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Trading Online with Regulated Vs Unregulated Forex Brokers

Catherina Ploumidakis

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Trading Online with Regulated Vs Unregulated Forex Brokers

Over the past few years, forex trading has emerged as a lucrative venture for earning money among millions of traders and investors worldwide. It involves buying and selling of currencies on a market that takes places 24 hours a day from Monday to Friday.

Because the forex market has no physical marketplace, traders must find a broker who is an intermediary between them and the interbank. Finding a reliable and trustworthy FX broker is one of the biggest challenges a new trader must go through. This is because the market is swamped with hundreds of brokers, each one of them claiming to be the best.

Regulated Vs Unregulated Forex Broker

When it comes to choosing the best broker to suit your needs, you have to consider some important factors like the company’s reputation, customer support, trading platform, etc. However, there is one most important factor that you should consider before choosing a forex broker for your needs – regulation. Should you work with a regulated or unregulated forex broker?

Regulated forex brokers refer to brokers that are registered with the relevant financial regulatory body of their region and that must comply with the standards and rules set by that body.

Regulated brokers are required to adhere to certain stringent standards and criteria in order to retain their business license. They must also submit evidence of periodic audits as well as their accounts on time

Unregulated forex brokers, on the other hand, refers to brokers who are not monitored by any regulatory and therefore can behave in any manner, without having to comply with any rules.

Which to Choose?

To protect your funds, all traders are advised to work with regulated forex brokers. You have probably heard of horror stories of brokers disappearing into thin air with their clients’ hard-earned money. Unregulated forex brokers are also known to manipulate market data to their favor in an attempt to rip off their clients. In case such a fraud, you have no one to protect you as a trader and you’ll end up losing your money completely.

The reasoning behind forex regulation is pretty simple – to prevent fraudulent practices. The main role of a financial regulatory body is to oversee the activities of a financial institution and brokers and to prosecute them in case they are involved in any fraudulent activities. Another role of the body is to register and license forex brokers that meet certain criteria as well as revoking licenses of brokers that fail to abide by the rules.

How to Tell if A Forex Broker is Regulated

Now that you understand why it’s important to work with a regulated broker, the next question is, how do you tell if a broker is regulated/licensed? Well, there are various to identify a genuine, licensed forex broker.

  1. Check their Website

One of the best ways to identify a regulated broker is by visiting their website. The FCA, CFTC, NFA and all other financial regulators require that their licensed Forex brokers mention the regulatory body to which they are registered and licensed as well as provide the corresponding licensing information.

This information can be found in the company’ss website on the About Us’ page. A regulated broker must mention its license number and other necessary registration information on this page. If you can’t find this information on any page of their website, then this means they are not regulated.

  1. Check the Regulatory Body’s Register

The first method can be helpful but it’s not full-proof. This is because some unregulated brokers display a fake license number claiming to be regulated by a certain regulatory body. Many of these have been caught doing this, but there’s a way to avoid this predicament. Reputable regulatory bodies like FCA have a list on their website of all licensed brokers in their jurisdiction.

Just google the name of the regulatory body, visit their website and type in your broker’s name or license to number to confirm whether they are in the register. The register is usually updated regularly so there’s no way you can miss your broker’s name or license number if it’s truly registered.

In Summary

Forex trading can be a lucrative venture provided you work with a broker who has your best interests at heart. So, ensure that your broker is regulated by the relevant regulatory body in the region where it’s based to protect your funds and be on the safe side.

Catherina has joined the team as an intern, and she has been working hard to learn things quickly. Now, she handles the Technology and Business columns of the website along with Vicky. She writes the latest US Technology and Business news regularly on the website with accuracy. Since she is the youngest member of the team, she never hesitates to ask for help from other senior team members. That is the reason, she has been learning things quickly, and now she is becoming proficient. Apart from her work, she loves to read books and watch Business and Tech news. She is a fun-loving woman with a graceful personality.

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Earners can expect to have more taxes taken from their earnings in 2020

Catherina Ploumidakis

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Social Security taxes

Payroll Taxes fund Social Security and all earners are subject to pay these taxes up till a specific limit. This limit could change from one year to another to showcase total wage growth. And next year, earners could expect to witness more of Social Security payroll taxes derived from their earnings.

How the Social Security payroll taxes actually work?

The present Social Security rate of tax equals 12.4 percent of your earning, up till the yearly cap. You pay 6.2 percent of that amount yourself if you are a salaried employee while your employer gives the remaining half. You pay the full 12.4 percent tax yourself if you are self-employed.

For the present year, $132,900 is the wage base meant for Social Security tasks. This implies earnings more than the threshold is not subject to a Social Security tax of 12.4 percent. However, the wage base will rise to $137,700 next year, which implies more no. of earners will be losing more money in 2020.

With all this said, workers who earn a minimum of $137,700 will have to pay a Social Security tax of $17,074.80. If you are salaried, you will be liable to pay $8,537.40 and if you are self-employed then you need to pay the complete $17,074.80.

Remember that this wage cap is applicable to just Social Security taxations. You need to pay medicare taxes across all your earnings.

Is it fair to have Social Security taxes?

Remember, Social Security offers max monthly benefits as well which seniors are permitted to collect. Though a person who earns $1mn will have to pay the same Social Security taxes on their income following year as someone who earns $137,00, these two will hold similar wage amounts in their benefits calculations for that year.

As such, the ultrarich won’t receive more during retirement from Social Security than the moderate-income earners. Thus, to make the ultrarich pay extra in the system is not the best or fair solution necessarily.

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Business

Online Wine Sale is Dominating over Retail Store Sale

Catherina Ploumidakis

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Online Wine

Online wine sales are dominating the retail store sale. This signifies that the e-commerce category is growing steadily. These online wine websites help customers in buying wine online. The most famous online wine retailer is wine.com.

According to the Internet Retailer magazine, this online wine retailer is running for the past seven years. It has sales of $56 million in the fiscal year ending March 31st.

Sources revealed that the year 2019 will be the more site-specific, variety focused and online purchasing of wine year. People are showing more interest in the low-alcohol wine option. Hence, Reliance on online wine shopping is showing dominance over the retail store wine shopping.

Here are the best websites to order wine online

  1. Wine To Ship

Wine to Ship is the fastest growing online wine shipping website. It has always a new wine collection from a range of regions around the world. It sells a large variety of wine and spirits, in the United States.

It has a wide range of collection of wines and spirits has made it the first choice. It also offers an expensive selection of quality liquor, select wines, craft beers, and specialty spirits.  Its highly experienced team offers creative suggestions and inputs on whether to choose a wine connoisseur or a weekend warrior.

When the availability like this is just a phone call away, so it is worthless to travel miles just to get them. And this is one of the reasons for the dominance of online wine shopping over Retailers stores.

  1. Wine.com

This online wine website is the nation’s largest wine retailer. Experts suggest it to be one of the best places to order wine online.

It has a variety of search options like great deals, new arrivals, top-rated, price range, or region and varietals. `It has a special section to finer and older vintage wines for specialized shoppers.

Wine.come has over 10,000 wine varieties that are sourced from over 100 appellation and 50 different varietals.

  1. K&L Wines

It is another online wine retailer with a pretty impressive history of wine selling. The business was founded in 1976 in Northern California. It has retail stores in San Francisco, Redwood City, and Hollywood.

On the website home page, you can search for wine by variety, country, sub-region. It also has general red or white wines, spirits and beers. The home page has wine categories like new arrivals, top picks and best sellers highlighted with the price.

  1. Last Bottle

According to Food & Wine Magazine, the Last Bottle online wine shop is counted amongst the top ten online wine shops.  They offer only one wine a day. The wine will ship to you within 2-5 business days. The last bottle provides a 2% cashback on every purchase to its customers.

  1. Bottlerocket

This online wine website is known to be one of the most interesting wine shops around. Founder, Tom Geniesse was very frustrated with the traditional wine shops organized the inventory. On the Bottlerocket homepage, you will find wine organized with paired foods. Like in the “Green” category, you will get biodynamic or organic wines.

The search feature includes red or white wines, new wines. It has a variety of domestic and international wines collection.

Bottlerocket offers the free local delivery for the Manhattan area provided for the order above $150.

  1. Amazon Wine

On this website, you would get more domestic wines than international ones. It has an extensive search menu.

  1. Astor Wines

The website was founded in the year 1946. It is a New York-based online website based on Astor Wine and Spirits. It offers free shipping on your first web order over $99.

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Business

Amazon is coming out with Kindle Edition for Kids

Erin Fox

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Amazon is coming out with Kindle Edition for Kids

For years, Amazon has been offering Kids Edition versions of its Fire Tablets. But now, it is time to acknowledge the Kindle e-readers with Kids Edition. Amazon has introduced Kindle for kids to reduce their screen time- a major concern for parents these days.

The company is aiming to restrict things to readings only to treat the kids with life stories and much more. If you want to see your child switch from TV to Kindle e-reader version then this is the time. This is the first-ever e-reader designed exclusively for children. Over the cost of normal Kindle, the Kids Edition is available with a two-year extended replacement guarantee.

The new Kindle for kids is all about fun reading. Parents will be able to draw FreeTime books content entirely to the Kindle version for children. This feature will enable children to download content without the intervention of parents.

Parents do not have to worry as the e-reading service is free from inappropriate contents. Moreover, it will not cost any extra charges to the parents. Besides, the FreeTime features can be handled by the parents to set bedtime, manage screen time and more.

The multiple kid-centered features available in the device are ubiquitous. For instance, you can set aims such as reading for multiple days at a stretch. To build vocabularies, children will be offered an onboard dictionary that would automatically save words as flashcards and allow kids to go back and review them. Moreover, FreeTime offers 20,000 kid-friendly books, apps and videos.

From now on, parents can place their order for Kindle Kids Edition which is available in 4 distinct case designs. Amazon will begin shipping the device from October 30th. And if you buy two e-readers at a time, Amazon will give away a 25 percent discount on the total price.

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