Economy
Experts’ Research Has Identified the Best Forex Brokers in Poland in 2023
Forex trading is now a popular way for people worldwide, including in Poland, to make money from home by participating in global markets. Just like shopping for anything else, Polish traders need to find the right place, or in this case, the right broker, to do their trading. In this article, the team at Traders Union (TU) has helped you, by listing the best Forex brokers in Poland.
Forex trading in Poland: a quick guide by TU’s analysts
Engaging in Forex trading is entirely legit in Poland, with the nation’s primary regulatory body, the KNF (Komisja Nadzoru Finansowego), ensuring the market operates transparently and securely. For those in Poland contemplating an entry into the Forex world, here’s a more detailed overview:
1. Regulation
The KNF is responsible for monitoring and supervising all Forex trading activities within Poland’s borders. They enforce regulations and ensure market participants adhere to set standards.
2. Criteria for brokers
Only brokers with a license and authorization from the KNF can operate in Poland. This licensing ensures that they abide by set regulatory standards and practices.
3. EU mandates
The European Union has stringent guidelines in place to safeguard traders, such as prohibiting brokers from offering excessive bonuses and restricting the use of high leverage, thus ensuring a more controlled trading environment.
4. Safety measures
It’s essential to choose brokers vetted and approved by KNF, as this ensures a layer of protection for your investments. However, one must always keep in mind that, like all investments, trading in Forex carries inherent risks and it’s crucial to approach it with caution and knowledge.
Top Forex brokers in Poland
When you’re in Poland and want to dive into Forex trading, choosing the right broker is crucial. Traders Union experts have checked out some of the top brokers for you. Here’s a quick list:
- Tickmill – is great for scalpers, with super low fees.
- FxPro – offers a lot of markets and solid trading tools.
- IC Markets – is known for tight spreads and a big trading volume.
- MultiBank – offers a huge range of instruments but doesn’t support PLN pairs.
- XTB – is strong in Poland and offers local currency pairs.
- XM Group – good market coverage and well-regulated within the EU.
Quick tips to pick a Forex broker in Poland by TU’s experts
If you want to familiarize yourself with Forex trading in Poland, you need to start by looking for a suitable broker.
1. Regulation
Make sure your broker has a green light from top regulators like CySEC, FCA, or ASIC.
2. Commission fees
Check how much they charge. It’s a good idea to compare commission fees to find the most favorable offer.
3. Speed
A good broker processes orders quickly. No one likes delays.
4. Starting out
Look at their minimum deposit. Can you afford it?
5. Stability
Pick a broker that’s financially strong. It’s important to verify the safety of your money.
Starting in Forex? Best brokers for newbies in Poland
Hey newbie! Looking to kick-start your Forex journey in Poland? Here’s a quick guide from Traders Union team to help you pick the best broker:
- Low deposits – start small. Look for brokers like RoboForex and IC Markets that let you trade with a bit of cash.
- Practice accounts – dive in without risks. Demo or cent accounts are your best pals to practice.
- Learn from the pros – some brokers offer copy trading. You can mirror what seasoned traders are doing.
- Learn and grow – choose brokers that have awesome learning resources, like webinars and tutorials.
Conclusion
Starting Forex trading in Poland might feel a bit tricky. But with tips from TU and picking the right broker, you’re on a good track. Whether you’re experienced or new, it’s important to stay safe, learn, and find the best match for your needs. As the Forex scene changes, keep updating your knowledge. With the right help and continuous learning, there are many chances to do well in Poland’s Forex market. So, jump in, make wise choices, and happy trading!
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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