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10 Best Forex Trading Platforms

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Forex trading, or foreign exchange trading, which is basically the trading of currencies, is the wild west of trading these days. It’s a highly lucrative, exciting space to be in. But with lots of rewards comes lots of risks and you’ll want the best tools at your disposal to enter the world of foreign exchange trading.

To help you understand the forex trading space we’ll explain the basics of the forex marketplace, give you the tools to figure out what type of trader you want to be, and tell you what you should look for when evaluating the best forex trading platform for your trading needs.

In this article, we’ll go over the best forex trading platforms overall to give you a good overview of the marketplace today. Read on to learn about forex trading and the best forex trading platforms!


Forex Trading FAQ


1. What Is Forex Trading?

Forex trading is the exchange of one currency for another on the foreign exchange market. Investors profit from the changing value of a particular currency. In the same way, investors profit from the changing value of a stock.

2. What Does Forex Trading Do?

It is this buying and selling of currency that sets the floating currency price on the foreign exchange market.

3. What Are the Different Types of Forex Trades?

Spot trading is simply selling your currency to buy another. This type of foreign currency trading is one the average person is most familiar with and is even likely to have done. When you visit a foreign country and exchange your home currency for the new country’s currency, you’ve completed a spot trade. The rate at which this transaction is done is called the “spot rate.”

Forward trades are spot trades that occur in the future. You pay a fee to guarantee your agreed upon future rate. The benefit of a forward trade is that it hedges you against risk.

This is a forward trade where you borrow from the dealer and sell the currency first. It is bought back in the future at a set price. This is a risky trade because if the price goes up you have to pay the dealer back at a higher price.This type of foreign currency trade is done by banks. A foreign exchange swap happens when two parties agree to swap currencies at the spot rate. They agree to swap back the currency at a later date. A central bank then agrees to hold this money in the interim and they use it for short-term or overnight lending.

4. Why Is Forex Trading Profitable?

Forex trading is highly profitable because of leverage. Leveraging is where you can trade more money than you have in your account. Every forex trading platform will have different leverage rates. For example, if leverage is set at 50:1 you would have around $50 dollars to trade with for every $1 in your account. As you put in more money, this grows exponentially.

5. Where Can You Buy and Sell Foreign Currency?

Buying and selling foreign currency can be done on forex trading platforms that are often run through banks, hedge funds, and investment platforms.

6. What Should You Look For in Your Best Forex Trading Platform?

For a beginning trader, educational tools and a platform that is easy to understand is of prime importance. Other factors that are essential to consider when choosing the best forex trading platforms are reputation and level of trust, fees, and transaction costs.

7. What Are the Benefits of Forex Trading?

The benefits of forex trading are easy profitability and high liquidity. In short, it’s easy to make and move money. But remember higher returns mean higher risk, and higher leverage means higher risk as well.


How We Reviewed The Best Forex Trading Platform

To choose the best forex trading platform we reviewed each platform based on trust level, fees, minimums and transaction costs. We also looked at their leverage, how many currencies they trade, and the tools and educational materials on each platform.

Black laptop showing the best forex trading platform graph
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Overall Price Range of Forex Trading Platforms

The price range on forex trading platforms is vast. Many platforms will have investment minimums of higher than around $3,000 but many will have investment minimums of $0.

What We Reviewed



FOREX.com

Forex.com homepage
Image via Forex.com

Features

Forex.com is the largest forex trading platform in terms of daily transactions and volume. They also compile a large number of regulations worldwide which makes them a particularly trusted and safe trading platform, also known and respected for their professionalism.

They have a good Sunday-Friday customer support and many educational materials that are helpful for beginner forex traders. They also have a number of different platforms for trading and offer analysis tools to traders. Their maximum leverage is 200:1 and they allow trade on 80 different types of currency.

Pros

  • Good for worldwide
  • Educational materials
  • regulation

Cons

  • Lower leverage
  • No automated trading
  • Fees

Price

The minimum deposit at Forex.com is around $250.

Range of Markets

Forex.com gives you access to over 80 different currency pairs.


Pepperstone

Pepperstone homepage
Image via Pepperstone.com

Features

Pepperstone is one of the largest and most important Australian forex trading platforms. They are growing rapidly and reported a 20% growth rate in 2016. They are considered one of the best forex trading platforms for their ECN trading system.

They have different account types to suit every type of trader, from normal accounts to accounts that fit a high volume trader. They recently partnered with Equinix, a Nasdaq company, and a financial network, with an ear to the ground on Wall Street. They have high leverage options with their maximum leverage at 500:1.

Pros

  • ECN trading system
  • Different account types
  • High leverage

Cons

  • Not for U.S. Customers
  • Limited portfolio
  • Limited education

Price

Their minimum deposit is around $200.

Range of Markets

Peperstone gives you access to over 80 tradable instruments.


TradeKing Forex

TradeKing Forex
Image via TradeKing Forex

Features

TradeKing Forex is the forex trading arm of TradeKing. They offer many different forecasting and risk assessment tools to help traders, but their online platform is not as intuitive as other forex trading platforms. However, their mobile app is very intuitive and user-friendly.

Their maximum leverage is 50:1 and they do mark up their spreads. The spreads vary from day to day and are often higher than comparable platforms. They offer weekly webinars and guides to help educate those new to forex trading.

Pros

  • Tools that help you forecast risk
  • Good app
  • High number of currency pairs

Cons

  • High minimum deposit
  • Platform not user-friendly
  • Spreads can vary widely

Price

The initial minimum investment is around $2500.

Range of Markets

Over 50 different currency pairs to choose from.


FXPRO

FXPRO homepage
Image via FXPRO

Features

This forex trading platform is an English trading platform and is well known for its non-defense discretionary categories. Their trading platforms are award-winning and feature platforms like MetaTrader and cTrader. They have also introduced new technologically advanced features like automated trading and they have several other automating programs that make FXPRO one of the best forex trading platforms if you are looking to rely on automation as part of your trading strategy. Their maximum leverage is 500:1 and they are a spread betting broker, so they make their fees without commission.

Pros

  • Non-Defense Discretionary categories
  • State-of-the-art broker
  • Automation

Cons

  • Not for U.S. traders
  • Not for high volume traders
  • No promotional offers

Price

FXPRO requires a minimum deposit of around $200.

Range of Markets

FXPRO has 70+ different currency pairs to choose from.


TradeStation Group

TradeStation Group homepage
Image via TradeStation Group

Features

TradeStation Group recently sold their forex assets to Oanda to combine their high-quality educational tools and overall forex trading platforms. The leverage maximum is 50:1 and there are currently over 70 different currency pairings. Both spread and commission are charged but both the spread and the commission are low. There are also no minimum trade lots. All these made the new Oanda platform one of the best overall.

Pros

  • Good tools
  • Easy web trading
  • Third party development is supported

Cons

  • Higher commission
  • Pricey withdraws
  • Better for low volume traders

Price

The initial investment for Oanda is $0.

Range of Markets

Over 70 different currency pairings.


Plus500

Features

This is another forex giant. They are based in Cyprus. They are a CFD provider and forex trading platform. Their maximum leverage is low at 30:1. They are a trusted trading platform because of the high number of regulators they compile with around the world. Their platform is known for its usability with a fully digital and mobile integration. They don’t trade on classic MT4 or MT5 platforms. They make their money through spreads, but their spread prices are low and so are their overall trading fees.

Pros

  • Low spreads
  • Trusted regulators
  • Easy-to-use platform

Cons

  • Minimal research tools
  • High financial rates
  • Limited portfolio

Price

Plus500 requires an initial minimum deposit of around $100.

Range of Markets

Plus500 includes all the major currency pairs.


Fortex Capital Marketing

Fortex Capital Marketing homepage
Fortex Capital Marketing

Features

Fortex Capital Marketing was one of the early pioneers of internet trading. They suffered a huge loss in 2015 and have since been slowly recovering. Despite these setbacks, Fortex Capital Marketing is still known as a reliable and trustworthy forex trading platform. They have a variety of guides and educational materials and offer platform walk-throughs for traders daily. They offer 30:1 maximum leverage for major currency pairs.

Pros

  • Reliable
  • Multiple platforms
  • Good for active traders

Cons

  • They have stopped operating in the U.S.
  • Not good for low volume traders
  • Company setbacks

Price

The minimum initial investment is around $2,000.

Range of Markets

They offer around 40 different currency pairs.


Markets.com

Markets.com homepage
Image via Markets.com

Features

Markets.com is one of the world’s fastest growing forex trading platforms. This is because of the significant investment they have made in customer support. They have a multilingual support department and 24/5 availability. Indeed, this customer service has won them several awards over the years. They also try to reach as many different markets as possible and their database has become a reference point for brokers worldwide. Their leverage maximum is 500:1 and their platform features a plethora of different research tools to help traders.

Pros

  • Awesome support
  • Multiple markets
  • Low fees

Cons

  • Not for U.S. traders
  • Not FSC regulated
  • Limited portfolio

Price

Their minimum investment deposit is around $100.

Range of Markets

They offer around 50 different currency pairs.


E*trade FX

E*trade FX homepage
Image via E*trade FX

Features

E*trade is a giant brokerage firm in the U.S. they also offer a wide range of Forex options. They are known for their good introduction into the forex trading space. They also offer 24-hour support and have different trading options for different expertise levels. Their highest maximum leverage is 500:1. The main forex trading platform they use is MetaTrader4.

Pros

  • Low commission
  • Reputation
  • Automated trading

Cons

  • Limited technical capabilities
  • Hidden fees
  • Bad customer service

Price

Minimum initial deposit is around $100.

Range of Markets

They offer a good range of currency pairs.


IC Markets

IC Markets
Image via IC Markets

Features

This forex trading platform is known for their reliability and quality of service, the original company started in 1973 and they now have around 140,000 clients worldwide. They are also now the largest forex trading platform in the U.K. They support multiple trading platforms like MetaTrader, ProRealTime, LT4, and L2 Dealer. Their maximum leverage is 200:1 and they take fees from spread, but their spread take is lower than most of their competitors at 0.6 pips. They also support over 90 different currency pairings on their platform.

Pros

  • Reliable
  • Supports multiple platforms
  • Large number of currency pairings

Cons

  • Not for U.S. traders
  • Platform tends to freeze
  • Doesn’t support electronic wallets

Price

The minimum deposit for IC Markets is $200.

Range of Markets

They offer both major and minor currencies.


The Verdict

Forex trading is a fun and risky investment space to be in. Overall, the best trading platform is a place like Forex.com that has a good reputation and good regulation. It is both user and beginner friendly. While this is our choice of the best forex trading platform, all the options are good. Happy trading!

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How To Buy Bitcoin Cash

bitcoins, bitcoin white paper and phone with screen showing bitcoin cash wallet

In an age where cryptocurrency is the investment medium favored by traders, it's difficult to keep up with the waves of new cryptos hitting the market. Bitcoin has become a household name in recent years, with the cryptocurrency having several of its own individual currencies. Confusing, right? For Bitcoin enthusiasts everywhere, one thing you need to learn to be in the know is how to buy Bitcoin cash.

Learning how to buy Bitcoin cash and trade it on the crypto market it is not as hard as you may think, but it requires head knowledge to get started. Today, we will teach you the ins and outs of Bitcoin cash, how to buy Bitcoin cash, and offer trading tips that every beginner in the world of cryptocurrency needs to know.

What Is Bitcoin Cash?


Bitcoin Cash logo

Image Source: Wikimedia.org

Overview

Bitcoin cash is a kind of altcoin that is fast surpassing its predecessor, the initial Bitcoin. Bitcoin cash is a currency of the original Bitcoin if you will. The closest comparison would be the US dollar and the Canadian dollar. Both are dollars, but they both serve different purposes as individual currencies.

Things are more complicated in the blockchain universe, but this is a rudimentary assessment to acquaint you with the idea. Bitcoin cash first originated back in August 2017 after a division occurred in the original Bitcoin blockchain. Crypto traders frequently argue and voice their diverse opinions as to the best way to develop cryptocurrency. This is where Bitcoin cash was born.

Breaking the Crypto Down

Before you learn how to buy Bitcoin cash, it is important to break this crypto down and understand where it came from. Bitcoin cash was born because of the explosive growth of the original Bitcoin in recent years and the issues of scale that resulted.

The initial blockchain had developed to such proportions that increasing numbers of users were flooding the market with more transactions than ever before. This put a strain on the Bitcoin network, with blocks being filled faster than users could mine them. This slowed transactions, making them more expensive for users too.

Bitcoin cash is an improvement on the original Bitcoin, with some new accouterments of its own. For one, Bitcoin cash has a block size of 8 MB now, meaning it allows each block more data. This also means that the number of transactions done in each mined block is higher. Many users have hailed Bitcoin cash as a step in the right direction to manage the increasing scale of this cryptocurrency.

Some users are unsatisfied with the results, stating that it is a band-aid to a bigger problem and there is still not a protocol in place to divide transactions into smaller sections. One major ramification of the blockchain division is identical currency. So, the data from the original Bitcoin was copied over and users in possession of those Bitcoin were given Bitcoin cash instead.

Essentially, for anyone that owned Bitcoin before the division occurred in August 2017, this means you are in line for free Bitcoin cash. Considering Bitcoin cash is worth hundreds of dollars, this is good news all around.

How To Buy Bitcoin Cash


graphic illustration of a wallet with bitcoin logo

Image Source: Pixabay.com

Select Your Bitcoin Cash Wallet

If you want to learn how to buy Bitcoin cash, you must first select your Bitcoin cash wallet to keep it in. Some platforms are still warming up to Bitcoin cash. They may think there are better methods to deal with the problems of scale Bitcoin was facing or feel that honing in on one category of the crypto is best.

That said, an increasing number of wallet platforms accept Bitcoin cash, so you will have options to choose from. Hardware wallet platforms like Trezor and Ledger are solid options, both allowing you to utilize your Bitcoin cash like any other crypto. If you owned Bitcoin before the division occurred in August 2017, these platforms will now let you claim your cash.

You can choose amongst a plethora of software wallets, and you might already have a good one on hand if you had the original Bitcoin. Exodus is a worthwhile software wallet to consider, and they offer plenty of fluidity to move your cryptocurrencies around as you desire.

When learning how to buy Bitcoin cash, if you want to move your cryptos around, you can go back and forth between the blockchain and another one like Ethereum Classic. Jaxx allows you to use several currencies, Bitcoin cash being one.

A sister software wallet of Electrum, Electron Cash is another good one to consider. There are quite a few exchanges that deal with Bitcoin Cash, but it may not be ideal to keep your cash in their wallets for long, as this could pose a real security threat.

Coinfloor has a good wallet where you can trade on the UK exchange while keeping your keys securely offline. You can also access your funds with little notice for trading purposes. A few other wallets to consider are Coinomi, Bitpay, BTC.com, and Keepkey. For a full list of wallets, go to Bitcoincash.org and see what options are available to you.

Find An Exchange

The next step in learning how to buy Bitcoin cash is to find an exchange. There are fewer Bitcoin cash exchanges than original Bitcoin exchanges, but there are still some solid contenders for you to pick from.

Some of the best exchanges are Bithumb, Coinone, Bitfinex, Poloniex, Binance, Bittrex, CEX.IO, Kraken, Livecoin, and Tidex. eToro is another good one, but you cannot gain access to your Bitcoin Cash or send it to other individuals.

If you use eToro, your only choice is to buy and sell Bitcoin cash for hard currency like dollars or euros. You need to live outside of the continental USA to use this approach.

Coinmama is truly the mother of all crypto exchanges. You can use it to for how to buy Bitcoin cash with your credit card. You can live just about anywhere in the world with this platform, so Coinmama is a good option for users everywhere.

London-based CEX.IO is another good choice, letting you use an array of currencies, including your Bitcoin cash. You can buy using a credit card on this exchange too if you are short on time. Using a credit card is much more costly, but you can move in both USD and euros. If you want to enjoy a lower fee, you can transfer the funds, make a deposit, and openly trade on CEX.IO for a small fee.

Coinbase is one of the best exchanges there is, and they recently incorporated Bitcoin cash into their approved currencies. Coinfloor is an open exchange for Bitcoin cash, so you could look into that one too. For experienced traders, Kraken meets the mark.

Transfer Your Bitcoin Cash

This final step is optional but advised for all traders as it is best not to leave funds sitting on the open exchange. After proceeding with how to buy Bitcoin cash, transfer the funds to your wallet so you can access them with your private keys.

You can keep on eye on the transfer with your Bitcoin cash block explorer. Wait until you have 3 confirmations for the cash, and then you can rest easy that the transfer is complete.

Trading Tips Every Beginner Needs To Know


bitcoin clipped on a rusty vernier Caliper

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Selling Bitcoin Cash For Bitcoin Or Altcoins

Now you know how to buy Bitcoin cash, you should learn how to sell it. There are fewer exchanges for how to buy Bitcoin cash than the original Bitcoin, and even less for selling it.

One option you have is to trade the Bitcoin cash you have for other cryptos. Exchanges like Bittrex or Poloniex will let you trade your Bitcoin cash for Tether, Ethereum, or the original Bitcoin.

If you would prefer to avoid an exchange platform altogether or do not want to risk making your bank account vulnerable, you could utilize service providers like ShapeShift or Changelly. They do immediate exchanges between currencies, including Bitcoin cash.

Selling Bitcoin Cash For Real Cash

Three main exchanges discussed when learning how to buy Bitcoin cash are also good marketplaces to sell Bitcoin cash for solid currency. These are CEX.IO, Kraken, and Coinbase.

On Coinbase, you can sell your Bitcoin cash for USD only. Kraken allows Euros and USD. CEX.IO allows USD, Euros, and the British Pound Sterling.
If you exchange the Bitcoin cash for real cash, you will have to verify your identity and link your bank account to the exchange. After that is done, you can take out the Bitcoin in cash.

The Peer-To-Peer Method

graphic illustration of two people trading bitcoin and cash

Image Source: Pixabay.com

If learning how to buy Bitcoin cash on an exchange was not your cup of tea, you can sell it peer-to-peer instead. This means you sell it straight to another trader. Services like LocalBitcoinCash allow you to trade with other users by putting up an offer or responding to another user’s offer.

LocalBitcoinCash functions as an escrow provider, allowing you to sell immediately and make the transaction, provided you and the other user have enough cash in your accounts. The platform even allows face-to-face interaction with the other individual if you want to work the details out in person. If you opt for this approach, play it safe and meet at a public location like a coffee shop.

Conclusion


When learning how to buy Bitcoin cash, always remember to keep your coins secure and do not keep too much money in an exchange wallet. Whenever you use a wallet given by an exchange, you are handing over rights to your private keys, so keep most of your cash secure in your own private wallet with private keys.

When learning how to buy Bitcoin cash and sell it, remember that once done, you cannot reverse a transaction. So, take your time and double check the amount of the funds being traded. Before long, you will know how to buy Bitcoin cash like a pro.

Featured Image Source: Wikimedia.org


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How to Trade Bitcoin

Bitcoin is an electronic or digital currency that exists solely online. It is most commonly known these days as a “cryptocurrency” and, of all the cryptocurrencies out there, Bitcoin is commonly acknowledged to be the most valuable currency in use today. Today one Bitcoin is still worth thousands of dollars, making it highly attractive for cryptocurrency investors who believe the currency will appreciate in value in the future. As cryptocurrency becomes increasingly part of today's trading environment, more and more investors want to know how to trade Bitcoin. This article will walk you through the basics.

gold and silver bitcoins

Source: Pexels

What Is Bitcoin?

Likely one of the biggest questions a new investor wanting to know how to trade Bitcoin will ask is simple: “What is Bitcoin?” Bitcoin is a type of electronic cash that was created by a programmer or group of programmers operating under the name “Satoshi Nakamoto.” The true identity of Nakamoto has yet to be established, but historians trace the origin of Bitcoin to the registration of the domain name “Bitcoin.org” in 2008.

Mining Bitcoin

In the early days of Bitcoin, the currency could only be accessed if someone knew not just how to trade Bitcoin, but also how to mine it. Nakamoto's Bitcoin code was open-source and released in 2009, thereby enabling other programmers to mine the currency and, by understanding the code and process correctly, create more of it.

The cryptocurrency quickly gained popularity because it offered a way to transact anonymous but reliable business deals, making it perfect for the black market. Bitcoin was used at its earliest stages primary to launder money and transact drug deals, but soon more conventional investors became involved in the process.

Bitcoin Has High Volatility

It was not until the foreign exchange (forex) traders became involved in mining and collecting Bitcoins that the currency really took off. Values hovered between $0.30 in early 2011 and $13.30 in 2012. The value rose and fell within those boundaries for several years, demonstrating to investors who wished to learn how to trade Bitcoin that timing would be everything unless they were mining or trading for the long-term. Those who waited on long-term payoffs likely reaped their rewards over the years between 2013 and 2017, when one Bitcoin could have been valued anywhere between $13.30 and nearly $20,000.

Increasing Bitcoin Regulation

After Bitcoin's value started to skyrocket, the U.S. Department of Justice, the U.S. Financial Crimes Enforcement Network (FinCEN), and a multitude of global banking systems began to watch the cryptocurrency more closely. One of the biggest attractions for individuals hoping to learn how to trade Bitcoin so that they could use it for anonymous transactions because less appealing as financial bodies began to peel back the layers of anonymity surrounding Bitcoin transactions. In China, buying virtual currency was outlawed as early as 2009, and by 2013 the People's Bank of China prohibited Chinese financial institutions from using the digital currency at all.

A Short History of Bitcoin Hacks

Bitcoin is highly attractive because it is anonymous. However, it can also be very dangerous for investors because it is anonymous. If an investor's “wallet” holding their electronic currency is hacked and the Bitcoin stolen, there is little recourse available. When an entire cryptocurrency exchange is hacked, the problem is magnified exponentially.

Over the course of the first half of 2018, $761million in cryptocurrencies (not all Bitcoin) were stolen from various exchanges. This hurt a number of cryptocurrency values, including Bitcoin, even though it was not the only digital currency stolen. The result of these hacks was to drive the value of a Bitcoin down to around $3,000 at one point during 2018, which actually motivated investors to learn how to trade Bitcoin because most believe the value will not remain that depressed permanently.

person holding silver bitcoin coin

Source: Pexels

Cryptocurrency Advantages

Having read the relatively short, volatile, and dark history of this founding cryptocurrency, you may be wondering why anyone would want to learn how to trade Bitcoin. However, there are many advantages to trading this digital currency and to investing some portion of your capital in either mining it or acquiring it for future trading purposes. Here are some of the most commonly cited advantages associated with Bitcoin and, to a lesser degree, with other cryptocurrencies:

  • Decentralization, meaning that no one institution can control the digital currency and transactions are very difficult to manipulate
  • Limited supply, which means that Bitcoin values are difficult to manipulate because, like gold, the only way to get more Bitcoins into circulation is to mine them
  • Anonymous transactions, which protect the identities of the people involved
  • Irreversible transactional nature, meaning that a payment made in Bitcoins cannot be reversed later by any entity, unlike a payment made with a credit card
  • Microtransactions, which are possible because Bitcoin can be divided to the one-hundred-millionth degree
  • International trading, because if both users agree to accept Bitcoins then the currency may be sent and received quickly and in nearly any location
  • Low fees, as at present there are very low fees or no fees, depending on the platform, associated with payments in Bitcoin

 

How to Trade Bitcoin

If you are ready to learn how to trade Bitcoin, take a deep breath. The process is not particularly complicated, but there are a number of steps and, furthermore, there may be different pieces to the process depending on the route you opt to take in your trading.

Opening Your Trading Account

The first piece of the puzzle in learning how to trade Bitcoin is opening an account with the right type of forex trader. You may choose to use:

  • AvaTrade
  • eToro
  • Litefox
  • Some other platform

Fund that account with money from your investment capital. You will either need to already have Bitcoins in place in your digital wallet linked to the forex account, or you will need to make a payment into the platform's associated digital wallet. Depending on the platform, you will need to deposit a fraction of a Bitcoin, which is good for new traders learning how to trade Bitcoin, since one Bitcoin may be worth thousands of U.S. dollars.

round gold colored bitcoin

Source: Pexels

Monitor Your Deposit's Value

Once your Bitcoins are in the forex account, you monitor the value of Bitcoin compared to the initial investment that you made into your digital wallet, cashing out when you feel that your coins have appreciated to the point at which you are seeing an acceptable return.

For example, say you deposited two Bitcoins into your forex account on December 17, 2018, when one Bitcoin was valued at $3,424.65. That would mean that your initial deposit was $6,849.30. For the purposes of our scenario, imagine you decided you would leave your deposit in your electronic wallet in your forex account until Bitcoin values doubled, rising back to about $7,000 USD where they were in February 2018.

In that case, you simply monitor the value of your two Bitcoins until they meet your predetermined standards or you feel that your goals are best served by cashing out your account. Once you reach that point, it is time to finish the trading process.

Some traders complicate the process by monitoring Bitcoin appreciation not just against their initial currency investment, but also against other international currencies. There are times at which trading Bitcoin against a third currency, then trading that currency for a fourth or back to the original currency may be more beneficial than simply waiting for the direct relationship between your native country's currency and Bitcoin to be helpful to you.

Cashing Out Your Bitcoin

When you are ready to exchange your Bitcoins for another currency, you leverage your forex account to make the trade, and then, depending on the wider scope of your investment strategy, you can either cash out completely or trade into another currency. Just remember that the more currencies factor into your Bitcoin-trading strategy, the more exchange rates you must monitor and, beneficially, the more options for generating wealth you may have.

how to trade bitcoin

Source: Pexels

Conclusion

Now that you understand how to trade Bitcoin, you are probably eager to get started. After all, the process seems pretty simple on paper. Just be careful to bear in mind the risks as well as the rewards. Forex trading with Bitcoin has all the potential risks of forex trading with fiat currency, compounded by the risk that your digital wallet could be hacked.

Be alert to shifting global economic conditions that could affect the value of your digital currency, your preferred fiat currencies, and your native currency. Also, monitor the cybersecurity measures your preferred forex platform and digital wallet servicer are providing in terms of volume, effectiveness, and flexibility. Hackers work fast, and Bitcoins make an attractive target for the very same reasons you want to learn how to trade Bitcoin in the first place. Keeping a close eye on your investment is the best way to benefit from the exciting evolution of this cryptocurrency.


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Exodus Wallet Review

​Are you considering the Exodus Wallet to store your cryptocurrency on? Are you overwhelmed by the plethora of wallet options available, trying to pick the one that rates best for usability and security?

The Exodus Wallet has been around for a few years now, garnering mixed reviews from users across the board. We wanted to streamline your search and give you the tools you need to make the best decision. So, we have created a review including important details regarding the Exodus Wallet, its interface, usability, security, and supported currency. For all this and to read our final verdict of the Exodus Wallet, keep scrolling down.

What Is Exodus Wallet?


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Overview

Launched back in July 2016, the Exodus Wallet is one of the more recent contenders in the crypto-sphere for storing your coins. Exodus is a software that allows users to retrieve and transfer funds as desired, with much more flexibility than other wallet offerings available.

One primary element that differentiates Exodus from its competitors is that it is a software platform linked directly to the internet. This makes it a less-secure option than hardware wallets, but it also allows users more freedom to move their coins around as desired. Exodus supports multiple currencies, which makes transactions more fluid and seamless than ever before.

How It Works

Although the Exodus Wallet is a software platform rather than a hardware wallet, it works around these vulnerabilities by offering users private keys and keeping transactional information strictly off the server. When you first install your wallet, it will take you to an asset portfolio webpage featuring your crypto holdings.

The site organizes your coins out in a handy pie chart for easy reference. As you click through the tabs of your wallet, you will have the ability to see any cryptocurrencies you have holdings in. For instance, if you have a Bitcoin wallet, it will compartmentalize your transactions in listed order with the date and associated details. Whether you sent, received, or exchanged money, all the transaction details would be included for your easy reference.

At the top of the screen, you can view your coin holdings and how much they are worth in USD. This layout will be the same for any coins you have in your Exodus Wallet. Another tab in your online wallet gives you the ability to exchange currency. So, if you wanted to exchange Dash for Bitcoin, for instance, you can do so in a few clicks. You can select the currency you want to receive it in too.

While user fees come at a higher rate when compared to other wallets available, transactions are much faster and smoother, which makes it worthwhile in our humble opinion. The last tab in your Exodus Wallet lets you adjust what crypto assets are on display so you can view the ones you prefer. You can move your settings around as desired to see the layout you like best.

Key Features

The Exodus Wallet offers extensive support for multiple currencies. Many wallets in the crypto-sphere only support one currency, making them a limiting option for users that like to trade in different coins.

This wallet allows over 15 currencies as of now, letting you conduct transactions with all of their supported coins. Besides the multi-currency functionality of the Exodus wallet, the platform takes all user data and backs it up in your system, making recovery simple in the event of a shutdown. It is a good wallet for beginners in the crypto world because it features impressive guides and tutorials to train you as you go.

It offers themes and user interfaces you can tailor to fit your needs, plus live charts so you can keep an eye on your coins at all times. Its encryption method features private keys so sending, receiving, or exchanging currency is safe and secure. It uses a technology called ShapeShift so you can facilitate exchanges between more than one currency if you have multiple coins in your portfolio.

Interface and Usability

How Its Interface Holds Up

The interface for Exodus Wallet is one of its most attractive features because they gear it towards both beginners and pros. This makes it easy for anyone to use and keep track of their assets without issue.

The design of the wallet pages and tabs is intuitive and eye-catching, with a pie chart and adjustable stats you can move around to see what you prefer. The pie chart lists everything from your assets to your currencies to your transactions, making it easy to see your details all in one place. This chart and other key user data incorporate fun colors, making the design appealing and functional all at the same time.

Examining User-Friendliness

They make the wallet for desktops so you can keep all related information and data directly on your PC. This means it keeps your wallet details and private keys securely on your PC for your personal access alone.

Because they keep user data on your PC, you can back up the information easily. If your PC were to become damaged, or the system experienced issues, your login information and password will restore your wallet and let you access your assets without issue. The wallet supports Linux, Windows, and Mac.

Customer Support

You might wonder how customer support holds up with this wallet. We have to say; it is top notch. The support web pages for the Exodus Wallet include over 100 articles going over the fee structure, features, and troubleshooting aspects of the platform, plus 17 additional relevant topics.

Besides the all-inclusive FAQ page, quite a few of the articles on the support site feature videos so you can visualize and understand any aspects you might struggle with. If these articles and videos are not enough to answer questions you may have, you can get in touch with the customer support team through email.

Many users have been impressed with the friendly customer support team, expressing how helpful and prompt they have been. They attend to support tickets on time, and the team works with users to take care of any issue that arises from beginning to the end.

Security

Exodus wallet security word in the screen

​Via Pixabay

Options

There are several security options that come with the Exodus Wallet, all of which meet the mark for ensuring safe transactions and guarding user data. Exodus streamlines the security process by encrypting all your assets and storing them directly in your PC.

By keeping your asset information stored safely in your PC, you and you alone have complete control over each holding. The Exodus Wallet's backup procedures are effective and reliable, and they keep none of your data or your private key on their server.

The combination of sole-user control and the hands-off approach that the Exodus Wallet takes makes it much more secure than other wallet options, although it is a software instead of a hardware platform. If your system shuts down or PC becomes damaged, you can use your login credentials to gain access to your holdings right away. If you have to reactive your wallet after system damage, your private key and several security links make the process safe and secure.

Where It's Lacking

The wallet is not fully open-source, so there is an element of faith you have to put in the software developers and managers creating the wallet. The good news is, the CTO of Exodus Wallet has devised over 190 open source libraries and is highly esteemed within the software development sphere.

Because Exodus is still relatively new in the crypto world, they do not offer certain security features that more seasoned platforms do. For instance, your coins are totally encrypted but are password-protected only as opposed to being secured with 2-factor authentication.

In the event you accidentally download malware or other malicious content, you are at higher risk of exposure without that 2-factor authentication aspect. To be fair, the Exodus Wallet advises users to store their currency on a different wallet offering multi-signature or hardware aspects if you intend to keep significant blockchain assets in storage.

This shows that the team behind Exodus recognizes the vulnerable aspects of their security system and are working hard to close the gap. They are in talks with some top hardware providers to offer a more secure system.

Supported Currency

Exodus wallet currencies

​Via Pixabay

Coins

As mentioned previously, the Exodus Wallet supports over 15 currencies which is impressive when compared to other wallets available. The wallet allows currencies including Bitcoin, Etherium, Litecoin, Dash, Augur, Golem, and Decred.

They also support OmiseGO, EOS, Gnosis, and Aragon. Basic Attention Token, Bitcoin cash, Civic, SALT, FunFair, District0X, and Etherium classic have also made it to the list of approved currencies.

What Users Have to Say

Despite the vulnerabilities mentioned for this wallet, users have been more than pleased with the platform. In fact, on CryptoCompare, the wallet has received a 4.4 out of 5 stars from over 260 reviews.

Users especially appreciate the easy interface, impressive design functionalities, and accessible customer support team. Where users have expressed a desire for improvement is in areas like the lack of 2-factor authentication. Users would also like to see an app in the works to make accessing their data easier when on the go.

The wallet is free to download and use, but it has fees for transactions. Some users have stated that the associated fees are higher than other wallets, but the platform also has a much shorter wait time for transactions than other competitors offer.

Verdict

If you have a wide range of cryptocurrency assets and want an easy-to-use platform with a helpful interface and top-notch customer support, the Exodus Wallet is an excellent choice. They support multiple currencies and have a much shorter transaction wait time than other wallets offer.

The main area where we would say the Exodus Wallet has room for improvement is in its lack of 2-factor authentication. That said, the wallet's private keys and PC system storage component for users significantly make up for this weakness.

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How To Day Trade For A Living? Everything You Need To Know


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Corporate 9-5 got you down? Want to spend more time with your family? Feeling as though your current salary does not accurately reflect your intelligence and worth? Answering "yes" to any of these questions is likely what led you here. You have probably already decided that hours of commuting and even more hours of being stuck in an office with people you can't stand and bosses that are worse is not for you. You're ready to learn how to day trade for a living.

Whether you are a seasoned investor or know nothing at all about financial markets, it is possible to learn how to day trade for a living. Once you have the skill and mindset needed for day trading, you can begin your work toward living the life you desire. Day trading is for people who want to do the following:

  • Choose how much or how little to work each day

  • Ditch the 9-5 lifestyle forever

  • Be their own boss

  • Get paid according to how well they perform their job

  • Free up time for family, friends, and activities they enjoy

If those all sound like worthwhile pursuits, continue reading. This article will explore a basic review of day trading, how to cultivate a successful mental attitude, and how to turn day trading into a source of consistent income.


What Is Day Trading?

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Day trading differs significantly from other types of investing and trading. It focuses on a variety of short-term strategies which require frequent entering and exiting of positions. The one thing all these strategies have in common is that true day trading always involves entering and exiting positions on the same trading day. Never hold positions overnight. This avoids the wild movements that happen during hours when the market is closed or you aren't able to devote your full attention.

What to Trade?

You will trade any financial security or a derivative thereof. The most popular instruments to day trade are stocks, options, foreign exchanges, and futures. Stocks are a good place to begin as most of the other available instruments get their value based on stock prices. Learning how stock prices move and how to trade them properly will provide a solid foundation in getting the real-world experience of how to day trade for a living.

What Strategy to Use?

With a little research, you soon will discover that there are as many trading strategies out there as there are stocks! Luckily, the best strategies are fairly easy to identify. Look for strategies that have the following:

  • Offer precise definitions with easy patterns to recognize

  • Offer a greater than 3:1 profit-to-loss possibility

  • Show consistent success when tested against historical market data


Is It Possible to Make a Living Day Trading?

There are many people out there who have discovered how to day trade for a living, but they are the exception rather than the rule. Less than 10% of day traders show enough consistent profit to make a living from the practice. To be one of the successful ones, you will need to do the following:

  • Train with determination

  • Understand your income needs

  • Understand risk management and how to take a small loss before it becomes a big one

  • Recognize profitable setups

  • Get your mental house in order

  • Be dynamic and willing to adjust your strategy and outlook to varying market conditions

If you can't meet the most important criteria, though, none of the above will matter in the least. You must make enough money trading to cover your expenses. And, you must do this consistently and over a long period. Day trading will produce fluctuations in income. The key is to make enough on good days to more than cover the not-so-good (or even bad!) ones.


How to Day Trade for a Living

You can't just put money into an account and expect to figure out how to day trade for a living as you go. You must adopt a systematic approach to prepare for making the leap to working for yourself. Failure to prepare will usually end with a zero balance in your trading account. Take each of the following topics into consideration. When you understand these ideas, you will understand how to day trade for a living and the commitment and mindset it will require.

 

Train

The temptation to jump right in and trade with real money is strong. There is definitely something irreplaceable about learning through experience. You should, however, get some theoretical background before making your first day trade. Find a book (or twelve) about how to day trade for a living and read with focused attention. Try to absorb as much information on the topic as possible. Many people have tried what you are undertaking and ignoring their advice is a great disservice to yourself.

Spend one to three months doing research. Learn your chosen strategy inside and out. Compare what you are learning to daily charts to make sure you can identify your buy or sell signals.

Open a paper (simulated) trading account and practice executing orders. It's easy to look at a chart and pick out where your buying or selling opportunities are, but it's another thing entirely to pull the trigger and execute the trade while the price is fluctuating throughout the trading day. Each trading platform is slightly different and you must execute buy and sell orders quickly and without errors if you hope to maximize profits. Simulated trading is great for this. It won't give you the same emotional feel of trading your own money, but it will hone your skill at making quick decisions and executing orders in real time.

Paper trade with the actual amount you will have in your trading account. This will make it seem more real. If you're pretending to trade millions of dollars, your mind won't connect to the measly $$$ in your real account.

Continue studying and paper trading until you triple your account balance before moving on to real money. Perfect execution and consistency over time are absolute musts for learning how to day trade for a living.

Funding Your Account

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In the United States, when you make over three day trades in any rolling five trading-day period, you are a pattern day trader (PDT). According to federal law, pattern day traders must maintain an account balance of $$$ or more.

If you don't have $$$ of disposable income to fund your account, don't worry. You can still use those three day trades per week to build up your account balance. In fact, this is great training. It will help you learn to identify the best setups and make only high-probability trades. Do not use money that you need for rent or bills to fund your account. Be patient and build your balance with your skills.

Before you reach $$$, you're likely to learn a tough lesson about holding positions overnight. You'll identify a great setup and get into a position, even though you have already used all of your day trades. You'll watch in horror as the trade moves against you and you can't get out of the position. You'll have trouble sleeping as you cross your fingers and hope the loss is not devastating by the next morning's opening bell. Avoid making this mistake. When you run out of day trades, paper trade until another becomes available to you.

Besides account funding, save up one year's worth of expenses before you quit your job and try to day trade for a living. This will lighten your load and free up your mind to focus on the skills, rather than paying the bills.

Prepare Your Mind

Day trading is an emotional exercise. Watching your hard-won money slip down the drain will cause you intense distress. Fear, sadness, loss, and grief will take over your body and mind and cause you to freeze. Frozen, you cannot act to get yourself out of a bad trade. An otherwise small loss will turn into a huge one. You'll even stay in the trade longer, convinced it will turn around at any moment.

You must achieve steadiness of mind and emotional intelligence to succeed in day trading. Therapy, writing in a journal, and meditation can all help toward these. You must be able to see a trade going against you, recognize the reality of the situation, and get out while the damage is still minimal.

Plan the Trade, Trade the Plan

It is essential you develop a plan for entry and exit before entering any trade. You must also stick to this plan. Getting greedy or holding on "for just a few more ticks," in hopes the trade will turn the other way will do serious damage to your ability to day trade for a living. One big loss can put you below $$$ or cause you to fall short on paying your monthly expenses.

Your plan should include a stop-loss. You need not enter the actual stop-loss order unless you know the temptation to let the bad trade go a little longer in the wrong direction will overpower you. Know the maximum loss you are willing to take on a single trade and stoically exit the trade—taking the small loss—when the stop-loss price hits. Most expert traders won't take a loss totaling greater than 2% of their account balance.


Conclusion

You can make a living day trading. With firm risk management rules and a strong mind, you'll minimize your losses and put yourself in a great position to lead the life you want. Establish a training routine and get to work. The first few months to a year will be tough. Stick with it, apply the rules and you'll come out the other side ready to make a solid living day trading.

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How To Buy Stock: The Ultimate Guide For Beginners

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With so many articles today about people not having enough money to see them through their retirement years, it's a wonder the average person can sleep at night. You've been at your job for years, worked hard and have been successful in your field. You make a good living, but you look at your retirement savings and wonder how you're supposed to get ahead. Most people know---to accumulate the kind of money it takes to live comfortably in retirement, the stock market is the place to look, but how to buy stock is unknown to many.

For the average person, entering the stock market can be an intimidating prospect. If you're lucky, your employer offers some investment options that are fairly easy to join and understand. For the rest of you, you'll have to take matters into your own hands. In this article, we're going to discuss how to buy stock and why you need to learn about the market.


What Are Stocks?


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The definition of a stock is a share of ownership of a company. If you own stock in a company, you own a percentage of the company and a percentage of its profits. Investors buy stock in companies they think will be profitable hoping to share in those profits. A percentage of that profit will be paid out to the shareholders based on the amount of stock they own.

Why Would a Company Issue Stocks?

It's done as a way of raising revenue. It also helps:

  • Expand or grow operations

  • Upgrade facilities

  • Pay off debt

  • Increase inventory

  • Launch a new product or service

Why Do People Buy Stocks?

Obviously, people learn how to buy stocks to make money, but that's not the only reason. Some are:

  • To yield a profit

  • For dividend payments (Some companies distribute a portion of earnings to stockholders as an incentive to invest.)

  • For influence (Buying a significant percentage of a company's stock gives big investors the ability to vote at stockholder's meetings and influence the direction the company takes depending on the percentage of the company's stock they own.)

What are the Different Types of Stocks?

Common stock and preferred stock are the two main classifications of stocks. Common stock entitles shareholders to vote in shareholders' meetings and receive dividends if offered. Preferred stocks rarely come with voting rights but pay out dividends before common stockholders receive them. Preferred stockholders also have priority over common stockholders if the company goes bankrupt.


Why You Should Learn How to Buy Stocks

Unless you're independently wealthy, win big at the track or hit the lottery, there aren't many ways to accumulate money as quickly as you can in the stock market. Historically, investors who buy and hold stocks for several years have been rewarded with positive returns on their investments. Obviously, there is no guarantee of profits since stocks can and do decrease in value.

Changes in the stock market can be unsettling to investors. Stock prices are affected by factors inside the company, such as a product recall or recent sales trends, and by external things the company can't control like political events or natural disasters. This is a big reason investing in stocks and learning how to buy stock should be looked at as a long-term venture.

Over time, the stock market has proven to be a safe bet. You can also reduce risks of stock holdings by investing in several different stocks. This is called diversification and is not limited only to different stock holdings but also includes buying bonds and making other types of investments.


Benefits of Stock Ownership

1. Reap the Rewards of a Growing Economy

During times when the economy improves so do corporate earnings. Economic growth creates jobs, leading to more income, which means increased consumer confidence and more sales. Bigger paychecks drive more revenue into companies' coffers. This increases the value of the stock you hold.

2. Stocks are Easy to Buy

There are a few ways to buy stock. You can purchase shares through a broker, a financial planner or online. Once you've set up an account, stocks can be purchased in minutes and for very reasonable fees.

3. Stocks are Easy to Sell

You can sell your stock using the same methods as buying. While the goal of investing in the stock market is to make a profit by "buying low and selling high," there may be times when you need your money with little notice. It's nice to be able to access your money quickly and for reasonable fees. Keep in mind due to the stock market's volatile short-term nature, you may take a loss. There may also be times when you want to "cut your losses," and the ability to sell quickly comes in handy in those situations.

4. Stocks Are a Hedge Against Inflation

Historically, stocks have averaged an annual return on investment of 10 percent while the average annual inflation rate has been 3.2 percent. This doesn't mean much in the short run, but over time, this is a huge advantage.

5. Stocks Payoff in Two Ways

The more common way to invest is to buy stock in fast-growing companies that go up in value producing a nice return for shareholders. Some investors like a regular stream of cash. They purchase stocks of companies that pay dividends. Those companies tend to grow at a more moderate rate but produce profits for shareholders, usually paid quarterly through those dividends.


Types of Investment Accounts

With few exceptions, you'll need a brokerage account to trade stocks. There are three basic types:

1. Online Brokerage Account

This is an investment account with an online brokerage company. They allow customers to invest on their own via online trading programs. If you want to research your own investments and execute orders yourself, an online brokerage account is a good choice. Their fees are usually very reasonable.

2. Full-Service Brokerage Account

This account provides help and advice for managing your investments. Some offer a human investment advisor, others a lower cost robotic advisor. These services use computers to determine how to buy stocks for you based on information you provide, such as goals and risk-tolerance.

3. Retirement Account

Designed specifically for your retirement savings, Roth and traditional IRAs offer certain tax advantages. You can get more information and open an IRA at an online brokerage or through your advisor.


How to Buy Stock: The Ultimate Guide for Beginners

Your first stock trade (purchase) can be confusing. After you've done your research and picked out the stock you want to purchase, it's time to start trading. To "execute a trade" is just investor-speak for a transaction. Of course, buying stocks is more complicated than just one purchase. There are several methods for making your purchase, all varying in terms of price, time limit and other factors.

There are five different stock orders you will probably use, through your brokerage firm or via online trading. They each come with their own positive and negative points. Make sure you know how to buy stock and have devised a plan to determine the best way for you to invest:  Do you have a strict financial limit for yourself? Are you risk-averse or risk-tolerant? What are your expectations?

1. Market Order

This is a request to purchase a stock at the current market price. Market orders are the standard way to purchase stock and are usually executed immediately.
One thing to know about a market order is that you don't control how much you pay for your stock; the market does. Though this is less of a risk with today's ability to trade via the internet, the market still moves faster. If you're buying shares of a company that has a lot of market activity, other trades might be executed ahead of yours. That can cause the price to fluctuate, and you might not be paying what you thought you were.

2. Limit Order

This is an order that executes at a price you set (or higher) and can be open for a time period also set by you. A limit order can prevent you from buying a stock at a price higher than you're willing to pay, helping to avoid a mistake. A downside is that if the price you set is out of line with the market, the order won't execute at all.

3. Stop Order

This is triggered once your stock reaches a specific target price:  the stop price. Stop orders are also referred to as stop-loss orders, helping buyers put constraints on losses. When your price is reached, stop orders turn into market orders. The target price is reached, and the trade is executed at market value.

4. Stop-Limit Order

Also referred to as stop orders, you're basing your purchase on a stock reaching a specific price. When your target price is reached, stop-limit orders become limit orders instead of market orders. This can be effective if the stock is volatile, rising and falling in price quickly. This type of order will not execute if your target price is reached momentarily but then goes higher.

5. Trailing Stop

This is a stop order based on a percentage change in the market price instead of setting a target price.

Canceling an Order

If you change your mind about executing an order and the order is still open, it can be canceled by your broker or through your online account. However, once the order executes and you're not happy with it, there is nothing you can do to cancel it. It's critical to consider all the implications involved before placing a stock order.


Conclusion

Investing in the stock market takes some people out of their comfort zone. However, learning how to buy stocks is something that everyone should take the time to do. There might not be a better way to fund your retirement. With a little research, you can learn the ins and outs of investing and choose the method that's right for you. When it comes time to call it a career, you'll be thankful you did.

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