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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Crypto , Digital Currency Trading , Forex

Crypto , Digital Currency Trading , Forex

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kasun_gimhana


Manager - Equity Analytics
Manager - Equity Analytics
@KavinduTM wrote:
@kasun_gimhana wrote:
@KavinduTM wrote:Yes @ingreed2020, It is a safe site.
@KavinduTM how are you buying crypto now? Because all cards blocked now
@kasun_gimhana I use PayPal to deposit money.
@KavinduTM Which exchange allows you to deposit money using paypal. Because I didn't see any option in binance

KavinduTM


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@kasun_gimhana wrote:
@KavinduTM wrote:
@kasun_gimhana wrote:
@KavinduTM wrote:Yes @ingreed2020, It is a safe site.
@KavinduTM how are you buying crypto now? Because all cards blocked now
@kasun_gimhana I use PayPal to deposit money.
@KavinduTM Which exchange allows you to deposit money using paypal. Because I didn't see any option in binance
@kasun_gimhana Go to P2P option and select PayPal as the payment method, usually they sell 1 USD for 1.10 or higher. I've got for 1.06 and 1.15 rates. It  is kinda high rate ik, i think we can use direct bank transfer option too but i've never tried as paypal was easier.

kasun_gimhana and ingreed2020 like this post

gummy


Stock Trader
@Teller wrote:Who wants to buy it ? We can help
Can we buy using  credit card if you are a resident in Sri Lanka. I don't have a paypal account. 
Thank You

44Crypto , Digital Currency Trading , Forex - Page 3 Empty Binance Account Fri Nov 20, 2020 9:58 pm

ingreed2020


Stock Trader
@Teller wrote:Who wants to buy it ? We can help
I just open the BINANCE account and unable to deposit the cash, can you help me in this regards?

spindain


Equity Analytic
Equity Analytic
New comers know what you are doing. Don't rush in to Cryptos. 

Someone want to earn money by selling referral links. But crypto highly sensitive for news. If any government body announce cryptop ban you will lose everything.

roshan1039


Moderator
Moderator
This is very high risk thing to do, I invested in 2017 before bitcoin reach USD 20000+
I personally know some people lost their complete account some were hacked and robbed.
You dont have any guarantee on your money
No body is taking responsiblity of your money.
If you invest in stock market the risk is comparatively less. You have a responsible organization to check what happened to your money.
Do not dump your hard earned money in unknown places, you will loose.

abp1970, Miss-Sangeetha, dayandacool and C.THARANGA like this post

C.THARANGA


Manager - Equity Analytics
Manager - Equity Analytics
@roshan1039 wrote:This is very high risk thing to do, I invested in 2017 before bitcoin reach USD 20000+
I personally know some people lost their complete account some were hacked and robbed.
You dont have any guarantee on your money
No body is taking responsiblity of your money.
If you invest in stock market the risk is comparatively less. You have a responsible organization to check what happened to your money.
Do not dump your hard earned money in unknown places, you will loose.

Yes. You may see benefits on it. But it's very unsecure.

roshan1039 and abp1970 like this post

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

roshan1039, abp1970, samaritan, dayandacool and geesura like this post

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   
Agree with you on this!!!



Last edited by dayandacool on Sat Nov 21, 2020 10:19 am; edited 1 time in total

THUWA and geesura like this post

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@dayandacool wrote:
@Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

I have tried to inform that the Risk levels are not worth it at the beginning of this thread and there is a reason why CBSL has banned these sort of trading practices. If anyone has ever made big money constantly in these segments, Please come forward. I certainly haven't seen a one!!! Very Happy Very Happy

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Someone would say it is too much risk to take to invest in stocks instead of starting a FD in a bank for a fixed gain.

This is just another level of that. Our stock market investors think it is too risky to invest in crypto. If you think it is too risky, avoid it. No one forces you to invest. But don't forget there are so many people out there who earns a lot from crypto as same as people earning from stock market.

Also keep in mind that risk takers are leading this world. There's nothing without a risk. Everything comes with a risk. But you have a choice to take it or avoid it. That's it. They are just levels that you think "safe". Nothing and no one was "safe" ever.

dayandacool, Kipling and Keshav like this post

spindain dislikes this post

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@KavinduTM wrote:Someone would say it is too much risk to take to invest in stocks instead of starting a FD in a bank for a fixed gain.

This is just another level of that. Our stock market investors think it is too risky to invest in crypto. If you think it is too risky, avoid it. No one forces you to invest. But don't forget there are so many people out there who earns a lot from crypto as same as people earning from stock market.

Also keep in mind that risk takers are leading this world. There's nothing without a risk. Everything comes with a risk. But you have a choice to take it or avoid it. That's it. They are just levels that you think "safe". Nothing and no one was "safe" ever.


So Kavindu has succeeded. It's great if you could sustain it in the long run and I wish you all the best. Anyone else?? Shocked Shocked

roshan1039


Moderator
Moderator
Forums are there to debate and share ideas, someone can tell this is good that is good. Others will have different ideas.
If we share our views only someone can understand, otherwise just because we dont like to take that risk we cannot keep our mouth shut.
I have experienced crypto well, because of my experiences i dont recommend it.
Thats my view, there are number of reasons for that:
You dont have any responsible organization taking accountability of your money, if it is stolen its gone.
It is banned in sri lanka.
There are ways to deposit money but with lot of transaction costs and risks.
Then these are very sensitive to mkt news, if u invest u have to be very alert otherwise following u lost 100%
There is a posibility some accounts get blocked and you wont be able to secure it back.
If someone thinking of investing in crypto u have to master the trading and the platform you are going to use.
Remember you must be a master of trading.
If not forget crypto is my recommendation.

dayandacool likes this post

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@roshan1039 wrote:Forums are there to debate and share ideas, someone can tell this is good that is good. Others will have different ideas.
If we share our views only someone can understand, otherwise just because we dont like to take that risk we cannot keep our mouth shut.
I have experienced crypto well, because of my experiences i dont recommend it.
Thats my view, there are number of reasons for that:
You dont have any responsible organization taking accountability of your money, if it is stolen its gone.
It is banned in sri lanka.
There are ways to deposit money but with lot of transaction costs and risks.
Then these are very sensitive to mkt news, if u invest u have to be very alert otherwise following u lost 100%
There is a posibility some accounts get blocked and you wont be able to secure it back.
If someone thinking of investing in crypto u have to master the trading and the platform you are going to use.
Remember you must be a master of trading.
If not forget crypto is my recommendation.

The most important part of it is that "You could lose 100% of your money" part. I understand that even in share market, companies could bankrupt and share holders stand to lose. But your investment will never be zero.

But in Crypto and Forex, Your investment can become zero. Now that's not called affordable risk to me. But I respect that some see it differently and they are entitled to their own views.  Very Happy Very Happy

roshan1039 and geesura like this post

kasun_gimhana

kasun_gimhana
Manager - Equity Analytics
Manager - Equity Analytics
Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

dayandacool and KavinduTM like this post

spindain dislikes this post

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!!  Smile

geesura likes this post

kasun_gimhana

kasun_gimhana
Manager - Equity Analytics
Manager - Equity Analytics
@dayandacool wrote:
@kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!!  Smile
I'm not saying gold going to zero. I'm trying to say the same applies to bitcoins. Cryptocurrencies can go to Zero but not bitcoin. Why gold does not gong to zero because it has scarcity. The same applies to bitcoin. supply is limited to 21 million. even gold doesn't have that kind of limitation. can we buy virtual gold in Srilanka? But there is coin backed by gold you can buy them in the crypto world. Understand the new system weakness of the current monetary system, governments in the entire world printing money in thin air.

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@kasun_gimhana wrote:
@dayandacool wrote:
@kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!!  Smile
I'm not saying gold going to zero. I'm trying to say the same applies to bitcoins. Cryptocurrencies can go to Zero but not bitcoin. Why gold does not gong to zero because it has scarcity. The same applies to bitcoin. supply is limited to 21 million. even gold doesn't have that kind of limitation. can we buy virtual gold in Srilanka? But there is coin backed by gold you can buy them in the crypto world. Understand the new system weakness of the current monetary system, governments in the entire world printing money in thin air.

I agree that the monetary system has it's weaknesses and not backed by collateral. But at least it's legal tender. Which crypto is backed by Gold?? I am unaware of that. Even the US dollar is not backed by gold but it's just legal tender. and that's my point. at least it's legal tender. There is a responsible government behind the bill. (Previously the usd was redeemed by gold but now not)

On one good summer night, you go to sleep and you wake up to see the algorithms have taken you for a nice ride!!!

Not to say that governments don't fail. But I would back a crypto to fail anyday over a legitimate government being bankrupt!!! Very Happy Very Happy

geesura likes this post

kasun_gimhana

kasun_gimhana
Manager - Equity Analytics
Manager - Equity Analytics
@dayandacool wrote:
@kasun_gimhana wrote:
@dayandacool wrote:
@kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!!  Smile
I'm not saying gold going to zero. I'm trying to say the same applies to bitcoins. Cryptocurrencies can go to Zero but not bitcoin. Why gold does not gong to zero because it has scarcity. The same applies to bitcoin. supply is limited to 21 million. even gold doesn't have that kind of limitation. can we buy virtual gold in Srilanka? But there is coin backed by gold you can buy them in the crypto world. Understand the new system weakness of the current monetary system, governments in the entire world printing money in thin air.

I agree that the monetary system has it's weaknesses and not backed by collateral. But at least it's legal tender. Which crypto is backed by Gold?? I am unaware of that. Even the US dollar is not backed by gold but it's just legal tender. and that's my point. at least it's legal tender. There is a responsible government behind the bill. (Previously the usd was redeemed by gold but now not)

On one good summer night, you go to sleep and you wake up to see the algorithms have taken you for a nice ride!!!

Not to say that governments don't fail. But I would back a crypto to fail anyday over a legitimate government being bankrupt!!! Very Happy Very Happy
PAXG Coin is backed by gold and it is centralized. The organization which is issued regularized but centralized, which means it has a weakness. We cant talk about cryptocurrency as one. Different currencies have different characteristics and technologies.

OLD investors like warren buffet, Ray Dalio are negative about cryptocurrencies. But new young investors like Chamath Palihapitiya,Cathie Wood are very positive about cryptocurrencies.
for me, I started to buy bitcoin in April and cryptocurrency is the best performing asset in my portfolio.  this is my comment it is up to you. but study well before investing.

dayandacool and geesura like this post

RJ1010


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I don’t know about you guys but today made huge profits from XRP. Tokens placed safely in Nexo wallet to get daily interest 💰

Need to thank @TellersAcademy for his tips

dayandacool likes this post

geesura

geesura
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@RJ1010 wrote:I don’t know about you guys but today made huge profits from XRP. Tokens placed safely in Nexo wallet to get daily interest 💰

Need to thank @TellersAcademy for his tips
u know why businesses give free samples? 

I also made a huge profit from IQ option 1year ago it was like 98%gain then I invested more the next day again I got 98%gain but that was my last day trading forex just a single trade ate all my money.
forex trading is a gold mine as well as a grave.
but I'm looking forward to investing in forex/crypto cuz we need to adapt to the technology but need to be more confident, educated in it cuz every dollar we lose is not only our money but our country's.

anyway, I'm not negative about forex trading or cryptocurrencies it's the future. but we need to extra cautious 
when trading cuz as I said money we loose is not only ours

JUST MY OPINION

RajapaksaDON


Equity Analytic
Equity Analytic
@Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Thank you very much. 

I fully agree with your comment.

kasun_gimhana

kasun_gimhana
Manager - Equity Analytics
Manager - Equity Analytics
@Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...

geesura

geesura
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@kasun_gimhana wrote:
@Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...
[url=http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX TRADING AS A PART TIME EARNING OPPORTUNITY AND AS A METHOD OF EARNING FOREIGN CURRENCY - A PRIMARY STUDY DONE IN SRI LANKAN CONTEXT.pdf]http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX%20TRADING%20AS%20A%20PART%20TIME%20EARNING%20OPPORTUNITY%20AND%20AS%20A%20METHOD%20OF%20EARNING%20FOREIGN%20CURRENCY%20-%20A%20PRIMARY%20STUDY%20DONE%20IN%20SRI%20LANKAN%20CONTEXT.pdf[/url]

this is not from central bank though.
Crypto , Digital Currency Trading , Forex - Page 3 Screen34

kasun_gimhana

kasun_gimhana
Manager - Equity Analytics
Manager - Equity Analytics
@geesura wrote:
@kasun_gimhana wrote:
@Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...
[url=http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX TRADING AS A PART TIME EARNING OPPORTUNITY AND AS A METHOD OF EARNING FOREIGN CURRENCY - A PRIMARY STUDY DONE IN SRI LANKAN CONTEXT.pdf]http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX%20TRADING%20AS%20A%20PART%20TIME%20EARNING%20OPPORTUNITY%20AND%20AS%20A%20METHOD%20OF%20EARNING%20FOREIGN%20CURRENCY%20-%20A%20PRIMARY%20STUDY%20DONE%20IN%20SRI%20LANKAN%20CONTEXT.pdf[/url]

this is not from central bank though.
Crypto , Digital Currency Trading , Forex - Page 3 Screen34
Forex trading and Cryptocurrency are two different things by the way As far as I'm concern this is the only document published by CBSL about cryptocurrency.

Read it. https://www.cbsl.gov.lk/en/news/public-awareness-on-virtual-currencies-in-sri-lanka

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