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Best Forex Discords

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Best Forex Discords

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com or CedarFX.

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Quick Look at the Best Forex Discords:

  • Best Overall: TraderBeast
  • Best For MetaTrader Users: Forex MT4 CopyTrade
  • Best for Asset Class Variety: Trade Hub Stocks, Futures, and Crypto
  • Best for New Traders: FinSight
  • Best for Non-English Speakers: Cripto House
  • Best for Automated Trading: Easy Trading Bots.ca

Forex trading involves pairing different currencies together and profiting off moves in exchange rates. When using forex markets, traders select a pair (ie. USD/EUR), which opens a short and long position in the two types of currency (the long position will be the first currency of the pair). If the dollar appreciates versus the euro, the USD/EUR pair will make a profit. Should the dollar decline versus the euro, the trade will lose money.

Forex markets are open 24/5 (closed on weekends) and the investor base is global. More people participate in forex trading than in any other market in the world and as such, trading clubs and groups are quite common. The Discord app is one of the best places to find like-minded traders looking for a profit in the forex markets, but you need to select your Discord servers judiciously. 

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Best Overall: TraderBeast

TraderBeast is one of the most active and exciting forex Discord servers, boasting over 4,000 current members and an experienced team of founders and moderators. The group has multiple five-star ratings and a welcoming community of traders. The group actually has two tiers of servers: a free server that is open to anyone and a private server that requires a paid membership. While paying for a Discord server may not be within every trader’s budget, the free one allows new users to sample the type of trades being executed and judge whether paying a fee will be worth it. Users will get trading suggestions and education about not only forex markets, but stock indices and cryptocurrencies as well.

MetaTrader 4 is one of the most popular and powerful forex trading platforms ever created, so naturally, there’s a large discord server dedicated strictly to MT4 users. Forex MT4 Copy Trade is a Discord server with 148 different members, founded by Discord user BenDeMon. The group runs a copy trading program that allows users to execute trades using an automated system (one of MetaTrader 4’s biggest perks). Earning money while you sleep is always a nice feature, but Forex MT4 Copy Trade members also explain the reasoning behind their trades. The group also doesn’t sugarcoat losses, but remains positive and focused on the goal. Plus, there’s an occasional trading game with actual prizes distributed by the group mods via airdrop.

Best for Variety of Asset Classes: Trade Hub Stocks, Futures, and Crypto

The Trade Hub is one of the largest trading communities on Discord with over 11,300 active members at the moment. But Trade Hub is more than just a Discord server with a dedicated following – they have a full website, blog, and trade history tracker so that members can compete for the highest P/L and success rate. The group has a competitive nature, but the leadership team and moderators do an excellent job keeping the tone friendly and good-natured. Members will get their own dashboard on the website with stats, past trade, and profile information. If you’re looking for a little competition in your trade, The Trade Hub might be what you’re seeking.

Best for New Traders: FinSight

FinSight is a 4,500-member strong Discord server aimed at newer traders who are just learning their way in the markets. The leadership team has a large selection of offerings for members, such as strategy chats on Zoom, support for broker issues, macro analysis, stock chart examinations, and IPO reports. For traders, by traders is the motto of this group and they have an outsized focus on risk management. If you’re new to the game and want a group that will understand your risk tolerance, consider FinSight.

Best for Automated Trading: Easy Trading Bots.ca

EasyTradingBots is a Canadian-based trading group with one of the largest forex-only investing servers on Discord. Why only forex? Because the group has devised a bot trading system where a computer algorithm makes all trades for users. Some scripts come with a price tag, but many are free to use and try out for yourself. Since a bot is making all the trade, you won’t get much insight into why a trade went right or wrong – the vagueness is inherent in the system. If you want to understand the ‘why’ and ‘how’ of a trade, you won’t get much of an answer from an online bot. However, the group is robust and the bots do have a decent track record. Just be sure to manage risk appropriately when letting a computer take the wheel.

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Features to Look for in Forex Discord Groups

Discord can be a chaotic experience if you’re randomly selecting a group based on a topic. A screening process is required, otherwise you’ll find yourself having flashbacks to the late 90s AOL chatrooms. To find the best of the best on Discord, look for these features in your group choices. 

1. Quality Moderation

The best Forex Discord groups follow the same rule that all good Discord groups follow – careful and consistent moderation. Both private and public servers exist on the network and private servers obviously have an edge in the moderation front since an invite is required to enter. Public servers can have their place as well, but moderators must be active in banning people only interested in disruption. The best forex communities will have active moderators who keep scammers, harassers, and other unpleasant users out of the server.

2. Attention to Risk Management

Forex trading is inherently risky. If you join a community and find the primary users act like they’re getting trades right 100% of the time, it should be a red flag. The best forex trading servers will have members who remind others to focus on position size, manage their risk in accordance to personal tolerances, and never enter a trade without a strategy for exiting.

3. Focus on Teaching and Showing, Not Explicit Trading Recommendations

The best forex discord groups won’t just hand out trading recommendations without telling the community why the trade is being made. ‘Why, what, and how’’ will always be the most important question to ask when using a forex discord group. Why does this particular trade make sense? What are the possible downsides to the trade? How can you best manage risk while opening a position in a particular currency pair? Discord is, unfortunately, a breeding ground for con artists and scammers, who often create groups to operate pump and dump schemes with thinly traded securities. Forex discord groups that teach users how to navigate the market without blowing up provide much more value than those looking to offload their bags on new traders. 

4. Robust Group Membership

A server doesn’t need to have 1000 members to be useful, but there needs to be a diverse set of viewpoints and healthy but constructive dialogue. No one is going to get it right on every trade and understanding where things went wrong usually requires a countering opinion. Good forex servers will have group members who can challenge each other respectfully and accept outside opinions.

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How to Join a Forex Discord Server 

The Discord app is available on most major operating systems and the process is fairly straightforward. Here’s how to get started on the network and join your first Discord server.

1. Sign Up for Discord

You don’t need much to sign up for Discord, just an email address and a phone number to confirm you’re a real person. Once your signup is confirmed, you can adjust your profile with a username, avatar picture, and connect various apps. Note that you can use multiple usernames if you’re joining multiple servers.

2. Search for Servers Based on Your Particular Topic of Interest

Discord was initially built as a platform for gamers to interact with each other online, but has now expanded to include pretty much any topic or hobby you can imagine. To find servers matching your interests, you’ll need to search for them, which can be done on Discord’s own app or through server aggregator sites like DiscordServer.com.

3. Review the Servers from Your Search and Select Which Ones to Join

Once you’ve got a list of servers covering your ideal topic, start to weed out the weakest choices based on the criteria discussed earlier. Look for robust group membership, consistent moderation, and healthy dialogue around forex trading techniques. 

4. Join Your Selected Servers and Interact with the Community

Now that you’ve narrowed down your groups, you need to join the server community and start interacting. Some servers are free for anyone to join, but other private servers will require administrator permission. Once you’ve accessed a server (and chosen a username), you can converse with the group or follow along in the conversation. Be cognizant of the tone and atmosphere of the group, as well as how quickly troublesome members are removed. If you aren’t liking the conversation or too many abusive users slip through, move on and try another. There are far too many good trading servers on Discord to put up with malcontents and spammers. Drop the bad ones quickly.

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How You Can Improve Your Finances

Forex trading is a great way to diversify your portfolio away from stocks and bonds, but trading currencies isn’t something you should jump onto without solidifying your personal finances first. Forex is risky and you shouldn’t take on risk unless you’re in good standing in your money. Here are a few things to look at first before jumping into forex trading.

1. Consider Your Personal Debt-to-Income Ratio

Your debt-to-income ratio is like your personal balance sheet. How much cash is coming into your accounts? And how much is going right back out to service debt? If your bills and other obligations are eating up too much of your paycheck, you might need to increase your income (or cut costs) before starting a trading regimen in the markets.

2. Eliminate High-Interest Debt

High-interest debt can be a death knell to your personal finances. When you’re carrying balances on credit cards, you’ll be paying more and more in interest to get the card settled, which means more and more of your income is required to service the debt. High-interest debt can create a spiral where you can never feel like you’re getting ahead. If you have credit card debt, consider consolidating it with a personal loan or balance transfer card. Sometimes you just need a little time without interest accumulating to get back on top of your finances. But credit cards and high-interest loans (like car loans or private student loans) should be the first thing you get rid of. Don’t start trading if you’re still trying to get rid of debt like this.

3. Automate as Much as You Can

Setting up automatic bill pay for certain services and utilities not only prevents you from missing payments but often makes you eligible for rate reductions or added perks. For example, many personal loans will induct basis points from your interest rate if you set up automatic payments. Automation also works for investing for retirement and saving – have a certain chunk of your income go right into a brokerage or savings account to prevent it from being spent.

4. Save and Invest Specifically

Everyone wants to save and invest more, but few actually sit down and put numbers to their ideas. Yes save more, but how much? Yes invest more, but how much? Don’t be vague, come up with defined numbers like $500 per month or 7% of your salary so you know what goals you’re reaching for. Without setting up a plan, you’re far more likely to slip back into old habits. Setting goals also enables you to increase your saving rate over time as you earn more income but retain the same focus on investing in your future.

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Frequently Asked Questions 

Do Traders Use Discord Servers?

Yes, Discord may have begun as a chat and video app for video gamers, but there are many large trading communities on Discord discussing a wide range of financial topics.

Are Discord Trading Groups Illegal?

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No, there’s nothing illegal about getting into an online group and discussing markets and trades. However, that doesn’t mean Discord groups are completely free of illegal activity. Some less than reputable groups may engage in pump and dumps, where the group moderators purchase thinly-traded securities and then relay those securities to their group as great buys, which pumps up the price and allows the moderators to sell. Pump and dump schemes like this are against the law, but there’s nothing wrong with joining a group, chatting about markets, and making genuine trade suggestions.

How Much Do Discord Traders Make?

As usual, the answer is ‘it depends’. The best Discord traders will have no trouble showing their track record and admitting mistakes. If someone on Discord claims to have a suspiciously-high hit rate on their trades or to never lose money, be cautious. Scammers and con artists always speak with absolute certainty and rage against naysayers. Many Discord traders can make a solid living buying and selling based on others’ recommendations, but never trust something that sounds too good to be true. Discord traders can definitely lose money and the best ones will actually tell you how and why things went wrong.

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How Much is Discord Worth?

Discord had an estimated valuation of $7 billion at the end of Q1 earlier this year and there had been rumblings about an IPO, but the recent market downturn has stifled any new reports of an offering.

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How Do I Start Day Trading?

Day trading is risky and newcomers almost always lose money at first. Discord is a great place to start your journey because you can learn in real-time from people making actual trades without risking any of your own money. Learning your risk tolerance and trading style is crucial. Once you understand what type of markets you want to participate in, do some paper trading first to get your feet wet. Then, find a community of traders to help hone your skills before attempting to risk any of your own real money. Remember, most day traders lose money – be sure you’re prepared first.

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FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

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Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.”

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That’s despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it’s received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled “Financial markets based on distributed ledger technology.” While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it’s struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola · 42 seconds ago · 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

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The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league’s first dive into digital collectibles.

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The partnership, of which the NHL’s players and Alumni’s association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL  joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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What Lido staking dominance may mean for Ethereum’s future

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What Lido staking dominance may mean for Ethereum’s future Abdulrasaq Ariwoola · 2 hours ago · 2 min read

The Ethereum community has raised fears of lido staking dominance leading to centralization. What does that mean for ETH 2.0?

2 min read

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Updated: June 25, 2022 at 3:33 am

Cover art/illustration via CryptoSlate

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Lido DAO token holders have commenced voting to determine whether the DeFi platform should reduce its staking pool. The vote is a follow-up to a governance proposal released on June 24.

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The voting process results from a month-long deliberation over Lido’s staking dominance and whether it should limit itself to curb potential centralization risks.

Lido currently holds 31% of all staked Ether on the Ethereum proof-of-stake blockchain, the Beacon chain. The staking dominance has raised fears within the Ethereum community, and critics fear it will threaten Ethereum’s decentralization.

The vote is expected to end on July 1, and the result will determine whether Lido will self-limit or not. Should the majority of voters vote in favor, another vote will take place on how the self-limiting process should work.

Concerns over stETH dominance

In the governance proposal, Lido stated that its staking dominance would give it more voting power once the Beacon chain goes live. As a platform that started to counter centralized exchanges, it argued that such centralized voting power poses an existential threat to the blockchain.

The Ethereum community has raised similar fears about the centralization of voting powers. The DeFi platform currently has around one-third of all staked Ether, which could give voting leverage once the transition to the Beacon chain is complete.

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Vitalik Buterin, the Ethereum co-founder, has argued that no single protocol should have a majority in staking ETH. He opined that such dominance, combined with Lido’s governance structure, is potentially a dangerous point of centralization.

Further, it stated the proposition is premised on the belief that other liquid staking protocols would also limit their exposure. This would effectively allow smaller protocols to meet the supply shortfall.

What Lido staking dominance means for ETH2.0

Ethereum’s transition to a PoS blockchain means it will rely on validators to validate transactions on the blockchain. Unlike a PoW blockchain that requires miners to expend excess energy to solve complex mathematical problems.

However, to operate a validator node, a user must deposit 32 ETH, which is a long shot for many users. Lido, on the other hand, as a staking service provider, allows users to bypass this requirement and earn staking rewards.

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According to data from Etherscan, roughly 12.6 million ETH is staked in the ETH2.0, which amounts to 10.6% of the circulating supply of ETH. Of the 12.6 million ETH staked, approximately 4.2 million have been staked through Lido by 73,369 stakers, making Lido the most used staking pool on Ethereum.

This means, should Ethereum transition to its PoS blockchain with Lido still having the lion’s share of the staking dominance, it would give the DeFi platform excessive influence over transaction verification which many warn could pose a risk. Some concerns include validator slashing, governance attacks, and smart contract exploits.

On the other hand, Lido’s staking dominance could help prevent a takeover by a centralized exchange and ensure the blockchain remains decentralized.

stETH remains depegged

The staked Ether, which is supposed to be pegged to ETH, remains depegged after a wave of massive sell-offs. Speculations have profused about the security of the token and whether its depegging could spell more chaos for the crypto ecosystem.

On June 16, Alameda Capital, one of the largest holders of stETH, dumped its stETH holdings, a massive $57 million. This is coupled with the continued financial troubles of Celsius and Three Arrows Capital, both large holders of stETH.

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As of the time of press, stETH has not gained parity with ETH and is trading at $1,173.

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