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Four deadly consequences using a low-end broker

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low-end broker

We all know trading is the best way to secure our financial freedom. Regardless of the economic crisis, traders can make a profit by executing orders in the Forex market. They execute the orders, traders use third party often known as Forex brokers. Unless you trade this market with a well-reputed Forex broker, it’s tough to ensure profit. You might get scammed in the investment industry. People are always thinking about their trading strategy and working more than 10 hours to learn the art of trading. They even forget the role of premium brokers. If you chose an unregulated broker, you are going to suffer a lot in the investment industry. Let’s learn to explore the consequences of choosing a low-end broker in the Forex market.

You might get scammed

If you trade this market with an unregulated broker, you might even get scammed. The traders are not aware of the fact, hundreds of false brokers are offering service only to get money from the investor’s pocket. Once you deposit money, you will be able to execute a trade without any problem. But things will take a turn when you request a withdrawal. They will show hundreds of causes and freeze your trading account. If you want to save yourself from such a broker, you must choose the broker who is well regulated by the financial regulatory bodies. But having a license from such organizations is not enough. You need to assess their past track record. Read public feedbacks and opinions and you will be able to understand the quality of the brokers.

The low-quality trading environment

All the low-end brokers offer a low-quality trading environment. The traders often experience heavy slippage and find it hard to execute the orders at the volatile market. But if you trade with the best Australian Forex broker, you are never going to experience such technical problems. Elite brokers like Rakuten always care about their clients. They worked hard to ensure the premium environment for the retail traders. If you asses the price charts, you will be able to see accurate price feed. On the contrary, if you trade this market with a premium broker you always get high-quality price feed. Those who are using the price action signals knows the importance of accurate price feed. A few seconds delay in the price feed can greatly change the candlestick pattern. So, the traders are bound to lose money due to faulty price feeds.

Horrible customer support

If you trade with the unregulated broker, you are going to get horrible customer support. The new traders are most likely to face trouble with the trading environment. In such a case, the premium Forex brokers always try to solve the problems with high priority. No matter how big the issue is, you can expect to get premium help from the retail traders. Being a new trader, you can also get access to their educational resources. On the contrary, if you trade with the unregulated broker, you never know about the quality of trading tutorials. You might learn trading in the wrong way and lose a big portion of your capital.

Makes you frustrated

Low-grade brokers have many problems. Every small problem contributes to your frustration. Being a new trader, you will be struggling to make a profit. And when you will start losing money due to technical problems, it will be very hard to control your emotions. Once you lose control over the emotions, you will make a big mistake and lose more trades. The pro brokers always try hard to make the traders mentally stable. They arrange regular webinars on trading so that the traders can learn new things. You might feel, the low-end brokers will cut down your trading cost but in reality, they will wipe your trading account.

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Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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