This Friday, at least four trading providers have announced new safety measures.
On Thursday, the Turkish lira (TRY) fell to a record low against the United States dollar (USD), reaching 7.49 to the dollar, which is lower than its previous record low of 7.236 that was seen during the country’s August 2018 currency crisis.
The weakening currency follows an increasing amount of pressure for the emerging market currency, as rising inflation, slow economic growth, and growing unemployment have been weighing heavily on the country, in addition to extra pressures from the COVID-19 global pandemic.
The drop in the lira came as investors worried about diminished currency reserves and the need for foreign financing, and according to market consensus, the currency is expected to continue to weaken, with some analysts forecasting a full-year recession for Turkey.
Following the drop in the currency, across Thursday and today, brokers have been sending emails and publishing updates for their clients regarding the situation and how they are responding.
Japanese trading providers respond to Lira situation
This Friday, at least four new trading providers have announced new safety measures or put out warnings for their clients - Excite One Co., Ltd, Forex Online, FOREX.com, and SBI FX Trade.
Specifically, Excite One has said that it has settled the following currency pairs in order to avoid “unforeseen circumstances in transactions due to Liquidity deterioration and price not being delivered, and unexpected risks” - USD/TRY, EUR/TRY and TRY/JPY.
Forex Online, FOREX.com, and SBI FX Trade have all posted warnings on its websites against the lira, warning of its unpredictability and the risks associated with this currency.
“Due to the increasing tension in the market environment around Turkey, there is a possibility that swap points for Turkish lira-related issues will be significantly paid in both sell and buy positions,” FOREX.com said on its website.
“Customers are kindly requested to pay close attention to the possibility of sudden fluctuations in swap points and market prices, and to manage their transactions and accounts with sufficient margin.”
Think Markets and OANDA respond to the situation
As Finance Magnates reported yesterday, FCA-regulated Think Markets said it has transferred trades on EUR/TRY and USD/TRY currency pairs to the close only mode until further notice.
OANDA Japan introduced fresh restriction measures for Turkish lira related transactions. Namely, it has stopped accepting new orders for the Turkish currency pairs as of today, with the timing of reopening still undecided.
On Thursday, the Turkish lira (TRY) fell to a record low against the United States dollar (USD), reaching 7.49 to the dollar, which is lower than its previous record low of 7.236 that was seen during the country’s August 2018 currency crisis.
The weakening currency follows an increasing amount of pressure for the emerging market currency, as rising inflation, slow economic growth, and growing unemployment have been weighing heavily on the country, in addition to extra pressures from the COVID-19 global pandemic.
The drop in the lira came as investors worried about diminished currency reserves and the need for foreign financing, and according to market consensus, the currency is expected to continue to weaken, with some analysts forecasting a full-year recession for Turkey.
Following the drop in the currency, across Thursday and today, brokers have been sending emails and publishing updates for their clients regarding the situation and how they are responding.
Japanese trading providers respond to Lira situation
This Friday, at least four new trading providers have announced new safety measures or put out warnings for their clients - Excite One Co., Ltd, Forex Online, FOREX.com, and SBI FX Trade.
Specifically, Excite One has said that it has settled the following currency pairs in order to avoid “unforeseen circumstances in transactions due to Liquidity deterioration and price not being delivered, and unexpected risks” - USD/TRY, EUR/TRY and TRY/JPY.
Forex Online, FOREX.com, and SBI FX Trade have all posted warnings on its websites against the lira, warning of its unpredictability and the risks associated with this currency.
“Due to the increasing tension in the market environment around Turkey, there is a possibility that swap points for Turkish lira-related issues will be significantly paid in both sell and buy positions,” FOREX.com said on its website.
“Customers are kindly requested to pay close attention to the possibility of sudden fluctuations in swap points and market prices, and to manage their transactions and accounts with sufficient margin.”
Think Markets and OANDA respond to the situation
As Finance Magnates reported yesterday, FCA-regulated Think Markets said it has transferred trades on EUR/TRY and USD/TRY currency pairs to the close only mode until further notice.
OANDA Japan introduced fresh restriction measures for Turkish lira related transactions. Namely, it has stopped accepting new orders for the Turkish currency pairs as of today, with the timing of reopening still undecided.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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