Where Do People Trade Currencies?

[Suba]

As a trader, you don't only focus on strategies and currency pairs. but also need to choose where you will trade currencies. Out there we can find several types of markets that we can use to trade currencies such as forex markets, exchange-traded funds and derivatives markets.

Forex Market
The forex market is the most familiar currency trading platform and anyone can trade on this platform and the majority of trading is done in the spot market.

Exchange Traded Funds (ETFs)
ETFs allow traders to gain exposure to a particular currency, ETF currency/forex can be bought and sold like other stocks. ETFs also have stricter margin rules than the forex market so they can minimize risk.

Derivatives Markets Forex
In the derivatives market, contracts are traded whose value is not based on the currency itself but based on the price movement of the currency pair. There are several features in the deviatives market such as options, futures contracts and exotic customizable derivatives that are more specifically for institutional traders

 

[Starmix]

Which one have you traded? I am new to crypto, so I do not have any idea how and where to trade. I'm going to write down them for future reference.

 

[Suba]

Which one have you traded? I am new to crypto, so I do not have any idea how and where to trade. I'm going to write down them for future reference.

It is not crypto trading, but forex trading like USD/CAD, USD/JPY, GBP/USD, USD/CHF etc. Some famous forex brokers like OctaFX, FXOpen, TickMill etc. A few years ago I often traded in forex market.

 

[Starmix]

It is not crypto trading, but forex trading like USD/CAD, USD/JPY, GBP/USD, USD/CHF etc. Some famous forex brokers like OctaFX, FXOpen, TickMill etc. A few years ago I often traded in forex market.

Aw okay can't you trade a crypto? I'm always invited to attend a seminar on Forex trading but the pay is $60 and I am not sure if it's legitimacy.

 

[Suba]

Aw okay can't you trade a crypto? I'm always invited to attend a seminar on Forex trading but the pay is $60 and I am not sure if it's legitimacy.

Crypto trading and forex trading are not much different, traders can use the same technical analysis, but in reality crypto is more difficult because no one controls it while forex or currencies are controlled by central banks, such as the Peso is controlled by The Bangko Sentral ng Pilipinas,

 

[eLdavis]

The forex market is the most common method used to trade currencies over here. Still trying to learn more about it though.

 

[Springtime]

For me, I just do foreign exchange with my bank via online banking.

 

[Nomad]

I have been interested in trading currencies since a long time but due high volatility has always put me off. I only trade crypto currencies

 

[Morgana]

http://promo.optima.com

 

[Suba]

I have been interested in trading currencies since a long time but due high volatility has always put me off. I only trade crypto currencies

As I said before, crypto is actually more volatile than currency, and crypto is also wilder and more uncontrolled, unlike currency which is controlled by central banks. So you are actually more prepared and more capable to open forex trading.