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Forex Candlestick Patterns Cheat Sheet

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Forex Candlestick Patterns Cheat Sheet

Candlestick patterns are an effective way to help forex traders read currency charts. Benzinga compiled this forex candlestick patterns cheat sheet to help you learn what candlestick patterns you can use in a bearish and bullish currency market.

What is a Candlestick?

Candlestick charts originated in Japan as an informative and compact way to track market prices visually. They later became popular worldwide since they show reliable candle pattern types that traders can incorporate into their trading strategies. 

A candlestick chart shows how the value of a stock, currency pair or security evolves over time. Such a chart consists of a series of individual candlesticks that represent the high, low, opening and closing values observed over a certain period of time. These charts also display a variety of common candlestick patterns that forex traders can use to their advantage. 

Technical traders might use candlestick charts computed for one or multiple timeframes, such as 15-minute charts, 1-hour charts or daily charts, to name a few. Check out the detailed candlestick patterns cheat sheet below for more information on forex candlestick patterns and how to use them. 

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Reading Currency Charts with Candlestick Patterns

A candlestick consists of a body and two wicks. The upper and lower wicks on each end of a candlestick’s body respectively represent the currency pair’s highest and lowest exchange rates observed during the candlestick’s time period.

The body of a candlestick is bounded by the opening and closing exchange rates for the relevant time frame. The body is assigned one of two colors, depending on whether the market closed that time period higher or lower than it opened. 

If the exchange rate at the close of a given time frame is higher than at the open, then the candle’s body for that time frame will typically be green or white by default, although a user can usually adjust the colors in their technical analysis software. Conversely, if the exchange rate closes below its open for a time frame, the candle will typically be red or black by default. 

Candlestick charts provide a visual tool to help traders get a feel for the forex market and identify various candle shapes or multi-candle patterns that have predictive value. You can use candlestick charts to identify a trending market and to trade based on the appearance of reliable candlestick patterns. 

A forex cheat sheet containing the most useful bearish and bullish candlestick patterns for currency traders appears in the sections below. You can use this cheat sheet as a reference when looking to incorporate candlestick charts into your trading plan. 

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6 Bearish Forex Candlestick Patterns

While various chart types can be used by technical forex traders, candlestick charts are among the most popular since a variety of bullish and bearish candlestick patterns can show up on these charts that can suggest profitable trades. 

Shooting Star

A shooting star is a bearish reversal candlestick pattern that indicates a decline is likely following an upward trend. As the schematic image above shows, the exchange rate initially rises as buyers enter the market. However, the rate then falls back toward its open price as its upward momentum fails.

A shooting star should have an upper wick at least twice the size of its body with only a small lower wick. This candlestick pattern suggests that a bullish run has reached its high, so a reversal could be in process. The bearish signal may fail, however, if the exchange rate subsequently continues to make gains.

A shooting star candlestick. Source: Benzinga.com.

Evening Star

An evening star is a relatively rare but reliable candlestick pattern that appears during uptrends and signals a bearish reversal. The relatively complex pattern consists of three candles. 

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In the first candle, a currency pair’s exchange rate rises significantly. The opening of the subsequent small bullish or bearish candle then gaps up. The exchange rate then gaps down to form a bigger bearish candle. The final candle should cover a minimum of half the first candle’s body size. 

These signs confirm that an evening star pattern has appeared on the candlestick chart and that a potentially stronger trend reversal to the downside is brewing. 

An evening star candlestick pattern. Source: Benzinga.com.

Hanging Man

A hanging man candle is a bearish reversal signal that displays a long lower wick and a small body above it. The hanging man pattern appears during upward trends as they are losing steam and suggests that a downside correction may be imminent.

The appearance of this candle indicates that an increasing number of bearish forex traders are entering the market and attempting to push the exchange rate lower. Although bullish traders force a close higher during this candle’s duration, a bearish reversal may subsequently take place.

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A hanging man candlestick. Source: Benzinga.com.

Bearish Engulfing

A bearish engulfing pattern shows up during bullish trends and signals that lower exchange rates are to come. In a bearish engulfing pattern, the exchange rate closes higher in the first candle, but it then falls in the second candle to a degree that encompasses, or engulfs, the full extent of the first candle. The bearish engulfing pattern can be a helpful reversal indicator that suggests an aggressive move to the downside is on the horizon, although it is less reliable in choppy markets. 

A bearish dark cloud candlestick pattern. Source: Finance.Eyehunts.com.

A bearish engulfing candlestick pattern. Source: Benzinga.com.

Dark Cloud

A dark cloud is a bearish reversal pattern consisting of two candlesticks. It forms when the market initially gaps up to open a candle above the previous bullish candle’s close, but the market then ultimately closes below the midpoint or 50% mark of the first candle to form a bearish second candle.  

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A dark cloud pattern shows that a substantial shift in market momentum from the upside to the downside has taken place. Both the initial bullish and the final bearish candles can be quite large, suggesting a significant number of market participants were involved. 

More conservative traders might look for confirmation by waiting for another bearish candle to appear after the dark cloud pattern to signal a selling opportunity. 

Three Black Crows

The bearish three black crows pattern is a reversal pattern that typically shows up at the end of an uptrend. It consists of three candlesticks that all close lower than the previous candle. This candlestick pattern implies strong downside momentum and can be used alongside other technical indicators.

A three black crows candlestick pattern. Source: DStockMarket.com

6 Bullish Forex Candlestick Patterns

While various bearish candlestick patterns are used, traders also rely on many bullish patterns as well. 

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Bullish Engulfing

The opposite of the bearish engulfing pattern, the bullish engulfing pattern is a two-candle pattern that starts out with a bearish red candle and completes with a bullish green candle that engulfs the previous red candle. This bullish pattern typically shows up after a market decline to suggest a potentially aggressive upside move may be on the horizon.

A bullish engulfing candlestick pattern. Source: Benzinga.com.

Hammer

A hammer is a bullish single candle signal of the conclusion of a downward trend and the possibility of a turnaround to the upside. A hammer pattern occurs when a currency pair drops noticeably lower but then spikes higher within the time frame of a single candle. As a result, the candle appears like a hammer since the lower wick is much larger than the actual body.

For a hammer to emerge, sellers cause the exchange rate to decline. However, buyers then absorb the selling pressure and push the exchange rate back up to close just above its opening price. The hammer formation thus indicates potential upside gains for bullish traders.

A hammer candlestick. Source: Benzinga.com.

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Inverted Hammer

An inverted hammer is a type of bullish single candle that occurs on a candlestick chart after buyers begin putting upward pressure on a currency pair. It tends to have a large upper wick, a short lower wick and a small body. The name comes from the shape of the candle since it looks like an upside-down hammer. 

An inverted hammer candle is most commonly seen at the bottom of a downtrend where it signals the start of an upside reversal. Bullish traders begin to gain some confidence and attempt to push the exchange rate higher. Although this attempt may be unsuccessful initially, the inverted hammer candle signals that bullish pressure is emerging.

An inverted hammer candlestick. Source: Benzinga.com.

Morning Star

The morning star pattern consists of three candles that signal the formation of a bullish trend after a downtrend. After the first candle falls, the market gaps lower to open the second candle below the first, but the second candle has a much smaller red or green body than the first. 

The market then gaps up to open the final bullish candle that exceeds the midpoint of the first candle. The morning star pattern captures a moment of market indecision. Traders can watch for this pattern to seek confirmation that an upside reversal is developing after a bear phase.

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A morning star candlestick pattern. Source: Benzinga.com.

Piercing Line

A piercing line pattern is a two-candle reversal pattern that marks the transition from a downtrend to an uptrend. The first candle of this pattern opens near the high and closes near the low, so it has two small wicks. The second candle then gaps down but closes near its high and above the 50% midpoint of the first candle. This pattern indicates that a near-term upside reversal could take place.

A piercing line pattern. Source: EasyTradingTips.com.

Three White Soldiers

The three white soldiers pattern is the reverse of the three black crows pattern. It involves three green candles that each close above the previous high and tend to have short wicks. This bullish reversal pattern indicates strong upside momentum emerging after a downtrend. 

A three white soldiers pattern. Source: Warrior Trading.

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Additional Candlestick Patterns Traders Should Know

Over 50 established bullish and bearish candlestick patterns exist to help traders forecast near-term moves in the financial markets. You can research the full range of these useful patterns online and in books dedicated to the subject. A few additional candlestick patterns that traders should be aware of are mentioned below.

Doji

A doji candlestick occurs when the opening and closing levels of a candle are perfectly equal. Doji candles typically show large wicks and bodies that consist of a horizontal line. The directional implication of a doji depends on its form, as the image below shows.

Four types of doji candles and their directional implications. Source: CoinVestasi.com.

Spinning Top

A spinning top candlestick features a short body vertically positioned in the middle of extended upper and lower wicks. When this pattern forms, it represents a period of indecisiveness in the market. The opening and closing levels are similar in spinning top candles, but buyers and sellers attempted to push the market in both directions during its duration. A bullish spinning top has its close above the open, while a bearish spinning top has its open above its close. 

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Bullish and bearish spinning top candlesticks. Source: CorporateFinanceInstitute.com.

Falling Three Methods 

The falling three methods pattern is a bearish pattern that appears in a downtrend. The first red candle makes a significant move lower and has a large body, but green candles two through four make small gains higher but do not exceed the high or low of the first candlestick. The fifth and final red candle then falls significantly from its open below the previous candlestick’s close to a close below the close of the first candlestick. The falling three methods pattern suggests a bearish trend is likely to remain in effect despite a slight upside correction.

The falling and rising three methods candlestick patterns. Source: Vecteeezy.com.

Rising Three Methods

The rising three methods pattern appears during an uptrend and is the opposite of the falling three methods pattern. In this bullish pattern, the first and last candles are bullish, with the small three candles in the middle correcting modestly lower. This pattern indicates that sellers could not push the market significantly lower, so the uptrend is likely to continue.

Trade Your Strategy

Many very useful candlestick patterns exist to choose from, although how to incorporate them into a forex trading strategy will depend on an individual trader’s preferences. While these patterns can help improve your profitability and edge as a trader when used alone, they are usually best used in combination with other technical indicators that can confirm the validity of their signals. 

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Learn Candlestick Patterns with These Forex Brokers

Learning about the more reliable candlestick patterns and how to trade them is a great way to boost your success as a forex trader. Getting started putting these patterns into practice generally requires the services of an online forex broker, so look through and compare some of the best forex brokers listed in the table below to help narrow down your options.

Claim Exclusive Offers

  • securely through Forex.com’s website

  • securely through IG Markets’s website

  • securely through CedarFX’s website

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    CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.

  • securely through AvaTrade’s website

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    AUD$200 or equivalent

    securely through Pepperstone’s website

  • securely through SimpleFX Forex’s website

Frequently Asked Questions

Q

How many types of candlestick patterns are there?

A

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Candlestick patterns are generally either bullish or bearish, but there are over 50 well-established candlestick patterns for traders to watch for.

Q

Which candlestick is best for scalping?

A

It can be challenging to narrow down the best candlestick pattern for scalping. For some, it is the shooting star and its inverse pattern the hammer, but opinions differ.

Q

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What is a strong candlestick?

A

Most of the patterns discussed in this article are strong because they show clear and reliable bullish or bearish signals that traders can include in a trading plan.

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National Bank Of Ukraine Unveils E-Hryvnia Concept

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National Bank Of Ukraine Unveils E-Hryvnia Concept

The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the e-hryvnia. The regulator is currently considering several potential applications for its digital coin, including retail payments and cross-border settlements.

Ukraine’s Monetary Authority Introduces Banks and Businesses to E-hryvnia Project

The National Bank of Ukraine (NBU) has presented a draft concept for its future central bank digital currency (CBDC) to representatives of banks, other financial institutions and participants in the crypto market. The regulator seeks feedback on the possible issuance of this version of the national fiat currency, the hryvnia.

The main purpose of the e-hryvnia will be to supplement the cash and non-cash forms of the Ukrainian money, the monetary policy regulator explained in an announcement published on Monday. The plan is to make it accessible to all segments of the population, legal entities, state bodies, the banking and financial sectors.

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The project was launched in September, last year. Since then, the NBU has been exploring the feasibility of a large-scale issue of the digital currency. In a quoted statement, the bank’s Deputy Chairman Oleksiy Shaban emphasized that the development and implementation of the e-hryvnia can be the next step in the evolution of Ukraine’s payment infrastructure and elaborated:

[The e-hryvnia] will contribute to the digitalization of the economy, the further spread of cashless payments, the reduction of their cost, the increase in the level of their transparency, and the increase of trust in the national currency in general.

During the meeting with the interested parties, the NBU presented the draft design of the e-hryvnia, its architecture, characteristics and advantages for payment service providers, including the option for instant payments. The bank took into account the results of a survey of financial market experts on the demand for a digital hryvnia, which was conducted in 2021.

The National Bank of Ukraine is now considering several possible implementations of the e-hryvnia. Among them is the use of the CBDC for retail non-cash payments, targeted social and other government payments, and smart contracts.

The coin can also be employed to facilitate the circulation of digital assets, including issuance, exchange and other related operations. “The e-hryvnia can become one of the key elements of the qualitative infrastructure development for the virtual assets market in Ukraine,” the central bank believes. It can also enable cross-border payments, making them faster, cheaper and more transparent.

Ukraine is yet to comprehensively regulate its digital currency space. Last fall, the parliament in Kyiv, the Verkhovna Rada, adopted a bill “On Virtual Assets” which was signed into law by President Volodymyr Zelenskyy in March 2022 after certain revisions that he requested.

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The country’s securities watchdog was recently tasked to prepare amendments to the tax legislation necessary to enforce the law. Meanwhile, work has begun to update it in accordance with the EU’s standards in the field. Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts during the ongoing military conflict with Russia.

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CBDC, Central Bank, concept, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currency, discussion, draft, e-hryvnia, feedback, hryvnia, national bank of ukraine, nbu, project, Ukraine, ukrainian, virtual assets

Do you think Ukraine will be able to issue its e-hryvnia in the near future? Share your expectations 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, Ruslan Lytvyn / Shutterstock.com

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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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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand.

Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage

The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet.

The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations, according to an article by the Toronto Star. The measure is aimed at halting a growing number of requests to power new facilities with combined capacity amounting to a sizable portion of the province’s electricity supply.

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Providing the reasoning for the decision, Manitoba Minister of Finance Cameron Friesen, the government official responsible for the state-owned company Manitoba Hydro, commented on Monday:

We can’t simply say, ‘Well anyone can take whatever [energy] they want to take and we’ll simply build dams. The last one cost $13 billion if you priced in the [transmission] line.

With the second-lowest electricity rates in Canada, only Quebec offers cheaper power, Manitoba is a magnet for users that need large amounts of electricity such as those involved in the energy-intensive extraction of cryptocurrencies.

Friesen revealed that 17 new operators have filed requests with the authorities in the province for a total of 370 megawatts of electricity. That exceeds half of the power produced by the Keeyask hydroelectric generating station which became operational in 2022.

The region’s finance minister also highlighted the concern of the Progressive Conservative government that blockchain businesses may not create many jobs. “You can be utilizing hundreds of megawatts and have a handful of workers,” he elaborated.

“Manitoba Hydro cannot make discretionary decisions about who to hook up,” Friesen emphasized. A government review is expected to analyze the economic impact of cryptocurrencies and the need for a regulatory framework to approve new large connections to the grid.

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Earlier this month, the Hydro-Québec public utility asked the electricity distribution regulator in its province to suspend energy allocation for the blockchain sector. Manitoba’s restrictions also follow the enforcement of a partial moratorium on proof-of-work mining in the U.S. state of New York.

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Canada, Canadian, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, grid, Hydroelectric, Manitoba, Measures, Miners, mining, power, province, region, restrictions, suspension, usage

Do you think other Canadian provinces and U.S. states will adopt restrictive measures for crypto mining? Share your expectations 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

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Professional Liability Insurance for Traders

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Professional Liability Insurance for Traders

Professional liability insurance is a crucial protection for traders, allowing them to safeguard their investments and clients. In addition, without professional liability insurance, you may be required to pay the judgment amount of a lawsuit if you are sued. 

Professional liability insurance protects organizations that offer advice or services. Professional liability insurance also protects your assets if you’re sued for professional negligence or malpractice.

Even if you did nothing wrong, professional liability insurance, commonly known as errors and omissions (E&O) insurance, covers you if you break your promises. Negligence, bad advice, paperwork errors and damaging recommendations are examples. Professional liability policies cover legal issues specific to each profession.

A dissatisfied client may accuse you of faulty work. Even if the claim is invalid, legal fees may be high. As a trader, you should do your best to avoid bankruptcy if you are sued. On the other hand, if a customer follows your counsel and makes bad financial decisions, it could result in costly lawsuits.

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Why Do Traders Need Professional Liability Insurance?

In an ideal society, professional liability insurance would not be necessary because there would be no mistakes, errors in judgment or litigation. But, unfortunately, people do not inhabit an ideal world. If a client suffers a financial loss because of a trader’s actions, the trader faces the risk that the client will file a lawsuit.

A common situation that professional liability insurance may cover for a currency trader is losing money on a trade. Professional liability insurance will shield you from claims seeking compensation for losses caused by negligence or errors.

Do Traders With Brokerage Clients Need Insurance?

Traders must proactively manage their risks with constantly changing regulations in the financial services industry. Accordingly, traders who act as brokers must register with the U.S. Securities and Exchange Commission (SEC), join a self-regulatory organization (SRO) and follow federal securities laws and regulatory requirements.

If you make a mistake or miss something during your duties as a trader, professional liability insurance may help cover the costs of defending yourself in court. In addition, professional liability insurance for traders can help pay for defense costs in the event of claims of negligence, errors in judgment or mismanagement of client assets.

Are General Liability Insurance and Professional Liability Insurance the Same?

Business owners can buy two types of business insurance: general liability insurance and professional liability insurance. General liability insurance covers lawsuits for bodily injury, property damage, advertising injuries and medical costs. Professional liability insurance only covers lawsuits about business mistakes and negligence.

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When accidents or mistakes cause negligence lawsuits, your general and professional liability policies work together to keep your legal costs down.

Client contracts may require you to carry either policy. In addition, some clients may ask their professionals to have professional liability insurance if they get sued.

Types of Professional Liability Policies

According to the Insurance Information Institute (III), people can buy two kinds of professional liability insurance: claims-made and occurrence policies. Claims-made policies are the norm in the insurance business. For a claim to be covered, the policy must have been in effect both at the time of the accident and at the time of the lawsuit. But an occurrence policy might be a good idea if you’re considering changing careers or retiring. It protects you if a claim is made for something that happened during the policy period even if the lawsuit is filed after the policy ends.

Professional liability insurance will pay up to the policy’s maximum for defending you in court against claims and paying judgments. However, most insurance policies don’t cover intentional or dishonest actions or losses. You may also face fines from licensing authorities and other costs. How much professional liability insurance you need depends on the size of your business.

You can get professional liability insurance as an add-on to a Commercial Package Policy  (CPP). However, a home-based business policy or BOP does not cover professional liability.

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Protection Yourself Against a Negligence Lawsuit

You can’t always prevent a negligence lawsuit from being filed against you, but you can take smart precautions.

  • Make sure you get accurate information by asking your clients in-depth financial questions.
  • Make sure to record all your communications and meetings with clients accurately.
  • Let the client make an educated financial decision by providing all relevant details.
  • Protect sensitive customer data from hackers by evaluating potential partners carefully.

It is essential to keep track of changes in your client’s life that could impact the financial advice you give them and to update their information regularly. In addition, you should get E&O insurance to cover your back when safety measures fail.

Other Types of Business Insurance Traders May Need

In addition to E&O insurance, financial professionals may need these other types of critical business insurance protection.

General Liability Insurance: General liability insurance (GL) covers third-party injuries and property damage caused by you or your workers. It can cover a customer’s medical fees if they break their wrist after falling over an unsecured wire at your business. Without it, you or your company would cover your medical expenditures. GL insurance also covers libel and slander claims.

Business Income Insurance: Business income insurance reimburses disaster-related losses. Most calamities disrupt business and may force you to leave. The policy also covers temporary work location fees.

Umbrella Insurance: The umbrella denotes additional liability coverage. It prevents excessive losses when one of the underlying policies reaches its limits. Umbrella insurance protects a business against general liability and vehicle liability.

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Fidelity Bonds: Employee dishonesty bonds are fidelity bonds. Clients are repaid if employees steal. Client contracts often need them.

Cyber Liability Insurance: If a financial expert’s data is stolen, cyber liability insurance covers recovery, litigation and customer notification costs.

Workers’ Compensation Insurance: Most states require employers to have it. This policy covers medical bills and lost wages for workplace injuries.

Compare Professional Liability Insurance

Businesses that give customers professional services and advice need professional liability insurance. Benzinga offers insights and reviews on these insurance providers of professional liability coverage. Use this list to begin your search for E&O insurance. 

  • Best For

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    Comprehensive coverage/Business Owners’ Policy

    securely through The Hartford Business Insurance’s website

  • Best For

    Start-ups, the self-employed and small businesses

    securely through CoverWallet Business’s website

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  • Best For

    Business owners who need professional liability coverage quickly

Frequently Asked Questions

Q

What is E&O insurance?

A

E&O insurance protects those who provide professional services from claims of carelessness, breach of fiduciary duty or regulatory compliance issues.

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Q

Why do you need professional liability insurance?

A

Currency traders sometimes lose money on trades, which is why professional liability insurance might be helpful. This kind of insurance can protect you from lawsuits filed by people who lost money because of bad financial advice, misrepresentation, negligence, oversight or errors in judgment. 

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Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high....

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Kraken to layoff 1,100 people to ‘adapt to current market conditions’
Bear Market18 hours ago

Kraken to layoff 1,100 people to ‘adapt to current market conditions’

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Samuel Wan · 7 hours ago · 1 min...

Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone
Bitcoin18 hours ago

Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone

On-chain data shows the Bitcoin NVT golden cross has now entered into the “sell” zone, something that could be bearish...

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