Compare and choose the best foreign exchange rates from 100+ money changers in India. Fair Fast and Free at FXKART. Fxkart is your one-stop solution for all your foreign exchange requirements in India. Fxkart is an aggregator of Forex rates provided by dealers in India and our pan India presence helps you get the best rates for your requirement. We have the unique bid system where dealer bid for the forex requirement. FXKART’s unique method makes it stand apart from other dealers. It’s unique method helps customer to get exchange currency at better rates. Visit : www.fxkart.com #fxkart #fxrates #foreign currency exchange What are machine readable passports?
Machine readable passports are passports recognized by ICAO (International Civil Aviation Organisation). Unlike their prior counterparts, the non machine readable passports, these are more reliable as they are machine read. The ICAO introduced these somewhere in the 1980s and has been phasing out the non machine readable ones since. How do I know whether my passport is machine readable? If your passport is handwritten or has a pasted photo or has a validity of 20 years then it is not valid 24th November 2015 on-wards. The machine readable passports are printed and have a validity of not more than 10 years. Without getting too technical, the machine readable passports have data on the identity page encoded in optical character recognition format which are standardized by the ICAO. Hence can be read by a machine. What will happen if I do travel carrying a non machine readable passport? Foreign governments will deny visa or entry to persons travelling with non machine readable passports.I have a non machine readable passport.. What should I do? Apply for a new passport at the earliest. Nothing special needs to be done. Just log on towww.passportindia.gov.in and follow the usual passport application procedure.So what are you waiting for? Hop to it and get your passports renewed before you head out to your destination this new year. Nothing smells more like fresh bait than an unaware tourist. With swindlers, dupers and predators at every nook and corner of your dream destination, you need to be extra cautious lest your travel turn into a nightmare. Here are a few tips to keep you safe this holiday season and return revived rather than robbed from your trip.
How to carry money Aside from the general safety rules like don’t trust strangers and avoid safekeeping packages from unfamiliar people, you need to be extra careful while handling cash. A safety pouch that can be fastened to your belt or around your neck is a must. Pickpockets will do a pretty neat job picking up from your front pocket let alone the easy breezy pant pockets. Be super alert when going in crowded places as the pushing and shoving from the crowd will be hard to differentiate from someone wiping you clean. Browse online for pouches that can be fastened to your body inside your clothes. Water sports and swimming need not be missed out upon in the name of safety of your belongings. Invest in a water proof pouch specifically designed to be used under water. You can find these online too. ATM withdrawals Withdrawing money from an ATM is another murky swamp you need to tread carefully in. Using an ATM on a deserted street is like walking into a hungry lion’s den. It is not only a danger to property but also to life so be extra cautious. The general instructions displayed on the wall of every ATM must be heeded. Do not operate an ATM with someone else inside. Also make sure to always take your receipt. Do not count your cash while exiting the ATM lest you entice a mugger. In many places you will come across a drive through ATM. Never leave your car running or open while operating the ATM. I’m fairly certain that you would rather have your cash stolen rather than your rental car! Contingency Planning Another trick many travellers opt for is to carry a dummy wallet as bait for muggers and petty thieves. The dummy wallet can be filled with fake notes and cards. In a sticky situation you can always give away the fake wallet while your belongings are safely tucked close to your body. Money is not the only thing you stand to lose in case of a mishap. Passports, ID cards need to be carried at all times and their safety also taken into account. Before you head off to your destination make two copies of your passport, ID cards, travel cards and traveller’s cheques. Keep a batch of the copies with your in-case-of-emergency contact back at home and carry the other batch in your luggage separate from the originals. Personal Safety When travelling in groups do not stock all passports and original documents with one person. Also let children have emergency contact numbers memorized or written on their arms and carry a small notebook of all important details in case they get lost. Never leave your originals lying around in your drawers or wardrobe of your hotel room. Either carry them on your person or keep them in the safe if provided by the hotel. Be safe this travel season as a safe traveller is a smart traveller. source : fxkart.blog.com visit : www.fxkart.com for foreign currency exchange The foreign exchange market is the “Mother” of all markets, exceeding $5.3 trillion a day in turnover. When the total for international imports and exports combined for a year is less that $50 billion, one has to wonder why actual forex trading is thousands of multiples more? The answer is that there is a lot of speculation going on, as to how exchange rates might impact trade, investments, and capital flows across national borders. Even after backing out investment and hedging activities, some estimate that the amount of speculating in currency movements is easily over 80% of the activity.
Global banks, insurance companies, and hedge funds have a footprint in many markets across the globe, and, with this competitive advantage, they ply the carry-trade strategy to a great extent. Analysts estimate total current carry-trade positions to be in excess of $11 trillion, a coiled spring when it comes to forex risk, since a run for the exits would require enormous buying and selling, all at once. Volatility would go through the roof. The whipsaw effect could wipe out retail forex traders in a heartbeat. Similarly, when the Swiss National Bank removed the Swiss Franc peg to the Euro early this year, brokers and traders alike were wiped out in one gigantic tsunami of adverse market moves. source : http://www.forexfraud.com/forex-articles/trading-foreign-exchange-is-truly-high-risk-here-are-the-reasons-why.html visit : www.fxkart.com for foreign currency exchange Upon downloading and opening the software of your chosen forex broker, the first concept that you will encounter is the forex price quote. The quote is simply the record of a previous transaction in which a currency pair changed hands. When two financial actors exchange currencies, the price at which the transaction occurred is called a quote. Let’s see this with an example.
EUR/USD 1.3524 In the above quote, the currency on the left side is the currency which was bought by us, while the one on the right is the one that we sold to finance our purchase. The number signifies the value at which the currencies were exchanged. Or to put it in a short and simple mathematical form, when we bought 1 Euro, the value of one Euro was equal to 1.35 USD, and we had to pay that much to buy the currency. Upon executing the trade, we are now long the Euro, and short the dollar (we bought the Euro, and sold the dollar.), in either words, we have an open position. The principle of profit in currency trading is the same as in all other kinds of trading activity: to buy cheap, and to sell expensive is our purpose. Consequently, we will wait for the value of the Euro to rise above 1.35, to for instance, 1.38, where we will be able to close our position by selling the Euro and buying back the dollars, and making a profit. Since our base currency is the dollar, our profit will also be measured in dollars. Let’s solidify this with an example: We buy 1,000 EUR for 1,350 USD, with the quote at 1.35. We wait until the quote is at 1.38, when we close our position by selling our 1,000 Euro at 1,380 USD. Since our initial trade was worth 1,350 USD, the difference between 1,380 and 1,350, that is, 30 dollars, becomes our profit. Upon downloading and opening the software of your chosen forex broker, the first concept that you will encounter is the forex price quote. The quote is simply the record of a previous transaction in which a currency pair changed hands. When two financial actors exchange currencies, the price at which the transaction occurred is called a quote. Let’s see this with an example. EUR/USD 1.3524
Forex Regulation in the USThe regulatory bodies in the United States are the CFTC and the NFA. The CFTC determines the rules regulating the commodity brokerage industry, and its stated mission to investors, trader and the public from unethical practices in the commodity and financial futures and options markets. In addition, the CFTC is responsible with creating the regulatory environment that will foster a free market environment that fosters competition. The CFTC has the authority to close any unregulated entity in the retail forex industry.
The NFA is another regulatory body that enforces adherence to certain capital requirements, and maintenance of a sound financial structure by its members. It also requires that member firms actively supervise their employees, agents and affiliates to prevent fraud and unlawful activities. Since not all forex brokers are members of the NFA, it is important to seek those that offer the added transparency of membership, in order to minimize the risks associated with fraud and similar illegal acts. Forex Regulation in AustraliaThe Australian Securities and Investment Commission (ASIC) regulates forex trading in Australia. All legitimate brokers providing retail forex services must be registered with this body which enforces capital requirements. Australian law requires that any foreign exchange broker acquire an Australian Financial Services License, or be licensed with the Reserve Bank of Australia. Forex Regulation in SwitzerlandOur advice for beginning traders is to be wary of forex brokers which are only active in Switzerland or are only registered with Swiss Authorities. Many scammers have been exploiting the reputation of Switzerland as a banking center by registering their fake companies with the Swiss authorities who are very lax about the regulation of the retail forex industry. The main regulatory body in Switzerland is the Swiss Federal Banking Commission (SFBC). But many scammers choose to register their firms with one of the private regulatory institutions such as Organisme d'autoregulation fonde par le GSCGI, Polyreg and Association Romande des Intermediares Financiers, as these bodies only concern themselves with money-laundering issues, and are generally very lax on customer protection. It is expected that the Swiss Federal Banking Commission will bring all forex brokers under its own supervisory structure by establishing a body similar to the US NFA, but until that plan is in effect, retail customers of forex brokers in Switzerland are basically unprotected against fraud. Forex Regulation in the United KingdomForex brokers are regulated by the Financial Services Authority (FSA) in the United Kingdom. Apart from its usual supervisory duties, FSA rules require that client deposits be segregated from the funds and accounts of the brokerage firm. In other words, in case of bankruptcy due to fraud, or mismanagement, the customers funds are safe. The advantages of this requirement are self-evident. Forex Regulation in the EUIn the EU, retail forex brokers are regulated by the authorities of the nations in which they are operating. So far, there is no central regulatory body which supervises the activities of retail brokers on an EU-wide scale. Standards vary from nation to nation, but in general it is a good idea to choose brokers regulated by the institutions of nations like Germany or France, over those located in Greece, Portugal or Hungary, for obvious reasons. source : http://www.forexfraud.com/forex-articles/how-to-choose-a-forex-broker.html visit : www.fxkart.com for foreign currency exchange To divide currencies on the basis of financial soundness and economic policies, the following is one plausible categorization.
· Reserve CurrenciesThese are the currencies of nations which have a dominant role in global economic transactions. The European Union, Japan, the United States are the important powers the currencies of which fill the coffers of central banks around the world. Among those, the role of the Japanese Yen as a reserve currency has been diminishing since the 90’s, while that of the Euro has been increasing continuously since the launch of the currency. Among all those changes however, the US Dollar has remained as the one major currency that has the greatest preponderance over everything else in central bank currency allocations. With about two thirds of global forex reserves denominated in the dollar, the USD is the reserve currency of the world. For traders, an important rule of thumb is that reserve currencies as a group tend to depreciate in times of boom, and to appreciate at times of economic trouble. This is a generalization; needless to say there is a degree of variation among the behavior of different currencies, but due to the financial structure of the global economy, economic activity usually leads to abundant supply of reserve currencies during robust economic growth. · Commodity CurrenciesCurrencies such as the Australian and Canadian Dollars, the Brazilian Real, the South African Rand, or the Russian Ruble, which are the monetary units of commodity exporting nations, are called commodity currencies. There’s a great degree of diversity among commodity currencies in terms of trade balance or economic sophistication. However, due to the large currency inflows generated by proceeds from the sales of commodities, the value of these currencies is strongly dependent on the buoyancy of global commodity market. · Exporter CurrenciesCurrencies of nations like Singapore, Japan, China, with large forex reserves accumulated through exports, are called exporter currencies. The value of these currencies is related strongly to the health of the global economy. As they depend on foreigners for economic buoyancy, any disturbance to the health of the global financial system can have outsized consequences for these nations. Nonetheless, due to their large forex reserves they are well-placed to withstand the impact of any economic shock better than most of their peers. · High-risk currenciesThese may also belong to any of the other categories. High-risk currencies are the currencies of nations with high deficits (budget or trade), and high interest rates. Examples are Romanian Leu, currencies of Baltic nations, or Turkey. These currencies appreciate at times of boom, as capital from developed economies is directed to their assets, and depreciate during recessions and crises, as global capital discards risky assets. Source : http://www.forexfraud.com/learn-forex-trading/currency-pairs-and-their-characteristics.html visit : www.fxkart.com for foreign currency exchange |
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