Forex Trading in Portugal
European traders also have massive potential for gains when trading forex. If you’re a trader living in Portugal and thinking about opening an account with a forex broker, be sure to read our guide to forex trading in Portugal first.
Get Started with Forex in Portugal
As a member of the European Union (EU), you’ll typically use the euro as your base currency. Before you can begin trading, you’ll need to open an account with a forex broker. Here’s the process you can expect to go through before you make your first trade.
- Decide how you want to trade. Forex currency prices can change at a moment’s notice, which means that you’ll need a reliable device connected to the internet before you start trading. You can trade from a phone, desktop or even a tablet but be sure that your device has a stable and reliable connection before you begin.
- Choose a forex broker. Under rules set by the Banco de Portugal, forex brokers are required to be clear and upfront about fees when onboarding new clients. Compare a few brokers offering Portuguese trading capabilities and their fees before you choose which one you want to work with.
- Open an account. Your broker is legally required to collect a bit of personal information from you before they can open your account and grant you the ability to trade forex. Upload your personal information and ID and wait for your broker to verify your identity.
- Download a trading platform. Though many brokers offer their own proprietary trading platform, many traders choose to do their trading with a more comprehensive platform like MetaTrader 4 or 5. Check and make sure that your broker offers compatibility with your platform of choice before you download it.
- Fund your account. Once your broker opens your account and connects it with your personal information, you can fund your account. Most traders accomplish this by linking their checking or savings account with their forex account to directly transfer euros for trading to their account. It may take a few days for your funds to be accessible in your account.
- Place your first order. Once your funds clear, you can officially place your first forex trade order. There are many types of orders, so you should familiarize yourself with the order types your platform offers before you begin.
Most Portuguese traders choose to trade the EUR/USD currency pair. This is because these 2 currencies are highly liquid, which means that you won’t run into problems selling your currency when you reach your projected profit or stop-loss limit. If you’re a beginning trader, we recommend starting your trading career by trading USD.
There are a variety of fundamental and technical indicators you can use to make money when you trade currencies. Let’s take a look at a few of the most popular trading strategies when it comes to the EUR/USD pair. Though these aren’t guaranteed foolproof methods to make money trading forex, they can provide you with an excellent jumping-off point to develop your own strategy.
The breakout trading strategy is one of the most popular with European traders because it’s typically profitable when executed with discipline and it’s relatively easy to understand.
First, set your candlestick charts to 30-minute or 1-hour intervals. Then, start looking for resistance levels and tight, sideways rectangles where little volatility is noted. A breakout occurs when a candlestick moves out of the resistance range and signals the beginning of an upward or downward trend. Traders using the breakout strategy use these signals as buy or sell points.
Using Scheduled New Events
Some Portuguese traders forgo technical analysis altogether and trade using scheduled news events. These traders learn when economic reports tend to move the market the most and trade only on days when a major report is scheduled to come out. Though this strategy doesn’t require an understanding of charting software, it does require a solid news feed and an ability to read and analyze economic reports if you want to trade successfully.
Forex Trading Example in Portugal
Let’s take a look at how you might be able to make money when you trade forex as a Portuguese account holder.
Imagine that you’ve done your trading research, funded your account with 10,000 EUR and you believe that the value of the Japanese yen is going to rise in comparison to the euro. Using a margin trading access called leverage, your broker allows you to trade with the power of 100,000 EUR despite only having 10,000 EUR in your account. You see that 1 euro is currently worth about 120 yen after you account for the spread that your broker takes when you execute your trade. You use your full amount of leverage to purchase 12 million yen.
A few days later, you see that your research was correct — 1 euro is now worth only 118 yen. Using the 12 million yen in your forex account, you convert your entire lot back to euros and are left with about 101,695 EUR in your account. Once you return what you borrowed in the margin, you’ve earned a profit of 1,695 euros by strategically converting your currencies when they rose in value.
Making Money with Forex in Portugal
It’s both legal and possible to make money trading forex in Portugal. As a member of the European Union, Portuguese traders have more access to the euro as their base currency. The euro is one of the most highly valued currencies in the world, making up about 19% of the world’s currency reserves in late 2018. Second only to the USD, the euro makes up about 31.4% of the world’s forex turnover. This means that as a euro holder, you won’t need to worry about issues with liquidity when you trade.
This doesn’t mean that trading forex as a resident of Portugal is risk-free. Trading forex without doing your research can put you at a very high level of risk, especially if you’re using leverage to trade. Before you place your first trade, be sure to solidify your trading strategy and run a few test trades before you invest your money or begin to use leverage. Of course, you should also never invest more money than you can afford to lose. Forex trading can be highly volatile and dangerous, even with the most possible research.
Best Online Forex Brokers in Portugal
As a European trader, you’ll have access to a number of regulated forex brokers operating both in Portugal and throughout Europe. If you don’t know where you want to open an account, consider a few of our favorite brokers below currently accepting Portuguese account holders.
$100 USD (or equivalent)
securely through HYCM – Forex’s website
securely through Forex.com’s website
securely through eToro Forex’s website
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
securely through AvaTrade’s website
If this is your first experience trading forex, it can be helpful to familiarize yourself with some of the most commonly used forex terms before you place your first order. Forex traders have their own language and set of terms they use to govern their trades. Let’s take a look at some of the most common terms you’ll see when trading:
- Pip: A pip is the smallest possible unit of any given currency. With the exception of the Japanese yen, currency values are calculated to 4 decimal places. For example, if the value of the EUR in comparison to the USD went from 1.2345 to 1.2346, we’d say that the value of the EUR has moved by 1 pip.
- Lot size: In forex trading, your lot size is the number of units of a select currency you’re moving. For example, if you decide to sell 10,000 EUR, your lot size would be equal to 10,000. Many forex traders consider 100,000 units of currency to be the standard lot used in most trades.
- Orders: An order is a request to buy or sell a specific currency. Because you cannot buy or sell currencies directly in most cases, you’ll need to place an order through your broker to execute your trade. There are many different types of orders. Using multiple order types can help ensure that your order is executed at a specific price, that you liquidate your current supply when it reaches a predetermined price target and more.
- Call: A call (sometimes referred to as a margin call) is one of the risks of using leverage to trade. If you use leverage and the value of your lot goes down, your broker may subject you to a margin call requiring you to deposit more money into your account if you want to maintain your position. If you aren’t careful, margin calls can quickly wipe out any profit you make trading. In some cases, it can even cause you to go into debt.
Get Started with Forex Trading
As the largest financial market in the world and with nearly 24/7 access, the forex market holds endless possibilities for traders around the world. However, this doesn’t mean that trading forex doesn’t come with risks. It’s highly recommended that you open a demo account and leave yourself with plenty of time to perfect your trading strategy before you invest any of your own money.
Is it legal to trade forex in Portugal?
Yes, it is legal to trade forex in Portugal.
Is it safe to trade forex in Portugal?
It is safe to trade forex in Portugal as long as you use a liscensed forex broker.
Where can I find a liscensed online forex broker in Portugal?
You can find a liscensed broker in Portugal by reviewing the list above.
Simply Business Insurance Review
Simply Business Insurance Ratings at a Glance
|Simply Business Customer Service|
|Simply Business Claims Support|
|Simply Business Pricing and Value|
|Simply Business Mobile App|
|Simply Business Overall Rating|
Are you a business owner who is looking to insure your business against claims that could put your business at risk? Business insurance policies are a great way to protect your business and give you peace of mind when it comes to day-to-day operations. But knowing which business insurance company to use can be difficult. Benzinga helps clear up some of the confusion by offering this Simply Business Insurance review.
Simply Business works closely with you to ensure you get the coverage you need. Each insurance provider has its own prices and policies. Simply Business provides insurance options from:
- American Builders Insurance Company
- Acadia Insurance
- AXIS Insurance Company
- Clear Blue Insurance
- CNA Insurance
- Frank Winston Crum Insurance
- Harborway Insurance
- Hiscox Insurance
- Market Insurance
- Travelers Insurance
The exact insurance that you need depends on several factors, including:
- The size of your business
- The number of employees
- Where your business is located
- Your industry
- Your business revenue
Here are some of the policy options offered by Simply Business:
Also known as commercial general liability insurance, this coverage helps protect you and your business in several situations, including:
- Bodily injury: If someone slips and falls on your property, you could be sued for medical costs, lost wages and more. This policy helps to cover their medical bills and your legal costs, including court fees, settlements and awards, up to your policy limits.
- Property damage: If you or an employee damages someone else’s property, it can be expensive to repair. This coverage helps with the legal defense costs associated with property damage.
- Personal and advertising injury: This helps with your defense costs if you’re sued for libel, slander, copyright infringement, false advertising and other similar issues. While this might sound unlikely, something as simple as an employee disparaging a competitor to a potential client could lead to a lawsuit.
General liability insurance doesn’t cover damage to your property, employee injuries on the job, lawsuits related to your professional expertise or business vehicles.
Professional liability insurance helps cover you if a client claims you were negligent in the professional services you offered, for example, if you’re a financial advisor and the client experiences a financial loss due to your advice. This policy helps cover damages and legal costs.
Many business owners and self-employed individuals should consider professional liability insurance, including:
- Project managers
- Graphic designers
- Real estate agents
Errors and Omissions Insurance
Errors and omissions (E&O) insurance is a form of professional liability insurance. Professional liability insurance typically covers a wider range of needs. E&O insurance is more narrowly focused, covering mistakes or alleged mistakes, omissions or alleged omissions and related legal defense costs. E&O insurance, like professional liability insurance, doesn’t cover intentional omissions or errors.
You can reach Simply Business from 8 a.m. to 8 p.m. EST Monday through Friday at 855-869-5183. It doesn’t offer live chat and there’s no weekend availability.
You’ll be working with Simply Business while you’re shopping for a policy. Once you purchase a policy, you’ll primarily contact the insurance provider if you need assistance, but Simply Business is always there for you as well. You can request a Certificate of Insurance (COI) online, and Simply Business will send it out within 24 hours (not including weekends). You can also follow Simply Business on Twitter or Facebook.
Simply Business doesn’t directly handle claims. It’s an insurance agency, which means it helps business owners find the best insurance coverage from a range of providers. It’s not an insurance provider.
That doesn’t mean you’re alone when you need to file a claim, though. If you’re unable to find your policy documents or the right point of contact with an insurance provider, Simply Business can help you connect. It has a handy list of all the insurance providers it works with on its website. You can find the phone number, hours of operation and other information on the list so you can file a claim quickly. If you have any issues, you can contact Simply Business at 855-769-6958 or by email at [email protected]
Simply Business allows you to get quotes from multiple insurance providers, and you can choose from a range of prices and coverage options. This helps you get the most for your money and ensures you have the coverage you need. Comparing quotes can be a challenge, so being able to call a licensed agent that understands the policies is also helpful. They can walk you through the fine print so you’re less likely to encounter surprises down the road.
We did not find a mobile app for Simply Business. Its website is optimized for mobile, though, so it’s easy to get a quote from your phone. Or you can call and have an agent walk you through the process.
Simply Business focuses on making insurance clear, simple and affordable for business owners. It’s easy to get quotes and coverage so you don’t need to spend hours on the phone talking to different agents. You just enter some basic information about your business to get started or call to talk to a licensed agent.
In business since 2005, Simply Business is well established and it offers policies from some of the biggest names in commercial insurance. It specializes in working with small businesses, so even if you’re a sole proprietor or you just have a few employees, Simply Business is happy to provide you with personalized advice.
Its policy offerings are relatively limited, but they should meet the needs of most small business owners. Simply Business also offers an extensive blog with educational resources. It covers topics like getting a business license, tax deadlines, estimating projects and more.
While it doesn’t offer a mobile app, it’s easy to get in touch by phone if you need assistance. If you need to file a claim, Simply Business can get you a copy of your policy documents and connect you with the right department with your insurance provider.
While insurance can often feel complicated, it doesn’t have to be. Simply Business offers streamlined business insurance shopping for small businesses so you can save time and money and focus on what really matters — your business.
Do I need business insurance for my business?
Most small businesses can benefit from business insurance. Business insurance policies can help protect your business in case of a claim or a loss.
What’s the most common type of business insurance?
General liability is the most common type of business insurance.
How much does business insurance cost?
A typical business insurance policy runs less than $800 a year, but the premiums on your policy will depend on your business and the types of coverage you purchase.
Best Cheap Seasonal Motorcycle Insurance
All riders will agree that there is nothing like hitting the open road on your motorcycle. It is an indescribable feeling of freedom. However, you may be wondering if you need to insure your motorcycle even when you can’t ride it, like through snowy winter months in states like Michigan. That’s where the best temporary or seasonal motorcycle insurance comes into play. Learn more about this type of coverage and mile-by-mile options for infrequent riders here.
securely through VOOM Motorcycle Insurance’s website
Bundling regular car insurance with specialty policies
securely through Safeco’s website
Who Is Temporary Motorcycle Insurance Best For?
The best temporary motorcycle insurance is an affordable and flexible way for riders who are looking for coverage over a short period of time. A temporary policy allows you to be covered for however long you prefer — lasting from 1 day to 1 week.
The insurance is best known to assist those who borrow, test ride or collect bikes and in the event of an emergency. It may also be appropriate for infrequent or seasonal riders. You will come to find that most people who borrow a friend’s bike can stay on the road while their vehicle is in for service or repair or during a test ride if you’re planning to purchase a motorcycle. Choosing temporary motorcycle insurance will not impact any existing policies.
During a test ride, it is still just as essential as ever to make sure you are fully protected. If you want coverage for only a few days, you can invest in temporary motorcycle insurance without signing up for unnecessary long-term coverage.
After a test ride, you will no doubt want to pick up your new bike as soon as possible. If you neglect to arrange ongoing insurance, though, you won’t be able to drive away on your new wheels. Make sure you find the proper protection with temporary or seasonal motorcycle insurance for your ride home.
Accidents can happen at any time and to anyone; if you are in a situation in which you need to ride another bike quickly, temporary motorcycle insurance is the way to go. You can rest assured that coverage begins instantly.
Those who choose to ride only during certain months, such as the summer, can look for temporary motorcycle insurance for coverage. As a seasonal rider, insurance policies provide protection only during a set period. This eliminates the need to pay premiums for the months when your motorcycle is in storage or not in use.
Infrequent riders, like renters, travelers or international drivers, are considered infrequent riders. Temporary motorcycle insurance is the best choice because you are given a chance to opt for coverage only when you plan on riding. This will help you save money by eliminating monthly premiums while your bike sits untouched for a length of time.
Best Motorcycle Insurance Overall
Comprehensive coverage/Business Owners’ Policy
What Are the Benefits of Seasonal Motorcycle Insurance?
The best temporary motorcycle insurance is perfect for short periods of use and in emergencies. This insurance is offered in the form of comprehensive protection, providing coverage for accidents, theft and fire.
If your bike is involved in an accident under temporary insurance, it will be fully repaired or written off under comprehensive coverage. The insurance company will likely pay out the current market value of the bike. This protection serves you regardless of who is at fault.
What Are the Drawbacks of Seasonal Motorcycle Insurance?
Concerning the drawbacks of the best temporary motorcycle insurance, riders tend to think they will always save money on this type of protection. That is not always the case. Multiple factors will determine the final price of your temporary insurance. Your driving history, age, location, experience, possible discounts and more are all considered. The price is never the same for everyone.
Specific agencies only offer temporary motorcycle insurance. Not every company provides this service, so you will have to do your research adequately if you need temporary insurance.
What Does Temporary Motorcycle Insurance Cover?
In your search for the best temporary motorcycle insurance, you will find that most policies offer similar coverage options as standard motorcycle insurance. The following are covered under temporary insurance:
- 3rd-party only: Any damages or injuries to other people and their property but not your bike. This is the minimum level of protection required by law.
- 3rd-party fire and theft: Coverage is provided as well are fire and theft damages to your motorcycle.
- Comprehensive temporary insurance: This will cover the costs of damages to your bike, injuries you suffer as well as any 3rd-party claims.
What Doesn’t Temporary Motorcycle Insurance Cover?
All motorcycle insurance policies, as a general rule, outline situations in which coverage would not apply. This can usually be found in the exclusions section of each coverage. Temporary motorcycle insurance will not cover if:
- Bike used as a taxi or delivery service
- Racing or performing stunts
- Intentional acts to harm, hurt or cause damages
- Committing criminal acts
Temporary Motorcycle Insurance Provider Reviews
As you begin to compare motorcycle coverage options, consider what you are likely to pay, risk factors and state motorcycle requirement laws. For optimum results, Benzinga has provided information below on the most effective temporary motorcycle insurance.
- Low mileage riders
securely through VOOM Motorcycle Insurance’s website
Best for Mile-by-Mile Coverage: VOOM Motorcycle Insurance
VOOM motorcycle insurance says per mile coverage is ideal for motorcyclists who travel short distances or ride only occasionally. This service does not require a physical device or mobile app to track mileage or behavior. Riders just send in a photo of their odometers every month. VOOM specializes in data-driven, usage-based insurance products associated with high risks.
- VOOM offers coverage options like liability, comprehensive, medical payments and collision.
- Riders pay a low monthly base rate.
- VOOM is not available in every state.
AM Best rating: A
Best Overall: Markel Corp.
Markel Corp. (NYSE: MKL) motorcycle insurance offers an expansive list of discounts and accident forgiveness. It has been known to save insured drivers up to 35% of their typical premium costs.
When compared to other agencies, Markel has consistently received fewer complaints than competing agencies.
- 24/7 claims reporting at your convenience
- Savings up to 35% off premium
- Not available in every state
AM Best rating: A
- Bundling regular car insurance with specialty policies
securely through Safeco’s website
Best for Cheap Prices: Safeco Insurance
Safeco Insurance is known to be the cheapest among motorcycle insurance carriers. Many free features that competitors often charge for are included in Safeco’s policies.
In addition to low prices, Safeco offers 24/7 roadside assistance and claims filing, numerous discount options and coverage for custom and original equipment manufacturer parts.
- Dedicated agents
- Multiple options for discounts
- Can’t sign up for a policy online
AM Best rating: A
- Affordable coverage
Best for High-Risk Drivers: Dairyland
What differentiates Dairyland from all other motorcycle insurance companies is that it is willing to take on high-risk drivers. Drivers with less-than-stellar records can still obtain coverage through Dairyland. Its policies include coverage and SR-22 documentation for high-risk drivers.
Dairyland is reliable insurance for drivers who want a 2nd chance.
- A high number of positive customer reviews
- Easy, guided claims process assisted by a representative
- Currently not available in all states
AM Best rating: A+
Best for Military Members: USAA
USAA motorcycle insurance offers a wide variety of investment products for military members. It continues to be a leader in customer service and its 24/7 claim filing. As a military member, past or present, USAA provides excellent service for you and your family.
- Wide range of policy options
- Affordable policies
- Only available to servicemembers, veterans and family members of those who have served
AM Best rating: A++
Motorcycle Coverage for Seasonal and Infrequent Riders
Sometimes you may only need the best motorcycle insurance that lasts for a short period. It doesn’t matter whether you are picking up a new motorcycle and need to ride it back home, you are borrowing a bike for a long weekend or you are simply looking for a month’s coverage plan to take advantage of nice weather. Temporary motorcycle insurance can help you. It has proven highly beneficial in times of emergencies by providing the protection you need and deserve.
Frequently Asked Questions
Is motorcycle insurance required by law?
It is a law in 47 states — except for Florida, Montana and Washington — to carry motorcycle insurance. Studies have shown that there are roughly 8.4 million motorcycles registered in the U.S. This represents about 3% of the total number of registered motor vehicles.
Do I need to insure my motorcycle even if I’m not riding it?
Should you choose not to insure your motorcycle, you must understand the risks associated with your actions. Storing your motorcycle does not mean it is free from the threat of fire and storm damages or even theft. These instances occur more than you might think. Even though not mandated, it is highly suggested you insure your motorcycle regardless of whether you ride it or not.
Can I cancel my motorcycle insurance in the winter?
You can, but it can have consequences, like increased insurance rates when you sign back up, or total loss of your bike without a replacement option if something happens to it in storage. That’s why choosing mile by mile or seasonal coverage may be best.
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Best Cheap Seasonal Motorcycle Insurance
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