Tips by Yee Kok Siong for Choosing a Scalping Forex Broker

Scalping Forex broking has become quite popular in recent times, and many people are looking to use this to make money. So how do you choose a Forex broker online? Here are tips by Yee Kok Siong that will help you make the best decision when it comes to choosing a Forex broker.

 

Reputation

Firstly you will need to consider the reputation of the broking site. What are other people saying about the specific Forex broker? Are they considered as being a scam? These are all questions that you will need to answer before choosing a specific broker.

A quick search online can reveal you what others are thinking about the broker. There are various forums online that provide discussions on the subject, and it might be interesting for you to visit these forums to assess the reputation of the site.

 

Products coverage

You will want to choose a broker that provides you as many products options as possible. For instance, brokers nowadays do not focus only on currencies, and through a single platform you can choose to invest in commodities, precious metals and bitcoins also.

Take some time to choose the best broker according to your investment preferences.

 

Ease of use

You should also pay attention to the website or software that your Forex broker will be using. If this is your first time investing in Forex, you might want to go for a broker that offers a simple user interface while more experienced users might want to go for a site that offers more control over their investment.

Most sites will allow you a test drive of their software or a free trial period. Make full use of this service to assess the broker in order to choose the one that best suits your needs.

 

Support

There are times that you will need some support and for this, you will want to choose the broker that provides the most complete support. Ideally, you would want a broker that will provide you a direct email and a telephone number that will allow you to get in contact with a customer support service.

 

If there is a live chat service on the site, this can be an additional advantage.

Choosing a broker can be a daunting task especially if you are doing it for the first time. We hope that the tips given above will be helpful when it comes to choosing the best possible broker.

 

Also read: Tips by Yee Kok Siong to Choose the Best Options Trading Platform

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Yee Kok Siong on Legality of Cryptocurrencies!

With so much already written, explained and explored about cryptocurrencies the world has started taking them seriously. The exponential demand and growth of certain altcoins have made them the first and the last choice of investment. It has been declared by experts that this is the “Future Gold” and an era of digital currency has begun. Acceptance of cryptocurrencies has risen and that has given birth to almost 900 such currencies across the globe.

 

Though there are certain states and institutions, like financial institutions and banks, which still do not approve them as legal tenders. In spite of that Cryptocurrencies have traveled a long distance in getting themselves a legal entity. Following are the states which recognize Cryptocurrencies in various legalities:

 

1) Alderney: Part of the Channel Islands this state is believed to be the first state to allow Cryptocurrency. Since then they have supported them in such a way that it seems they are the top contender for becoming the hub of all Cryptocurrencies.

2) Japan: One of the top ten strong economies of the world has been friendly with cryptocurrencies since June 2014. The Japanese Financial Services Agency declared that Japan should be the first and the safest in the world for the use of cryptocurrencies. Japanese Authority of Digital Assets (JADA) even formulated “Code of Conduct” format for Cryptocurrency only platforms.

3) The United States of America: States like New York have created “BitLicense” for the use of Cryptocurrency-Bitcoin. Issued by the “New York State Department of Financial Services (NYSDFS)” it is used as the business license of altcoins. With many guidelines and rules, it is currently limited to New York and for residents of NY.

States like Texas and the 5th most populous state Illinois have allowed free trading of cryptocurrencies and do not levy any tax or any regulations under money transmission regulations.

4) Australia: With a robust economy of USD2.564 trillion, the Australian Government has made use of Cryptocurrency legal. The trading and mining of Cryptocurrencies are legal and the government is even formulating regulations to levy capital gains taxes and VAT taxes on its usage.

5) United Kingdom: The UK government is another Cryptocurrency friendly state and treats them as “Private Money” or currency. No VAT is added on them and they are not treated as assets. They have rather, via the HM Treasury, asked for data on digital altcoins so as to decide “Who”, “When” and “Where” regulations can be implemented. This clearly shows that the UK is playing a safe game by neither accepting it completely nor deciding against the digital currency.

6) Germany: Since 2013, The Federal Financial Supervisory Authority in Germany has declared cryptocurrencies as legal financial instruments and are considered to fall under the category termed as- Sctimt. The use/trading of Cryptocurrency is subject to capital gains taxes. They also come under sales tax and VAT.

7) Singapore: The Singapore government and the Monetary Authority of Singapore have declared cryptocurrencies as goods purchased to buy goods. Therefore they are subject to specific taxes. They even asked the exchanges and ATM providers to Green-list them.

8) Bulgaria: Since 2014 the government has declared them as hybrid money and also levied 10% tax when they are used as currency.

9) Finland: The state with a population of just 5.5million has a good number of Bitcoin Vending machines. Cryptocurrency is categorized under financial services and hence are exempted from any VAT.

10) Netherlands: The act on Financial Supervision of Netherlands does not regulate cryptocurrencies and that is why in this Cryptocurrency friendly state there are cities which are termed after them, like – the “Bitcoin City”. This name is given to the city of Arnhem which has over hundred merchants doing business on Bitcoin. You can purchase from bicycle to gas to dental services using Bitcoin.

11) India: Although the Indian government is still to legalize the use of Cryptocurrencies, it is keeping an eagle’s eye view. Off late, the news of Indian government coming with their own Cryptocurrency by the name of “Lakshmi” has also surfaced. All this shows highlights that people in the country are familiar and willing to accept cryptocurrencies, it’s just a matter of time.

 

There are few countries like Ukraine and Russia who do not approve cryptocurrencies but with passing time and pressure of staying ahead in the economic race, they also will gradually accept them. There are others who are watchful and are waiting for others, like Belgium and Greece. These states are waiting and are ready to follow the European wide guidance.

 

Also read: Advantages and Disadvantages of Bitcoin Trading

Trade Bitcoins and Get the Most Out of It

This digital rush of money that is sweeping the global investors is not only getting easier, but also riskier every day. While it was initially a simple peer-to-peer system for small transactions, it is now used for major investments and foreign luxury purchases, which has introduced newer strategies and uses. How does it really work? Yee Kok Siong explains this for you.

 

Bitcoin is a currency just like any other. It can not only be used to buy and sell, but can be used for investing and sharing, and can even be stolen. While the initial introduction of the technology came with a desktop program, it can now be directly operated through a smartphone application, which allows you to immediately buy, sell, trade or even cash your bitcoins for dollars.

 

Investment with bitcoins has become very popular, with major sums of money being put in every day. As a new investor, the rules remain the same as investing with real cash. Do not invest more than you can afford to lose, and do not invest without a goal. For every trade, keep certain milestones in mind. The ‘buy low and sell high’ strategy is not as easy implemented as said. A great way to succeed faster when you decide to trade bitcoins, however, is to learn the technicalities. Like cash investments, there are now several bitcoin charting tools to record the marketing trends and make predictions to help you make investment decisions. Even as a beginner, learning how to use charting tools and how to read charts can go a long way. A normal chart will usually include the opening price, the closing price, the highest price, the lowest price and the trading range, which are the essentials you need before making any sale or purchase. Other components will give you different information about the market. For example, the ‘order book’ contains lists of prices and quantities that bitcoin traders are willing to buy and sell.

 

Moreover, new investors will often quickly open unprofitable positions. With this, however, remember that you have to pay an interest rate for every 24 hours that the position is kept open, with the exception of the first 24 hours that are free. Therefore, unless you have sufficient balance to cover the high interest rate, do not keep any unprofitable position open for more than 24 hours.

 

While bitcoin trading still has its drawbacks, like transactions taking too long to complete and no reversing option, it can benefit you greatly with investing, provided that you take small steps in the right direction.

 

Also read: Learn How to Exchange Bitcoins

Digital Cash and How it Affects You

What are the economic consequences of digital cash? What are its implications from the view of economics? In recent years, several proposals for electronic cash have appeared in cyberspace. In several cases, forms of digital cash are already in use. The economic consequences of these transactions have not yet been fully examined. To some observers, one important economic consequence of electronic cash is the free issue of private currency by commercial banks or other non-firms. However, if we look at the history of money, it is not easy to make privately issued currency credible in the eyes and wallets of the public.

 

As long as there is competition between banks, private banks will sometimes become bankrupted. Nothing is more debilitating to the credibility of privately issued currency than bankruptcy. The most important characteristic of digital cash is its Trans-nationality.

 

Digital cash does not recognize national borders. It is not controlled by any central bank of any national state. The unprecedented efficiency of international payments with digital cash may indeed increase the instability of the global monetary system. This efficiency indeed may lead to conflicts between digital cash providers and users and the central banks of nation-states. There are over a dozen proposals for electronic payment systems on the Internet.

 

In comparison to using cash in the real world, transmitting a credit card number over the Internet might lead to the following difficulties. First, there is the entire question of security. Credit card numbers may be viewed by unauthorized individuals because the Internet is an open system. In the real world, there are a number of means to minimize fraud. A customer using such a card will usually opt to carry out transactions at trustworthy or familiar facilities, stores, and markets. Second, those cards can be used only at authorized stores. Unauthorized small businesses or individuals generally cannot carry out transactions with these plastic-items. In other words, credit cards cannot be used for peer-to-peer payment.

 

As Yee Kok Siong says that cash encourages peer-to-peer payments. Third, such electronic payments usually charge a small fee. Although the cost is low, it can be significant when the payment itself is very small, such as less than 1 Dollar. As a result, those electronic items can not be used for micro-payments. A cash payment is used for even the smallest financial transactions. Finally, receipts from these card payments leave residual records of expenditures. Those who issue electronic cash know exactly what kind of goods and services have been purchased, as well as where and when they were acquired. In other words, user’s expenditures by using debit cards can be traced while cash payments are untraceable. Electronic payment systems, more or less, try to cope with the above issues.

 

Only time will tell if the history of virtual commerce will be peaceful, successful, and tightly coupled with current operational features of the international financial community.

Read also: The Origins of Currency Transfer – Yee Kok Siong

Ransomware Protection Guide by Yee Kok Siong

For the past couple years you may have noticed the appearance of a new and very nasty type of computer threat called Ransomware. According to Kaspersky a computer gets infected with a ransomware every 10 seconds! In 2017 more than 150 countries got affected by the variant of ransomware called WannaCry. It truly did make a lot of people want to cry, since the damage it inflicted is estimated to be over 1 BILLION dollars!

 

So, how does this ransomware work? Let’s take a couple of moments to see how it infects your computer, and what it does to it after that.

 

Stage 1: Infection

 

Ransomware usually tries to infect your computer via two ways. The first one is infected Email attachments. Using a technique called phishing, hackers can learn about you through your LinkedIn or Facebook accounts, then send you an email making it sound like it came from your colleague or friend. This Email would contain an infected attachment with a name relevant to something you would receive from them. By researching you and your habits, hackers make fraudulent emails more credible, and increase the chance that you will click on the infected attachment.

Another way ransomware infects your computer is through compromised or infected web pages. In this case, you can receive an email, text message on your phone, or even LinkedIn or Facebook post with a link. This type of message or post is crafted to make it look legitimate and entices you to click on it, bringing you to an infected webpage. After that, the ransomware on the page scans your computer for vulnerabilities. If it finds one, then ransomware immediately uses it to infect your computer.

 

Stage 2: The damage is unleashed

 

Upon infecting your computer, the first thing ransomware does is scan your computer and every external storage media for files, which are important to you. For example, your photos, videos, music and MS Office files would be a great candidates. Once the files are found, be that locally or on the network, ransomware encrypts them with its own secret key. After the files are encrypted, they are useless to you, since their contents are rearranged in such a way that your computer doesn’t understand them anymore, and cannot open the files. Note that system files belonging to operating system are usually untouched. That would render your computer inoperable and prevent ransomware with proceeding to the next step.

 

Stage 3: Ransom Demand

 

Once the ransomware does its dirty deed and encrypts every file dear to you, it comes up with a ransom letter. In the letter it explains to you that your files are encrypted and in order to get them decrypted or put back in the order they were before and make them accessible again you have to pay a ransom. You see, a simple transfer of money would be easily trackable by authorities and hackers would be caught very quickly. That is why hackers came up with a more sinister scheme to use another type of currency called BitCoin. This currency is legitimate and is used on the web for financial transactions. However, hackers took liking to Bitcoin for its anonymity. It is practically impossible to trace BitCoin transactions making money exchange secure for hackers and untraceable for us. Since most of us don’t have BitCoin lying around, hackers “politely point” you to the legitimate sites where you can purchase BitCoin with your money. Then they tell you where to go to pay with your newly purchased BitCoins. In return, hackers should send you a key or make ransomware decrypt option available, so you can get your files back. The ransom asked to be paid varies, but on average it is about $679 worth of BitCoins. To deliver even more bad news, there is no guarantee that after you pay, you will get your files back. There have been many reports of users paying and not getting anything in return! Sounds gruesome doesn’t it?

 

So what do you do? How do you stop this nightmare?

Solutions

Below are several things by Yee Kok Siong you may want to do to decrease the risk of infection:

 

Keep your operating system updated

It is widely proven that most of the ransomware uses vulnerabilities found in operating system such as Windows 7, 8 and 10. By updating your operating system regularly, you fix those vulnerabilities, so when ransomware tries to infect your computer the loopholes are closed! In Windows operating system you can set it up so it updates automatically and all you have to do is restart the computer every now and then when the updates are applied.

 

Properly choose and install your antimalware solution

Your protection software plays a huge role in defending your computer from all sorts of malicious software (malware) including ransomware. It can detect malicious behavior and stop it in its tracks before it can do significant harm. Keeping proper and updated antimalware solution is absolutely necessary to keeping your computer clean and protected.

 

The final frontier of protection: Backup

You may be surprised to hear that the best protection against ransomware is by being proactive. Instead of trying to recover your computer after it has been infected (which proves to be more and more difficult lately) you simply restore it to the previous uninfected state! You keep backups of your whole computer on external and protected media. If your computer gets hit by a ransomware attack, instead of paying hackers and praying that they will decrypt your files, simply restore your computer from the previous backup! There are many backup solutions out there on the market, which will help you with backing up your computer, however the current leading one is called Acronis. It can make a comprehensive backup of your computer and easily restore it to the previous state when disaster strikes.

 

Also read: How to Convert Bitcoins to Dollars?

Ripple – Why Has Its Value Increased So Rapidly?

With a 35,000% increase in value in 2017 and a market cap of over $118 billion, Ripple has become a much-debated topic among analysts and investors alike. But, what is Ripple? Is it like other cryptocurrencies? Why has it been on fire lately? Yee Kok Siong answers to these questions below.

 

1) What is Ripple?

 

Ripple is a payment solutions company, founded by Chris Larsen and Jed McCaleb. Their Ripple Transaction Protocol (RTXP) contains the cryptocurrency XRP. Ripple claims to offer faster, reliable, and affordable transaction solutions for financial institutions. The company has created a hundred billion XRPs and it currently holds 61% of the coins. The current plan is to release a billion coins a month.

 

2) Differences Between Ripple and Bitcoin

 

Both Bitcoin and Ripple are cryptocurrencies that use block-chain technology. But, there is a fundamental difference between the two: unlike Bitcoin, Ripple cannot be mined. The currency is not set up as a mineable currency, and its use is fixed to the Ripple network.

 

Both Bitcoin and Ripple use validating nodes for validating ledgers. Bitcoin has about 10,000 trusted nodes, while Ripple has only five. However, the company plans to add 11 more over the next 18 months. The five validating nodes are controlled by Ripple. XRP has received criticism for the absence of independently trusted validators. The XRP Ledger is available to all, so anyone can download it and become a validator. Many companies run their own nodes on the Ripple network.

 

3) Reasons for Recent Price Hike of Ripple

 

The recent price hike of XRP has a lot to do with the currency’s expected use by financial institutions and investment by believe-the-hype investors. Ripple has been successful in gaining banks as customers for its other products. Ripple’s xCurrent is preferred by financial institutions because it offers real-time communication and quick corrections, thus reducing delays in bank transactions. The company plans on introducing a new product, xRapid, that incorporates XRP. They see the new product as an opportunity to get banks to use XRP. Investors see the potential of the currency as a financial vehicle used by banks worldwide.

 

Ripple, or more precisely, XRP, is a rising cryptocurrency. It’s different from the leading digital currency Bitcoin because its supply is controlled by the founding company. Ripple is banking on banks adopting it in the future. One can speculate that the recent increase in Ripple’s value will fuel more debates about its pros and cons.

 

Read also: Crypto Market Analysis by Yee Kok Siong

Yee Kok Siong on How to Keep Your Credit Card Information Safe

Your credit and debit card information are always at risk, as more and more people are using plastic money to pay bills and for online shopping. Here are some useful tips by Yee Kok Siong that will help you to keep your credit card information safe from thefts and without being tricked.

 

It is very important to keep your cards in a safe place. It is better to keep your cards in a wallet, close to your body where it cannot be easily snatched. It is safer to keep the wallet in front pockets. As for ladies, it is better to use bags with a zip and with a strong handle that won’t snap.

 

If you are doing some shopping at a busy area, then it’s better to carry a small purse held close to you. Carry only one or two cards that you will be using for the day. Never store ATM pin password slips along with your cards, and it is a very bad idea to write the ATM pin password on the back of the card. Also see that you have signed on the signature strip behind the card.

 

Don’t leave your credit cards exposed at shops or at the billing counters, thieves or skimmers can easily take pictures of your card with his cell phone or misuse it. Keep an eye on the card when the billings are made. Put away your card immediately after making the payments. Before you leave the shop, always see that you take back your card; don’t leave the billing counter without it!

 

Shred anything and everything that has your credit or debit card number on it. Don’t just throw away your credit or debit card bill statements directly into the bin, please shred them into bits, so that keep fraudsters doesn’t get their hands on it. It is much better to opt of e-statements or via SMS. Similarly all expired cards should be cut into at least 6 pieces along the card number and the magnetic strip.

 

Never sign on blank credit card receipts. In order to prevent credit card fraud, verify the amount of money mentioned on the receipt before signing. If you end up getting a receipt which has blank spaces, then write “0INR” or “000Rs” or simply strike it off. If you leave it blank, then the cashier can write any amount and he can charge you for it!

 

Avoid giving your credit card information to kids. Often parents give out information to their children to book movie tickets or to make online purchases. Kids can memories the information and keep using it on the internet without your knowledge! When you give your card information to someone over the phone, have a look if anyone is standing close by trying note your details. Most importantly, never give your card information for those who call you asking for it calming that you have “won” a prize. Remember, a bank will never call their customers asking for passwords or other details.

 

Report stolen or lost cards immediately and block your cards as soon as possible. Keep the customer support numbers written in your handbook. Always read through the billing statements each month to check any unauthorized charges on your card. If you happen to notice anything, don’t hesitate to call the bank immediately.

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