & Standard Account

Pepperstone Spreads: Forex, Razor & Standard Account submitted by flacao9 to WallStreetbetsELITE [link] [comments]

Crypto/Forex Spambot Account Starter Pack

Crypto/Forex Spambot Account Starter Pack submitted by RandomThrowaway5959 to starterpacks [link] [comments]

I have a question, I’m learning from 2 years ago forex by my own and I am not getting good result in demo account but I want to keep going learning trading, do you think trading can end up ? I’m afraid because if it is true I will waste time, what do you think?

The thing is I like trading because it is the best way to earn easy money in the hard way, so I’m learning by my own but in all the world they are people call “ smoker seller” and those people teach you the basic and their mentorships is so expensive.
It is difficult to find a real mentor in this world because some of them don’t have time to teache how to trade in the real situation about the market, but now I don’t have money to pay a real mentor.
That’s why I’m learning by my own what do you recommend me to keep learning ? I know much concept about trading but maybe I need more practice because I’m not practicing too much.
submitted by Unlucky-One949 to Trading [link] [comments]


HOW TO GROW A SMALL FOREX TRADING ACCOUNT (BLOG + YOUTUBE ) submitted by GullibleExercise2021 to fxsrategylife [link] [comments]

Newbie Traders Strategy And Tips | Get Your ₱50,000 Demo Account At Binomo

Newbie Traders Strategy And Tips | Get Your ₱50,000 Demo Account At Binomo submitted by mrfishvlogs to u/mrfishvlogs [link] [comments]

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Have you been one of the Scammer Victims follow up here with me.
While different forms of cryptocurrencies have been around for years, they became a cultural phenomenon in 2017 when the price of Bitcoin, one of the more established cryptocurrencies, skyrocketed to nearly $20,000, representing an annual gain of over 2000%.
While 2018 saw the “Great Crypto Crash,” cryptocurrency remains very popular, with Bitcoin accompanied by other significant cryptocurrencies such as Etherium, Ripple’s XRP, Binance, Tether, and countless others.
In addition, cryptocurrency exchanges have also expanded, providing platforms that allow customers to trade cryptocurrencies for other assets, including conventional currency and other digital currencies.
But as with any financial vehicle, particularly one that is highly volatile and has garnered incredible public interest, there are opportunities for bad actors to defraud investors.
Cryptocurrency fraud has become a dominant topic of discussion for government enforcement attorneys, with numerous prominent conference panels and Agency bulletins addressing its various forms,
the hype versus the reality, the many ways it can facilitate fraud, and efforts to rein in its abuse. Blockchain experts aylarecoup have continuously come up with genius ways to have this processed reversed and have been known to work hand in hand with the law enforcement agency to track down and apprehend these malicious actors in the hope of getting their victims a form of chargeback.
It is a good thing knowing that there is someone to turn to in situations like this especially with the high rate of this scamming schemes occurring on a daily.
submitted by Frequent-Ad-5643 to u/Frequent-Ad-5643 [link] [comments]

Do you want to create a Micro forex trading account?

A micro account caters mainly to the retail investor who seeks exposure to foreign exchange (forex) trading but doesn't want to risk a lot of money. The Micro account can help you estimate your profit exactly with the trading tools that FBS offers you, such as the Trader's calculator. All you need to open the Micro account at FBS is to make an initial deposit of $5 and verify your account
How Do I Begin Forex Trading? Do you also have this question?
Read in this blog 5 important actions you may do to begin your forex trading experience.…
submitted by Danialwilson22 to u/Danialwilson22 [link] [comments]

Is forex trading in a funded account of proprietary trading firms permitted as per FEMA and other RBI regulations?

Many proprietary forex trading platforms like FTMO are included in the Alert List Published by RBI.
Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list is not exhaustive and is based on what was known to RBI at the time of publication.
However in the case were a trader trades in a FUNDED account, will the trades made by him in the funded account be deemed to be services provided by an employee/contractor, and the share of profit received by him deemed to be in the nature of salary/commission/consultancy fee?
Would the trades taken by the trader on behalf of the firm be non-permissible/illegal (trading in FCY-FCY contracts illegal?) under FEMA and other RBI regulations?
Throw some light on the taxability of share of profit received by the resident trader.
submitted by straypupper to CharteredAccountants [link] [comments]

Shoutout to the guy who said that I named my mini account after a JBL Charge3 speaker.

Shoutout to the guy who said that I named my mini account after a JBL Charge3 speaker. submitted by rober283829_ to Brawlstars [link] [comments]

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