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Forex Trading in Thailand

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Forex Trading in Thailand

Thailand continues to be 1 of the most exciting emerging markets of southeast Asia. The Thailand Securities and Exchange Commission and the Bank of Thailand (BOT) provide a solid regulatory structure that encourages retail investors to be confident in taking educated risks in the market.

Attribution: Leftover Currency

The government’s use of the forex market has trickled down into the retail space. Forex investors in Thailand enjoy regulation from The Thailand Bank (BB), which allows only licensed dealers to facilitate transactions. There are many reliable brokers and plenty of local support for people who want to get involved in the industry.

Get Started with Forex in Thailand

Success in forex starts with a great foundation. Here are the steps you need to take to set yourself up for the best chance of profitability.

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  1. Set up a great Internet connection. Connecting your account to a broker and trading through software means you need a latency-free Internet connection. Strategy is only helpful if you have the execution to back it up.
  2. Pick a broker you can trust. If you choose a broker from Thailand, make sure it adheres to regulatory standards. Reputable offshore brokers are regulated through international organizations.
  3. Connect your bank. Move through the process of verification and connect your bank to the broker account.
  4. Fund your account from your bank. Your account’s startup funding can usually come from your bank or a debit or credit card. Your broker will inform you of your options.
  5. Download your trading software. The software that you use informs how you communicate with the forex market. You need a user interface you are comfortable with to minimize errors in your input.
  6. Trade the market. You now have the ability to trade in the forex market whenever you want.

Thailand Forex Trading Strategies

You can trade forex in Thailand with a higher chance of success using the following strategies:

Attribution: Ricky Ray FX

Day Trading

If you want to profit within seconds of opening a trade, then day trading is for you. Be warned — you can only perform this kind of trading with a fast Internet connection. Invest in business class if you are truly serious. You’ll be trading against sophisticated forex traders with automated bots helping them, so you may want to start with a virtual account (real account, practice money).

To successfully day trade, you must understand indicators and the bid ask spread. These are only the basics — many people spend a lifetime learning how to move in the short term market.

Trend Trading

If you don’t mind holding a trade for days or weeks, then you may want to look at mid-term trend trading. Trends take longer to emerge, hence the longer trade time. You’ll have to understand how news cycles affect forex pricing as well as chart technicals.

Knowing when to buy and sell is essential in trend trading. Although the process is slower than day trading, timing is just as important. Don’t think that you can study less just because a trade takes a week to develop.

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Positional Trading

If you’re more interested in the fundamentals of the forex market, then positional trading may be your style. You may hold a trade for a few years instead of a few weeks as a positional trader. You also pay very little attention to the daily news cycle unless it is something you believe will affect a currency price long term.

You may phase into a trade instead of putting all of your eggs in one basket at once. Because you have time to develop your trade, there are many tactics you can use, including options to hedge your position. 

Forex Trading Example in Thailand

฿/USD is trading at 0.03220/0.03420. You want to buy ฿350,000 and profit from a rise in the price. The currency pair has a margin rate of 6.55%, so you’ll need a total of $761.11 cash in your account to control a ฿350,000 investment — your broker will cover the rest.

As you predicted, the ฿/USD price does move up and trades at 0.03720/0.03920 after 2 hours. That corresponds to a 30 point increase, and your final profit is (฿350,000*0.03720)-(฿350,000*0.03420) or $1,050, on the trade.

Make Money with Forex in Thailand

Attribution: Forex Traders in Thailand

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Learn the methods below to increase your chances of profitability in the Thailand forex market.

  • Short selling: To short sell a currency, sell it 1st. You buy it back later and profit if you buy it back at a lower price.
  • Contract for Differences (CFD): These instruments track currencies, but you never actually own the currency that you track
  • Binary options: The binary option does not move exactly with the price of the currency it follows. Investors get a yes or no proposition and trade with or against it.

Best Online Forex Brokers in Thailand

You can start an account in Thailand with the forex brokers listed:

  • securely through Forex.com NON US’s website

  • securely through eToro Forex’s website

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

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  • securely through TMGM’s website

  • securely through AvaTrade’s website

Forex Terminology

You must learn these basic terms when trading forex:

  • Pip: $0.0001 or the smallest movement in forex
  • Lot size: the size of your investment — the normal size lot is 100,000 units of currency
  • Orders: you order buys and sells in the same way you order a burger
  • Calls: a contract that moves with the price of the underlying currency, but not exactly

Grow with Emerging Markets

As an integral part of the domestic economy, forex will likely play a larger part in Thailand finance in the near future. Learning the market will help to ensure your financial stability even if you decide not to actively trade.

Bookmark our website for the most up to date tips and tricks you can use in the forex market. The world of global finance is always changing, and so are the strategies that will be successful in forex.

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Abdulrasheed Bawa

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

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Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central bank’s old naira demonetization plan have asked Buhari and Emefiele to extend the deadline again.

CBN Asked to Extend Demonetization Deadline Again

A Nigerian High Court recently issued a restraining order that stops the country’s president Muhammadu Buhari and the Central Bank of Nigeria (CBN) governor Godwin Emefiele from further extending the old naira demonetization deadline, a report has said. In the order, the court’s Eneojo Eneche reportedly said the duo, along with 27 commercial banks, must not extend or interfere “with the currency redesign terminal date of February 10 or issue any directive contrary to the February 10 date.”

According to a report, the restraining order was issued after four Nigerian political parties sought the court’s help in blocking the potential extension of the currency swap deadline by the central bank. As recently reported by Bitcoin.com News, the CBN extended the demonetization deadline from Jan. 31 to Feb. 10 in response to pleas by several pressure groups and politicians.

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Still, many people in Nigeria insist that the ten extra days extra are not enough and have lobbied for an even longer extension. Others like the governors of three Nigerian states — Kaduna, Kogi, and Zamfara — have filed an application with the country’s supreme court which seeks to stop the CBN from proceeding with the planned demonetization of the old naira banknotes. However, supporters of the CBN’s so-called currency redesign policy — including the Conference of Nigerian Political Parties (CNPP) — reportedly want the central bank to proceed as planned.

Naira Shortage Crisis

Meanwhile, another publication, Sahara Reporters, said President Buhari had recently discussed the new naira banknotes shortages with Emefiele and Abdulrasheed Bawa, the head of the Economic and Financial Crimes Commission (EFCC). The Nigerian leader also reportedly talked with the heads of Nigeria’s governor unions.

In addition to protests at banks, Nigerians opposed to the CBN’s naira policy have reportedly vandalized automated teller machines. Bank branches in some of the volatile regions in the country have been forced to halt operations.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, ariyo olasunkanmi / Shutterstock.com

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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Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

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Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake. While the crypto industry pledged support, the country’s financial authorities allowed the raising of relief funds through cryptocurrency donations for a charity organization.

Leading Exchanges Commit to Supporting the Victims of the Earthquake in Turkey

The global crypto trading sector has quickly reacted to the news of the deadly earthquake that brought destruction to parts of Turkey and the region. Over the past few years, the country became a growing crypto market and digital asset exchanges are now offering to help Turkish traders, their families, and neighbors in need.

Binance, the world’s largest trading platform for cryptocurrencies, announced on Tuesday it will airdrop $100 of BNB tokens to all of its users living in the most affected areas. The company said it will identify the customers that qualify based on proof of address and disperse a total of around $5 million. It also emphasized:

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Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions.

Furthermore, Binance Charity is now accepting donations in several coins that will be converted to Turkish lira and sent to an NGO. “We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis,” Binance founder and CEO Changpeng Zhao was quoted as saying.

Competitors like Huobi, Okx, Bybit, and others have promised to support Turkey as well. Okx will provide 1 million Turkish lira (over $53,000) in financial assistance for the victims of the natural disaster, according to a statement by its Chief Marketing Officer Haider Rafique. Bitget is donating the same amount of money.

Huobi CEO Justin Sun unveiled the establishment of a 2 million lira relief fund by the Tron exchange and blockchain in memory of those who lost their lives in the powerful earthquake. The death toll from the 7.8 magnitude tremor, which struck Southeastern Turkey and Western Syria on Monday, continues to rise and is already exceeding 9,000.

Coinex said in a Facebook post it’s ready to help people in both countries while Bitmex tweeted it will donate the proceeds of its trading competition this week to the Turkish Red Crescent. Bitfinex and Tether expressed their condolences and pledged 5 million lira towards immediate humanitarian aid and recovery efforts. They will also “seek ways to provide continued support towards helping Turkiye rebuild for the future.”

Our thoughts are with all the people who have been affected by the tragic Turkey-Syria earthquake today.

BitMEX will be donating the proceeds of this week’s Trading Competition to the @RedCrescent, and we encourage those who can donate to do the same. #GeçmişOlsunTürkiye

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— BitMEX (@BitMEX) February 6, 2023

Singapore-based crypto exchange Bybit announced it will send $100,000 to Turkey’s Disaster and Management Authority (AFAD). Meanwhile, the country’s Financial Crimes Investigation Board (MASAK) approved an initiative by a charity called Ahbap to raise donations in cryptocurrency, according to its founder, Turkish singer Haluk Levent. The campaign will continue until Feb. 13

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aid, Binance, Bitmex Bybit, Crypto, Crypto Donations, crypto exchange, crypto exchanges, Cryptocurrencies, Cryptocurrency, disaster, donations, Earthquake, Exchanges, financial support, humanitarian efforts, Huobi, Okx, Relief, support, Turkey, Turkish, Victims

Do you expect other companies from the crypto industry to join these exchanges in helping Turkey to deal with the disaster? 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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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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3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

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3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.

3AC Liquidators Frustrated With Lack of Response From Co-Founders

A recent filing submitted to the New York bankruptcy court states that Kyle Davies, co-founder of 3AC, is obstructing or disregarding requests from the 3AC Liquidation team. Additionally, according to representatives from advisory firm Teneo, Davies is accused of soliciting investors “shamelessly” for a new cryptocurrency project. On Jan. 5, 2023, the “3acliquidation” Twitter account served subpoenas to the 3AC founders via Twitter.

Lawyers and two representatives from Teneo explained in a court filing released Tuesday night that the liquidators have yet to receive a response from Davies. While the lawyers note that the 3AC founders are looking to start a new crypto project, the liquidators also mention that Davies has been active on social media. “He has not even attempted to reach out to undersigned counsel to voice an objection or concern with the topics of the subpoena. This is not a question of partial compliance, but of no compliance whatsoever,” the filing details.

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The liquidators add:

He is, without question, aware of the Subpoena … having been tagged in 41 replies and 64 retweets … and has, once again, chosen to ignore his duties to Three Arrows. All the while, Mr. Davies has continued to post on his Twitter account, openly ignoring the Court’s directives and enjoying media attention while he continues to thwart efforts by the Foreign Representatives to gain access to documents and information.

Liquidators have expressed frustration about their attempts to reach 3AC co-founders Su Zhu and Davies since the bankruptcy proceedings began. At the time, Zhu maintained that the pair has been communicating with all relevant authorities “from day one.” However, complaints from 3AC liquidators emerged shortly after the defunct cryptocurrency hedge fund filed for bankruptcy protection, using the Chapter 15 process to safeguard the company’s assets in the United States.

According to reports and an interview with Davies in November 2022, Davies is believed to be in Bali. During the interview, CNBC’s Becky Quick asked Davies if he was “in Bali because Indonesia is one of the seven countries that won’t extradite you to the United States.” Zhu’s location is thought to be either Singapore or the United Arab Emirates (UAE), but the exact location of either 3AC co-founder is uncertain as of writing.

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2023, 3AC, 3AC founders, advisory firm, Assets, bali, Bankruptcy Court, Becky Quick, Chapter 15 process, cnbc, co-founder, Communication, Complaints, Court Filing, Cryptocurrency Hedge Fund, defunct, duties, extradition, Indonesia, interview, Jan 5, Kyle Davies, liquidation team, liquidators, Media Attention, new crypto venture, new york, November 2022, Relevant authorities, Representatives, response, shamelessly, Singapore, soliciting investors, Subpoenas, Teneo, Three Arrows, Three Arrows Capital, Tuesday evening, Twitter, UAE, uncertain location, United States

What do you think of the allegations against Kyle Davies and the ongoing legal battle for Three Arrows Capital? Share your thoughts in the comments below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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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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