What is forex and crypto trade?

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Forex Trade

Introduction 



The word forex is a short term for foreign exchange. Forex trade  therefore involves trading with world recommended currencies. Some of these currencies include American dollars(USD),Great Britain pound (GBP),Japan Yemen (JPY),Australia dollars (AUD),Canadian dollars (CAD),EUR etc. 
These currencies exist in pairs eg.EUR/USD,USD/JPY,USD/CAD,GBP/USD And more.

Crypto trade on the other hand is a method  of trading world cryptocurrencies such as Bitcoin, Etherium, litecoin,Ripple, etc Cryptocurrencies are accepted by some countries in the world but not all.

How to trade forex and cryptocurrency 

Due to high improvement of technology in the world, most of the traders don't need to go to the banks and trade forex or cryptocurrencies. This old method was replaced by new technology called block chain. Traders in the world use computers and mobile phones to buy or sell currencies. They only require a strong network to do this job .
A trading platforms has been introduced world wide which monitor the online trading. The rise or fall of the currencies are controlled by this world wide platforms through networking systems. 
A trader needs to sign up with recommended and registered forex and crypto brokers in the world. Once you sign up ,you can now deposit some amount of money depending on brokers and start trading.
Trading involves predicting whether the currency pairs will rise or fall/drop. If a trader predict a certain currency pair will rise,it is the best time to buy and if the currency pair will drop, a trader need to sell.
To sell or to buy you need to click sell and buy buttons on the platforms respectively. The recommended platforms are meta trader 4(Mt4) and meta trade 5(Mt5). 

Contract for difference

Contract for difference is a method adopted by most of the forex ,stocks and cryptocurrency traders in the world . It involves Determining the difference between the initial price and the final price. For example if a trader predict a rise in Eur/usd pair at 1.06770 and closes at 1.07000 ,the difference which is 230 is converted into pips and multiplied by the volume used by the trader. At this scenario, a trader is making a profit because the direction of the trend is positive. If a trader closes the trade at a price below 1.06770 ,he or she makes a loss because the direction of the trend is against the predicted direction. 

When to buy and sell?

A trader can know the best time to buy or sell. This can be known by reading indicators. The platforms used comprise of indicators that help a trader to trade effectively with minimum losses and maximum profits. What a trader need is to incorporate the indicators by setting the platforms with the appropriate indicators. The indicators provide signals when to buy or sell. 

How to minimise losses 

Losses are minimised by applying stop loss during trading. Stop loss is a way of setting a price at which the trade will stop or close outomatically when the direction of the trade is against the predicted direction. This helps a trader to minimise losses when trading. 

How to maximise profits 

A trader can maximise profits by setting a price that the trade will stop or close automatically when the direction of the trade is positive ie. The direction is the same as the predicted one. This is called  'Take profit'. Take profit help a trader to gain appropriate profit rather than losing all the profits earned during a reversal trend. A reversal trend is realised when the trade is changing direction.

How to choose a legit forex brokers.

Legit and registered forex and crypto brokers are the ones that are recommended in the world. Different brokers have different features when we come  to trade. They offer different services which are favourable to traders.

The legit brokers must be registered by reputable financial companies that has shown itself as one of the best in its area of forex and crypto trade.millions of traders around the world of financial markets choose these brokers.

Legit brokers are globally recognised brokers that provides people access to financial markets 
and other opportunities to boost their income. 

Trading accounts 

The financial brokers offer different types of accounts. These are:
  • Standard accounts 
  • Cent account 
  • ECN accounts 
  • Zero spread accounts 
  • Crypto account 
  • Pro account 
  • Micro account 

Trading instruments 

One of the benefits of trading with legit financial brokers is a wide range of available trading instruments. They offer more than 200 assets including currency pairs,stocks,indices,metals,Energies, crypto based CFDs and forex Exotic.Traders can trade crypto even on weekends when there is no trading in fiat currencies. 

Leverage 

Leverage allows traders to execute orders for amount exceeding the initial deposit. Different Legit brokers have different leverage which ranges from 1:1 to 1:3000 depending on their trading account types.

Spreads

The spread types are offered with low spreads starting from 1 point. These favorable conditions help client to succeed in trading without reducing their profits.

Deposit

The brokers offer their clients multiple payment methods that allow them to deposit and withdraw their funds quickly and without delay .The minimum deposit is low for new clients who wants to start trading and understand how the platforms work.

Bonus 

Some legit brokers offer some percentages of deposit bonus. Clients activate this bonus in their personal area. The bonus is withdrawable after fulfilling the brokers bonus conditions. 

Promotions

Some brokers have  loyalty programs which means a client or a trader earn a special points which can then be exchanged for prizes. The prizes available through the program depend on your loyalty status.The higher the loyalty status the higher the prize you can get.
These brokers also allow traders to earn some of the highest commission on the market upto a certain percentages of the spread,by attracting clients to these brokers.This is referred to as  introducing Broker (IB) Program. 

Conclusion 

Traders enjoy these features and benefits after signing up and opening accounts

 


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