Several trading platforms provide forex online information and analysis. These sites are now developing new applications for you to buy and sell foreign currency from around the world, as well as professional traders. However, it is important to remember that ‘forex is like poker.’ You can win big or lose everything. So, how should we go about making money in forex online?
What exactly is Forex?
Forex is the global currency exchange market. From Monday to Friday, exchange rates fluctuate around the clock. Online Forex is the world’s largest financial market. It has the highest trade volume: several billion dollars (in all currencies) are traded on it every day. Forex displays the current currency pair to facilitate online trading. For the euro, for example::
- 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.
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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.