Best performers in 2020 World Finance Forex awards: In the wake of Covid-19 World Finance Forex awards for the year 2020 saw the light of the day. The deadly Corona Virus has brought down the global economy and pushed it to the abyss. So, the announcement is a way to provide some respite to the wounds given by the virus.
The digital ceremony for awards can help in motivating investors and brokers. The World Finance Forex Awards identifies the best performers in the sectors. It analyses their performances based on difficulty levels and other parameters. Let us dive deep into the specifics.
What is the World Finance Forex award?
The World Finance Forex award is a body of experts that identifies companies for outstanding work in the field. It believes in celebrating and felicitating the companies who are outperforming in the market.
The brokerage companies that use volatility to their advantage receive the best awards. The award looks to support those brokers who are innovative in the field of forex.
There is a team of experienced people that minutely watches the steps initiated by the companies. And the one who does some exceptional work gets selected for the award.
Why is forex regarded so much in the financial market?
It is quite dis-similar compared to other forms of prevalent markets. Stock markets, commodities, mutual funds, precious markets have a mode of working and principles. But no one is like foreign currency exchange. The change in the valuation of currencies involves plenty of factors.
So, for attaining success, one had to be skilful, and a learned trader. Trading in the market requires help from experts to identify the right currency pairs for profit-making. It is because of the unpredictability that the market has due to high fluctuations.
And given the situation of 2020 across the world, motivating the platforms becomes even more vital. Traders and investors are necessary to keep the hopes alive. It can help in keeping some financial sectors going undeterred and pump in funds.
Planning supporting forex exchange
- Emphasis on education– The constant focus on educating folks is a smart move. Most websites and platforms offer the facility of live classes, tutorials, and access to libraries. That instil knowledge and ideas of functioning in the market. People get to learn the technical terms, strategies.
- Effective marketing:- It is the key and core to forex exchanges. Unless and until people know, there would be no new investment. But for achieving effective marketing, ideas are essential. Strategising for the expansion of the customer base is crucial. And so far, brokerage firms have successfully achieved it.
- Blog publishing:- There is no substitute for marketing with blogs, column writing and articles. If the information is valid and substantiated with facts, then it spreads like wildfire. From clients to companies to currencies to nations, everyone benefits from it. The promotion happens through mouth publicity when it helps people.
- Social media:- It is the tool of the 21st century. Social media platforms have a tremendous reach in the world population. Facebook, Twitter, Linkedin, Instagram, Whatsapp, Pinterest etc. have a huge fan base. Every reputable and top company from Amazon to Apple spend millions to attract users. They get the advantage of popularity here and promote and sell their products. These are a medium for a massive outreach, where people may share things on their timelines based on the likeability.
- Acceptance:- The forex market is open to all and welcomes everyone who wants to trade. It is accessible to people throughout the world. Other markets may close or shut for some time, but forex exchange continues all the time. That is why the global currency exchange market touched $6.6 trillion per day in 2019.
What are the reasons for the success of forex trade?
The foreign exchange trade is successful due to its capacity for adaptability. It changes itself as per era and develops immunity to take on persistence challenges. Here are some reasons attributing the success story:-
Technological improvements and advancements pushed the envelope of growth for forex. From the manual process to the usage of the internet, exchange of currencies has become simpler. Trade can take place with a click on a virtual screen. It is getting easier to navigate from one currency pair to the other. It is saving time and resources for investors.
Interestingly, service providers are using automated bots to enhance user experience. They have customisable software integrated with their mobile application.
Developed trading platforms
For satisfying the customer’s experience, the latest trading platforms are here. MetaTrader 4 and MetaTrader5 are empowering forex exchange. The expansion and spread for brokerage companies have become achievable. These allow access to algorithms to people. When the objective gets fulfilled, one can opt-out automatically by using it.
Understanding of forex platforms
The forex platforms understand their responsibility in keeping the world economy running smoothly. They anticipate and reach out to potential investors. The purveyor of the field exhibits the qualities and ease of trading in the market. They work hard to draw attention by exemplifying the qualities of currency exchanges.
Factors determining forex exchange
The forex market has lots of reasons to see the rise and fall in their valuations daily. Here are some of the significant causes that amount to stir:-
Rate of interest
There is a correlation between forex rates and interest rates. They are factitive to each other. The high-interest rates elevate the currency’s value of a country. It is because higher interest offers increased rates to lenders. The factor attracts foreign investors. Thus, pushing the exchange of currencies.
The trade terms is an agreement on which the import and export of goods take place. If conditions are flexible and reliable, then exports prices may rise at a swift pace compared to import ones. It amounts to a surge in the revenue. Hence, the demand for currency increases subsequently. It also appreciates the rate of exchange.
Speculation, rumours and assumptions
For commemorating the findings and infusing some push in the economy, experts speculate. These predictions, sometimes translate into rumours. So, depending upon the negative or positive, the valuation witnesses dip or a growth. Thus, assumptions may have an impact, as well.
Rate of inflation
Inflation creates a situation of uncertainty among citizens of a country and the world. So, controlled inflation boosts confidence among foreign investors. The price of essential and non-essential goods and products remain stable. Thus, a nation with a lower inflation rate sees the valuation of the currency appreciating.
Policies of government
The policymakers and political will also decide which way the country can move. The world looks up to the decisions. And based on the guidelines business and exchanges of currencies happen. Also, a stable government reinforces confidence in foreign investors that grows the influx. A sharp and to the point governance leaves no way for uncertainty. It helps to grow the economy and business globally.
During the recession, the flow of liquidity stops. It leads to job losses and a rise in the inflation rate. The flow culminates into the hike of interest rates. Therefore, it results in depreciating the currency value, and as a result, the exchange rate falls flat.
Award category and winners
There are several categories for winners. Their award depends on their contributing factors to the world of forex. Some exhibited a commitment to help the marginalised and lesser experienced. They displayed no biases and excelled during tough times and competitions.
The work toward educating people and development of easy to use applications won accolades. Also, analysis of the working condition, types of accounts and many more are there in the list of categories.
- Best FX Broker, Europe
- Best FX Broker, Australasia
- Best ECN Broker
- Best Islamic FX Account
- Best Trading Platform
– Libertex Group
- Best Trading Experience
- Best Forex CFD Provider
- Best Trading Conditions
- Best Mobile Trading App
Everything said and done, forex exchange is a volatile market. No country can isolate itself from the trade theatrics. It is an unspoken truth that countries rely on each other for export and import of life essential goods. And the cost for the items depends on the valuation of one’s currency. It is the basis of international trade.
Thus, to keep it healthy and economically moving support for the forex platform is a step forward. During the time of CoronaVirus, several economies are faltering. Hence, awards like World Finance Forex Awards are blowing the bugle of hope through felicitations.