WikiFX Livestreaming Event: The Challenges Of Forex Traders Commonly Faced

On October 28, 2022, at 15:00 UTC+8, two professional traders will have a live conversation in the WikiFX App live room (https://liveroom.wikifx.com/en/live/202210278721429522.html) to elaborately explain “The Challenges of Forex Traders Commonly Faced.” Maximo Ginez III, Founder of RichDadph Trading Community, and William Odion, Professional Forex/Crypto Coach, will be the hosts of the live event and will discuss how to overcome such problems while trading Forex, Crypto, Stocks, Indices, and so on. They are also going to tackle some crucial aspects of trading with real accounts. This event will going to be a long discussion, and questions and replies are encouraged.

Here are a few highlights from the live event:

It takes a long time.

• The Problem: If you've ever dealt with forex, you know that it can be a time-consuming and arduous procedure. Manually managing foreign payments takes an exorbitant amount of time and resources. When it comes to sending and receiving payments across borders, different nations have different protocols, and keeping track of all of these operations demands a large amount of bandwidth.

• The Solution: Whether your firm is based in London, Japan, Singapore, or elsewhere, an automated payables solution may help you save time and money. A software solution not only eliminates the headaches of converting and financing in multiple currencies but also provides very competitive conversion rates. As a result, your finance staff will be able to handle corporate accounts more efficiently.

It's Difficult to Follow

• The Problem: When it comes to currency trading, payments come from all around the globe, not only in the United States. Manually tracking all of these accounts takes effort, particularly as your organization expands.

• The Solution: Never underestimate the power of a money management system. You can handle duties like payroll and commission payments, expense reimbursements, taxes and regulatory payments, and so on with a solid solution in place. Furthermore, you may view all of your data in real-time from a single location. You'll increase compliance, save money, and simplify those time-consuming back-office activities.

There is much too much danger.

• The Problem: A variety of variables, including global markets and currency volatility, may impact the foreign exchange rate. As a financial executive, you must plan for all possible outcomes related to foreign exchange and currency risk; otherwise, you risk losing a substantial amount of time and money. For many firms, this means employing more people to successfully handle high-risk worldwide payables. But what if your finance team is understaffed？ And adding additional staff isn't an option？

• The Solution: Integrating cutting-edge technology into your financial services company, such as an accounts payable solution, may assist remove the risk of currency conversion. This form of automation handles the upkeep involved with paying regional bank accounts without the need for additional personnel. Furthermore, you may profit from a single central virtual account that allows you to make payments across different businesses.

Forex management is becoming more digital in 2019 and beyond, and if you want to increase compliance, boost cash flow, cut expenses in your business, and contribute to the bottom line, you must grasp and tackle these top three issues.

The live event may be seen on the WikiFX Philippines Facebook page, WikiFX.Philippines.

Keep an eye out for more WikiFX Live Discussion.

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