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 Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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