Wire Transfer Problem

[Mani94]

By binary trading do you mean the new found Bitcoins or using online forex accounts??

No i don't do online trading, just that i don't have that much money to gamble on.

The only time i gambled was on Bet365........put in 20 GBP and cashed out on 7600GBP.....after that they banned me.

Lol no way!
Can i know on What product/thing did you put your 20 GBP on..?

Binary trading is the trading of binary options. Binary options are basically bets with only 2 outcomes. You either earn a return (make some $$$) or you don't. So for example if I think that a certain company's stock is going to be valued at $100 or more some time in the future (by a fixed date) then I basically place a bet for $10 000. If the stock is indeed valued at $100 or more by the time the date is fixed at then I get $10 000. If not then I get nothing.
Bitcoins are a digital currency with no centralized control system...basically digital monetary anarchy.
Forex trading is the trading of currency pairs.
Binary and forex are generally considered haram. Wallahu 'alam

Thanks for the explanation.......
Hopefully @Donatello now understands the difference between forex, bitcoins and binary options
And your last sentence "Binary and forex are generally considered haram" that's exactly what my mom says But is it really haram..?

 

[Donatello]

Binary trading is the trading of binary options. Binary options are basically bets with only 2 outcomes. You either earn a return (make some $$$) or you don't. So for example if I think that a certain company's stock is going to be valued at $100 or more some time in the future (by a fixed date) then I basically place a bet for $10 000. If the stock is indeed valued at $100 or more by the time the date is fixed at then I get $10 000. If not then I get nothing.
Bitcoins are a digital currency with no centralized control system...basically digital monetary anarchy.
Forex trading is the trading of currency pairs.
Binary and forex are generally considered haram. Wallahu 'alam

So basically it is gambling.....with stocks and other investments....

Lol no way!
Can i know on What product/thing did you put your 20 GBP on..?

Bet365 was the gambling site....and i played mostly on tennis/golf and football........football being the easiest in the 2nd and 3rd ranked leagues........easy to predict.....had a bit of luck but that day i realized, all online gambling is fixed in a big freaking way.

 

[jaunty]

Don't Gamble On Binary Options - Forbes

 

[Mani94]

Man Binary trading is out there to take money from people who are in search of quick buck but at the end of the day you bust your account . I learned trading from some long time traders working in banks as traders , so i always knew what this Binary trading is ... hence i never even tried it. But I know its just another way to bust your bank account.

I would highly recommend you to try Day trading on your own stock exchange , But this field is for the best minds out there. You must be smart *** to earn , so start learning .Trade on demo and learn a Lot about Technically analysis . Technical analysis is the only thing along with some fundamentals which will eventually make you a good trader.

I busted my account like 7 times in last 6 years ... but last 2.5 years i am doing fine. I wont say that i am earning a lot but I double my money every 4 months... I trade Indices and Currency. Now I am learning about stock day trading. Or if you have any background in finance , I can recommend you a 5 month training (Free) online and hope fully you can analysis stocks and buy or sell it (Not day trading) . Buy and hold it or sell on good time.

Any questions let me . Good luck

Thanks for alerting me. i really appreciate it .Thank you.

Can you tell me more about day trading..? what is it..? first of all i don't have a background in finance. i'm currently studying chemical engineering so i don't know anything about finance i'm not a smart *** but i'm willing to learn. how do you buy and sell stock..? can i do it through internet..?

So basically it is gambling.....with stocks and other investments....

yeah it is but if you can learn and understand the technical things than you can generate really good amount of income every year in U.S.A more than 200 people becomes a millionaire because of binary options

Bet365 was the gambling site....and i played mostly on tennis/golf and football........football being the easiest in the 2nd and 3rd ranked leagues........easy to predict.....had a bit of luck but that day i realized, all online gambling is fixed in a big freaking way.

Is bet365 closed..? paddy power looks decent though and yeah football is the easiest to pick. i only played 2 times and both times i put on Arsenal (my Favorite team ) and luckily i won but the amount of profit was not big enough and i quit playing.

Don't Gamble On Binary Options - Forbes

so where should i invest..?

 

[Selous]

Lol no way!
Can i know on What product/thing did you put your 20 GBP on..?



Thanks for the explanation.......
Hopefully @Donatello now understands the difference between forex, bitcoins and binary options
And your last sentence "Binary and forex are generally considered haram" that's exactly what my mom says But is it really haram..?

Well in my high school days I had a craze for forex trading so I researched it quite intensely. Although "shariah compliant" accounts are available with most brokers, all those accounts do is not have roll-over interest rates and in some cases they also don't have leverage. This however overlooks the fact that forex itself is considered haram since it is a form of speculation. Another problem with the "halal" forex accounts is that if you don't have leverage (1:200 is the standard I think) then day trading is basically useless because your profit is miniscule. There are certain scholars who say that forex and other speculation based trading activities are halal but I do not really trust them. I asked Sheikh Asim al Hakim regarding forex trading and he said that it is haram. Since you live in Pakistan why don't you look into other halal investment options...I believe the government of Pakistan has recently issued halal Sukuk bonds...look into that. If you want the trill of trading then do actual business...these days you can set up ecommerce websites and whatnot. Anyways as I said Wallahu'alam.

 

[madooxno9]

Thanks for alerting me. i really appreciate it .Thank you.

Can you tell me more about day trading..? what is it..? first of all i don't have a background in finance. i'm currently studying chemical engineering so i don't know anything about finance i'm not a smart *** but i'm willing to learn. how do you buy and sell stock..? can i do it through internet..?



Is bet365 closed..? paddy power looks decent though and yeah football is the easiest to pick. i only played 2 times and both times i put on Arsenal (my Favorite team ) and luckily i won but the amount of profit was not big enough and i quit playing.


so where should i invest..?

Pretty Much anyone with Computer and internet connection can be a trader(Retail). Well Day trading in simple words : You have almost like 11 hours per day for buying or selling any stock registered on Karachi stock exchange or (Wherever your stock exchange is in Pakistan). all trades must be closed before the market close for the trading day.

Now you need to learn technical analysis of candle sticks graph on time scale of 15 min, 30mins , 4 hours, 1 day .
Get to know who is providing this trading platform in your country for day trade and open a demo.

Use the power of google. Read and read and try to get your hands of such platforms.

For now go to Alpari or user friendly Forex currencies platforms and make demo account , just to see how it is .

 

[xyxmt]

offcourse, it's possible. How else do you think money is sent abroad and received from abroad? Cheques are rarely used now, as first they require several days to get it mailed, then a long time for it to get cleared. A wire clears in a day or so.

Just go to the bank management, tell them you want a wire transfer, if they don't get it, use the word "telegraphic transfer", if they still don't get it, tell them you need a "TT", but don't make it sound like you need a pistol or something.

You will probably require a foreign currency account for this. Different banks may have different minimum deposit requirements.

IMP : before making a stupid decision, make sure the broker is regulated by a proper authority.

every bank has foreign exchange branch, goto that branch not the retail banking branch.

 

[AZADPAKISTAN2009]

Bataya to hai

Put the money in BAG and yalla habbi

White folks prefer to wear a mask , you can avoid that approach

This much quntity needs a truck

or you do what smart boy do convert it into Diamond

Easy to carry , and easy to transport -


Watch this movie for further guidance

 

[Mani94]

every bank has foreign exchange branch, goto that branch not the retail banking branch.

okay. i will do that. thank you.

Bataya to hai

Put the money in BAG and yalla habbi

White folks prefer to wear a mask , you can avoid that approach

This much quntity needs a truck

or you do what smart boy do convert it into Diamond

Easy to carry , and easy to transport -


Watch this movie for further guidance

Link tou do film ka

 

[Sneaker]

Binary trading is the trading of binary options. Binary options are basically bets with only 2 outcomes. You either earn a return (make some $$$) or you don't. So for example if I think that a certain company's stock is going to be valued at $100 or more some time in the future (by a fixed date) then I basically place a bet for $10 000. If the stock is indeed valued at $100 or more by the time the date is fixed at then I get $10 000. If not then I get nothing.
Bitcoins are a digital currency with no centralized control system...basically digital monetary anarchy.
Forex trading is the trading of currency pairs.
Binary and forex are generally considered haram. Wallahu 'alam

How much you need to pay to place the bet? I mean, if you just get back what you paid, there is no sense in betting right?

 

[Mani94]

Pretty Much anyone with Computer and internet connection can be a trader(Retail). Well Day trading in simple words : You have almost like 11 hours per day for buying or selling any stock registered on Karachi stock exchange or (Wherever your stock exchange is in Pakistan). all trades must be closed before the market close for the trading day.

Now you need to learn technical analysis of candle sticks graph on time scale of 15 min, 30mins , 4 hours, 1 day .
Get to know who is providing this trading platform in your country for day trade and open a demo.

Use the power of google. Read and read and try to get your hands of such platforms.

For now go to Alpari or user friendly Forex currencies platforms and make demo account , just to see how it is .

okay. thank you. i may try Alpari.

How much you need to pay to place the bet? I mean, if you just get back what you paid, there is no sense in betting right?

it depends.....
Mostly you get 75 to 80% if you win.
lets say.....i placed 10$ on gold and i predicted it's price will go up then i will choose the up button and will place it.....if i lose...then i lose the money (some brokers give 2% back) but if i won i get 18$ isn't it cool?

Well in my high school days I had a craze for forex trading so I researched it quite intensely. Although "shariah compliant" accounts are available with most brokers, all those accounts do is not have roll-over interest rates and in some cases they also don't have leverage. This however overlooks the fact that forex itself is considered haram since it is a form of speculation. Another problem with the "halal" forex accounts is that if you don't have leverage (1:200 is the standard I think) then day trading is basically useless because your profit is miniscule. There are certain scholars who say that forex and other speculation based trading activities are halal but I do not really trust them. I asked Sheikh Asim al Hakim regarding forex trading and he said that it is haram. Since you live in Pakistan why don't you look into other halal investment options...I believe the government of Pakistan has recently issued halal Sukuk bonds...look into that. If you want the trill of trading then do actual business...these days you can set up ecommerce websites and whatnot. Anyways as I said Wallahu'alam.

mate my problem is that i'm not a tech wizard......you know the guy who can set up websites etc.....i'm just not that type. i can learn stuff but like all the Pakistani's (well mostly) i like the easy way out

 

[Faiez]

yeah it is difficult. the strict policy of the government makes it really hard to send money abroad. have you done binary options trading before..? because as much as i know they don't allow western union.....i think so
Anyway thanks for the reply. i'll ask the broker if i can deposit money through western union.

Why..? did you had a really bad experienced with binary trading..? if so then please can you tell me what happened..?
AND
Yeah i totally agree with your last line. there are no shortcuts but in todays world everyone is looking for the shortcuts. i believe only hard work pays off.

Okay. I'll contact the standard Chartered bank staff..........
But first can you please give me the e-mail address on which i can contact their staff and can ask my questions..?

Okay. I'll try......
Thanks for the help.

A strict policy was there once many years ago. It's not really that strict now.

They don't allow western union due to anti-money-laundering laws. western union wires money anonymously which can be used to launder money. That is why they will probably only accept payment from an account that is on your name or if they also have credit card facility, then a credit card on your name (with you on the billing address too).

There's no email, just walk into a bank branch, open a foreign currency account and ask them for a telegraphic transfer. It will take maybe 2-3 days for opening an account. I don't know about account opening requirements.

Also, I just checked out this onetwotrade that you talked of, it isn't a properly regulated institution.

I'm sure you have access to very little money and most reliable brokers have high minimum deposit requirements, so don't make a stupid decision. There are lots and lots and lots of scams out there in this business. So make sure you do your research before hand.

Also, go to forexfactory.com if you want to trade forex, you can learn alot from there, plus you will find guidance regarding reliable brokers.

Personally I also don't recommend this binary nonsense. Get into traditional stock trading if you want to really learn something useful. Look at how stocks work. And avoid penny stocks (OTCBB etc) or any other non-regulated stocks.

Here's an interesting article I was reading just yesterday about one shocking OTC stock:

Mobile Lads Corporation: No Assets, No Revenue, And A $65 Million Market Cap - Mobile Lads Corporation (OTCMKTS:MOBO) | Seeking Alpha