I'll get straight to the point.
I am a little biased towards crypto trading.
I am a certified Forex trader too,but I just prefer crypto trading for all its quicker,more rewarding profits.
Take today for instance. The market closed today at 3.04% up on the BTC/NGN pair, which made me a pretty decent amount.
The Forex market? Down about 300 pips for my favourite pair (GBP/USD).
But that's not saying that crypto is better than Forex.
Or Forex is better than crypto.
It all depends on YOU.
In this post,I want to give you the good and bad of both sides,and let you decide which is best for you.
You can also let me know your thoughts by commenting down below.
Let's go!
Ok so what is Forex?
Forex is,in the simplest possible terms,a market where you exchange one currency for another,and make money off drops and rises in exchange value.
Forex is a market where real fiat currencies are traded against each other.
Traders trade currency pairs,which consist of a few major pairs and other minor pairs.
Traders also use indicators and oscillators to try and gauge where the price is headed,when to buy and sell and so on.
Alright,so what's Crypto trading?
Well,basically the same as Forex,with a few key differences:
While there are a countable number of pairs available to be traded on Forex,if you tried to count the number of Crypto pairs available,your be doing yourself some serious harm. Some platforms like Changelly even allow you to CREATE your own pairs. Which is just insane.
Digital currencies or cryptocurrencies are traded in the crypto market.
Exchanges are used instead of brokers.
TA tools mostly work,but not 90% of the time like they do in Forex(if you were wondering,the other 10% is fueled by sentiment and emotions. Puny humans!)
Alright,we now know the differences.
Now let's see why you should trade each market.
TRADE FOREX IF:
You don't trust that crypto is ready to be traded(your loss by the way).
You wish to trade fiat currencies because if their high exchange rates.
You want to take a part of over 1 trillion dollars in trades and want pairs with insane liquidity.
You're ok with average market moves of about 30% a year.
You don't want your funds stolen by hackers in a matter of seconds while you're eating avocadoes in your private jet for some reason.
You want something stable for a long period of time(5-10 years).
TRADE CRYPTOCURRENCIES IF:
You love fast action of up to 300% a day.
You believe that crypto is the future,and are willing to bet actual money on it.
You love liquidity.
You're a new comer to the trading scene and want a yellow lambo in a few days.
You can see greater opportunities to make more money.
You realise that all the Forex indicators don't work a hundred percent of the time,but when they do you can get mad pips.
You want to pay as little as 0.075% in fees and absolutely hate paying brokers spread.
Crypto pairs intrigue you,and you like the fast pace that doesn't allow for catching up.
You don't want your funds stolen by scammy Forex brokers.
You just want to be part of the process of adopting crypto as money.
[PS: if you wish to start trading cryptocurrencies today at almost no fee at all,check out Binance here. We both get a 20% slash in fees! ]
I hope you now know which market is best for you!
Tell me your thoughts down below. I really want to hear them.
Thanks for reading!