I'm planning to start a fintech firm that is partnering with a foreign bank in Antigua to offer a high interest US dollar savings account with no forex conversion fees to residents of developing countries like Turkey, South Africa, Nigeria, Somalia, South Sudan, etc. that have highly volatile currencies which depreciate in value. For example, one USD used to buy 3 Turkish Lira and now it can buy nearly 10 Lira. Saving in USD is highly secure, liquid, and appreciative asset. Details: Mobile app for transactions Deposit in local currency, but save in USD No currency conversion fees Withdraw in USD or local currency up to 7 times a year 7% APR on savings paid in USD So I know the regulatory system is very complex for offshore banks. In the US, foreign banks are not allowed to advertise towards US residents because of FACTA. I was wondering if anyone is familiar with regulations regarding promoting foreign banks in countries like Turkey or other countries in Africa?
Hello guys, as you may have noticed i am new here and to the trading world. I guess it has been over a month roughly and i drain information like a sponge, i have done babypips, read 3 books about strategies and mentality + risk management. Watched over 100 videos including webinars and lessons along with the youtube content. But i have questions which are pretty rare and cant find answers anywhere. I searched Forex and couldnt find any related stuff either. I am living in Turkey and the condition of Forex is different here. Leverage is limited to 10:1 and you need to deposit 50.000 turkish lira to the broker(lots of money). So i want to use a broker who is not supported by turkish state. Like pepperstone, i would appreciate recommendations. The real deal is this. Currently 7 turkish lira = 1 USD (rounded) and a 100 USD is an okay income a month for a turkish student (i dont expect to earn this at all, i am just trying to describe the situation that Turkey is in.) However guys i may start depositing with a small amount of 500 USD at most (at the beginning, every month i will deposit more). I want to risk %1 of my account each trade. And i trade mostly in 15m and 1h candles in my demo account and those show the most profitable results. But will i be able to earn despite the comissions and spreads? Which type of account you guys recommend. Thanks a lot. Appreciate it.
Picking an online broker for investing for a non-US Non-EU investor
I live in Turkey and picked up an interest in investing to be able to feel financially safe and hopefully free in the future, two years ago. I picked a couple of divident paying stocks and bought small amounts. I also picked a couple of funds and invested even smaller amounts to see how they perform. One thing I noticed is that, the market is not likely to beat the inflation (if it can, it will be barely - and statistics are not very reliable at the moment), and nobody in the country remembers a period where USD lost power to Turkish lira in a persistent way, but we are seeing the reverse right now. This is so obvious and certain for most of our people that just buying USD alone is an investment form which will not fail you. Obviously unless I happened to pick up the stocks that will constantly outperform the whole market, it's unlikely that I gain a financial freedom in this way. And I can't do day trading or short term investment because I can't sit in front of a screen and monitor the market. Also, dividends are not reliable as a company might decide to skip a year or stop paying it altogether. And the divident performance of the whole market is around 1%. So, I don't feel like this environment is the right one for long term investment. That's why I am planning to invest in the US and maybe the UK stock markets. There are a couple of banks that let me invest in those markets, but their commission rates are insane. The minimum they will get for one transaction is $25. I was planning to start with something like $250-300 and if I invest with them, there goes one-tenth of my money. However, transferring money to a foreign account costs 40-50 Turkish liras, which roughly translates to $7-8. Considering that I'm planning to put small amount of money and buy stocks with it, transferring money to a broker makes sense. However this arises safety issues as I'm going to invest with an American or British broker. Moreover it will have to be an online broker because others don't accept foreigner investors. Risk increases. While I was doing research, I learnt that Saxobank, Tradestation Global and Interactive Brokers accept Turkish citizens. I can't pick Saxobank as they have a minimum of $10,000 which I won't have for a while. I checked them out to see if they are safe, but apart from obvious advertisement websites, it is very confusing. For instance, https://www.forexpeacearmy.com/forex-reviews/165/tradestation-stock-broker and https://www.forexpeacearmy.com/forex-reviews/165/tradestation-stock-broker They both are slammed here. But check this out: https://www.tradingview.com/brokeTradeStation/reviews/ Here, where the company can answer, there is a different story: https://www.trustpilot.com/review/interactivebrokers.com This one is another: https://www.trustpilot.com/review/tradestation.com?languages=en So, what are your thoughts about these two brokers? Are there any alternatives I am missing? Or should I just not invest in these markets? EDIT: I'm also worried about inactivity fees as I plan to buy and forget whether stocks or funds.
I mean I thought we were going for that 4 then 5 TL so I could eat Doner for a buck, but I'm disappointed. I guess there's always that place that makes doner for 1 lira 50 kurus, but they say it's horse meat lmao Anyway, do you think it's going down any more? Maybe after referendum? I thought it wouldn't go down until referendum tbh, and don't see why it suddenly dropped... Oh it's been around a week since the drop, so I guess this thread is late, but I did let that time pass cuz occasionally, there's those hourly decreases because of one thing then it goes right back up..
Hello guys, I work for a brokerage firm but in a far less technical position--I just manage the CRM etc. Lately people here have been yelling about the Turkish Lira, what's its relation at all to the USD or anything at all in forex? Why is such a "mediocre" currency a big deal?
Let's talk. Turkish Lira shit the bed Friday. I wouldn't normally worry about an emerging economy's currency as I don't trade exotics, and they tend not to cause too much trouble when they go haywire. The ramifications here are a bit different, and because of irresponsible lending by the ECB and others, along with increasing bad debt on Turkey's behalf, these ramifications have wider effects than just TRY. The problem comes that European banks are worried about their exposure to Turkey's bad debt. Turkey is calling for ridiculous levels of rate raising to counter inflation and to try to supercharge their now weakening currency. At first, this will bolster the TRY, but the trade off will likely be much more painful: rampant inflation will likely destabilize the currency. This comes hand in hand with a stronger dollar, which hurts many emerging nations as borrowing is much more expensive and painful, slowing their growth, which then perpetuates the cycle as investors slow their capital due to lower growth targets. On top of this, Trump is moving forward with tariffs on Turkish steel and aluminum, a major export for them. Ouch! EDIT the end point for this is a potential new European debt crisis that potentially spirals into a global correction or worse. Stay tuned, history is being made as you watch.... Esoterically, Erdogan is using the SAME TYPE of language that other dictators use during tough times. Rewind to Venezuela during their crash; both Maduro, and before him, Chavez used this same goofy rhetoric of coming together, not sparing for yourself, and offhandedly suggesting that those who are hiding money out of fear are part of the problem, are exacerbating "the enemy's" position, and are potential traitors for not believing in the central government. This is a red flag for me, as throughout history, this type of strong man language is a harbinger of worse times to come. As u/gorillaz0e has pointed out, the Lira took a dive as Erdogan started to speak as the speculators, banks, and economists saw this same thing: all talk, no substance. There's a decent chance that ECB will float another loan to try to shore this domino up. We will see how it plays out this weekend, and Monday. Make sure you read this article and thread by u/J32926
BE CAUTIOUS NEXT WEEK. EUR, USD, and CHF are likely to be the big plays this coming week. CHF saw a huge influx of currency throughout the day; as one of our redditors said, it's nice to see it functioning as a safe haven again! If you are new, or don't know what you are doing, now is a great time for a demo account, small position, or just don't touch anything and watch.
This thread is for discussion of next week's plans. You can talk about this week, but let's have some substance.
https://np.reddit.com/Forex/comments/b8k4wh/shorting_turkish_lira_easiest_ever_made_in_forex/ Looks like I was right. I predict USd/TRy to rise 40%/year (versus 20% carry cost) for many years. I will remain long until the inevitable default and it goes to 25-1 or higher . The rate will double in a single week when that happens and i will cover. Once it defaults there will probably be a bailout . Even if there is no default, the 20% return from the difference makes it very profitable . The central bank of turkey is way behind the curve in raising rates.
Underestanding the factors at play in the value of the Lira
Hello there Forex. Just joined this sub as my interest in Forex grows and has been growing for many years now but has never been enough to get me to invest. But given the current events it would be a shame if I didn't look to get some experience out of this. As a final year medical student my knowledge of economics is as extensive as a course on supply and demand curves back in school so let's keep this simple. I guess at this point the questions is weather you pour your money into USD/TRY or the other way around and at this point it seems like it's not very clear which side will be the winner and which the loser. I decided to enumerate the factors that are at play here for and against the Lira: For
Increase in interest rates in Turkey - which if my knowledge of basic economics doesn't fail me, means that foreign investment will pour into Turkish banks in the form of Turkish Lira and thus help keep the value of the currency.
Other world powers such as Russia may come in and lend a helping hand to Turkey and keep them afloat.
A decrease in the value of the Lira means a country more attractive to tourists and thus a thriving economy with the Lira in circulation.
Similarities between Erdogan's rhetoric and others like Chavez who we have seen sink their country into dirt.
Doesn't seem like Erdogan will be backing down any time soon and we sure know that backing down isn't in Trump's list of things to do.
Erdogan's plea to the Turkish people to sell their USD to keep the Lira afloat - He has a lot to support in Turkey so this might just play a role.
As I said before this list is by no means complete and I have zero experience in Forex and underestanding how world events influence the value of currencies, so please add and correct anything or everything written and make as much fun of me as you like. I want to improve my learning curve and so I came to you guys directly. It is an honour to me among you.
Citizens when they are witness to economic unrest in their own countries usually begin to buy foreign currency and keep it in reserve against the devaluation of their own currency. This is normal during troubled times, and we were beginning to see the same thing occurring in Turkey. However, Erdogan thisa number of weeks ago called for all Turkish citizens to sell their foreign currencies to prop up the Lira. This sort of a call is usually code for “we are going to confiscate your money when we find it” so you better sell it now, as well as a tacit admission that the Lira’s value is in serious trouble. Thus, the economy as well. In my opinion due to the tacit threat of monetary confiscation we are now seeing a flight to bitcoin and this is also a clue to the unrest that Erdogan is dealing with. Why is this problematic? Since Turkey can’t confiscate currency that is online and untraceable. We can see the flight to Bitcoin by comparing Forex crosses against bitcoin volume. In this light we can see a trend whereby that out of the top 8 Bitcoin traded countries/currency (USD, JPY, EURO, GBD, KRW, PLN, TRY, RUB/RUR) only 4 (USD, JPY, EURO and GBD) are in the top 8 Forex pairings. The others are minor currencies. The Top 8 Forex crosses are: EUUSD 37% of total volume USD/JPY 13% of total volume GBD/USD 12% of total volume AUD/USD 6% of total volume USD/CHF 5% of total volume USD/CAD 4% of total volume EUJPY 2% of total volume EUCHF 2 % of total volume Based upon the comparison between the Bitcoin and Forex Volume we can conclude that there is a feeling of unrest in Korea, Poland, Russia and Turkey. Why put discretionary cash in bitcoin if you feel secure! Add to this the protests, negative economic indicators and international isolation and we can conclude that Turkey is ripe for unrest and the citizens wanting regime change. This does not mean that they will succeed as Erdogan controls the military. However, as we have seen in the past (example the revolution in Egypt) once the upper echelon of the army personally starts to feel the economic results of its leaders’ policies and the people start to demand change, the military almost always sides with the people for their own self-preservation and the betterment of the country they serve.
Bitcoin Volume as a Bellwether to Unrest in Turkey
In the words of Confucius, “if you study the past, you define the future.” While this statement can be made applicable for many aspects of life, in none does it ring truer than political unrest and revolution. From protest in the streets to economic turmoil, political unrest (no matter where on earth you may find it) can shake the world’s socio-political and socio-economic pillars through and through. Furthermore, like the infamous Arab Spring and many other uprisings, political unrest and economic turmoil almost certainly lead to a change of power and regime. This sort of unrest can now be seen first-hand in many regions, however, it is the uprising in Turkey that should truly capture the eye of global governments and citizens alike, as it has quickly become a crucial turning point for the once theoretical concept of the use of Cryptocurrency as a state-wide currency, despite there already being a standard Fiat currency in Turkey – the Turkish Lira. For over 15 years now, Turkey’s Erdogan has lead the nation with the Iron fist of dictatorship in both the Prime Minister (2013-2014) and Presidential (2014-Present) positions. In June of 2018, Erdogan won his latest re-election with a vote of 52.4%. Despite this number (and the election in general), has been called corrupt, unjust, or fixed by many within Turkey and around the world, Erdogan had continued to coral power throughout the region. Furthermore, although Erdogan may be extremely powerful within Turkey, his blatantly dictatorial actions have made him a pariah on the world stage and has led to super powers like the United States imposing harsh sanctions on the nation. While Erdogan’s poor leadership and dictatorial mindset can certainly be blamed for the current economic downfall of turkey – with the Turkish Lira losing value at a current rate of 3.3889-6.6870 Lira/USD in the past year alone – it can certainly be said that the sanctions (and warning of sanctions) by the United States has been far from helpful for the nation’s desperate population or chaotic state. Although such economic hardships and downturns almost never affect the elite / ruling class, the every-day-Joe Turkish citizen is suffering greatly under an abusive regime, a failing economy, and the restrictions that come with a 9.6% unemployment rate throughout the nation. Furthermore, while many citizens may want to protect their assets by investing in foreign currency as the Lira falls, Turkey’s Erdogan has recently called for all citizens to sell their foreign currencies in an effort to prop up the Turkish Lira – stating that the government will confiscate your money when we find it.” So then, what might be the solution for the Turkish people? Their economy is failing, their nation is being hampered by international sanctions, and they’re living their lives under the thumb of an extremely oppressive regime, how might they help (or even save) themselves? Most Turkish citizens seem now to be turning toward Bitcoin and other cryptocurrencies for financial security and relief. This flood of cryptocurrency is not unique toward Turkey however, in fact, through analysis and comparisons of both cryptocurrency exchanges and Forex pairings, one may note the sudden influx of cryptocurrencies in places like the Korea, Poland, Russia and Turkey – which makes sense, as all of these places are seeing some level of unrest amongst their populations. If seen as a store of value, rather than a viable money-making investment, (which, in reality, is what Bitcoin should be seen as and is), one might ask the question: “Why would people who feel safe / secure with their nation and its economy need to store their money in anything other than the currency of the country?” Furthermore, once the cross-examination of cryptocurrency markets and Forex markets are accompanied by news reports of injustice and civil unrest, it may become extremely clear what’s going on in these nations. Furthermore, this may be used in the future as an indicating factor for civil wars – as usually economic downturn turns the military on its leaders and a coup begins, especially if the people are on their side. While such links are, for now, theoretical, as time unravels the fate of Turkey’s current dictator, it’ll undoubtedly be extremely interesting to see how cryptocurrencies may continue to play a role in either the potential regime change or whatever else might come. After all, when looking for clues one should always “Follow the money”.
Turkish Lira Continues to Slide As Erdogan Urges Patriotic Turks to Convert Foreign Assets into Lira
This is an automatic summary, original reduced by 44%.
In statements given to reporters today in Istanbul, Turkish President Recep Tayyip Erdogan has urged citizens to continue purchasing Turkish lira with their foreign assets to prop up the country's sagging currency. Erdogan praised cooperating Turks for their efforts the president also urged all Turkish citizens to make further investments, "I believe my people should give more weight to this campaign," he said. While the lira gained some ground against the dollar during the middle of the week, hitting a low of 3.337, the USD/TRY currency pair has resumed its uptrend over the past two days. The lira's demise was greatly exacerbated in the aftermath of the election of Donald Trump to POTUS. Since November 9, the lira has dropped 11% against the U.S. dollar! The Erdogan administration, in addition to urging Turks to invest in the nation's currency, has plans to boost local currency trading with some of Turkey's largest trading partners - Russia and Iran - to ease FX market volatility, "I think we can remove the risk of currency volatility from our markets by taking these kinds of steps with countries with whom we have large foreign trade volume," explained Erdogan, in statements to reporters on Friday. It's unclear at this point if Erdogan's appeal to patriotism and various currency trade deals will slow down the lira's devaluation against other major currencies.
USD TRY: Hier finden Sie den aktuellen Wechselkurs von US-Dollar USD und Türkische Lira TRY mit Chart, historischen Kursen und Nachrichten USD/TRY: Aktueller US-Dollar - Türkische Lira Kurs heute mit Chart, historischen Kursen und Nachrichten. Wechselkurs USD in TRY. Türkische Lira - US Dollar (TRY-USD) Währung WKN: A0C31S 0,1232-0,73 % -0,0009 ... Musterdepot Waehrungsrechner. Börse: FactSet Synthetic Forex Rates: Stand: 10.11.20 - 21:04:01 Uhr 1 TRY: kostet 0,1232 USD: 1 USD: kostet 8,1199 TRY: Währungsrechner 0.123154. Übersicht Chart News. 5 Jahre. Intraday 5 Tage 10 Tage 3 Monate 6 Monate 1 Jahr 5 Jahre. 6 Monate. Intraday 5 Tage 10 Tage 3 Monate ... In finance, an TRY to USD exchange rate is the Turkish Lira to >US Dollar rate at which Turkish Lira to US Dollar will be exchanged for another. It is also regarded as the value of TRY to USD in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that US$1 will be exchanged for ... US-Dollar Türkische Lira Kurs Prognose, Analyse & Entwicklung Realtime Kurs & Chart aktuelle Nachrichten & mehr - Jetzt USD/TRY Kursentwicklung verfolgen 1 TRY = 0.12821 USD. Konvertieren US-Dollar Zu Türkische Lira . Wechselkurse Aktualisiert: Oct 07,2020 04:47 UTC. Ausführliche Geschichte finden Sie unter TRY/USD Geschichte XE Currency Währungsrechner: 1 USD to TRY = 8,34738 Turkish Lira. Betrag. Von. USD US-Dollar. In. TRY Türkische Lira. 1 USD = 8,34738 TRY. 1 TRY = 0,119798 USD. 1 USD = 8,34738 TRY. Umrechnung von US-Dollar in Türkische Lira. Zuletzt aktualisiert: 2020-10-30 22:09 koordinierte Weltzeit. Alle Zahlen sind Live-Mittelkurse, die nicht für Endverbraucher zur Verfügung stehen und nur ...
Forex currency exchange rate in Bulgaria ... 3:08. turkey currency to inr pound to lira currency exchange rate in turkey turkish lira to usd - Duration: 3:11. Online Jaidev 14,849 views. 3 ... Rising inflation and growing strains with overseas allies are spooking investors away from the local currency. The Turkish Lira touched a record low of 3.97 ... Hello my dear USDTRY Turkish Lira traders, Forex friends, merhaba arkadaslar! ;) Erdogan just let the central bank president Cetinkaya go: He argues that the... How to Trade XAU/USD BEST Forex Gold Trading Strategy - Duration: 17:20. Andrew's Trading Channel 24,080 views. 17:20. Professional Forex Trading Course Lesson 1 By Adam Khoo - Duration: 58:55. Please subscribe to my channel and leave your comments below: ☑ Twitter - https://twitter.com/dlacalle_IA ☑ Website - https://www.dlacalle.com/en ☑ My books ... Turkey has been suffering from an economic downturn as of late, with the Turkish lira currency nearing record lows against the US dollar. However, unlike the... The "Squawk on the Street" news team discusses the moves in the Turkish lira and what it means for the overall economy of the country and broader markets. USD/TRY: Continued gradual depreciation of the Turkish lira expected – MUFG USD/CAD Price Analysis: The dollar has sold off again against all the majors accept the major commodities currencies 🎯 Why US Indices are the most hated Bull and what happens next ... Turkish Lira loses '6', Dollar Strength EURO sick as a Canary - Duration: 18:02 . The Crypto Sniper 2,544 views. 18:02. The ... This video shows how EUR, USD, GBP and JPY currencies changed against the Turkish lira over the last 21 years.