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Bitcoin Forex: The Basics

Bitcoin forex or foreign exchange can be a great way to earn money. This is especially so because it deals with an actively volatile currency. Bitcoin has seen its up and downs, with initial lows of around a few dollars to all-time highs at more than a thousand dollars. If you’re interested in going into Bitcoin forex, you’ll need to understand a few things about Bitcoin and the forex industry in general.

First, this is a very risky field. Yes, it’s possible to become rich from it, especially with Bitcoin’s jump in prices. The problem is those jumps can be equally downward as upward. For example, you may have bought Bitcoins at the price of $400 expecting to profit, but suddenly find yourself losing money since the cryptocurrency suddenly dropped in price to $300. That’s am extreme example, but you’ll need to recognize that risk.

Second, anyone can do Forex. When people think of the financial market, they often think of high-power traders and brokers. This can be true for stocks and other high value assets but with Forex, single individuals can make their mark. This is because of several reasons. One is that the trades go on for 24 hours – this means you can trade after you go home from work. Another reason is that there are no high fees attached to the trade.  Furthermore, forex tracking is a lot easier than stock tracking – with easy-to-understand values.

Third, a good broker is important. Despite its accessibility, forex trading will still require you to have a broker. You’ll need to select the right one though, because you will be dependent on their performance to be profitable.

Finally, knowledge is power. It may be easily accessible, but you’ll still want to learn about the forex trade. This is because a mistake can easily result in a lot of lost money. Ensure that you won’t be the loser in forex trades by constantly learning.