Call them a scam, a fad that will fade away, or the next financial bubble that will crash, one thing is certain: Cryptocurrencies have changed how people transact value. The ability to be fast, secure, low fee and just plain convenient makes these digital monies worth investing. Every day, new ones are popping up and old ones are dying. Bittrex, one the largest crypto exchanges, hosts more than 250 trading pairs!
For those who don’t know nor have a clear idea of what Forex is, the Forex market is where traders, investors, businesses, banks, and even governments got to exchange or speculate on currencies. There are multiple terms to refer to the Forex market, like the “Fx market”, ‘Currency market’, ‘Foreign exchange currency market’, and ‘Foreign currency market’. With an average daily turnover of USD 3.98 trillion, the Forex market places itself as the largest and most liquid market in the world.
How to Become a Forex Trader
Forex trading aims, just like any other form of market speculation, to buy a currency at one price and sell it at higher price or selling a currency at one price, and buying it at a lower price in order to make a profit. The price of one currency is, and will always be, shown in another currency, which is something that may arise some confusion. If the exchange rate between GPB (British pound) and USD (U.S. Dollar) is exactly 2 (For example), then the value for the British pount, in Forex trading terms would be represented as a price of 2.0000 for the Forex pair GBP/USD.