How to Ensure Confidentiality When Onboarding New Customers?

June 18, 2022

You need to ensure that the people you’re collecting data from are who they say they are to ensure the security of your customer data. Ensuring that the person on the other side is a human and not a bot or some other type of fraudster is crucial.

Some examples of identity verification include:

Using an ID scanner to scan a driver’s license or passport
Turning on your webcam so someone can verify your face
Sending out an SMS message to check if you have access to their phone number

Understanding Their Data, Systems, and Processes

It’s not enough to understand the information you’ll be receiving. Data has a context. That context gets provided by the systems and processes that organize it.

Understanding how they work together is key to gaining insight into how the data gets shared originated and its value. As a result, you can more accurately identify potential risks, such as:

Unnecessarily sensitive data being accidentally transferred – because of how it gets organized in their system, they may not realize it’s sensitive still.
Difficulty in data migration; migrating data from one system to another is fraught with numerous challenges such as poor onboarding experience for customers, delayed implementations, etc. Some special tools will cover critical difficulties when migrating data and focusing on the transformation, making the process quicker with superior customization options. Data onboarding platforms such as FlatFile or OneSchema are some of the most popular softwares used by businesses. However, any other similar platform to Flatfile is just as practical.
Lack of awareness that additional risk may exist – if they’re operating under old assumptions about the nature of their data.
Confirm your understanding with them

Security Risk Assessment

A security risk assessment is a systematic and thorough evaluation of the potential risks that can impact your business as you disclose confidential data to customers or clients. A thorough risk assessment considers all relevant factors that might compromise your customer’s privacy. It can include human error, equipment failure, software malfunction, malicious hacking, or theft.

Prepare for a security risk assessment. It helps determine the project scope and determine who will get involved in it. Security professionals often use a questionnaire to gather information about internal controls and processes related to access procedures and data handling policies. Numerous solutions are available in this domain, like Au10tix solutions, and you can check their offerings before finalizing a trusted partner.

This information can then get used as a baseline against which improvements get measured. For instance, if you are currently running your business with outdated applications or old operating systems such as Windows 7 or older macOS versions, these details should help identify specific areas where upgrades may be necessary.

Current Cybersecurity Infrastructure

Ensuring that you understand the current state of your customer’s cybersecurity is important to identify any areas that need work. It will provide the information you need to determine what kind of system needs to be in place or how an existing system can be improved or added on to protect sensitive data.

By understanding where there may be security gaps, it’s easier to prevent breaches and identify potential vulnerabilities.

You can conduct a full audit on their systems, with certain tests including penetration testing, malware scanning, and phishing detection. These tests can cover every aspect of their cybersecurity infrastructure, including hardware and software configurations, operating systems, and applications running within an organization’s network environment.

You can consider monitoring your customer’s behaviors as a means of identifying suspicious activity within the system. Also training your employees with anti money laundering course is one of the key steps organizations can take to manage AML risk and reinforce a culture of ethics and compliance. This information will help you build a more effective security model for protecting confidential data from malicious outsiders and inside threats such as disgruntled employees.

Testing the System for Vulnerabilities

Before going live, test your system for vulnerabilities.

You can perform a vulnerability assessment. It identifies potential areas where security breaches can happen. For example, look at the system’s features (like password protection) and see how well they hold up against different attack scenarios.

You can perform an impact analysis. During this step, you determine the extent of the damage resulting from a cybersecurity breach on each business function and asset.

Another thing to do is perform a risk analysis to determine what risks may exist when adopting new technology and processes.

Implementing Data Protection Policies and Procedures

When you start on a fitness journey, it’s important to establish clear goals from the beginning. Often, people who have taken time off from exercise feel like they have to “get back in shape,” but this is far too broad of a goal.

You’re doing yourself a disservice by not re-assessing and defining your goals because it will make it harder for you to

Build up momentum
Identify your successes
Track your progress

Creating a Disaster Recovery Plan

You can set SMART goals. Setting goals is a smart way to achieve success, but many people make the mistake of setting vague, amorphous goals. By setting specific, measurable, attainable, relevant, and timely (SMART) goals, you can better ensure that what you set out to accomplish will get achieved.

You can be ambitious. Some people think that if they don’t set high expectations for themselves when it comes to working out, then they won’t be disappointed as they fail to meet their lofty goals.

Regularly Test Your System for Vulnerabilities

It’s important to regularly test all of your systems for vulnerabilities. We recommend doing this at least every three months for two reasons. First, new vulnerabilities are found in systems regularly, and it’s good to keep up with that. Second, you may not be aware of all of the vulnerabilities in your system, and it’s good to check for those too.

When testing your systems, think about getting a third party involved to do the testing. Many security specialists can assist you in identifying any potential issues with your system to help protect the confidential information of your customers.

You can remember that there are different types of security vulnerabilities, so make sure that you’re checking for everything.

Conclusion

By assessing vulnerabilities and following through on the results, you can take your business to the next level. Vulnerability assessments are a valuable tool for finding weaknesses in your system’s security and addressing them. Don’t let a lack of knowledge stop you from maximizing your potential.

At this point, you already know how important it is to assess vulnerabilities when onboarding new customers. Where do you go from here? One option is to conduct a vulnerability assessment yourself.

You may be surprised at how easy it is to find and correct security flaws when you have the right tools, like our robust vulnerability assessment software. In addition, we have several resources on our site if you’d like more information about these assessments or the product itself.

Go to top

Win Trust & Maintain Loyalty with Millennial and Gen Z Consumers

June 18, 2022

Millennials and Gen Z customers are notoriously hard to please. They grew up with endless options for entertainment, countless career paths, and perhaps a bit too much freedom for their own good.

Now, brands are competing for the attention of this constituency that is finally making big money and carving out a place for themselves in the world.

But getting attention on social media and playing the clout game isn’t the hard part, it turns out.

The biggest challenge for brands now is winning the trust of Millennials and Zoomers, which has proven fleeting and difficult to secure.

At this point, brands have no choice but to shift gears and appeal to this next generation of buyers, not just for one-time purchases, but for lifetime loyalty.

We sat down with twelve business owners navigating the new realities of marketing and interfacing with Millennials, Gen Zers, and the new frontier of commerce that is changing before our eyes.

1. Creating Culture

What is the common thread that connects the brands that have dominated Millennial and Gen Z demographics in the past few years? They are all on the cutting edge of culture, creating their own legacies and sharing them with the world. Innovations like customer loyalty apps are one way to keep customers engaged through technology and ensure that businesses have a new way of building a loyal (and more accessible) audience.

“Art, culture, and commerce are now all one in the same thanks to social media and the fluid nature of the economy. Legacy media and education used to be more central to culture, but now it’s more about what people buy and what they do for work. This is a big shift in favor of markets and the brands leading the charge. Loyalty will be earned by generating positive and appealing cultural movements defined by fashion, lifestyle, and other factors.” – Melissa Rhodes, CEO of Psychics1on1

2. Real Connections

Despite the prevalence of social media, young people are hungry for connection and identity in the modern world. Brands have the chance to provide that and profit tremendously.

“People are living in their own bubbles, complete with unique ways of talking, interacting, and moving in the world. It’s no surprise that young folks are building their identities based on the things they buy and how they present themselves online and in real life. This is not a new phenomenon, but it has grown far stronger with the web. The brands that offer this sense of community will inevitably build broader audiences and last for the long haul.” – Jason Reposa, Founder and CEO of Good Feels

3. Support and Service

For members of Gen Z and even elder Millennials, expectations for customer service are sky-high. Remember, brands now must compete with giants like Amazon and be ready to step up service on all levels.

“Small brands might feel that they stand no chance in terms of providing customer support to shoppers, but they actually have a distinct advantage. Younger shoppers are looking for that personalized experience and real interactions. It’s a big part of the experience that huge corporations can’t provide. So long as the service is quick and consistent, that can take a small company quite far.” – Boye Fajinmi, Co-Founder and President at TheFutureParty

4. Status for Sale (Exclusivity Factor)

It doesn’t matter what generation your business is targeting – status symbols are always in demand. Even younger people are prepared to pay a premium for exclusive products and services.

“You don’t need to look far to see that Millennials and Gen Z are quick to spend big money on apparel, technology, travel, and other non-necessities that exist only to elevate their status and make them appear more important. The value comes from other people wanting the same thing, not just the quality of the goods or the materials used to make them. This proves just how important marketing and hype are for this generation.” – Tyler Read, Founder and Senior Editor of Personal Trainer Pioneer

5. The Power of Personalization

A personalized shopping experience is vital to the Millennial or Zoomer shopper. Whether it’s a new t-shirt or a new car, they expect the shopping journey to be tailored to their needs.

“If there’s one thing that young buyers want most of all, it’s the feeling of doing things their own way. Everyone uses different channels to browse and research, curate social media to fuel their interest, use various payment types, and even buy and sell products in aftermarket environments. It’s all about turning commerce into a sandbox for customization that does away with the old-school rules.” – Caleb Ulffers, CEO of Haven Athletic

6. Multi-Channel Mastery

Most young people agree that traditional forms of marketing seem invasive and annoying. This should convince brands to pursue multi-channel marketing that is far more appealing and effective.

“The modern marketing dynamic is all about attracting shoppers to your page and your store, not jumping in front of people with intrusive messaging and ads. This is the essence of inbound marketing, and Millennials are highly attuned to this trend. Use it to your advantage because it makes a difference for brand loyalty.” – Ari Evans, CEO of Maestro

7. Authenticity Matters Most

To the average young shopper, there’s nothing worse than being fake. They can smell inauthentic marketing and branding from a mile away, and brands that commit this mistake won’t stand a chance in years to come.

“As soon as a brand is perceived as try-hard or fake, that’s the beginning of the end. It’s fine to hop on trends and try to ride the wave, but ultimately, brands need to be true to their own mission and avoid chasing the latest hype cycle. This will serve them well in the long term, and they’ll outlast competitors.” – Brittany Harrer-Dolin, Co-Founder of Pocketbook Agency

8. Incentives to Stick Around

With so many options to choose from in the current marketplace, young consumers need a reason to stay loyal to a brand. This is where creative incentive strategies can come into play and make a huge impact on customer retention.

“More companies are using things like membership programs and clubs that give shoppers a reason to come back. Discounts and exclusive offers are always effective, even if it means losing a bit of money in the short term. Loyalty is about playing the long game, so brands must be willing to take some early losses to make major gains later.” – Natália Sadowski, Director of Aesthetics at Nourishing Biologicals

9. Activism and Diversity

Social causes are a top priority for Millennials and Gen Z buyers, and brands need to acknowledge this – then step up with plans of action.

“Gen Z are savvy when it comes to brands paying lip service to diversity and inclusion,” said Gregg Brown, Speaker and Consultant with Change Ready Leadership. “To truly appeal to Gen Z, a brand must demonstrate that it is doing more than using the right language and images in advertising, though that is important. What charities do they support? Do their HR practices, procurement policies, benefits and providers align with diversity and inclusion issues? The depth needs to be there.”

10. Innovative Business Models

It wasn’t long ago that the only business model was to “buy once and move along”. Nowadays, young consumers are open to new business model ideas, which can benefit everyone with higher volumes and lower price points.

“We can look at the rise of subscription services to see that this appeals massively to Millennial and Gen Z audiences. It allows people to ‘set and forget’ the ordering process for things like clothes, health products, and household necessities. Brands that offer more ways to buy will always have the advantage.” – Anamika Goyal, Head of Architecture and Design at Cottage

11. Embrace Competitive Edge

Shying away from the competition is a sign of weakness that modern brands can’t afford to show. Going head-to-head with rival brands is what Millennials and Gen Z buyers want to see, so it’s time to lean into some friendly competition.

“It’s a constant battle of the brands on social media, and young customers love to see it. It taps into that tribal phenomenon that has people picking sides and forming alliances. Of course, it’s mostly about having fun and not taking things seriously. But when you look at the bottom lines, it does affect business outcomes, and customer loyalty is a big component in that.” – Cody Candee, Founder and CEO of Bounce

12. Influencers and Endorsements

The celebrity endorsements of the 90s and 2000s just don’t pack the same punch anymore. Younger shoppers put way more faith in online influencers who they know and trust.

“Influencers have even greater appeal than yesterday’s celebrities,” said Erik Huberman, Founder and CEO of Hawke Media. “They are considered more relatable – making their promotions feel more like a friend giving you a recommendation than a hard sell. This unique mix of relatability and aspiration is highly powerful and has proven to resonate with young consumers. In fact, Gen Z is almost twice as likely as millennials to make a purchase based on a recommendation of an influencer.”

Trust is Earned, but Never Guaranteed

Brands that implement all these tips will be leagues ahead of the competition when it comes to attracting and keeping the business of Millennial and Gen Z shoppers.

Even still, the standards of commerce are always shifting and rising, and no brand can afford to remain stagnant as the wheels of change keep turning.

As Millennials and Zoomers increase their spending power and prominence, the opportunities for small and upcoming brands are boundless.

Go to top

Making Sure Your Advertising Stays Within the Law

June 18, 2022

Anyone who owns a business knows the need for advertising. That’s particularly important if your business just happens to be in a highly competitive industry. The gambling industry fits that description perfectly but just how you advertise your business can cause problems.

Michael Owen is a former England footballer, though many will now know him as the father of a ‘Love Island’ contestant. Owen is a big fan of crypto currencies, and it was therefore a logical move for him to advertise Punt Casino.

Doing so in the UK has got him into trouble with the Advertising Standards Authority (ASA). Why? Well, you see the big problem with this e-casino is that it has not been given a licence by the UK Gambling Commission.

Punt Casino does hold a Curacao licence but that’s not good enough for the ASA. They only allow advertising of gambling companies who have that UK licence. This list of those UK casinos can be viewed here. That’s led to problems for Owen who has recently been tweeting about Punt Casino.

That’s not the only reason for his conflict with the ASA. Promoting an unlicensed crypto currency is bad enough. However, the former England striker also tweeted some controversial claims about a non-fungible token (NFT).

The tweet claimed that it was the first NFT “that can’t lose their initial value.” The ASA were quick to pounce on that and the tweet has had to be removed.

A key aim with any advertisement is that its claims can be backed up. That wasn’t the case with this claim. A code that the NFT possesses makes it impossible to be sold for the price paid for it. If the price of the NFT falls, you can’t just sell up and in fact all the purchase price is lost. Not quite what the advert was claiming.

It’s not just bad news for Owen but for Punt Casino too. Those in the UK cannot now access their site due to it being blocked.

Paddy Power is a popular sportsbook in the UK and Ireland. They are well known for putting a bit of humour into their advertisements. Sometimes it works and everyone has a good laugh. Not all the time though and the ASA, although admitting the latest advertisement from Paddy Power has a light-hearted nature, have banned it.

The reason for the ban is the belief that the advertisement sees gambling “taking priority over family.” It was first shown in March of this year but in its current format won’t be seen again.

The advertisement shows a man who has gone to spend his Sunday with his girlfriend’s family. Probably not the most fascinating afternoon and we see him on his mobile phone playing Paddy Power’s ‘Wonder Wheel’ game.

He has to look away from the screen when his girlfriend’s mother kindly hands him a cup of tea. Then comes a big mistake. His girlfriend asks him if he thinks she’ll end up looking like her mother in the future. His mind is still on the Paddy Power game and without thinking he replies ‘I hope so’ which doesn’t exactly delight his girlfriend. It’s not long before he realises his mistake.

A voiceover then says “‘No matter how badly you stuff it up, you’ll always get another chance with Paddy Power games.” The man then has a big smile on his face as he looks at his mobile phone.

The ASA received four complaints about the advertisement. A couple of them felt that the inappropriate comment made was because of his obsession with the Paddy Power game.

This view was shared by the ASA who felt the advertisement put across the message that the ill-placed comment was only made because he was “distracted by gambling.” They agreed that the advertisement did show gambling “taking priority over family” and banned it.

In addition, they told Paddy Power that in the future, their advertisements should not portray gambling as “indispensable” or encourage gambling behaviour “that was socially irresponsible.”

The betting company have accepted the ASA decision. However, they felt that the fact the man had gone to spend his Sunday with his girlfriend’s family had shown a commitment to family life. They added that there was no indication the player had a gambling problem.

Go to top

Whiskey Investment Has Got The Financial Sector Thirsting For More, Lets Understand Why

June 17, 2022

What exactly is whiskey investment? In its simplest form it involves putting away money in a liquid asset that you’re expecting to accrue value over time. Not much different than any other form of investment, really. But it’s not nearly as straightforward as it might seem. Which is exactly why you need the help of professionals before you delve into the fray.

Before we look at the folks who are uniquely qualified to assist, let’s take a look at some of the most important numbers in whiskey investment. The past decade has seen the advent of whiskey investment funds, and of those one of the most notable belongs to Knight Frank Luxury Investment Index. Comprised of some of the top-valued scotch whisky on the planet, it saw its value rise a staggering 535% between 2009 and 2019. This represents a return of nearly 20% year over year. Indeed, rare whisky, in particular, climbed almost 23% in just 12 months of measure.

These are super attractive numbers to any investor—even disinterested parties that aren’t particularly enamored with whiskey, itself. Indeed, if they were to invest in other commodities, the most lucrative among them would have trouble coming close to the returns we’ve seen in rare whisky over this same time period.

According to The Wealth Report 2020, rare whisky was the best performing collectable of the decade. And it’s not even close. Watches, coins, cars, diamonds, art, wine…you name it, and rare whiskey crushed it as an investment asset by comparison. Scottish whisky is one of the UK’s most successful exports and the industry has been experiencing significant growth as more countries are developing a taste for the historic spirit. So it’s simple, right? Buy a bunch of whiskey, sit on it, and let the value climb towards the sky.

Not so fast. The aforementioned Knight Frank Luxury Investment Index measures a group of 100 different rare and collectible Scottish whiskies. But there are literally thousands of different Scottish whisky expressions on the market today. And the large majority of them won’t actually go up in value at all.

In other words, you can’t just go to your local bottle shop and pick and choose at random. You have to know what you’re doing. And this is even more crucial when dipping your toes into the nascent whiskey cask investment space. Over the past several years these sorts of equity plays have become increasingly popular, as have the companies willing to provide you with access to whole barrels of Scotch, Irish Whiskey, Bourbon, Rye—you name it.

Of these upstarts, there are many unscrupulous actors—and even worse, incompetent ones that are riding the wave of whiskey popularity to try and turn a quick profit on barrel brokering. If you’re considering getting into whiskey investment, it’s absolutely essential to steer clear of these folks and park your money in a service that stands up to the stress test.

What You Need to Know when Buying a Cask of Whiskey

The proven whiskey investment industry leaders at this point are Whiskey & Wealth Club. And there’s not even any meaningful competition of which to compare. Whiskey & Wealth Club occupy a unique position in the market and it’s based entirely upon expertise, relationships and passion. The people behind the company aren’t just financially invested in whiskey—they are emotionally invested in the product.

They are pioneers in the world of wholesale premium cask whiskey ownership. Not long ago, this was accessible only to industry insiders. But thanks to Whiskey & Wealth Club, and those that came after them, the opportunity is now available to private clients. As specialised cask whiskey wholesalers, Whiskey & Wealth Club provides its clients with a one-stop shop where you can purchase your equity, have it held under bonded storage, then sell it or bottle it under your very own labeling. As such, it is a service that appeals to investors and whiskey connoisseurs in equal measure.

The implications are many. And the advising you receive along the way is just the first way in which Whiskey & Wealth Club provides incomparable value to its clientele. You’ll want to make sure that you’re investing in casks from producers with cache. Brands that are popular now and will continue to grow in stature as the years wind on and your whiskey accrues wisdom in the barrel. Play your cards right and you can even hedge against potential shortages in the future—and reap the windfall as a result of your shrewd foresight. Whatever your motivations, Whiskey & Wealth Club works with you to understand the game plan and to line up an exit strategy well in advance. It’s cask whiskey ownership, perfectly tailored to you.

Investing in Scottish Whisky and Irish Whiskey

And it’s more than just scotch. Although Scottish whisky is the single most traded spirit in the world—and accounts for nearly 75% of Scotland’s entire food and drink export revenue—the global superstar is about to see serious competition in the space from its Irish whiskey counterparts.

In the past, the secret to Scotland’s success has been their distillers’ ability to adapt and drive to take premium whisky worldwide. Now craftsmen from Ireland have tapped into that same formula. They’re reinvigorating the category to enjoy the same stature it did throughout the 19th century, when Irish whiskey was far and away the most popular form of whiskey on the planet. It’s already the fastest growing spirit today. And this rate of growth is showing absolutely no signs of slowing.

Founded by whiskey expert and native Irishman Jay Bradley, Whiskey & Wealth Club is specially positioned to leverage the relationships within the explosive Irish Whiskey trade. There is great promise and the potential for fantastic return within this subcategory of investment. And Bradley knows exactly where to find it. His decades of expertise were most recently vindicated with a World Whiskies Award for his Irish Single Malt—The Devil’s Keep, named the best Irish single malt on the planet.

Bradley has fielded a team of like-minded experts to oversee client relations. And so the investors who work with Whiskey & Wealth Club report best-in-class customer satisfaction. The assets they purchase through Whiskey & Wealth Club, investment-grade at half the wholesale price, are from some of the most esteemed producers in both Ireland and Scotland. Whiskey barrels of untouchable repute. Buying a cask of whiskey will never be this painless of a process from the purchase to the ultimate pour.

Historic Distilleries and the Fine Craft of Whiskey Cask Curation

As already mentioned, well known whisky brands hold huge sway in the Scotch market. This is why Whiskey & Wealth Club continues to only work with established names and distilleries like 200-year-old Bladnoch distillery in the Scottish Lowlands or 141-year-old Bunnahabhain in the historic Islay region of Scotland.

If you’ve ever visited one of these storied facilities you are well aware of the sensual overload they convey. Walk through the dunnage warehouse where the precious barrels are stored and you can smell the wondrous mélange of wood and grain wafting up to the rafters. It’s an absolutely transformative experience and it all feeds into the mystique which underpins the entire experience of whiskey formulation. This is the very magic that investors are buying into. It’s not just a commodity, it’s an actual experience. It holds with it the weight of heritage and tradition and it is best understood by those that live, breathe and drink it.

And it’s something that cannot be rushed or improved upon by modern technology. It’s a patient process that starts with the distillate itself and relies upon the quality of the cooperage—the oak casks in which it slumbers—in order to be masterful in the end. That brings us to the significance of cask curation; stewardship. If you’re holding on to whiskey in the cask that isn’t being properly cared for, it could be of questionable quality by the time that you decide to have it bottled. Whiskey & Wealth Club are pros in the fine art of cask curation. In fact, founder Jay Bradley is a dedicated student of the very subject. So you can rest assured that whenever you chose to seize your whiskey (it requires a minimum of three years by Irish and Scottish law), you’ll be left with something sensational.

Putting whiskey in the barrel, you see, isn’t just about aging. It’s about maturation. The difference is in how it is kept and cared for along the way. Distillation is merely the first step in a process that can go on for decades. It is definitely important to start with great liquid off of the still, but most of the flavor in the end product will be produced in the warehouse, while sitting in the barrel. That’s where the most impactful flavor compounds are crafted, as that distillate mingles against the interior of the oak staves that hold it. Complex molecules are extracted from that wood—esthers, congeners, phenolic compounds. You know, the good stuff.

How the barrel was crafted, where it sits in the warehouse, how carefully it is monitored along its journey. These are just a part of what you need to do to make sure you come away with something you can be proud to sip and call your own.

To Invest in Whiskey you’ll want to Understand Exit Strategies

Which brings us to the all important topic of exit strategy. If we’re talking about whiskey investment, then that assumes there’s ultimately a party interested in purchasing it from you. Whiskey & Wealth Club doesn’t leave that complicated task up to you. They take an active hand in helping you offload your product, either fractionally, or all in one transaction. Leveraging their relationships, it’s not uncommon for them to have a client sell back a cask to the very same distillery that produced it years prior. They even pay the duty on the barrel for the first five years in which it is stored.

The aggregate value here isn’t just taking care of the things you know you don’t know how to deal with, but also in taking care of the things that you didn’t even think of to begin with. Whiskey cask investment can be a load of fun, but it can also be a complete and utter nightmare if you don’t know what you’re getting yourself into. The experts are the only element separating the former from the latter. And the foremost experts are all under one roof at Whiskey & Wealth Club in their London-based offices. Comfort, quality, peace of mind…It’s all right here when you need it.

But this is all a lot to take in. And it’s a very serious decision to be made, as is any potentially sizable investment. So let’s have a brief recap of what you need to know if you’re considering getting into whiskey investment.

Whiskey is an incredibly lucrative and historically appealing investment option at the present moment. Irish whiskey, in particular, was the fastest growing spirits category of the past decade. Sales of Irish whiskey increased by 140% from 2010 to 2020, and experts predict this trend is likely to continue. Much of this growth is being driven by premium, ultra premium and luxury expressions—bottles that can go for more than $100 a piece, sometimes thousands of USD per unit. And the United States market, in particular, is spearheading this growth. More than 4.9 million cases of Irish whiskey were exported to the United States in 2020 alone.

Slowly but surely, Irish whiskey will start nipping at the heels of Scotch whisky. But for now, scotch remains the gold standard for single malt investment. As new markets are developing tastes for premium scotch—namely China, Japan, India and other Asian countries—aged stocks have become increasingly scarce. The rare is only getting rarer, because scotch producers can’t age their liquids as fast as these emerging markets are snatching it up. As a result, there has been a significant increase in value over the last decade. Just remember that these numbers are reflective of the super rare stuff, coming from producers that are already revered for their craftsmanship.

Cask Whiskey Investment: Legalities of Ownership, Insurance & Risk

You can get into this booming market in a meaningful way with entry into the world of cask whiskey ownership. It’s an increasingly popular method of whiskey investment but it comes with its own set of risks. These could include a decrease in global demand—albeit entirely unlikely given today’s trend lines; changes in rules and regulations regarding licencing; tariffs and trade wars. The best way to off-set those risks is to throw in with a trusted name in the market. And that name is easy to remember: Whiskey & Wealth Club.

After finalizing the transaction, Whiskey & Wealth Club provides clients with an official certificate of ownership. This legally binding document confirms full ownership of the cask; and it often includes a bonded warehouse storage certificate, so you can know exactly where your barrel is maturing. You might even consider planning a visit while its slumbering. As if you needed an excuse to take a trip out to the idyllic landscapes of Northern Britain and the Emerald Isle. It’s one of life’s happy coincidences that the places where the best whiskey is made also happen to be some of the most picturesque places on earth.

In Ireland, Whiskey & Wealth Club purchases casks under a bonded tenancy agreement with the Irish Revenue Commissioners and the excise warehouse. This amounts to a legal contract granting full, unencumbered ownership of each cask purchased, while Whisky & Wealth Club simply holds it under trust until the exit moment when the client wishes to sell. All of those casks are then insured with Aviva plc. — one of the world’s largest and most trusted insurance companies. Shortly after incorporating back in 2018, Whiskey & Wealth Club also became the first wholesale cask purveyor in the industry to register with Her Majesty’s Revenue and Customs through the Warehousekeepers and Owners of Warehoused Goods Regulations (WOWGR). Through this registration, both with HMRC as well as with Irish Revenue Commissioners, Whiskey & Wealth Club affords its clients the added peace of mind that they are conducting business with a company that keeps standards and practices at the top of their agenda.

By all conceivable metrics, Whisky & Wealth Club is leading the way in the industry. Whether it be in customer satisfaction, return on investment, due diligence, innovation, compliance—they are the benchmark by which the imitators all struggle to follow. And you’re just not going to find anyone else that is checking off all of the boxes. Every step of the way, the Whisky & Wealth Club is going above and beyond what is necessary in order to provide their clients the highest degree of security imaginable in an investment arrangement.

Whiskey investment comes with risks, of course. But now you know what you’re getting yourself into. And you’re not going to breathe that easy if you’re investing on the stock market or a traditional securities exchange. Because there’s no stock on earth that tastes as wonderful as your very own cask of whiskey. If all else fails, you know that you’ve got about 250 bottles of aged spirit to call your own. Cheers to that!

Go to top

Latest Trends of Bitcoin Trading in Wisconsin

June 17, 2022

Bitcoin trading has become quite popular in Wisconsin in recent years. There are a number of reasons for this, including the fact that Wisconsin is home to a number of major financial institutions and businesses. As such, there is a large amount of interest in the state when it comes to investing in Bitcoin and other digital currencies. You can also gain knowledge from bitcoin smarter.

This article will provide an overview of the latest trends in Bitcoin trading in Wisconsin.

One of the most popular ways to trade Bitcoin in Wisconsin is through online exchanges. These platforms allow investors to buy and sell Bitcoins using a variety of different methods, including bank transfers, credit cards, and even PayPal.

Coinbase is one of the most popular Bitcoin exchanges in Wisconsin. The platform allows users to buy and sell Bitcoins using either fiat currencies or other digital assets. Coinbase also offers a wallet service, which allows users to store their Bitcoins offline.

LocalBitcoins is another popular exchange that operates in Wisconsin. The platform allows users to buy and sell Bitcoins using cash or bank transfer. LocalBitcoins also offers a number of different features, such as escrow services and a built-in wallet.

There are also a number of Bitcoin ATMs in Wisconsin. These machines allow users to buy and sell Bitcoins using cash. Bitcoin ATMs typically charge a small fee for each transaction.

In addition to online exchanges, there are also a number of brick-and-mortar businesses that accept Bitcoin payments in Wisconsin. For example, the coffee shop chain cafes will accept Bitcoin payments for coffee purchases. Similarly, a number of restaurants in the state will also accept Bitcoin payments.

Overall, the trend of Bitcoin trading in Wisconsin seems to be positive. The state is home to a number of major financial institutions and businesses, which has resulted in a large amount of interest in digital currency.

Bitcoin trading is becoming more popular in Wisconsin as investors look for alternative ways to grow their portfolios. The cryptocurrency markets have seen a lot of volatility in recent months, which has created opportunities for savvy traders to make profits. However, it’s important to understand the risks involved before getting started.

Here are some of the latest trends in Bitcoin trading in Wisconsin:

Investors are increasingly looking to trade Bitcoin as an alternative to traditional investments like stocks and bonds. This is because cryptocurrency offers a higher potential return on investment (ROI) than most other asset classes.
There is a growing number of Bitcoin ATMs in Wisconsin, making it easier for people to buy and sell digital currency.
Many online retailers are now accepting Bitcoin as a form of payment, which is making it more convenient for people to use cryptocurrency.
The value of Bitcoin has been volatile in recent months, but the long-term trend appears to be positive. This makes it an attractive investment for those who are willing to take on some risk.

If you’re thinking about investing in Bitcoin, it’s important to do your research and understand the risks involved. However, the potential rewards could make it worth your while.

As the popularity of Bitcoin and other cryptocurrencies continues to grow, so does the number of people looking to trade them. In Wisconsin, there has been a surge in the number of people trading Bitcoin and other digital assets.

There are a number of reasons for this, but one of the biggest is likely the fact that Wisconsin is home to a number of major exchanges. These exchanges allow traders to buy and sell Bitcoin and other cryptocurrencies in a safe and secure environment.

Another reason for the popularity of Bitcoin trading in Wisconsin is the fact that it is becoming increasingly easy to do. There are now a number of online platforms that allow users to trade Bitcoin and other digital assets with ease. This has made it more accessible for people who are not familiar with the traditional financial system.

Finally, the rise in the value of Bitcoin and other digital assets has also made them more attractive to traders. As the price of these assets has risen, so has the demand for them. This has led to a number of Wisconsin-based exchanges listing Bitcoin and other cryptocurrencies.

If you are looking to trade Bitcoin or other digital assets, then Wisconsin is a great place to start. There are a number of major exchanges based here, and the state is also home to a number of online platforms that make it easy to trade. With the right platform, you can trade Bitcoin and other digital assets with ease.

Go to top

How Does Blockchain Technology Influence The Finance Sector?

June 17, 2022

The blockchain technology emerged as a revolutionizing concept in the past few years, as it took over several industries. Its use cases provided a much-needed breakthrough for business networks, as the technology was bound to modify the way traditional financial infrastructure worked.

Moreover, blockchain ensured more transparency and inclusivity in business networks. Through its shared operating models, costs were minimized, and new financial products were introduced. Not only this, the blockchain technology helps in expanding the reach of the market to more investors. It minimized the risks involved for the issuers as well as the consumers.

The technology has matured to offer several benefits to the industry. Along with the innovation offered by the issuance of cryptocurrencies, the blockchain technology has provided strong systematic backing to business networks.

Finance Sector Problems Addressed By The Blockchain

Security was among the most significant issues that plagued the entire financial infrastructure. However, through the incorporation of blockchain technology, the chances of a security lapse were reduced by a significant margin. Now, there is no need for third-party data managing service providers. The use of technology ensures a foolproof bubble around financial activities, protecting the sector against any manipulation.

Furthermore, the technology builds an environment of transparency and trust. It offers shared processes for networks to collaborate and reach agreements. Through cryptocurrencies, several stakeholders can utilize smart contracts for more effective execution of agreements. These contracts ensue more trust, as it is executed on predefined terms and conditions.

Also, the technology helps in supporting hundreds of transactions per second. These include cross-border transactions across the network through a seamless route at a low cost. Thus, this shows that blockchain technology has helped consumers in having a global reach through its interoperability.

Are Digital Financial Products Like Cryptocurrencies A Good Idea?

Since technology has ensured digitization in every sector, it is also making waves in the finance industry. Digital assets, like cryptocurrencies, are finding utility in everyday lives of people. These digital products are backed by the blockchain, that offers connectivity and programmability among them. Thus, these products are being pursued for commercial and individual use.

Cryptocurrencies and other digital means of programmable money offer more authenticity. The transaction history is kept at a single source, and the data privacy measures ensure end-to-end user and asset protection. Owners of these assets can also take part in governance decisions of protocols and networks, making them a key stakeholder of the overall system.

Moreover, digital products enable real-time settlements, auditing, and reporting of any activity. The processing time for transactions is minimized, and there are rarely any chances for a network halt or delay. Even if any network faces interruption, it is still more effective than traditional procedures. In addition to this, digital asset products match the supply and demand dynamics of the market. Issuers can instantly launch them in a short time period.

Through the use of blockchain technology and cryptocurrencies, tokenization of real world assets has also become possible. It helps in including more investors by offering fractionalized ownership of assets. Also, their secure and scalable transferring ability makes them a convenient investment opportunity.

Lastly, these products carry a great economic potential. With minimized operational, transactional, and infrastructure costs, digital financial products bring more value to investors. These consumers have earned profits and incentives through the use of cryptocurrencies and tokenized assets. It shows that these assets can be used for business activities, like transactions and payments. But at the same time, they offer a significant investment opportunity to the consumers as well.

Usability Of Blockchain-Based Financial Products

Digital financial products carry value in the real-world. But at the same time, they also lay an impact on different aspects of the globalized market. The decentralization of these assets eliminates any possible failure, and helps in minimizing settlement costs. Also, the chances of human errors and operational fraud risks are lower than usual. Such assets are more liquid with a low capital cost, offering more feasibility to consumers.

With effective governance and automated management features, blockchain networks can ensure privacy and unique incentive mechanisms for their stakeholders. The traditional finance sector is covered with all sorts of complicated regulations, but the digital finance sector stays miles away from such issues.

Most importantly, such products have the ability to be used in global payments and remittances. By eliminating the role of the middleman, digital assets help in lowering the fees and time required to make global payments. This is a breakthrough for domestic retail and wholesale settlements, and cross-border payments. With a ledger-based history mechanism, auditing is also made simpler.

Moreover, the risks of fraud or theft are addressed through the KYC and AML techniques of networks. Consumers use tokenized assets, cryptocurrencies, and stablecoins for settling payments and remittances. This is perhaps the most common and effective use of these digital products.

With greater security and efficiency, blockchain can automate the whole trade finance space. It can facilitate more transparent governance, faster processing, fewer capital needs, and lessen total counterparty risk. As a result, digital financial products will have a strong influence in global trade finance.

Apart from these uses, these digital financial products are bound to play a strong role in the insurance sector. These sectors have the highest tendency to experience fraud. Thus, digital products will streamline the whole operation to allow seamless execution of the plan. It will become the modern alternative to the faulty traditional agreement system.

There are also tax and legal requirements demanded of state tax departments and the Internal Revenue Service (IRS). If you do not have the time or interest to study crypto tax law, use the services of a qualified crypto accountant keep you out of trouble and reduce your taxes on cryptocurrency.

Conclusion

There are several benefits of using digital assets like cryptocurrencies in the daily life of consumers. As much as it ensures more innovation, it also eliminates the chance of errors while allowing transparency at a wider-scale. Also, it is a chance for the finance sector to move away from the traditional infrastructure.

Therefore, blockchain and cryptocurrencies are bound to play an influential role in reshaping the commerce and finance industry of the modern world. It is only a matter of time that these products and assets take control of the economic infrastructure through their reliable characteristics and extensive use cases.

Go to top

How to Prepare Your Finances for a Recession

June 17, 2022

Are we headed toward a recession? No one yet knows, but it’s never too soon to plan your financial strategies for a recession.

Many economists and experts also ask if a recession is on the horizon. As evidence, they point to the many consumers struggling with inflation, while the Ukrainian conflict and supply chain challenges affect the global market.

The last recession dates back to 2008. Employment rates plummeted, investors lost their savings, and homeowners found themselves unable to keep up with their mortgage payments.

While weathering a recession can be a personal and financial challenge, experts argue that these periods of the economic downturn are part of a cycle and ultimately lead to expansion or growth.

Recessions can be hard to predict, but you can take steps to recession-proof your finances in case of a downturn.

What Is a Recession?

In the past, the National Bureau of Economic Research defined a recession as a consecutive period of two quarters with a decline in the gross domestic product (GDP). The revised definition looks at other factors that indicate a widespread downturn in economic activities over a few months. These factors include the GDP, employment numbers, production from the industrial sector, retail sales, the average income, and more.

The effects of a recession can be devastating. For example, at the worst of the 2008 recession, unemployment reached 10%, home prices fell by 30%, and the S&P 500 index lost 57% of its value. Moreover, historically speaking, recessions have resulted in missed opportunities for consumers and businesses alike, with fewer jobs, higher prices, and limited capital available for investing.

Experts believe we could be headed for a recession due to inflation reaching 8.5% and slowing down demand. At the same time, stagnant wages can’t support consumption, and consumers don’t have much of a budgeting margin with a combined $15.85 trillion in household debt.

Financial Strategies for a Recession

Whatever happens in 2022, it’s better to be on the safe side. Consider adopting these sound financial strategies for a recession.

Save Up for an Emergency Fund

Besides providing you with peace of mind, an emergency fund can help you cover unexpected expenses without having to increase your level of debt. The Fed recently raised interest rates, and this trend could continue if inflation keeps climbing, making borrowing more expensive.

An emergency fund can also help you meet your financial obligations if you lose your job.

Start with a simple goal, such as saving $1,000. Then, keep adding to your emergency fund until you have enough to cover three to six months of living expenses.

Review Your Budget

Recession or not, it’s always smart to understand where your money goes and look for ways to cut unnecessary expenses.

Taking control of your budget means you might be able to put more money aside for your emergency fund or for other goals, such as saving for college or retirement.

Start by calculating your monthly income and make a list of all your expenses. Next, look for expenses you can reduce or eliminate. At the same time, set budgeting targets. For example, put aside a certain amount every month to cover essential expenses and meet your saving goals.

A common practice aims to spend 50% of your income on needs, 30% on things you want and put 20% aside. However, with the possibility of a recession, you should rethink the 30-20 rule and save 30 to 40% of your income as you reduce spending on wants.

Prioritize Stable Investments

A recession usually results in a volatile market, like the Dow Jones losing 774 points within a single day during the stock market crash of 2008.

As an investor, you can prepare your portfolio by focusing on stable investments, like bonds and mutual funds. Certificates of deposit, money market accounts, fixed annuities, and even some preferred stocks can also be good options.

The worst mistake you could make is panic and pull your funds from financial markets. Instead, it would help if you were smart about your investment decisions. For example, rethink your risk tolerance and build a balanced portfolio.

Recessions can limit growth opportunities, but you can still find worthwhile investments in economic sectors that continue to thrive, including tech or health care.

Consider Job Security

Job loss is a scary prospect. In fact, 44% of people consider job security the most essential thing in a job.

Unfortunately, a recession can reduce profit margins to the point where employers have to lay off workers. You can reduce risks by finding ways to make yourself more valuable at work, whether through seeking an internal promotion or taking on a leadership role.

However, this approach won’t protect you if your employer goes under. It’s a harsh reality, but an estimated 1.8 million small businesses closed as a result of the 2008 recession.

It would help if you started thinking about the possibility of re-entering the job market. First, assess your marketable skills. Then look for ways to acquire more skills with new experiences at work, professional certifications, and online education.

Stay Positive and Plan Ahead

Living through a recession is undeniably a challenging experience, but it’s critical to remain positive and stick to your plan. Making a plan for this potential future can help you prepare more easily mentally and financially for this difficult period.

Going over your finances is a great place to start. If you don’t have a budget or saving strategy now, these two things should be priorities. However, it’s also important not to lose sight of your long-term financial goals, such as saving for retirement or your children’s education.

One of the best financial strategies for a recession is choosing the right financial partners. You need access to the expert advice you can trust, from investing to saving to getting out of debt.

Prepare for the Future with Power Financial Credit Union

With almost 35,000 members, Power Financial Credit Union is a trusted financial institution focusing on helping guide its members to better financial lives now and for generations to come. We can help you prepare for a recession and manage your finances more effectively with products like affordable loans, money market accounts, savings and checking accounts, and more.

If you live, work or go to school in South Florida, get in touch with us today to learn more about our products and services.

Go to top

How to Get Cash Loans Quickly in Australia

June 17, 2022

Personal loans aren’t always easy, and there’s no sure way to get one approved. A borrower’s credit score and income might differ from lender to lender, and atypical data, such as free cash flow, can also be considered by online lenders.

If you’re going to acquire a loan, you’ll have to satisfy the standards of the lending company to get the money. To increase your chances of being approved for a personal loan, follow these seven suggestions.

1. Make an Application for the Appropriate Amount

Personal loans are designed to be a short-term solution, not a long-term financial burden. Your loan application may be denied if your income is insufficient to cover the necessary repayments on the requested amount.

To lessen the effect of loan repayments on your current cash flow, consider decreasing the loan balance or prolonging the loan duration.

2. Build a Good Credit Score

Demonstrating that you’re capable of handling the financial obligations of a personal loan is an essential first step. It’s a positive sign if your income is deposited into your bank account, and you’ve already paid your expenses and saved some money for the future.

Overdrawing your account should be avoided at all costs. That would not only help you avoid costs, but it will also indicate that you are capable of managing your current funds.

3. Maintain a High Credit Score.

Making on-time payments on your utility and phone bills, for example, will help your credit score. Any missed payments, arrears, or other debt collection operations that a credit reporting authority has documented may affect your credit rating.

Keep in mind that several applications for loans and credit products with many lenders may also hurt your chances of getting a mortgage.

4. Show an Excellent Track Record of Saving.

Saving money is an excellent method to show that you’re financially responsible. There are several benefits to saving money on an ongoing basis, including that it shows that you can make regular loan repayments.

5. Find the Right Lender

Almost all online lenders clarify their credit scores and yearly income criteria and if they provide co-signer choices.

Obtaining an estimate of your loan’s rates and conditions is possible, provided you fulfil the basic requirements a lender sets. Pre-qualification activates a soft credit draw, which does not affect your credit score with most lending institutions.

Comparison shop for the best rates and conditions by obtaining pre-approval from many lenders. The most cost-effective loan choice is one whose monthly payments and fees are within your means. A quick cash loans at gdayloans.com.au is an alternative for those who require money in their account within 24 hours.

6. Choose the Correct Loan

Learn about the many personal, business, and auto loans. Do some research to see what kind of funding you need. Borrowers may choose between secured and unsecured loans. A secured loan could be possible if you don’t qualify for an unprotected one.

7. Avoid Predatory Lenders

Regardless of how excellent or terrible, your credit is, it’s critical to compare rates and terms, calculate your loan options, read reviews of possible lenders, and thoroughly examine your financial situation before applying for a personal loan. Unfair deals and deceitful lenders are of particular concern to those with bad credit.

Final Thought

You must follow numerous actions to get the best personal loan. Getting a loan to lower your monthly payments or make a necessary purchase might be beneficial, provided the interest rates and conditions are acceptable.

Go to top

Tips on Growing a Career in the Legal Cannabis Industry

June 16, 2022

Get Educated
Choose a Niche
Start Temporary
Build a Network
Plan Long Term
Key Takeaways

Cannabis sales are hitting record highs in the US. It makes sense for an entrepreneur to ask how to get into the marijuana industry.

There’s a growing demand for edibles, concentrates, paraphernalia, topicals, vlogs, master classes, and cannabis seeds for sale. It’s the perfect time for individuals and companies to tap into the new market, so why not hop on the bandwagon?

Read on to discover ways to enter this field and thrive within it.

Get Educated

Learning how to get into the legal weed business requires prior research. Keep up with the laws, standards, regulations, trends, and marijuana technologies to ensure your pursuit is viable.

On the Legalities

Legalization made merchants wonder how to get into the weed industry, but it’s not as simple as renting space and setting up shop. Bureaucracy is a tedious but vital part of 420 career building.

Weed is still federally illegal, so your options depend on your residence. Look up state laws on cannabis businesses to check which credentials and licenses you need.

Find authorized courses in your desired field and acquire certificates. Having the proper papers can help you with applications down the line.

On Your Field

Besides managing your legal status, investigate the expertise needed for your desired career.

For instance, growers should master cannabis seed germination, training techniques, and curing practices. Budtenders require strain and dosing knowledge to do their job right.

Keep your learning general before choosing a position. Your employer will show you the ropes after onboarding—tutorials, courses, and books act as an overview of your professional future.

Choose a Niche

Next up, it’s time to choose a specific occupation. Cannabis is a large field with many moving parts, giving an entry to people with a wide range of previous professional experiences.

Broadly, we can divide the industry into two categories:

Plant-touching—this sphere involves professionals who handle the marijuana plant. Its tasks include growing, processing, distribution, and sales.
Ancillary—companies to support the actual plant-touching aspect. This section involves data platforms, sale systems, digital marketing, and payment processing.

Both categories are incredibly diverse. Countless skills sell, from whipping up a batch of edibles to extracting cannabinoids or blogging about cultivars. Even teaching people how to get into the weed business is a tremendous professional opportunity.

Start Temporary

How to get a job in the pot industry? Apply to work in an existing company. Since cannabis is a new market, most employers don’t expect prior experience; getting some lets you outshine your competition.

Temporary jobs get your foot in the door and establish invaluable business connections. Plus, good performance can act as a springboard into a permanent career.

These positions also let you explore the various subfields of weed and discover what you like best. Low-qualification options with excellent prospects include:

Budtending—work with customers and learn the basics of running a dispensary.
Marketing—operate a shop or service and learn what it takes to win over shoppers.
Trimming—handle the mature weed plant and use this as an entry point for solo cultivation.
Deliveries—manage vendors and shipping and discover the best practices of a retail operation.
Warehouse work—tackle packaging and products and gain behind-the-scenes knowledge of cannabis manufacturers.

While gaining skills at these temporary jobs, you get the opportunity to tackle another element of your endeavor.

Build a Network

You have the job, but how to get into the cannabis industry in broader terms? It’s once again about utilizing existing businesses and their connections.

Networking is a valuable practice for higher-ups in any industry. It’s especially worthwhile for a field like cannabis, one full of enthusiasts, activists, and advocates.

Nearly every state that legalized marijuana features local events, conventions, and meetups for industry professionals. Visit one, introduce yourself, ask people about their experiences, and discuss your ambitions—or even pitch a new company.

Gather contact information and send follow-up emails when you go home. Establishing connections may get you invited to future events or even interviews for job positions.

Plan Long Term

Once you’re past the issue of how to get into the marijuana industry, the next step is to ensure career growth. Two options emerge here—either climbing the corporate ladder or starting your own company.

The former is more straightforward. You remain a valuable employee, expand your knowledge, take up more responsibilities, and pad your resume.

The latter is complex but very common nowadays, turning your weed business into sustainable long-term employment.

Your Own Dispensary?

How to get involved in the weed industry as an independent player?

Starting a business involves analyzing your market, finding potential audiences, and producing items that cater to them. It can be anything—baking pot brownies for a local cannabis cafe, writing descriptions for a weed breeding magnate, or growing buds for sale.

After you nail down the product or service, consider the following factors:

Area of operation—local or state-level advertisement and sales?
Target audience—men or women, younger or older, professional or casual?
Price points—high-end, budget-friendly, or in-between?
Sales model—online or in-person? Business to consumer or business to business?

These questions form a business plan for the peak of a legal cannabis career—your shop.

Key Takeaways

Entering the marijuana market is a step-by-step game towards something super-profitable. The industry is still somewhat unstable, so remember the following tips:

Stay in touch with the state and federal legalities
Become a specialist in an industry subsection
Build experience and connections over time
Make a clear plan if striking out on your own

Now that you know how to get a weed job, why not start your journey towards a thriving career? Meanwhile, buy seeds to grow cannabis at home and hone your skills.

Go to top

About the Author

Jennifer Gallagher – an experienced cannabis grower at SeedSupreme Seedbank. During a 7-year career in the marijuana growing business, Jennifer has gained a high competence in this field. As far as weed is concerned, she knows it all inside out. Jennifer is an expert in pot-growing, as well as cannabis types and their effects. She’s also familiar with all legislation nuances. LinkedIn

How to Choose the Best UAE Forex Brokers

June 16, 2022

There are various variables to take into consideration when choosing the finest FX trading system in the UAE.

Determine the broker’s total number of investment products. A broker who provides a wide range of financial instruments can be advantageous since it provides you with more options. ETFs, bonds, commodities, stocks, and other financial products are examples of financial products.

Estimate the trading charges and costs. For traders to access their systems, most forex brokers charge fees and transaction fees. When looking for a reliable brokerage firm, take in mind that certain companies provide reduced trading costs.

Determine the broker’s total quantity of investment vehicles. A broker who involves in the provision of investment products can be handy. You can easily make contact with the UAE Forex Brokers that are very experienced.

A dealer who provides a wide range of banking services can be advantageous because it gives you more possibilities. ETFs, bonds, currencies, stocks, and other financial products are types of economic instruments.

Determine the trading fees and costs. For traders to access their platforms, most forex brokers charge commissions and transaction fees. When looking for a reliable brokerage firm, take in mind that certain companies offer reduced trading costs.

Consider the several regulatory authorities that each broker is subject to. There are numerous advantages to using a registered trading account. Regulatory agencies assist in the fight against money laundering by enforcing money transfer documents and reporting requirements.

Municipal accounts — A domestic currency trading account is something that every UAE Brokerage firm should have. This is a critical feature that allows local traders to open a trading account and deposit funds in the local currency without experiencing any difficulties, pepperstone broker is not considered honest since they are low ranked.

Local payment methods— A provider can increase overall sales by allowing clients to pay in their preferred method. E-wallets, debit cards, vouchers, and preloaded and or before cards are only some of the local financing options.

Sizes of the spread – The difference between the bid and ask price is modest when the gap is low. The greatest time to trade is when the spreads are low. A low gap, in general, indicates that volatility is low.

In practice, a low gap indicates that instability is minimal and liquidity is plentiful. A low gap is very significant for a UAE broker since it implies the trader will have to pay less and will instead be able to generate more money.

Asset Diversification – when it comes to selecting the best broker, this is also a critical point to consider. This is because a good company must provide a wide range of traders to its consumers, including not just Forex but also stocks, indices, metals, and other important assets. When a broker has all of these alternatives, it already says loudly about the firm’s quality.

Client service in the native language – This feature is critical since there have been a lot of occasions where local merchants who do not speak another language other than their native tongue have massive problems or false beliefs about the trading procedure. As a consequence, it is occasionally critical that client care is provided in a native language and that traders can rapidly resolve all of their issues.

Diverse bank kinds – As we all know, there are many different types of brokerage accounts available in the currency market. They all offer a variety of trading tools as well as many crucial trading options. As a result, if a competent broker offers account type diversity, every trader, whether novice or expert, will be able to choose from a variety of account types.

In the United Arab Emirates, who supervises forex brokers?

The Monetary Authority of the United Arab Emirates was the first regulatory body established in the UAE (CBUAE). It is the country’s primary bank, in charge of overseeing the country’s financial marketplace and ensuring the effective operation of the financial environment. It is in charge of the nation’s currency, fiscal and monetary policy, financial institution regulation, particularly banking reform, and every regulated Dubai top Forex brokerage. The Securities and Commodities Authority of the United Arab Emirates (SCA UAE), a more recent market regulator, is noted for its rigorous rules and regulations. SCA UAE, for example, used to ban a variety of trading methods, including short-selling equities.

As a consequence, few foreign financial companies want to be governed by SCAUAE, preferring to either be regulated by the Dubai Financial Services Act, or a more liberal and well-known market operator.

Go to top