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Unfortunately, work-life balance may be an issue here with relatively few tourist and leisure attractions, putting the BVIs in the fourteenth position of these featured countries. Broadband speed is also further down the list, with the average speed being just Similarly to the above, Forex trading here has the same pros high leverage, flexibility and cons negative balance protection not being mandatory and risk of fraudsters due to the location as the other offshore countries.
Vanuatu Map by FreeVectorMaps. The lack of traffic is another positive factor of Vanuatu, with the average time in traffic being just fifteen minutes! Most worryingly for a forex trader, Vanuatu has the worst broadband connection out of all the countries looked into, with the average connection being just Vanuatu is the second-worst country for healthcare on our list with a rating of Particular issues include equipment for modern diagnosis and treatment, accuracy in filling out reports, responsiveness in medical institutions, and costs.
The positives of trading here include high leverage and flexibility. Vanuatu is also one of the easiest places to gain a broker licence. Negatives include negative balance protection not being mandatory, also this location may also attract scam artists. Fortunately, the high cost of living stings a little less as the Cayman Islands have a low crime rate level, rated at Crime has increased a lot over the past three years, although residents report that they still feel safe walking alone during the day and night.
The broadband speed in the Cayman Islands is quite slow — the average speed is around The Cayman Islands are a relatively easy and well-regulated place to trade forex. The Cayman Islands Monetary Authority CIMA sets standards for any broker doing business in the country — they enforce regulations that minimise the risk of fraud and illegal activity.
The pros and cons for forex trading in the Cayman Islands are the same as the above offshore regulations. Hong Kong is also the third most expensive place to live on our list! In more positive news, Hong Kong also has very fast broadband, operating at The SFC have a great reputation and are one of the top regulators within the industry — they offer low leverage options, which reduces the risk for traders. The only negative for forex trading in Hong Kong is that negative balance protection is not mandatory.
Belize Map by FreeVectorMaps. As well as the cost of living being lower compared to others, traffic in Belize is also low — the average time spent in traffic is just 20 minutes. Belize has a higher crime rate than other countries we looked at, with a rating of This has risen in the last three years with corruption and bribery, in particular, being a big risk.
Belize is the third-worst country for healthcare on our list with skill and competency of staff, speed in completing examinations and reports, equipment for modern diagnosis and treatment, and wait time in medical institutions all being rated low. Similarly to other offshore countries, positives include high leverage and flexibility — Belize also has strict privacy laws which can protect traders. Negatives include that the location may attract scammers and that negative balance protection is not mandatory.
Malaysia Map by FreeVectorMaps. This country also provides a good work-life balance, with a wide variety of tourist and leisure attractions Unfortunately, Malaysia has the second-highest rate of crime of our featured countries, falling just behind the Bahamas with a rate of Crime has increased a lot over the past three years, with the biggest worries including being mugged and robbed, having items stolen from cars, vandalism and theft, and corruption and bribery. Forex trading is legal, but only recently — there are still a lot of grey areas.
Financial Regulatory responsibilities are left with the Securities Commission in Malaysia — Forex trading is only legal if institutions and agencies approved and regulated by Malaysian law are used. Brunei Map by FreeVectorMaps. Brunei has the best healthcare of all the featured countries with a high rating of 77 — the main positives being the cost of healthcare and the location convenience of healthcare institutions.
With relatively few tourist and leisure attractions across the country, work-life balance may be negatively affected in Brunei. Forex trading has grown in popularity across Brunei — the volume of Forex traded has increased year on year over the last five years. Monaco Map by FreeVectorMaps. Monaco is the third safest country out of all featured countries, with a lower crime rate ranking of This country is also third on the list for the best healthcare with a high rating of Forex trading has been growing in population over the years but there are still some unclear aspects.
Trades occur electronically or via voice. Usually with a markup. A retail forex broker is one of the tiny boats. Of course, since some retail forex brokers are larger than others, their boats also come in different sizes. There are large retail forex brokers. And there are smaller ones. A PB is an entity that is willing to represent the retail forex broker in all its trading transactions that occur in the lake and settle the trades in its name. But large boats are picky. They do not meet the rigid standards and are not able to secure a prime broker relationship, which prevents them from being able to trade with others in the FX market.
Prime of Prime PoP refers to a firm that has an account with a Prime Broker PB that offers its services to other market participants such as forex brokers. The PoP allows the smaller retail broker to trade through it. So if a retail forex broker is one of the tiny boats more like rowboats and kayaks , where do you, the retail forex trader, fit in this picture?
If other ships already deem them too risky to trade with them directly without some sort of chaperone PB or PoP , why would they want to deal with individual retail forex traders? A retail forex trader is NOT a boat Your retail forex broker is a boat. But… YOU are in an aquarium on their boat. Your broker creates its own market for you to trade in. You trade with, and ONLY with, your forex broker. When you enter an order, it is your broker who takes it.
As a retail forex trader, when you enter an order to buy or sell a currency pair, the forex broker IS the counterparty to this trade. Think of it like a simulation. But in the end, you are not trading with other traders…. It is taking the opposite side of ALL your trades. An execution venue is just a fancy word where orders are placed and executed. No money is leaving the broker.
It is only when it needs to hedge trades that real money is used by the broker. But these hedging trades made by the broker, not you. This topic will be discussed more in a future lesson. Nor do you trade with other traders. Not even with other traders who use the same forex broker as you.
For example, if you and another trader use the same broker, you both will NEVER trade with each other, both of you will always only trade with the broker. You are not in the same aquarium with the other trader. Retail traders do not have access to the FX market. They only trade with their retail FX broker. In the institutional market, retail forex brokers are referred to as retail aggregators. They then transact in the institutional FX market to manage their exposure to market risk.
This will be discussed in more detail later. While your broker can participate in the institutional FX market, you cannot. And can only trade whatever your broker offers you. The electronic trading platform that your broker provides you is only connected to your forex broker.
You are accessing that trading platform only to transact with your broker. Again, you are not directly trading with any other customers of the broker. Put simply: When you sell, the retail forex broker is the buyer.
When you buy, the retail forex broker is the seller. You are only able to open and close your positions with your broker. When you open a position, you actually enter into a contract, which is a private agreement between two parties: you and your forex broker. Contracts you enter with your broker can only be closed by your broker. This means that you will be NOT able to close a position with another party. The quotes that your forex broker provides you may be informed by or even come directly from the institutional FX market via price feeds , but it is your broker who you are still trading against.
Nobody else. Why is this important to know? Since the broker is the one taking the opposite side of your trade, this creates a potential conflict of interest. If your trade makes money, your broker loses money. And if you lose money trading, your broker makes money on the trade plus any other fees it may charge.
Counterparty Risk in Forex Trading Because your broker is your sole counterparty, this means that there is the risk that it might not meet its obligations to you. This is known as counterparty risk. A counterparty is the other party that participates in a transaction, and every transaction must have a counterparty in order for the transaction to go through. The buyer and seller in a transaction are also known as counterparties. The buyer is the counterparty to the seller.
The seller is the counterparty to the buyer. A counterparty is the other party that participates in a transaction, and every transaction must have a counterparty in order for the transaction to occur. With regard to trading, a counterparty is simply the other side of a trade. For example, a buyer is a counterparty to a seller.
A principal is a party involved in a contract. So as the buyer, you are a principal.