Forex
DeFi protocol raises $10M from Bitfinex, Ava Labs despite turbulent market
The ongoing crypto bear market has proven itself to be a builders market as investments continue to find projects with promise. Onomy, a Cosmos blockchain-based ecosystem, just secured millions from investors for the development of its new protocol. The project merges decentralized finance (DeFi) and the foreign exchange market to bring the latter on-chain. According to the developers, the latest funding round garnered $10 million from big industry players such as Bitfinex, Ava Labs, the Maker Foundation and CMS Holdings among others. Lalo Bazzi, co-founder of Onomy, said the underlying goal of building a decentralized autonomous organization with a public infrastructure should serve the “core tenant of crypto — self-custody — without sacrificing on the user experience.” Both DeFi and self...
Singapore bank DBS uses DeFi to trade FX and state securities
DBS Bank, a major financial services group in Asia, is applying decentralized finance (DeFi) for a project backed by Singapore’s central bank. DBS has started a trading test of foreign exchange (FX) and government securities using permissioned, or private, DeFi liquidity pools, the firm announced on Nov. 2. The development is part of Project Guardian, a collaborative cross-industry effort pioneered by the Monetary Authority of Singapore (MAS). Conducted on a public blockchain, the trade included the purchase and sale of tokenized Singapore government securities (SGS), the Singapore dollar (SGD), Japanese government bonds and the Japanese yen (JPY). The project has shown that trading on a private DeFi protocol enables simultaneous operations of instant trading, settlement, clearing and cust...
New York-based forex broker Oanda launches crypto trading services in US
New York-based multi-asset trading services Oanda has launched a new cryptocurrency trading service in the United States. This latest addition, developed in partnership with regulated blockchain infrastructure provider Paxos Trust Company, is designed to give investors easy access to crypto alongside their existing forex portfolios in a secure environment. The collaboration will enable U.S.-based investors to spot-trade cryptocurrencies on Paxos’s itBit exchange through Oanda’s mobile platform, the broker said. Investors will be able open and fund trading accounts, as well as access major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). According to Oanda, users will benefit from the company’s long track record in the forex and derivatives markets. Oanda’s partner Paxos is a r...
What is Forex Trading?
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Why the Central Bank of Nigeria is Cracking Down on Forex Sales
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit “Cookie Settings” to provide a controlled consent. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Nigerian airlines list conditions for full refund to passengers after two-hour flight delay
Following the pronouncement of the Federal Government that airline operators must refund the full cost of travel tickets to passengers after a two-hour delay, commercial airlines have listed the conditions for such reimbursement. The airline operators made this known in separate interviews with newsmen. The Minister of Aviation, Hadi Sirika, had, on Thursday at the weekly State House briefing in Aso Villa, Abuja, read out some of the rights of air passengers as enshrined in Part 19 of the Consumer Protection Regulations of the Nigerian Civil Aviation Regulations (2015) and charged them to demand their rights whenever they were being trampled upon by airlines. “On domestic flights, for delay beyond one hour, carrier should provide refreshment, and one telephone call, or one SMS, or one e-ma...
4 Important Forex Trading Trends to Keep in Mind During Uncertain Times
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Naira appreciates at N493 to dollar in parallel market
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks. The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos. It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street. At the importer and exporter (I&E) window, it appreciated 0.13 percent to close at N411.50 to the dollar. Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs. Emefiele cautioned them to ensure that...
Naira slides again at official market
Naira for the second day in a row fell against the U.S. dollar at the official market Wednesday, but managed a rebound at the parallel market, a day after hitting its lowest black-market rate in at least four years. Data on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N412.00 per $1 at the Nafex window. The local currency performance on Wednesday represents a N0.25 or 0.06 per cent decrease from N411.75 the rate it traded in the previous session on Tuesday. The trading session on Wednesday witnessed a forex turnover of $131.86 million, this translates to a 23.44 per cent depreciation from $172.24 million posted in the previous session on Tuesday. The domestic currency experienced an intraday low of N420.97 and a high of N400.00 before closing ...
Mobile vs Desktop: Which is Better for Trading?
Image sourced from VorteXz Signals. /* custom css */ .tdi_4_d09.td-a-rec-img{ text-align: left; }.tdi_4_d09.td-a-rec-img img{ margin: 0 auto 0 0; } There’s no doubt that Africa has become increasingly active from an investment and economic perspective of late, with this thanks largely to a huge increase in mobile penetration rates and accessibility. To this end, smartphone sales in Africa grew to comprise 6.6% of the global marketplace in 2019, compared with 6.3% in 2018 and just 5.9% in 2017. The continent is expected to make up 7.1% of the worldwide market in just two years’ time, as it continues to grow incrementally and impressively. /* custom css */ .tdi_3_910.td-a-rec-img{ text-align: left; }.tdi_3_910.td-a-rec-img img{ margin: 0 auto 0 0; } But is your smartphone the best option for...
What are CFDs and How Can You Start Trading Online?
/* custom css */ .tdi_4_61e.td-a-rec-img{ text-align: left; }.tdi_4_61e.td-a-rec-img img{ margin: 0 auto 0 0; } The use of Contracts for Differences (CFDs) continues to trend among retail traders, given these financial derivatives are ideal when market volatility is elevated and valuations have a directional bias. Understanding what are CFDs and some of the main threads linked to them is not difficult, even when it comes to people that are just getting started in the industry. The Basics of CFDs People will very often hear about the stock markets, FOREX, or commodities in the media. These are financial assets with a floating value, creating incentives for speculation. Retail traders and institutions all around the world are getting involved in these markets daily, based on changing economi...
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