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MARKET WATCH
Market watch: 7th October 2024
October 2024
The latest non-farm payroll numbers massively exceeded expectations on Friday, as it was revealed that no less than 254 thousand new jobs were added in September. The figures for previous months were also revised to the upside, painting a very strong picture for the US labour market. The data were enough to prompt an immediate shift in sentiment with regards to future rate cut expectations. The possibility of another 50 bps cut in November has now been completely taken off the table, with odds now heavily favouring a mere 25 bps reduction and some even predicting no change at all. The Dollar saw substantial inflows on Friday, to the detriment of the Yen and the Pound in particular; the DXY climbed over half a percent back up to 102.5. US indices also took the news well, the Nasdaq Composite climbing 1.2%, the S&P 500 gaining 0.9% on the day and the Dow Jones reaching yet another daily record close after finishing 0.8% in the black. Despite some measure of volatility, gold finished Friday’s session more or less where it started, ending the week at $2,653 an ounce. More interestingly, silver came within a hair’s breadth of $33 before settling for a 0.6% gain on the day. The volatility extended to oil markets, which closed the week higher still following geopolitical pressures in the middle east. Traders will once again have to wait until later in the week for the economic calendar to get interesting. FOMC minutes on Wednesday should whet a few appetites, following which US jobless claims and CPI data on Thursday should be enough to keep market participants entertained.
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RM NEWS ROOM
RADEX MARKETS and Pelican join forces to elevate trading experience
03 October, 2024
RADEX MARKETS, an internationally regulated forex & CFD brokerage, is thrilled to announce its collaboration with Pelican Trading. This partnership combines the strengths of both companies, offering RADEX MARKETS traders a unique and powerful trading experience. Pelican Trading, renowned for its innovative approach to social trading, brings its expertise to this collaboration. As an all-in-one mobile app, Pelican Trading provides access to over 5,000 community strategies, seamlessly integrating trading, copy trading, and networking into a single platform. This partnership enables RADEX MARKETS to offer its clients a comprehensive and user-friendly trading solution that harnesses the strengths of both companies. Key Features of the Collaboration: • Integrated Auto-Copying Solution: Leveraging Pelican Trading's expertise, the platform now offers advanced auto-copying technology, enabling traders to follow and learn from successful strategies. • Collaborative Social Trading Environment: The joint effort has produced robust social trading capabilities, fostering a community where traders can connect, share insights, and grow together. • User-Centric Design: Through combined efforts, the platform delivers an intuitive interface suitable for traders of all experience levels. • Expanded Market Access: The collaboration brings together a comprehensive range of financial instruments, including forex and CFDs, all accessible through a single, powerful platform.Henry Huang, spokesperson for RADEX MARKETS, commented on the collaboration: "We're thrilled to partner with Pelican Trading to bring this innovative platform to our clients. RADEX MARKETS has been committed to providing the best trading environment for beginners and professional traders alike. Through our partnership with Pelican Trading, we're elevating our service to another level. The copy trading service doesn't limit trading within our brokerage but extends our reach to outstanding strategies from around the world."Users of RADEX MARKETS can now access the Pelican app to locate the broker's server and connect their accounts to the service. The collaborative platform is set to officially launch on 9th October 2024, with a soft launch available now, allowing early access to select users for final testing. This partnership emphasises the collaborative nature of the project with Pelican Trading, highlighting how the strengths of both companies have come together to create an enhanced trading experience for users. For more information about Pelican Trading and RADEX MARKETS, please visit www.radexmarkets.com About RADEX MARKETS: RADEX MARKETS, a Seychelles-based Financial Broker, is a trading name under GO Markets International Ltd Co (No. 8425985-1, Securities Dealer Licence No SD043). It provides a platform to trade financial products, such as Forex, Metals, CFD/Indices and Share CFDs. For PR requests, please contact Henry Huang [email protected] +44 20 8610 1608 Disclaimer: This press release is for informational purposes only. The information provided does not constitute investment advice or an endorsement of any products or services.
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ECONOMIC CALENDAR
( GMT +03:00 13:06 )
March 26, 2024
2024-10-07 23:30:00+00:00JPHousehold Spending YoY Aug
2024-10-08 00:30:00+00:00AUNAB Business Confidence Sep
2024-10-08 00:30:00+00:00AURBA Meeting Minutes
TRADER'S PICK
Financial basics: Manufacturing PMI
September 20, 2024
Open up the economic calendar and chances are you will see some mention of manufacturing PMI data. They typically attract the same attention as other publications such as GDP, employment figures, inflation numbers and the like. But what exactly is a manufacturing PMI? PMI stands for Purchasing Managers’ Index. A PMI is a diffusion index, which is a tool used in economics to evaluate the general trend of a series of data points. It works by looking at the direction of each component in a group and then telling us what the overall direction of the group is. For example, let’s take a group of ten businesses to evaluate their overall growth trend. Nine report a 10% reduction in activity; one reports a twofold increase. In this instance, calculating the average growth would give us a positive figure, which is true, but ignores the fact that most of those businesses are in decline. A diffusion index on the other hand would instantly let us know that the overall trend is firmly negative. In the case of the manufacturing PMI, the figure is calculated according to the following formula:                                                                                        PMI = [G × 1] + [NC × 0.5] + [D × 0] Where: G: Percentage reporting growthNC: Percentage reporting no changeD: Percentage reporting decline How are the above data collected? It is actually as straightforward as asking people in key industrial positions what they observe, typically on a monthly basis. A PMI is essentially the result of survey data. A corporation or government body will contact senior executives working at hundreds of companies across all sectors of industrial activity and ask them for specific information about their company’s performance. The information in question revolves around new orders, inventory levels, production output, supplier deliveries and finally employment within the company. Once everything has been collected, the overall PMI figure can be calculated based on the number of businesses reporting growth, contraction or simply no change at all. A PMI above 50 indicates a sector in expansion; a PMI below 50 indicates a sector in contraction. You may be forgiven for thinking that the above methodology does not sound very scientific or objective. There will obviously be errors involved, inaccurate information, inherent biases on behalf of the reporting staff etc., not to mention the fact that the companies surveyed may not necessarily reflect broader industrial trends. On top of that, the exact way of collecting and processing the data may vary from country to country. These problems are by no means limited to PMI data by the way. For example, inflation and employment statistics face the same hurdles and often undergo significant corrections in the months following publication. If anything, PMI figures are some of the more reliable on the economic calendar. It is a relative measure after all; the question really boils down to “is this month better or worse than the previous one”. Given that they provide new information relating to industrial trends, PMI data are considered leading indicators, offering insights into the economy before they manifest in the labour market or in GDP figures for example. The credibility of PMI figures is further bolstered by the fact that huge entities such as S&P Global publish such data on an international scale, harmonising the process across many different areas of the world. Indeed, S&P Global covers 45 distinct economies, allowing for more consistent comparisons to be made between different countries. Many countries will have several different bodies that calculate PMI data, such as the Institute for Supply Management in the US for instance, which publishes alongside the S&P Global but uses a slightly different methodology. In China, the National Bureau of Statistics and Caixin Indices both convey PMI data, with the former focusing on larger and state-owned enterprises and the latter being much broader in scale. Of course, a PMI is not limited to the manufacturing sector. Similar calculations are made for other areas of the economy, such as the service or construction sectors. Services are in fact a much larger contributor to GDP than manufacturing, particularly in developed countries, so why the focus on manufacturing? Tradition is a large part of it; the manufacturing PMI dates back to the 1940s and predates the service index by half a century. It is also considered the more concrete of the two, given the more nebulous nature of the service sector. Fundamentally, most of us probably attribute more value to building airplanes than to ordering cappuccinos from each other, a stance which underlies much of the criticism of the aforementioned GDP figures. Whatever the reason, manufacturing PMIs remain a staple of the economic calendar and this is unlikely to change.
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