Foreign exchange market, or forex market, is the biggest trading platform in the world as traders are able to trade local or foreign currencies to other foreign currencies. This allows businessmen and retired workers to invest into forex trading during their free time. Because of the nature of the forex market, it is considered as “a rich man’s sport” due to businessmen who have more money have a higher chance to succeed and have higher returns by investing into multiple stock markets. It can be intimidating to traders who are starting to get into the market, but by investing into a forex broker they will be well-equipped to become professional traders.
Forex Time, or FXTM, is a popular vietnam forex market broker that traders can seek to start their trading career with. It is one of the many forex brokers that has an extremely low minimum deposit which is USD 10 in addition to having a wide variety of deposit methods. Beginner traders can find comfort in relying on FXTM to teach them the ins-and-outs of forex trading as it offers plenty of educational materials in addition to creating a demo account. This helps new traders to build up their confidence and familiarize themselves with the forex market before they can invest into their own live account. As it is regulated by 4 authorities, forex traders can rest assured that its operations and services are legitimate.
In order to get the full beginner experience, eToro is the best for newbie forex traders to invest with. Specialized in copy trading, forex traders are able to understand the forex market with more depths as they copy the accounts of other traders to analyze their decision making. However, copy trading accounts are not profitable as they receive low returns and are not able to make changes to seize profitable opportunities. Additionally, eToro has a high minimum deposit at USD 1000 and does not provide MetaTrader(MT) softwares which most brokers provide. Therefore, eToro is the best option for beginner traders to understand more about forex trading but are advised to move on to other brokers that provide MT softwares to further enhance their trading experience.
With the development of cryptocurrency, the foreign market has felt their positions threaten as cryptocurrency is a better alternative to passively generate income and much easier to get into cryptocurrency than the foreign market as well. However, thanks to a certain company, the reputation of cryptocurrency has taken nosedive as most businessmen are avoiding it like a plague and resort back to forex trading. Forex trading may become more popular with even the general public as they are stuck at home during the pandemic and are desperate to find a way to generate income. Because of the volatile nature of the forex market, forex trading can be dangerous as the market is constantly changing and can cause traders to lose all of their investment. But if they are still adamant about forex trading, they must first prepare themselves by educating and familiarizing themselves with the forex market.
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