Forex is an international financial market where people exchange currency, earning on the difference in exchange rates. This is the largest market on the planet, with an average daily trading volume of $5 trillion, and you can work in it from anywhere in the world.
Trading operations in this market are carried out in so-called pairs, where the first is a commodity and the second is a means of payment. The most popular pair is the dollar and Euro (USD/EUR): we buy the US currency for a certain amount of European money. There are numerous pairs such as Australian and New Zealand dollars, Japanese yen, as well as precious metals, stocks of the world’s largest companies, and oil.
How to make money on Forex
To start working on the Forex market, you need to decide how much money you will invest and choose a broker. Not everyone is ready to open an account for a large amount, someone starts with $10-15. In the Forex market, you can make transactions yourself, or you can put your funds under the control of a professional trader. You need to pay a commission for these services, but you do not have to understand all the subtleties and take risks.
Every individual, also named trader, needs an intermediary to work on the Forex: brokerage or dealership. These companies provide services for the possibility of earning money.
When choosing a broker it is desirable that the period of its activity in the market is at least 5 years, also commission agreement is important. You need to evaluate the broker’s reputation, check reviews on different sites, example https://forex-up.com/
An important factor is the software: it can be provided free or for a certain amount. If there are specific preferences for currency pairs or stocks, then you need to find out whether the withdraw broker works.
After signing the contract with the broker, the trader receives the necessary software and an account. It will be better if it easy to work with software and the data transfer rate is high. The Forex exchange receives all orders of a trader about transactions through a broker. If everything works without problems, all requests are processed within a few seconds in automatic mode. A good broker will help with training and analytical materials, and with the deposit and withdrawal of funds.
For example, the IQ Option broker offers the minimum account size only $10, trade – $1. The company was founded in 2013. IQ Option has quickly become one of the most popular trading platforms with over 48 millions registered users and over 1 million transactions per day. It works with 90 Forex pairs, there is an opportunity to open a demo account, to get access to training materials and webinars. A platform with a simple interface is offered for work and a version for mobile devices is available. IQ Option review is excellent, 8,8 points on expertinvestor.net. It was rewarded “The Most Trusted Broker 2017, 2018, 2019” by BinaryOptions.net, the Global Brands Magazine award for a great pace of development.
It is quite possible to make money on Forex, but for this you need to learn, not count on superprofits, master financial literacy and the ability to self-control. The income of a trader, in contrast to a stable job with a salary, depends on the trade capital and the chosen strategy. Experienced professionals earn 36-60% per year of their capital. The main advice that successful traders give that Forex is the same job as any other.