What is Forex and Cryptocurrency trading?
If you’re looking to learn or start forex or cryptocurrency trading, you’re right place… Sometimes people argue to comparing forex and cryptocurrency trading. There is a number of similarities and different between forex and cryptocurrency trading. Let’s see…
Forex, also referred as to FX or currency trading, and foreign exchange trading. The foreign exchange market is the biggest, most liquid and a decentralised worldwide marketplace where all of the world's currencies trade. Nowadays, an average exceeding $5 trillion trading volume in the globe.
What is forex trading?
Forex or foreign exchange is a network, where main participants are the most significant international bank and commercial companies. Mainly two types of participants is there one is and buyer and another one is the seller. The markets work primarily through transfer the currency between each and other at an agreed price. It is done by individuals, central banks, hedge funds, commercial companies, and others.
Forex trading is straightforward term exchanging or trading currency from various nations against one another, like US Dollar against British Pound or European Euro. You can buy a country currency or sell a currency in the international market from your home with the modern internet.
How do trade forex?
Forex trader buy and sell the currency in the forex market and currency and that is known as currency pair. A currency pair is a quotation of two different currencies Example: EUR/USD is a currency pair, fist one (EUR) is the base currency and the second one is quote currency (USD. So, here you are buying EUR against USD.
What currencies are traded?
All currencies are included in the forex market. But the vast majority (more than 70%) of traders trade the traditional currency; these are the United States Dollar (USD), the European Euro (EUR), the British Pound (GBP), and the Japanese Yen (JPY).
You can choose any currency. There are three types of currency in forex trading:
Major currency pairs: Major currency is the most traded in the world. There are 7 major currency pairs available; these are The European Euro / US Dollar (EUR/USD), The US Dollar / Japanese Yen (USD/JPY), The British Pound Sterling / US Dollar (GBP/USD), The US Dollar / Swiss Franc (USD/CHF), The Australian Dollar / US Dollar (AUD/USD), The US Dollar / Canadian Dollar (USD/CAD), The New Zealand Dollar / US Dollar (NZD/USD).
Cross or minor currency pairs: Currency pairs is that not relative with US dollar (USD) is called cross or minor currency pairs; such as EUR/GBP, EUR/JPY, and GBP/JPY. Cross currency pair is typically less liquid.
Exotic currency pair: Exotic is emerging-market economy currency such as EUR /TRY, GBP/MXN or USD/HUF.
The advantages of forex trading
Forex is going more popular day by day over the world, look at some points to understand the reason:
- Forex is liquidity and decentralised market.
- Trading time is 24 hours a day and 5 days in week.
- The market does not control by any centralised exchange.
- While you have a small amount, you can trade with significant amount through leverage.
- The trading fees or costs are deficient.
- You should be educated from demo trading, and it is free.
- And more.
How to start forex trading?
Forex trading is straightforward. To start your forex trading, you have to follow a few steps, and then you could begin to your first trading within a few times.
- Research & Choose a currency pair, which one will be right for you
- Analysis and choose a trading platform
- Choose a forex trading strategy
- Choose a good forex broker
- Start with a demo account or open a real trading account
- Fund into your account if you have opened a real trading account
- Start your trading
What Is Cryptocurrency?
Cryptocurrency is a digitally-encrypted, decentralised currency or digital coin. It is an internet-based medium to be transferred between people in virtual transactions. Cryptocurrency never connected or controlled by any government or central bank.
Cryptocurrency does not have any physical objects, and you can’t touch it, it is a virtual coin. Cryptocurrency is stored in a ‘wallet’, means, it’s only for financial transactions through the internet to each device to another device on the blockchain technology.
What is cryptocurrency trading?
Cryptocurrency trading is exchanging a coin for another coin (buying and selling) example Bitcoin or Ethereum; you can buy Bitcoin against Etereum. Cryptocurrency trading is different from traditional forex, indices trading, and drives by blockchain technology.
There are three types of crypto exchange:
- Centralised Exchange (CEX)
- Decentralised Exchange (DEX)
- Hybrids Exchange
A number of trading styles available in crypto, but most common trading styles are:
- Day trading
- Position trading
- Swing trading
- Scalping and
- Intra-day trading
How many cryptocurrencies in the market?
There are a number of cryptocurrencies on the market like Bitcoin, Bitcoin Cash, NEM, Monero, PotCoin, Titcoin, Ripple, Litecoin, Altcoin, XEM, Bitcoin Gold, Stellar, NEO, Ethereum, EOS, TRON, Steem and Quantum, and more.
Some popular cryptocurrencies are:
Bitcoin: - is the first and most popular cryptocurrency it was launched in 2009 by Satoshi Nakamoto. Bitcoin has gained popularity very quickly. Recently bitcoin value is very high.
Litecoin: - was launched by Charlie Lee in 2011. It is technically similar to bitcoin. It was designed to peer to peer payments, faster and low-cost transaction.
Ripple: was release in 2013 by Chris Larsen & Jed McCaleb. It is also one of the top 5 popular cryptocurrencies.
Ethereum: was release in 2015 by Vitalik Buterin. Ethereum is an open platform.
How to Trade Cryptocurrency?
To begin with crypto trading, you need two things one is a cryptographic money wallet and an exchange trade to on.
The crypto wallet will enable you to store encrypted secrete password and shows the amount of the coins. It's much the same as keeping cash in a bank.
The trade resembles a stock trade where you can execute exchanging cryptocurrencies and fiat monetary standards like the US dollar.
The next thing you have to understands what thing trade in the crypto market: you can trade coin to coin EX: Bitcoin to Litecoin, and US dollar to crypto coin EX: US Dollar to Bitcoin or Litecoin.
Forex is known as forex trading or currency trading. It is one of the biggest trading markets. Changing one currency into another currency is called forex trading, or currency trading. According to a recent report forex market trading volume crosses more than 5.1 trillion in daily trading.
What is the forex market?
Where currencies are traded is called the forex market. Forex market is a decentralized global market also it is an over the counter market. This market decides outside trade rates for each money. It incorporates all parts of purchasing, selling and trading monetary forms at present or decided costs.
How to start forex trading?
If you want to start forex trading you have to understand some basic things.
Base currency: This currency is your occupied currency. If you are from the United Kingdom, most likely your base currency is Pound sterling.
Quote currency: When you going to buy or sell another currency against your base currency is called quote currency.
Long position: A long position implies that you need to purchase the base currency and sell the quote currency. In our model above, if you from the United Kingdom and want to sell Japanese YEN to buy Pound sterling.
Short position: It is different from a long position, opposite from a long position. A short position implies that you need to purchase quote currency and sell base cash. As it were, you would sell your base currency Pound sterling and buy the Japanese YEN.
Bid Price: The bid price is the cost at which your agent is happy to purchase base money in return for quote currency. It is really exciting when you would like to sell the quote currency.
Ask Price: The ask price is one offer price. It happens when the forex broker will sell a base currency against the quote currency. It is really exciting when you would buy in the trading market.
Spread: It is very easy to understand. A spread is a contrast between the ask price and bid price.
Choose the right forex broker
Forex broker is very important for forex trading. Before you start forex or currency trading, you'll have to pick a good forex broker. The forex broker will enable you to make trading in the currency trading market, and numerous broker offers also additional financial services like CFD trading, stock, indices and more.
Trading with a trustworthy forex broker can mean the contrast between benefitting from your trading and losing cash between the ask price and bid price.
Also, all broker does not offer forex and crypto trading at a time. So ensure it’s accessible before sign up. Trading with a forex broker that offers different outlets for trader assistance is a profound suggestion for a newbie.
Research and analysis
Trading and money earning not an easy work. To become a successful forex trader, you should change over your Base currency into a quote currency set to ascend in worth, at that point convert your quote back to your base currency when the worth pinnacles.
You have to research the exchanging positions, fundamental research, GDPs and political atmospheres, news reading of nations you are keen on obtaining currency from, and you'll get an extraordinary "lead" on which country is good.
Make the first trade
After complete the mentioned three steps. You can start your first trade. To complete a trade you have to follow these 8 steps:
- First, open trading platform
- Second, we need to select a currency pair and open the chart with a time frame to understand uptrend or downtrend.
- Third, Indicator add
- Fourth, order placing
- Fifth, the step is very important to protect your trading capital. It configures the stop loss and takes profit step.
- No six-step is an order confirmation
- The seventh step is the waiting period
- Eighth and the final step is trade completion.
A cryptocurrency is a digital coin, so crypto trading or cryptocurrency trading means cryptocurrency exchange or a digital currency exchange. This trading means buying or selling digital coins via a CFD account and an exchange. It involves speculating on price movements.
How to make your first cryptocurrency trade
To start crypto trading you have to follow three steps work:
First, pick a good exchange: You may think as a fiat account, to start digital currencies trading you need a spot where these coins are exchanged. To begin you should enlist and place a few assets into your trading account, and after putting some funds on your account you can buy or sell the digital currency.
You can see there is a lot of popular cryptocurrency exchange:
- Huobi Pro
- CEX and more
Second, need to choose a cryptocurrency wallet
A crypto wallet is a tool, program or service or a physical medium which stores the general and as well as private keys and can be utilized to follow ownership, get or spend cryptographic forms of money.
Recently, there are a lot of crypto wallets such as hot wallet, mobile, desktop, hardware and more.
You have to choose a wallet to trade cryptocurrency. Nowadays average all cryptocurrencies offering own wallets such as the Bitcoin Core Wallet, Litecoin-QT, and Dash Core, Ethereum Wallet or MyEtherWallet.
The third step is, you need to know what can you trade
You can trade two things one is crypto to crypto and another one is a dollar to crypto.
What is more about cryptocurrency?
The crypto trading market is the world's most unpredictable markets, with huge value swings extremely normal. When you exchange digital coin or money, you can utilize the modern risk management tools. Digital money exchanging could be for you on the off chance that you have a decent knowledge of the market and a solid trading strategy and technique that depends on insightful assessments of potential risk.
Cryptocurrency trading is some difficult from forex trading. All forex broker doesn’t offer crypto trading. Obviously, you can trade forex or crypto but as a beginner must start with a small fund.
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“At a Glance” Forex Bonus : Bonus by deposit on Forex traders live account. Percentage of deposit amount credited account by bonus. Broker houses offer withdrawal and Tradable bonus
No deposit forex bonus : Without any deposit and risk free bonus credited on client account for trade. With this Bonus trader can earn. Some broker offer to trader bonus and profit withdrawal.
Bonus for Trade : With tradable bonus you can gain or lost the Bonus and it is part of trading system. Some experienced trader trade and make profit. Broker offer many type of Bonus.
Contest of Demo : By trade on Demo account trader can win tradable cash amount. After winning the contest trader can withdrawal Balance some time they win another prize.
Contest on live account : Trader trade on live account by deposit amount. Trader can win huge cash amount and prize. Broker houses offer lucrative prize and gift for winner who participated.
Friend Referring : After Refer your friend on your broker. Your friend open account and make deposit you will get special Bonus and commission. Referring friend is profitable for client.
Rebate : Forex cashback is a payment rebated to traders for each trade executed. Cashback providers refer traders to brokers and share the rebates they earn from each trade made by the client with that client. The model is becoming standard for most brokers in the industry. It’s also attractive a standard tool for traders to reduce costs.
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Draw bonus: A Forex draw bonus is of course a type of a bonus, and just like the other bonuses it is a particularly tailored gift provided by the broker to the client.
Seminars : Live In Person Forex Seminar . We can make live presentations to groups of forex traders from 50 to 150 people. In the past, these presentations all have been 4-8 hour long seminars and include complete training on our trading system, and lunch or catering in a classroom environment with WIFI internet.
Webinars: A webinar is an educational, informative or instructional presentation that is made available online, usually as either video or audio with slides.
Tradable bonus: Tradable Bonus is your support in the time of draw-down. Tradable bonus supports on open position as extra margin for trading and save for getting early margin call. It can be traded like own money. It boosts account's money and added to equity. In addition rescue bonus or tradable bonus provide extra safety in the time of draw-down.
Volume bonus : Most common type of deposit bonus, It allows you to enlarge your trading volume. Often the bonus can be cashed on trading lot condition.
Freebies : Freebies. If you wish to open a live account with a specific Broker then remember always to ask for any free tools they can supply you. They can offer you free EAs, Free trading analysis, Free Signals and more.
Binary Options : Just like traditional options, binary options have a premium, a hit price, and an ending. The dissimilarity is that, with binary options, the “premium” amount for the option is chosen by the trader (usually determined by the market with traditional options) and the expiration timeframes are much shorter.
Forum Posting: Get a small trading bonus for each of your post in forms.
IB: Introducing Brokers and Forex. An Introducing Broker (IB) is essentially an agent which introduces new customers to a Forex brokerage. In return for sending custom to a brokerage, the Introducing Broker receives a fee, when it comes to Forex this is normally a certain share of the Spread or Commission charged by the brokerage.
Forex Affiliates : Choosing the program that is best for you plays a crucial role in profiting from such a partnership in the forex industry. We give details to you the differences between an Introducing broker and a forex affiliate. Introducing Broker An IB finds most clients through a network that he or she has developed through personal or business relationships.
Free Signal : Most of broker offer free signal for trade. Free signal is helpful for client to know current condition of forex Market. By following Forex free signal forex trader start trading
Free VPS Server : Broker houses offer free Virtual Private Server to maintain the certain amount of trader balance. Some trader can use Virtual Private Server for their trading balance.
What is a pip? Currency prices naturally move in such tiny increments that they are quoted in pips or percentage in point. In most cases, a pip refers to the fourth decimal point of a price that is equal to 1/100th of 1%.
Expos events: it's a unique chance to meet with Forex brokers, investors like yourself, attend unique workshops and more. A Forex expo can provide you with great opportunities to learn about new trading strategies, network with other Forex traders and become familiar with the latest developments from within the industry.
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