A Crypto & Forex Guide: What You Need To Know
If there is a silver lining to the eventful year that 2020 has been so far, is that it provided the perfect framework to learn a new skill. Social distancing and working from home – whenever possible – have created brand-new opportunities for learning different activities. That is why at Hey Forex we present you with a Crypto & Forex guide that will help you kick-start your journey.
We know that this is hardly breaking news. We have all watched or read about people learning how to cook, (trying) to keep in shape, or discovering a new hobby. What has not been discussed as much, is how people are now using the time that was previously allocated to commuting or for activities outside the house to learn more about earning money without leaving their couch.
Forex and crypto trading are doubtlessly two of the best ways that can help you to earn income in your free time. Indeed, some of the traders that have started trading during the COVID-19 pandemic might not even go back to their old 9 to 5 jobs.
Eager to kick off this exciting journey? Then this is the last guide you’ll need to read before placing your very first trade at Hey Forex. So without further ado, here we go:
What is Forex?
In our Crypto & Forex Guide we’ll start by clearing out the basics. What does “Forex” even mean? Simple. Instead of using the term “Foreign currency exchange”, traders use the term to refer to trades that involve different currencies. You can also see the term abbreviated to just “FX”.
Currency trading is a practice that goes back centuries and stemmed from the need that travelers and merchants had to develop a way of making different currencies “translatable” in different markets. The current iteration of the forex market is much more recent. In fact, it is a by-product of the post-WWII Bretton Woods Agreement. Which made provisions for specific currencies traded directly between each other.
Nowadays, the forex market is a juggernaut of worldwide commerce since it’s responsible for the movement of an average of $5.1 trillion every single day.
How Does It Work?
Trading in forex might look like a complicated affair, but it is in reality a fairly simple process. Essentially, you start by investing in currency pairs – using one currency to buy another.
For instance, consider the pair Euro-Dollar. Whenever traders buy a position in EUR/USD, they are using the American Dollar to purchase Euros.
If for any reason, the balance between the US economy and the European Union tips in favor of the US, then the pair will be less expensive to purchase and becomes cheaper to acquire. On the other hand, if the Euro gains more value, the pair will become more expensive.
It’s the difference between your trade’s purchasing price and the value of the currency pair when you decide to sell that creates your margin profit. In layman’s terms, if you purchased something for a value of X and sold it for 2X, you made a profit of 100%.
In our blog, we’ll be explaining the finer details of trading, so do not worry if it sounds complex. As it is the case when it comes to new skills, it takes time and effort to master.
Cryptocurrencies are digital forms of currencies that are secured by highly complex cryptographic systems. This makes cryptos virtually impossible to counterfeit. The large majority of cryptos rely on a digital ledger network system to validate their operations – the blockchain.
This safety net makes cryptocurrencies extremely safe and detached from any central authority. Indeed, cryptos are often used to avoid governmental influence.
The crypto world is currently dominated by Bitcoin. The first digital currency to become popular globally. Created in 2009 by an anonymous person or group under the alias Satoshi Nakamoto, this crypto coin is now used in day-to-day financial transitions.
Specialists point out that cryptocurrencies can become a prominent asset in the future, with enthusiasts calling it “the digital gold”. At Hey Forex, you can trade over 30 different cryptos, and start exploring this new frontier of trading.
Why Choose Hey Forex?
We know that investing in a new venture can be terrifying. In 2020, we are not short on stories of scammers and funds that vanish without a trace. At Hey Forex, we are constantly improving the safety of our platforms. We work alongside leading financial institutions to ensure a safe space where you can securely deposit your investments and quickly withdraw your earnings whenever you want.
To ensure complete trader financial safety, your account is segregated from our own. In the (extremely unlikely) scenario of us closing shop, your money is held safely and you’ll be able to cash it back hassle-free.
Easier for You
We understand the importance of providing multiple ways for our customers to fund their trading enterprises. With that in mind, we are constantly improving and implementing new platforms to make it easier for you to invest during your forex and crypto journey.
If you do not want to start investing huge amounts of capital, we’ll cover you. We allow 0.01 trading lots and so making it easier to fund your journey with less. Alongside that, we have the smallest spreads available, making bidding, and asking prices easier with minimum losses to your portfolio.
Blogs, News, and Analyses
Being on top of the latest developments around the world is an intrinsic part of trading. With our team of specialists, you will have the latest developments in the financial world and their effect on your trades at your disposal.
Take It to The Next Level
One of the best ways of showcasing your skills is to take your trading to the next level. On our platform, you will be able to enter trading contests and earn real-life prizes that range from Hey Forex swag to extra cash on top of your earnings.
And for those who want to grow their trading business, we recommend joining Hey Forex’s Affiliate Program. With benefits to both you and your clients, you will be able to grow your trading network to the maximum with our help.
At Hey Forex, you will be able to trade over 55 currencies and more than 30 cryptocurrencies, with a minimum starting investment. Even better, until you feel 100% ready to jump in a new market, you can trade with no risks in one of our demo accounts.
Enjoyed reading our Crypto & Forex Guide? Then get going on your financial goals, start your trading journey right now with Hey Forex.