Finance

Forex trading is a speculative form of investment that involves buying and selling currencies to profit from market fluctuations. As one of the largest financial markets in the world, forex trading offers traders access to a potentially lucrative investment opportunity.

However, it is essential to recognise that there are many risks associated with this investment, so it is crucial for anyone considering getting involved in forex trading do their homework and learn about all aspects of this complex market before diving in headfirst.

High volatility

The first thing to understand about forex trading is that it can be highly volatile, which means prices can change rapidly during any given day or even within seconds. Managing your risk carefully and using stop orders to prevent significant losses is essential.

Trading platforms

Another critical consideration when trading forex is the trading platform that you use. There are many different types of software available, so it is essential to find one that suits your preferences and offers all the features you need. It would help if you also researched user reviews and ratings to ensure that other traders have had positive experiences with any platform you are considering.

Market fundamentals

In addition to understanding the basics of forex trading, it is also essential to learn about some key market drivers that can affect prices in this market. Market fundamentals such as interest rates, inflation rates, trade balances, employment levels, and central bank policies can significantly impact exchange rates, so staying up-to-date on news and events that may affect trading is essential.

Forex terms and definitions

Anyone involved in forex trading should familiarise themselves with the many essential terms and definitions used in this market. The most common include currency pairs, pips, spreads, leverage, margin, and pipettes. Learning about these and other concepts before investing in forex can improve your skills and limit your risk.

What role does technical and fundamental analysis play in forex trading?

Technical analysis is an essential tool for traders in the forex market, as it provides information about price trends and patterns that can help you predict future movements. This analysis relies on historical price movements, trading volume, and other market indicators to determine how prices may move in the future.

While technical analysis alone cannot guarantee success in the forex market, it can be a valuable resource for traders who want to minimise risk and increase their chances of generating profits. Whether you are new to forex trading or an experienced investor, understanding the basics of technical analysis can help you make more informed decisions about your investments.

Fundamental analysis is another important consideration when trading forex. This analysis relies on economic indicators such as interest rates, inflation levels, employment data, and other factors to determine the future price movements of currencies.

Why do UK traders use a forex broker?

It is essential to understand the crucial role of brokers in forex trading. Forex brokers are essentially the middlemen between traders and the market, and they can provide valuable support and guidance when embarking on a forex trading journey. Look for a broker that provides comprehensive educational resources and advanced tools to help you succeed in this competitive market.

What are the benefits of using a forex trading platform?

There are many benefits to using a forex trading platform, including access to advanced trading tools and research resources, competitive pricing, and the ability to leverage your funds for more significant investments.

Additionally, most platforms offer 24/7 customer support, so you can get help whenever needed. Ultimately, choosing a reputable forex trading platform is essential for anyone looking to start investing in the forex market.

The final word

With these fundamentals in mind, if you are considering getting involved in forex trading, starting with a solid understanding of the market and all its risks before diving in is essential. By researching and using a reliable trading platform, you can take advantage of the many opportunities in this exciting and lucrative market.

You might not feel like you have a firm grasp on your finances because you might be employing a budgeting strategy that doesn’t work. While not everyone requires a precise, balanced budget, having a budgeting approach or template is crucial if you want to understand where your money goes each month. There are many different budgeting frameworks, including the 70-20-10 budget.

What is the 70-20-10 budget?

The 70-20-10 budget gives a loose budgeting approach that streamlines what may be a challenging procedure, similar to other budgeting principles such as the 50-30-20 rule. Your post-tax income is into three categories by the 70-20-10 budgeting rule: monthly expenses, savings, debt repayment, and charitable contributions.

Make 70:20:10 your rule

The simplicity of the 70:20:10 rule is one of its significant features. Distribute your funds among them. It’s done. However, the amount of money it may earn you is enormous. As you pay off your debts and get your bills under control, you acquire a better understanding of your finances and can start building a healthy savings account & investment options.

Spending accounts for 70% of income

You would first need to be able to survive on 70% of your income. 70 percent of your take-home earnings, or net income after taxes, to be precise. Therefore, you must include all of your needs in this area and any expensive extras.

Once you know your weekly or monthly take-home pay, you may use basic algebra to determine what 70% of that amount would be. You must keep all of your living expenditures under that amount.

Set aside 20% for investments and savings

According to the 70-20-10 budget, you should save or invest 20% of your income. If you don’t already have one, you can contribute some of your income to an emergency fund or use a high-yield checking account to benefit from compound interest or power of compounding. This not only ensures that you will have money when you need it, but it also increases your overall income.

Use the remaining 10% for charitable contributions or debt reduction

The remaining ten percent of your budget is allocated to charitable giving or debt repayment. This debt category applies to obligations that aren’t immediately due, such as making further student loans or medical debt payments. On the other hand, minimum fees, such as those for credit card debt or auto loans, typically fit within your monthly expenses.

How do you ‘bucket’ your money?

The 70:20:10 guideline and bucketing your money are complementary budgeting strategies that require dividing your funds among certain uses. Using your bank accounts for bucketing might be beneficial because most today offer simple internet access to monitor your balance and transaction history.

It’s time to fill your buckets once you’ve decided on a bank and have everything set up. The simplest method to put the concept into practise is to set up recurring transfers from the account into which your money is paid to top up each of your distinct buckets. If you set this up with online banking, you could be less likely to manually forget to transfer the funds each pay period. Doing this can ensure that the money is saved in your buckets before you need it.

Conclusion

By dividing your money into these predetermined categories, you may better manage your daily expenditures, stay on top of your debt, and have the ability to accumulate savings. The 70:20:10 guideline can be complemented by the budgeting strategy known as bucketing, which divides your money into many accounts, each with a specific function, to help you keep track of where you might be overpaying.

UPI or Unified Payment Interface has revolutionised banking transactions. Payments through mobile phones have become very easy thanks to the UPI payment apps. You can pay someone just by scanning a quick response, i.e., a QR code. UPI apps differ from the initial version of net-banking facilities.

Both banks and non-banking institutions work in collaboration to manage UPI apps and payments. Whether you are an iOS or Android user, you can download and use the UPI payment app.

What is UPI payment and how to do it?

UPI payments are alternatives to online fund transfers such as IMPS, NEFT, RTGS etc. These are fast, secure, and reliable and, you can transfer funds up to 2 lakhs per day within seconds.

After opening a bank account online, you can easily pay people. UPI banking apps have eviscerated the need to carry cash nowadays. Payment with UPI apps involves the following simple steps:

• Log into the account and click on the option that allows you to carry out payments
• Either select a beneficiary from the contact or type the mobile number of the beneficiary
• Type the amount you want to pay and then validate the transaction by entering the OTP sent to you through SMS.

Now that you know what UPI bank apps are, let’s look at the benefits of these apps:

• Payments can be completed within a minute:

In the past, if you wanted to deposit a high-value sum into another account, you needed to visit the bank in person. Conversely, with UPI apps, you don’t need to adjust your schedule anymore. With a few simple clicks, payment can be completed within a minute. Moreover, you can carry out the payment at whatever time. Be it in the middle of the day or even the midnight, UPI apps don’t have any time restrictions.

• These apps have simplified payments:

Before UPI apps, to transfer money to another bank account, you needed to enter the bank account number and the bank branch IFSC code. But with these apps, all you need to do is either scan the QR code or enter the mobile number or UPI ID of the one you are sending money.

• Opening an account has become easier:

Before the introduction of net-banking services, even the smallest banking services required you to visit the bank physically. Be it making a payment or track expenditures, offline banking took time. But nowadays, these services can be completed quickly. For example, you are thinking of signing up for a current account. Instead of visiting the bank physically, you can complete the current account opening on the app. All you need to do is fill in the application form and provide official documents that could verify the information provided on the form.

• You could make use of the auto-pay feature:

One of the most salient features of UPI apps is the feature of auto-payments. Through this feature, you need to set up a standing instruction with the bank to automatically deduct a certain sum from your bank account for payment on a set date. For example, With IDFC FIRST Bank’s mobile banking app, you can mandate standing instructions for utility bill payments, mutual fund SIPs, and credit card payments.

The National Payments Corporation of India (NPCI) which has launched UPI apps has created a payments platform that’s both hassle-free and cashless. It is very easy to understand and use a UPI app.

Investors look for investment possibilities to get consistent returns, build wealth over the long term, and reduce taxes. Although many investment opportunities result in earnings, they are taxed by Income Tax regulations.

An investor can properly save on income taxes by making investments in well-known tax-saving securities. The Equity Linked Savings Scheme, also known as ELSS funds, is one of the best tax-saving options.

What are ELSS Mutual Funds?

Under Section 80C of the Income Tax Act of 1961, an individual or HUF may deduct up to Rs. 1.5 lacs from their total income by investing in an equity-linked savings scheme (ELSS).

As a result, if an individual invested Rs. 50,000 in an ELSS, her total taxable income would be reduced, lowering her tax liability.

The lock-in period for these programs is three years from the date of unit allocation. The units can be redeemed or swapped after the lock-in period has ended. ELSS provides dividend and growth alternatives. Systematic Investment Plans (SIP) are another avenue for investors, and contributions up to 1.5 lakh made in a fiscal year are eligible for tax exemption.

Features of ELSS Funds

Lowest Lock-in Period: When it comes to tax-saving investments, equity-linked savings schemes have the shortest lock-in Period. After a three-year lock-in period, the assets may be revised. ELSS funds may provide a greater return than public provident funds, traditional tax-saving fixed deposits, national pension plans, and others.

Save Tax: Under section 80C of the Act, investments in ELSS funds offer a tax benefit of up to 1.5 lakh. It enables tax savings and higher earnings. Utilizing tax deductions aids you in planning your taxable income.

Investment method: SIP or lump sum investments are both acceptable for ELSS. Rupee cost averaging is available while investing in SIP mode, saving the hassle of making a single large investment. As a result, investing in the SIP method does not feel expensive.

Management of the invested sum: ELSS are managed by experts familiar with market circumstances and aware of market ups and downs. These fund managers are in charge of overseeing all investments made through ELSS.

Tax Treatment In ELSS Funds

One of the most often used strategies for tax planning is equity-linked savings schemes, or ELSS funds, which are mutual funds that save on taxes. Because the returns are based on stock market performance, these funds may produce higher returns than other tax-saving instruments. The majority of ELSS funds’ corpus is typically invested in equity.

Under Section 80C of the Income Tax Act of 1961, you are eligible for an income deduction for ELSS of up to Rs. 1.5 lakh in a fiscal year. This results in tax savings of Rs. 46,800 if you are in the highest income category.

Reasons to invest in ELSS Funds

Pay less and get more

You can claim a deduction and lower your taxable income by up to Rs. 1,50,000 annually under Section 80C of the IT Act.

Trading without money

ELSS investments have the shortest lock-in period of Section 80C investments, at just three years.

Convert into delivery

If you fall under the highest tax bracket and fully utilise Section 80C provisions, investing in ELSS Mutual Funds will help you save up to Rs. 46,800 annually.

Final Thoughts

Investors must evaluate the long-term profits of various schemes before investing because ELSS investments are for the long term. All ELSS plans devote at least 65% of their funds to equity funds and the remaining portion to debt. A decent strategy for choosing an ELSS scheme is to consider the scheme’s historical performance over a five to ten-year period, the consistency of the fund and company, and how long the fund manager has been managing the fund.

Make sure the scheme’s portfolio includes a variety of large, mid, and small-cap stocks since this will allow it to provide positive returns over different market cycles. Plans that invest in various companies and industries are also better able to endure any cyclical market turbulence. For returns greater than any other tax-saving investment strategy, investors must hold their investments for at least five to seven years.

New exchange trading stages enable executing social events to trade consistently through a web affiliation. The web-based new exchange market is open every day of the week, from basically any region of the planet. This straightforward electronic permission engages clients to follow and stay invigorated on the exchange rates that are consistently advancing. Believe it or not, this unsound market has cash costs fluctuating continually!

The money trading stage works inside cost explanations that are definitely the subsequent they are shown, yet also (generally) inside the accompanying 10 seconds or less. As money vendors, any little change in esteem advancement can vehemently alter our advantage and disaster potential, so zeroing in on the specific grandstand of cost instabilities persistently is significantly judicious.

The money exchange market interfaces with the use of committed ‘client locks’ on each gotten to and the closed rate which enables the singular executing to get to a comparable rate at a later stage. The trading stage executes the trades that are immediately dealt with. It in like manner enables the client to benefit from cutting-edge exchange rates that are known to alter rapidly over the direction of the day, with the high places and depressed spots from a genuine perspective playing track down the stowaway with you. The stage also shows the most current rates for the client assessments of advantage and hardship potential.

Each Forex trading account is maintained by some item that talks with distant servers by sending in the most recent exchange rates. The exchange rates displayed in the Forex trading stage are really clear and Infosys share price tradable.

While using a serious cash exchange stage, the client can choose to lock and trade at a rate displayed around then. This current ‘freeze rate’ stays genuine however lengthy it is shown and the accompanying rate jumps up inside several minutes.

Each trading record will moreover routinely consolidate extraordinary web accounting programming to engage the client to get to a record clarification whenever the individual being referred to necessities to separate the market situation while making game plans for trade. Exactly when in an open trade position this accounting programming will normally revive the record verbalization considering the fluctuating cash costs.

The trading account works entirely as per the client’s perspective. The record balance calculations are direct and can give the latest expense proclamations at a basic snap of the mouse. Furthermore, this without restoring the page!

The revived data is continually given inside the record status screens. The trading stage made for the cash exchange market enables the speedy ‘Exchange’ demand when a trade is executed. The data relevant to a particular trade is taken care of with a raised level of security and is sent off a portrayed data server which stores the kept data and produces support in an alternate server farm.

This connection is expected to ensure the reliability of the data trustworthiness without actually any opportunity for mixed-up human intervention. The item in this manner guarantees accuracy, things being what they are. While Trading Account App, reliably get together with a good financial establishment or server. This is to ensure that you would have no need to worry about security issues using any and all means.

There is a tendency for headlines to promote the idea that high streets are losing their place within cities and towns as customers begin prioritising online sales over brick and mortar experiences. However, while high street retailers have certainly become familiar with the challenges of changing demand, there is actually a substantial amount of evidence to suggest that brick and mortar retail remains not only popular among younger shoppers but also that it is growing too.

When investigating the retail preferences of Generation Z, over 80% of respondents confirmed they enjoy shopping in brick and mortar stores. Other studies demonstrate a similar fondness for the experience offered by physical stores over the distance of online retailers, and many believe that the value of the high street is now being celebrated as a result of the lockdowns with many customers seeking tangible and social experiences.

The effects of a pandemic on the nation’s high street are still being scrutinised with the transition into a post-pandemic society also bringing about its own changes. However, the idea that personal interaction has grown in popularity is very clear. Customers are returning to the high street to interact with retailers and products, having realised the value of the experience.

Retailers are capitalising on this by further emphasising the experience of retail, offering events alongside their products. These activities have a broad range, with examples like coffee tasting sessions at Nespresso stores to spa experiences at Lush being among the most popular.

In addition to experiential retail, shoppers are showing a greater preference for efficiency of purchase. This means that, when comparing online delivery options, which typically take one or two days, with the same-day pick-up options of click and collect, customers are choosing the more immediate option.

This is leading stores to dedicate retail space and services to click and collect operations, promoting same-day purchases on sign fittings, drawing in customers who would prefer to visit the high street if it means obtaining their chosen product more quickly.

Younger generations are also seeking out spaces that support social media activity, a need which is being met by retailers who are offering backdrops and products that can be photographed and shared online. This social media stylisation of retail stores, with an emblematic preference for brightly lit rooms, neon signs, and statement displays is drawing shoppers in who not only want to browse and purchase products but share the activity online too, drawing from a brand’s interior design to the benefit of their own profile.

Many business owners are also meeting the specific desires of younger generations too, filling window displays with designs that adhere to popular trends, as well as placing an emphasis on ethical purchases, such as carbon-neutral manufacturing and upcycled products. By doing so, retailers are establishing a personal relationship with their customers who are increasingly loyal to brands that they believe suit and support their personal image, both visually and ethically too.

With the advent of digital advancement and multiple technologies coming into existence, even the banking sector has moved ahead from its traditional way of operations.

With disruptions happening in all ecosystem, banking is not an exception. If you follow the latest tech terminologies, chances are that you have heard about a concept called Neobanking.

What exactly are these Neobanks? These are digital banks with no physical branches. Yes, you read it right. They have no physical branches like how normally banks would have and exclusively operate online. A few fintech startups i.e., startups in the space of financial technology, have come up with the concept of Neobanks for the retail customers. They also provide specialized services for your current account, that rely on high-end technologies like Artificial Intelligence and Machine Learning.

In India, Neobanks are not provided with an official banking license. Therefore, they depend on traditional banks to carry out their operations. They work in collaboration with the local banks to offer their services to the customers.  Neobanks are also targeting markets that are unreserved. If you are wondering whether this is meant for your business or not, then read on to know the reasons that you can consider to get started.

Here’s presenting five reasons why businesses should try Neobanking:

1. More cost effective than the traditional banks

Neobanks are a cheaper alternative than our traditional bank accounts. As the charges are lesser, small to medium businesses are particularly interested in these offerings, making the adoptions rates higher among these businesses. Since these banks have an online presence only, the money spends on resources such as offices, etc. is not applicable here which enables them to offer low-cost services to the customers.

2. Unified platform for all your monetary transactions

Neobanking puts together all your banking needs at one place, and on a single user interface. You can carry out multiple operations from a single platform.

3. Provides a seamless banking experience

The online banking portal is user friendly, flexible and has robust APIs. You can view your financial summary, their patterns, etc. The options provided on a single platform are varied.

4. Convenience and time-efficient

A very handy feature is that this banking is available 24*7, unlike regular banks where the doors are closed at a fixed time.

5. Provides you the best of technology for your banking experience

The technology used here helps businesses to identify any errors, track their finances and you can even schedule al your payments and execute them as per your preference.

Just like every other field, the world of banking is witnessing major breakthroughs making it much or easier for businesses to access their transactions and reduce the complexities associated with it. Neobanks are one such technological wonders that have disrupted the banking ecosystem and made things much easier.

Disclaimer: The above article is subjective and generic in nature. It is purely for informational purposes only. It is recommended not to substitute this article in place of a professional advice.

Online remittance is one of the most convenient methods to transfer money. However, there are a few things that you should keep in mind when making an online money transfer, such as choosing well-established banks with an online presence, thus ensuring safety and security of the funds.

In this article, we will discuss a few tips to ensure a hassle-free online money transfer process.

Online remittance has helped many people living abroad to send money to their friends and family. While it has made the transfer process quick and simple, there are a few things to consider before transferring money.

Here are some tips that can make your money transfer process hassle-free:

• Compare different service providers

One of the most important things you should do is compare different remittance service providers. This will help you find the best deal for you. For instance, you should use an online exchange rate calculator.

Most service providers will have this tool on their website. For example, if you want to transfer money from Germany to India, with the help of this calculator, you can find out the existing exchange rate for euro to rupee. This tool will help you calculate the amount of funds your recipient will receive. Compare different service providers based on this amount, and you’ll know which one is right for you.

• Opt for a reputed service provider

The exchange rate is an important factor, but the reputation of the service provider is also very crucial. Online money transfer frauds offer great exchange rates to lure customers. Opting for such a service provider will lead to a loss of money. Hence, many people prefer banks for money transfers as they ensure the security of your funds.

• Protect your ID and password

In order to use online money transfer service, you’ll require your ID and password. These details will be shared with you once you register yourself with a service provider.

Don’t share your ID and password with anyone, in order to ensure the safety of your funds and create a strong password for your account. Furthermore, choose a service provider with advanced security features such as OTP authentication etc.

• Check the transfer charge

While looking for service providers, you should check their transfer fee and other charges. This fee can be deducted from the amount of money you want to send. Thus, you’ll know the exact amount your recipient will receive once you know the charges.

• Know the transfer tracking number

You will receive a transfer tracking number once you start the transfer process. This number can be used to check the status of your money transfer. It is important to note the transfer tracking number because it will be required in case you need to contact customer support.

• Understand how to contact the support team

It is important to contact the support team in case of an emergency, such as an unauthorised login. Hence, while looking for service providers, you should also understand how to contact them. This can help you secure your funds. Select easily reachable service providers which have strong presence across the domain.

Choose Online Remittance Service Providers to Transfer Money to India

Sending money has become easy due to online money transfer services. However, it is important to keep these tips in mind when making a money transfer.

BERLIN, – Broadcaster MediaForEurope (MFE) (MFEA.MI), (MFEB.MI) has no plans to make a takeover bid for German competitor ProSiebenSat.1 (PSMGn.DE) at the moment, the Italian firm’s finance chief told daily Handelsblatt.

“Currently, we have no such plans. What will be in a year’s time, we will see then,” Marco Giordani was quoted as saying by Handelsblatt on Monday.

MFE, formerly Mediaset, is controlled by the family of Italy’s former Prime Minister Silvio Berlusconi. It announced last week that it already had a stake of more than 25% in ProSiebenSat.1.

At more than 30%, the Italian company would have to make a mandatory offer to the remaining ProSieben shareholders according to German law.

So far, MFE is not represented in ProSieben’s supervisory board. Two seats are due to be reassigned at the group’s shareholders meeting in May, according to Handelsblatt. Candidates are former RTL boss Bert Habets and Rolf Nonnenmacher, who has been on the committee since 2015, the paper said.

Giordani said he would hope for a candidate that will be fully supported by MFE. Otherwise MFE could suggest rival candidates. “In any case, these would not be MFE representatives but independent managers with the right qualification,” the finance chief said.