Online broker pitches forex trading

AN ONLINE broker company, Admiral Markets (Philippines), is encouraging Cebuanos to consider foreign exchange (forex) trading as an alternative investment.

In a recent visit to Cebu, Virgilio Nathaniel Ginson, director of Admiral Markets (Philippines), said that those who hope to earn more can take advantage of currency fluctuations.

Ginson pointed out that forex trading participants normally examine economic conditions of countries before exposing their money. He and his team have been visiting Cebu in the past months to increase awareness about this growing financial market.

“We teach them the technical and fundamental analysis on forex online trading,” Ginson said.

Admiral Markets is a provider of online trading services for the foreign exchange market as well as online trading on stocks, commodities, futures, and options.

Since 2001, the company has successfully expanded to 27 countries worldwide.

More affluence in the middle-income segment has prompted the company to push forex trading in fast-growing cities. But Ginson noted there is a low participation of Filipinos in global forex trading due to the lack of awareness and a cautious and conservative stance when it comes to financial risks.

The mechanism of forex trading itself is risky but is highly profitable, Ginson admitted. Companies like theirs, he added, help participants make right decisions.

“Aside from the trainings we are holding we are also encouraging our clients to read the news for them to know the economic and market conditions of the countries before getting involved in the forex transactions,” Ginson said.

For a minimum of $100, one can already participate in forex trading.

Unlike the stock market, forex trading is open 24 hours a day.

He also emphasized that there are ready buyers and sellers in the forex market. “Banks are there and willing to buy whatever currency you buy or sell,” Ginson said.

Participants also have the option to either stay long or short in the trading process, he added.