Several trading platforms offer information and analysis to the forex online. Today, new applications are developed by these sites for you to buy and sell foreign currency from around the world as well as professional traders. But it is important to bear in mind that the ‘forex is like poker.’ ‘ You can win big as you can lose everything. So how should we go about it to make gains in forex online?
What is Forex?
Forex is the exchange currency market globally. Exchange rates fluctuate, moving round the clock from Monday to Friday. Online Forex is the largest financial market in the world. On it has been the largest trade volume: several billion (all currencies) are traded on it every day. To facilitate online trading, forex displays current currency pair. For example, for the euro:
- EUR / USD (United states dollars = US currency)
- EUR / GBP (Great Britain Pound = English currency)
- EUR / JPY (Japan Yen = yen)
- EUR / CAD (Canadian dollar = Canadian currency)
- EUR / AUD (Australian dollar Australian currency =)
Forex is regulated in France by the AMF and the French Prudential Control Authority. There are platforms that are permitted and some not.
Step 1: register for free on a trading site
To start, you need to select from the available platforms, one on which you plan to do your operations and create a virtual account. When this choice, it is helpful to check the list of unauthorized brokers by the Financial Market Authority (AMF) and the Prudential Control Authority (ACP) not to engage in a ” one-night ‘ . We must also inform in advance the forex operation system.
Step 2: fund the account
Most sites recommend a minimum setting of 100 or 150 euros in general. But it is possible to bet less (50 euros) or more. Upon registration, a counselor is responsible to call you to explain the operation of a trading platform and arrange courses to help you monitor currency fluctuations and the best moments of a bet.
Step 3: Follow the exchanges
It is here that all happens. You have to be constantly attentive to developments and changes in currency to know when to buy and when to sell for profit. In the same way that you can make money, you can also lose all your bet. This is the principle of forex. The platforms offer demo accounts (E-Toro) to help you familiarize yourself with the forex universe. The buying and selling activities are done like on a real platform.
Moreover, there are a few sites function ‘copy traders” (Binary.com) for beginners who still want to maximize their gain. This feature allows you to copy your activities the best traders of the platform to follow them in their moments of exchange they choose every time. This is a safer way to gain this financial market.
Important: Read: 7 Practical Ways to Avoid Losing Money Unnecessarily
So you can invest on traders of your choice at specific times or cease to copy one or more at any time when your investment and your earnings generated.
👉 Get Free ₦1,000 plus 5% - 15% interests on savings and over 25% return on investments: Create a Free Account on PiggyVest
👉 Invest in US Stocks such as Google, Netflix, Amazon etc. Get free $100 worth of US Stocks. Signup here at Passfolio
Click here to see the latest Study Abroad Scholarships and Guides
Click here to see the latest Jobs opportunities in Nigeria.
Copyright Warning!We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts. Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media. About possible consequences you can read here: What are the consequences of copyright infringement? In an effort to protect our intellectual properties, we may report your website to Google without prior notice and your website be removed from search engines and you may receive a strike. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).