EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — April 2016. In this issue of EarnForex.com newsletter, I will remind you about the most important Forex-related events of the last month and will also show you the list of the site's latest updates. | | EDITORIAL: Staying Safe with Forex Software | | Losing to the market is not the only way to suffer losses in Forex. Scammers and hackers of all sorts hunt for traders. Here I will describe a rarely talked about danger of using third-party Forex software — expert advisors, indicators, scripts, etc. In general, it is normal to assume that the Forex software distributed by serious companies — brokers and platform developers — is safe, at least in terms of viruses, worms, and trojan horses. What is not potentially safe is the software for trading platforms and third-party software from unknown developers. - The most dangerous and widespread threat to traders' security are the MetaTrader robots and indicators that require Allow DLL imports to be enabled. The danger here comes from the fact that allowing DLLs enables the program to act outside the platform on your PC (e.g. write and read all your files) while the normal programs (without DLLs) are limited only to the platform as their sandbox. You can bet that if such an app is not open source, requires a DLL, and comes from someone you barely know, it will certainly contain some malicious code. Unless you receive a DLL-based MT4/MT5 app from a really trustworthy source, never run it on your PC. Other trading platforms that allow DLL imports are also affected by the same issue — be careful if the platform warns you against running some code or granting it some extra rights.
- Compiled MetaTrader programs (.ex4, .ex5) that do not require DLLs are far less dangerous but can still play tricks to your platform. Although they cannot access your PC outside the trading platform, they can screw up your trading, remove or add chart objects, randomly close positions, and do all sorts of other nasty things. The best solution is to use only open-source software for MetaTrader (.mq4, .mq5).
- Plugins for trading platforms and stand-alone third party software (strategy testers, simulators, analytical toolkits, etc.) have a considerable potential to harm trader's PC. Fortunately, such software rarely comes from unknown sources. Traders usually download such programs either directly from their broker or from some established software development companies. It is easy to stay safe here — just make sure you are dealing with a trustworthy party.
There is nothing difficult in playing it safe. The main idea is not to rush when someone shares a new miraculous indicator on forums. Be extra careful when such indicator comes without a source code and requires DLLs. PS: EarnForex.com shares its free software only in open-source manner. Neither our expert advisors nor indicators require DLLs to run. Traders' safety is of utmost importance to us. | | Overview of the major currency pairs' performance in March | | EUR/USD — demonstrated an uptrend with some short-term corrections in March. It was at the maximum at 1.1411 on March 31, at its minimum at 1.0822 on March 10, finishing the month at 1.1379. GBP/USD — rose during the first half of the month but then entered a consolidation. The highest monthly rate was at 1.4514 on March 18, while the lowest — at 1.3904 on March 1. GBP/USD finished March trading at 1.4358. USD/JPY — went down then up then down again. The pair rose to as high as 114.55 on March 2, reaching a bottom at 110.66 on March 17 and closing the month with the 112.55 rate. EUR/JPY — was rising during March. The monthly high was at 128.22 on March 31, the monthly low — at 122.07 on March 1. Trading ended at 128.04 for this currency pair. GBP/JPY — traded sideways. The maximum level for this pair was 164.09 on March 11, while the minimum — 156.13 on March 1. The month's trading ended at 161.60 for GBP/JPY. | | Fundamental background of the past month | | During March, the US dollar was driven by the monetary policy outlook. The Federal Reserve decreased the expected pace of interest rate hikes, causing strong damage to the attractiveness of the greenback. The US currency recovered a bit after several Fed officials talked about the possibility of an April hike but plunged back down after dovish comments of Chairperson Janet Yellen. The dollar's loss was the euro's gain as the shared 19-nation currency profited from the greenback's woes. As for domestic fundamentals, it looked like the decision of the European Central Bank to cut interest rates deeper into the negative territory should have made the euro weaker. Yet this has not come to pass as ECB President Mario Draghi hinted that he is not expecting another round of monetary easing. The bombings in Brussels damaged the appeal of the euro, but the impact of the terrible event was short-lived. The Great Britain pound shifted its focus for the monetary policy of Bank of England to the possibility of Great Britain's exit from the European Union (so-called Brexit). While many economists think the Brexit would be a negative factor for the economy and the currency of the United Kingdom, the sterling was showing surprising resilience at times. Unlike the sterling, the Japanese yen paid close attention to speculations whether its central bank is going to add stimulus or not. In the end, the Bank of Japan refrained from expanding its stimulus program just yet but hinted that monetary easing remains in the cards. The Swiss National Bank did not follow the ECB with interest rate cuts, helping the Swiss franc to remain relatively firm. The Canadian dollar continued to follows moves of crude oil prices, rising with the crude at the start of the month but showing vulnerability by the end. The Australian dollar was very strong during March due to the absence of an interest rate cut from the Reserve Bank of Australia as well as with the help of positive fundamentals. The currency softened a bit after China slashed its growth forecast and the RBA minutes suggested that a rate cut remains a possibility, though the Aussie retained much of its strength by the end of the month. The New Zealand dollar received a major blow from the surprise rate cut by the Reserve Bank of New Zealand, though it did not prevent the kiwi from joining other commodity currencies in a rally. Gold paused its rally in March, falling a bit even though the weak US dollar was helpful to the metal. | | Interest rate changes in March | | Eurozone | 0.05% | -0.05% | 0.00% | | Hungary | 1.35% | -0.15% | 1.20% | | Indonesia | 7.00% | -0.25% | 6.75% | | New Zealand | 2.50% | -0.25% | 2.25% | | Norway | 0.75% | -0.25% | 0.50% | | South Africa | 6.75% | +0.25% | 7.00% | | Taiwan | 1.625% | -0.125% | 1.50% | | Turkey | 10.75% | -0.25% | 10.50% | You can see the current interest rates by the world's central banks in our interest rate table. | | Top 5 Forex brokers of the last month | | Six new Forex articles have been published on EarnForex.com since the last issue of the newsletter: You can always browse the previously uploaded articles. | | Three new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - CM Trading — a regulated South African FX company with MT4 platform and accounts starting with $250. Their fixed spreads are rather high. The leverage is maxed at 1:400 and the broker offers copy-trading facility.
- FCI Markets — a new FCA-regulated Forex company with MetaTrader 4, Currenex, and NetStation trading platforms. They offer accounts starting from $1 and with very low spreads.
- SuperForex — an offshore (Belizean) Forex company with MT4 accounts — Standard and Swap-Free Islamic. Both start from $1 minimum. 1:1000 leverage is available on Forex and CFDs.
You can always view our full list of Forex brokers. | | There were the following important Forex industry news since the last issue of the newsletter: - On March 14, CFTC fined IBFX Inc. — an operator of TradeStation Forex broker — for $1 million for failing to meet the minimum capital requirements, for failing to timely report the minimum net capital requirement violations, supervisory failures, and for violating a prior CFTC order following SNB's Swiss franc event in January of 2015. A day later (on March 15), NFA revoked IBFX Inc. membership. It is worthy to note that TradeStation is no longer operating in retail FX business.
- AGEA now offers binary options trading via its WebTrader platform.
- TradeView Forex added support for cTrader platform.
- RoboForex added PayPal to its supported payment methods.
- CySEC fined Mayzus Forex broker for €12,000 for non-compliance to anti-money laundering regulations.
- MetaQuotes added position hedging account system to its MetaTrader 5 platform. Currently it is in open beta-test. Previously, MT5 was limited to FIFO system of orders and positions.
| | Until the next newsletter issue! | | That is all for the April issue of the EarnForex.com newsletter. If you have questions, comments or just want to see something else in the next monthly issue, please let us know. | | |
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