Education
The internet has brought us many recreational and informative sources like Google and Netflix just to name a few. However, for our niche, the internet couldn’t have brought us anything more appreciated than online forex platforms. Thanks to modern technology, an online broker can offer us currency market viewpoints in order to capitalize on fluctuations.
Back in the 90s, it was much more difficult to participate in the Forex market because of higher transactional costs and other restrictive measures. However, with the explosion in online currency trading over the past several years, dozens of innovative online forex platforms are being developed just like the educational one we have here at StrictlychartsFx.
With the Bank of Jamaica (BOJ) implementing the Foreign Exchange Trading Platform (FXTP) which suffered a delay due to COVID-19, this could be the start of mass adoption for currency trading in Jamaica. What we’re witnessing now is, forex trading is finally gaining long-overdue recognition by businesses, state authorities, and the financial world — most importantly, by respected traditional banking and fin-tech institutions!
The first phase of the system begun on Monday, June 1, involving banking institutions only, but with Cambios and large companies as observers. Under the pilot phase, banks will be able to trade US and Jamaican currency pairs in real-time. The public will not have access to the FXTP platform until early 2021.
Bank of Jamaica said last week that only a selected list of large corporate clients involved in buying and selling foreign exchange has been picked to oversee phase one. “While they will be unable to take part, these observers will be able to see all daily trades in real-time, which will help them make informed decisions when approaching the market to buy or sell foreign exchange,” the BOJ said.
FROM MY UNBIASED PERSPECTIVE…
This move is the catalyst we need as relatively early participants of this ‘paradigm shift’, COVID-19, work from home era. The first time I withdrew from my trading account back in 2017 it took a whole (3) three months for my withdrawal to arrive in my Jamaican based bank account. I had to go as far as writing a letter to the bank manager about my transaction. I’ve heard stories about an individual’s trading activities going to the extent of being reported as “fraudulent” just because it was a withdrawal from his forex trading account. Graciously, we no longer experience issues like this.
HOW DOES THIS AFFECT US?
With innovations of this caliber, traditional banks in Jamaica are being forced to adopt technology they have never done so willingly. This will eventually allow the common man accessibility to the foreign exchange market for his own benefit as a retail trader which will allow our nation with an unlimited opportunity to enrich oneself, which could also fuel a domino effect on our exchange rate! With the USD now reaching record highs of $147.12 dated May 15,2020, this could definitely be the first solution to strengthen our currency against the US dollar as our main source of foreign exchange (Tourism Industry) continues to face the dilemma of this pandemic.
seeing that Jamaica’s major bank, now investing in the forex market, this is the perfect indication that there is no better time right now to learn how to trade in the forex market. The world is changing at a rapid pace each day do not be the ones to get left behind.
With mass adoption comes major regulations. Ensure you’re prepared.
If you’re ready to make that leap of faith, enroll now!
see you on the profits side.
I am so proud of this initiative that you have garnered and is sharing with the world. Your skill set and passion for this market sets you apart from the rest and cannot wait to see the bright future ahead of you. I cannot wait to invest with you and take this journey with one of the most adorable, humble, focus, and ambitious young man I have ever known. Congratulations and see you on the other side +profit.