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Does SolidECN allow nonstop trading of crypto pairs even on the weekend?
#136 - January 19, 2023, 09:21:21 PM

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Does SolidECN allow nonstop trading of crypto pairs even on the weekend?
Hello,

Thank you for sharing your question with the community. 

Yes, the crypto products are available for trading 24/7. 
#137 - January 23, 2023, 10:29:10 AM

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Do you require KYC documents for crypto deposits or withdrawals? 
#138 - January 23, 2023, 03:04:25 PM

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Do you require KYC documents for crypto deposits or withdrawals?

Hello,

Thank you for sharing your question with the community.

KYC approval is not necessary for Deposit / Withdrawal less than $3000 in total.
#139 - January 24, 2023, 09:13:30 AM

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Platform

The popular trading platforms are narrowed to a few. We chose the newest and the most advanced platform that is available in the market, the MetaTrader 5!

Why MetaTrader 5?
Contrary to commune belief, MetaTrader 5 is not an upgrade of MT4. The MT4 platform was developed for trading in the Forex environment, whereas MT5 was coded for CFDs, Stocks, and futures access. To be short, MetaTrader 5 is for more experienced and advanced traders, but before we go with the MT5, at Solid ECN we ran a survey of the traders we know, and found out that most rookies and novice users are already with the MT5 platform, and for the first time the MT5 users have surpassed the MT4?s!

Major differences

  • MT4 has 9-time frames, whereas MT5 offers 21-time frames. More time frames assist technical analyzers to have a better conception of the market movement.
  • MT 4 has 4 pending orders, whereas MT5 provides 6 types of pending orders.
  • MT 4 doesn?t have the market depth, but MT5 market depth is accessed within the chart.
  • MT5 has the Economic calendar on default.
  • MT4 has 4 types of pending orders, whereas MT5 holds 6 types.
  • MT4 allows hedging only, whereas MT5 allows both hedging and netting on request.
  • MT5 has 38 technical indicators, 44 analytical objects and unlimited charts
  • Partial order filling policies (fill/kill or cancel return) is another advantage of the MT5 for advanced traders.
  • The strategy tester of the MT5 platform is multi-threaded but MT4 is single-threaded.

MetaQuote corporation has been sending announcements about stopping MT4 updates. Therefore, we believe it was in the best interest of all parties to go with the MT5 platform!

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#140 - January 26, 2023, 08:09:24 AM

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Refund Policy

There is no perfection in services online, and when funding is involved, we believe that the merchant should have a transparent refund policy. Solid ECN Securities acknowledges customer rights, and for that reason, we drafted the Solid-Refund policy. There are circumstances when it is essential to return payment. Clients may submit a refund petition if the merchant service was not as described or the service was not functional or if the client justifies the reason.

We tried to make the money return policy concise, simple, and clear to give our customers a feeling of security. That is why we guarantee our services, and if it wasn?t as described the consumer has the right to apply for a money return.

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#141 - January 27, 2023, 08:53:56 AM

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Chart of the Day EURGBP

EURGBP is one of major currency pairs that may see some more volatile moves today. This is because the Bank of England and European Central Bank are scheduled to announce monetary policy decisions at 12:00 pm GMT and 1:15 pm GMT, respectively. Both are expected to deliver 50 basis point rate hikes.

While ECB members have been quite vocal about the fact that a 50 basis point rate hike is appropriate for today's meeting, recent cycle pause from BoC and slowdown from Fed raises questions whether ECB will alter its approach. A 50 bp rate move looks like a done deal and should the ECB commit to another 50 bp rate hike in March, EUR may benefit. A 50 bp rate hike and a hint that pace of rate increases will slow going forward would be EUR-negative and may support European stock market indices.

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On the other hand, things look less rosy when it comes to the Bank of England. The UK economy is facing a recession and BoE knows it very well. Higher interest rates are magnifying the so-called "cost of living crisis" in the United Kingdom and while another rate hike could help combat inflation, Bank of England is facing an increasing public backlash over its tightening. Having said that, there is a scope for a dovish surprise with BoE going in with a 25 basis point rate hike.

Taking a look at EURGBP chart at D1 interval, we can see that the pair has managed to climb above the 0.8880 resistance zone today and has even briefly traded at the highest level since late-September 2022. If ECB provides more fuel for the upward move by hinting at another 50 bp rate hike in March, the pair may look towards the 0.8990 swing area that was tested a few times in the 2019-2020 period and marks a local high from late-September 2022. A dovish Bank of England would also support a bullish scenario on the pair.

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#142 - February 02, 2023, 10:08:55 AM

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Bitcoin is Fighting for 24,000 USD Level

Cryptocurrencies gained on the wave of Jerome Powell's comments and the double-dip of the previous 25bp US rate hike. Although the Fed is far from declaring victory over inflation, and Powell hinted at a possible return of inflation if the central bank does 'too little,' markets particularly liked the comments regarding the 'global disinflation' process that has begun. As a result, the largest cryptocurrency is struggling to rise near its summer 2022 highs.

  • Bitcoin soared above $24,000 but was quickly knocked off these levels by supply and is now struggling to return to levels near the summer 2022 peaks. The strongest gainers are again altcoins including Binancecoin, Algorand, Sushi and Avalanche;
  • The volume of the cryptocurrency market rose by nearly 30% yesterday on a daily basis, to about $61 billion. The capitalization of the entire market is now around $1.1 trillion;
  • Meta Platforms' successful report supported sentiment on U.S. index contracts primarily the NASDAQ, with which Bitcoin correlates;
  • Wall Street is approaching a key day of earnings season, with today's post-session shows from Apple, Alphabet and Amazon likely to affect volatility and investor activity in the evening hours in the cryptocurrency market as well;
  • If positive sentiment continues traders may increase speculative exposure around Elon Musk's 'favorite cryptocurrency,' Dogecoin in view of recent comments by Tesla's CEO, who suggested integrating Twitter with both traditional finance and cryptocurrencies.

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The sudden surge of interest in Bitcoin in 2023 caused a massive increase in the average daily number of transactions on the network. Their number has grown exponentially from less than 200,000 to nearly 350,000 in a month, the largest increase in the history of a major cryptocurrency.

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Bitcoin chart, H4 interval. The largest cryptocurrency remains above the SMA200 (red band) and SMA100 (black band), which is also the lower limit of the upward formation. Bitcoin has also reached the vicinity of the summer 2022 maxima, although this is the second time it has been pushed back by supply from levels above $24,000. The 50 SMA average (blue band) is approaching the cross with the SMA200, which in the past has most often heralded a prolonged price rebound, and has also crossed the SMA100 for the first time in nearly 10 months, which was a resistance even during summer of 2022.

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#143 - February 02, 2023, 01:30:30 PM

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Morning Wrap

  • US indices finished yesterday's trading higher. S&P 500 gained 1.47%, Russell 2000 added 2.06% and Nasdaq rallied over 3%. Dow Jones was a laggard with 0.11% drop
  • US index futures dropped in the after-hours trading following earnings releases from Apple, Amazon and Alphabet
  • Apple dropped 3.2% in the after-hours trading. Company reported a 5% sales drop to $117.15 billion (exp. $121.10 billion) and almost 11% YoY drop in EPS, to $1.88 (exp. $1.94). CEO Tim Cook said that strong dollar, production problems in China as well as the overall macroeconomic environment were to blame for poor results
  • Amazon traded 5% lower in the after-hours trading. Company reported Q4 revenue at $149.2 billion (exp. $145.4 billion) and EPS at $0.03 per share. Sales growth in cloud business slowed from 27.5 to 20% YoY in Q4 2022. Company provided a rather light guidance pointing to a 4-8% sales growth in Q1 2023
  • Alphabet dropped 4.6% in the after-hours trading. Company missed sales and earnings expectations with revenue coming in at $76.05 billion (exp. $76.5 billion) and EPS reaching $1.05 (exp. $1.18). Alphabet's sales grew at a pace of just 1%  YoY in Q4 2022, marking the slowest growth since Q2 2020
  • Indices from Asia Pacific traded mixed. Nikkei, S&P/ASX 200, Kospi and Nifty 50 gained while indices from China and Vietnam traded lower
  • DAX futures point to a slightly higher opening of the European cash session today
  • US and Canadian militaries are monitoring a Chinese spy balloon that is currently flying above continental United States. It was decided not to shoot it down to prevent collateral damage from falling debris
  • Chinese Caixin services PMI came in at 52.9 in January (exp. 51.6)
  • BoJ Governor Kuroda said that Bank of Japan has a 8.8 trillion JPY unrealized loss from bonds it bought as part of yield curve control mechanism
  • Cryptocurrencies are trading mixed today. Dogecoin gains 0.2%, BitcoinCash adds 0.8%, Bitcoin drops 0.1% and Ethereum trades 0.8% down
  • Energy commodities trade lower - oil drops 0.2% while US natural gas prices traded 0.9% lower
  • Precious metals trade higher - gold gains 0.2%, silver trades 0.3% higher and platinum adds 0.5%
  • NZD and JPY are the best performing major currencies while EUR and CAD lag the most

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Nasdaq-100 (US100) had another solid session yesterday. However, things turned sour after the close of the Wall Street cash session as Apple, Amazon and Alphabet disappointed with earnings reports. US100 took a hit and pulled back around 2.5% off yesterday's highs.

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#144 - February 03, 2023, 07:48:23 AM

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Morning Wrap - US500

S&P 500 (US500) failed to break above the 4,165 pts resistance zone last week and started to pull back. The move lower is being continued today. Tensions between China and the US are picking-up after the US Air Force shot down a Chinese spy balloon over the weekend.

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#145 - February 06, 2023, 08:31:13 AM

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Chart of the Day - USDCAD

USDCAD has been trading in a descending triangle pattern since October 2022. The pair failed to break above the resistance zone ranging below the 1.3500 area yesterday and can be seen pulling back today. USDCAD is expected to get more volatile later today as traders will be offered comments from both - Fed Chair Powell (5:40 pm GMT) and BoC Governor Macklem (5:45pm GMT).

Solid jobs data led some to believe that the Fed may switch back to a 50 bp rate hike at its next meeting and Powell's comments will be key in shaping expectations further. Macklem will deliver a speech titled "How monetary policy works" at CFA Society Quebec. Speech will surely touch on the topic of monetary policy as the title implies. More importantly, Macklem will answer reporters' questions afterwards at 7:00 pm GMT and it could be a chance for more details on the current policy outlook.

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USDCAD is trading around 1% below upper limit of the triangle pattern and around 1.2% above the lower limit. While today's speeches from BoC and Fed heads may not lead to an immediate breakout, they could set the tone for the coming days, which may lead to a breakout. A textbook range of the breakout from the pattern in either direction is 720 pips.

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#146 - February 07, 2023, 12:35:19 PM
« Last Edit: February 08, 2023, 10:29:16 AM by Solid ECN Securities »

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Chart of the Day - USDDIX

The dollar index fell below 103 on Wednesday, extending yesterday's losses sparked by Powell?s latest comments. Head of the Fed said that more rate hikes will likely be needed and that the terminal rate could peak higher if the jobs market remains strong, however underlined that disinflation has begun. Traders now look ahead to more Fed commentary on Wednesday for further guidance.

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From a technical point of view, USDIDX bounced off key resistance at 103.40, which is marked with upper limit of the local 1:1 structure, previous price reactions,50 SMA (green line) and upper limit of the descending channel. As long as price sits below the aforementioned level, the main sentiment remains bearish. Nearest major support to watch is located around recent lows at 100.60. On the other hand, if buyers manage to regain control, upward correction may be launched towards resistance at 105.30, which coincides with 38.2% Fibonacci retracement of the upward move launched in January 2021.

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#147 - February 08, 2023, 10:28:46 AM

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Chart of the Day - USDCHF

Swiss franc strengthened on Monday after the annual inflation rate in Switzerland jumped to 3.3% YoY in January, the highest reading since September 2022, from 2.8% in the prior month and above analysts' estimates of 2.9%, which should  support the case for further SNB policy tightening. Pair may experience increased volatility ahead of tomorrow?s US inflation data that could reinforce the case for more Federal Reserve interest rate hikes.

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From technical point of view, the pair broke below the local support at 0.9235, which is marked with previous price reactions, 23.6% Fibonacci retracement of the latest upward wave and 200 SMA (red line). As long as price sits below, downward move may deepen towards next major support at 0.9200, which coincides with the lower limit of the triangle formation, 50 SMA (green line) and 38.2% retracement.

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#148 - February 13, 2023, 09:42:20 AM

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Chart of the Day - GBPUSD

The GBPUSD pair erased most of the early gains as investors digested latest figures from the UK labor market. The UK Office for National Statistics Office for National Statistics reported that the unemployment rate remained unchanged at 3.7% in December as widely expected, while the number of people claiming unemployment-related benefits fell by 12.9K in January. Moreover, December reading was also revised down sharply to -3.2K as compared to the 19.7k rise estimated originally. The number of people in work grew by 74k in Q4 of 2022,  easily topping analysts? projections of a 40k increase. The number of part-time employees jumped to the highest level since the September-November period of 2021, however the number of full-time employees decreased but still above pre-pandemic levels. On self-employment, part-time self-employed increased, while full-time self-employed remained low.

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On the other hand, in November 2022 to January 2023, job vacancies fell by 76K to 1,134K, the seventh consecutive quarterly fall, reflecting uncertainty across industries, as survey respondents continue to cite economic pressures as a factor in holding back on recruitment.

Meanwhile US dollar trades slightly lower, extending yesterday's decline, however further downside move may be capped as traders might refrain from placing aggressive bets ahead of the crucial US consumer inflation figures, which will be released at 1:30 pm BST.

From a technical point of view, GBPUSD rose sharply in the morning after the release of UK data, however the pair pulled back after buyers failed to break above the 100 EMA (purple line). If sellers manage to regain full control, then declines may deepen towards local support at 1.2075. On the other hand, if bulls manage to regain control, next key resistance to watch can be found around 1.2215.

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#149 - February 14, 2023, 08:59:54 AM

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Chart of the Day - GBPJPY

UK inflation data for January was released today at 7:00 am GMT. Release showed a bigger slowdown in price growth than expected, with headline CPI gauge moving down from 10.5 to 10.1% YoY (exp. 10.3% YoY). Core gauge dropped from 6.3 to 5.8% YoY (exp. 6.2% YoY). Unsurprisingly, lower inflation reading was taken as dovish with investors increasing bearish BoE bets. This, in turn, triggered a pull back on GBP market.

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Taking a look at GBPJPY chart at H4 interval, we can see that the pair has managed to climb above the resistance zone ranging below 38.2% retracement of the downward move launched in October 2022 recently but this breakout was short-lived. Pair pulled back below it this morning but has bounced off the daily lows and it looks like another attempt to break above 38.2% retracement may be on the cards. However, if bulls fail and bears regain control, a deeper correction may be on the cards. In such a scenario, 156.76 zones will be a key support to watch. However, 23.6% retracement in the 159.30 area may also provide some support given that it saw numerous price reactions over the past 2 months.

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#150 - February 15, 2023, 09:34:57 AM

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