Should You or Should You Not
Dabble in Foreign Exchange in 2021
Now, you might be wondering, “What’s all the fuss about Cryptocurrency and NFT” or “What even IS Forex” or even asking yourself why you see a lot of people getting rich from these modern-day forms of wizardry.
Am I right? Or am I right? Well, if I am, I’ll make sure to tell you exactly why it isn’t a form of wizardry or magic. As well as why Investors and People who seek to earn are using these platforms to earn quick bucks (Or lose them. Life isn’t fair, suck it up)
What are Forex, Cryptocurrency, and NFT?
To start off, what exactly are they?
- FOREX or Foreign Exchange is a market wherein a network of traders, that consists of individuals or banks, exchange currencies at a set or agreed price.
- Cryptocurrency is a virtual currency, and in most cases for cryptocurrencies, are decentralized networks and are based on blockchain technology (a type of shared database in which data is stored in blocks and linked and secured via Cryptography)
- NFT or Non-Fungible Tokens is also a type of blockchain. It differs from Cryptocurrency because NFT isn’t exchanged for other NFT
Amidst the surge of Cryptocurrency and especially NFTs in recent years, Forex has still been proven to have a more stable way to trade currencies and earn as the Foreign Exchange Market’s volatility is incredibly lower when compared to Crypto and NFT. Higher volatility would also mean that it’s harder to control the market price change and it would rather be represented by spikes than lines or curves.
The Foreign Exchange Market is quite sensitive to the Global Economy and Real-World Events. It comes in pairs (in currencies) and is rather less risky than investing in Cryptocurrencies which have high volatility, wherein though you might be a billionaire overnight, you could also lose millions in seconds. This is because Forex has flat currencies that are monitored and managed by central banks
So if you’re looking forward to getting rich overnight, you probably have a lot of decision-making to do. What type of currency to invest in, what platform to use, who to seek help from, How much money you’re willing to lose in a blink of an eye. Keep in mind, even if some people get rich off of it doesn’t mean that you’re going to have the exact same thing happen to you, may it be Forex, Cryptocurrency, or NFT.
But if you would still want to earn even if you’re a little bit on the ‘play safe’ side type of person, then Forex is the way to go. As it is easier to predict or to study how the market prices would go and as you have more resources to use for finding out when to invest and how much to spend. You could refer to past occurrences related to the rise and fall of currency prices and to current events, whereas Cryptocurrency and NFT values are technically dependent on how much individuals value them.
So to clarify things, Forex isn’t wizardry nor magic but it’s a form of transportation called “The Money Bus” and not everyone can get on it. But, after everything, will you?