The idea of turning your money into more money is certainly appealing. Technology has given us a number of money-making options, and you can choose from traditional investment vehicles such as Forex or newcomers such as crypto trading.
Here’s a breakdown of Forex vs crypto and its advantages and disadvantages.
What is Forex Trading?
Forex, or foreign exchange deals with traditional fiat currencies around the world. It’s one of the oldest and most respected platforms around the world. Everyone, including investors, financial institutions and businesses dabble in Forex from time to time.
The Forex market can be daunting as it’s similar to trading in the stock market. You should be able to make a profit by carefully reviewing which currency is rising and which one is falling, and make actions to favor your end.
The potential of Forex trading investment is enormous, and you can become a billionaire if you make your moves right. However, this requires a lot of foresight and research which can eat up a lot of your time.
What is Crypto Trading?
Trading cryptocurrency is a relatively new investment platform compared to the stock market or forex.
Cryptocurrencies are digital tokens or assets that have a real world value. Perhaps the most famous cryptocurrency is Bitcoin, the first cryptocurrency that was created in 2008.
Trading Bitcoin is done in a cryptocurrency exchange, similar to the billionaire investment forex trading crypto market. The only difference is that trading can be done anytime and you won’t need the help of a broker to carry out your desired actions.
Crypto investment has boomed in recent years, largely due to the hype and self-made millionaires who invested in Bitcoin. It’s not as saturated as the stock exchange or forex, and you won’t have to spend as much time knowing which crypto tokens are valuable and which ones are promising. However, it’s more volatile than most traditional exchanges.