Tuesday July 9, 2019 - 19:43:41 GMT
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Forex trading sites in Sweden now allow BankID
Forex trading is evolving quickly in Sweden, with new methods for KYC, enabling traders to verify their account details in a matter of seconds. The tech savy Swedes and Norwegians are now allowing users to verify their details with BankID, a common type of e-legitimation in Sweden, Norway and Finland. Forex traders using BankID will put in their security code and then their account is automatically verified, the hardest part of any registration on a new forex site.
The market for trading has long been dominated by a few old-fashioned brokers that’s mainly focused on shares. Some new entrants with high technological know-how is about to change the space. One of the oldest and most established forex trading sites in Sweden, ForexTrading.se, is reporting about three new entrants to the BankID system.
First out is Skilling, a company that’s is trying to make it easier to trade. All should be transparent and simple, is their motto. The British site CMS Market is another one of the first allowing this common e-legitimation as a verification method, while Saxo Bank is the third site starting with this technology.
Swedish and European forex traders can enjoy a margin of 30x for forex, 10x for commodities, 2x for crypto). Popular currency pairs for Swedes: EUR/USD, EUR/GBP, SEK/EUR, SEK/USD, SEK/NOK. Not surprising perhaps that the local currency, Swedish krona, is among the most traded. Globally, EUR/USD is the biggest currency pair and the one with one of the lowest spreads.
Swedes trade increasingly in crypto, such as Bitcoin and Ethereum. Perhaps it’s the recent rally in crypto currencies that has been drawing a bigger crowd, that usually was focusing on shares and normal currency trading. Another sector with increasing popularity is robot trading, which is getting more users that never been doing forex before. It's an automated way of doing currency trading, simpler than many might think. It is also a way to trade without feelings involved, one of the biggest issues for beginners. Modern brokers allow users to build a trading robot without coding. All needed is to select a technical indicator, which can be back tested for any currency and time horizon. After finding a profitable trading system, many forex traders in Sweden simply scale it up and apply a similar trading technique on other instruments. It’s estimated by forextrading.se that by 2020, over 30% of all forex trading in the world will be done by robots. Some blame volatile market conditions on robots, while others praise the algorithms that can give them safe profits without having to be manually active in every trade. “Robot trading can be a bit like passive income”, says Markus Jalmerot, a Swedish guy that wrote the first essay about “Trading models for the currency market” in 2004 at Lund’s University. Hopefully, there will be more analysis in the coming years about how efficient robot trading can be and which technical indicators you should consider when going with algorithmic trading models.
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