What is the difference between Forex and CryptoCurrency?

There are many factors that make cryptocurrency different from forex, although exceptional aspects of both markets attract the traders similarly. Talking about the forex market as we all know it is the biggest financial market where almost every currency is traded by a huge voluminous amount of liquidity, which makes it very prone to the economical events of different countries such as political announcements, inflation numbers, and jobs reports. Being a global market, it is influenced by a number of features such as political announcements, inflation numbers, and jobs reports. On average, around $6 trillion is traded in the Forex per day.
The Cryptocurrency which is often referred to as ‘digital currencies’ and is not the same as the currencies like US Dollar, Canadian dollar or Japanese yen.
Whereas, currencies in the Forex are backed by the centralized Government but crypto is not. They are programmed online and reversed by a peer-to-peer verification that stops you from using a cryptocurrency (like Bitcoin) most of the time.
Features of Forex and CryptoCurrency:

  1. CryptoCurrency
    (a)Finite supply available
  • Demand gets increased when there is a limited supply. From the time when there is a limit on how many cryptocurrencies can be generated, the value often accelerates, As an example Bitcoin.
    (b)Quick and permanent transactions
  • Cryptocurrencies have low transaction costs as a central bank and other third-party vendors don’t take a transaction fee.
    (c)Available to anyone.
  • Cryptocurrency market is a platform that gives different levels of investment opportunities to both of the parties world-wide. This procedure allows individuals use and trade cryptocurrencies even in under Developed countries without nearby banking institutions.
  1. Forex Trading
  2. Unlimited supply.
    As The Forex market comprises of the world’s global financial markets, there is an unlimited supply of currencies that are available to trade.
    (a)Leverage.
  • Usually, the ratio of leverage provided in the Forex market is 100:1, meaning you can take a Forex trading position worth $100 for only $1. Though this also means losses can rise rapidly.
    (b)Very high liquidity.
    The number of participants are much more than any other market, hence, it is quick and simple to trade. In other markets, even a single investor can massively influence the market such as the stock market but it does not happen with Forex.
    (c) Influenced by global news, announcements, earnings reports, etc.
    Forex market is influenced by global news, announcements, earnings, reports etc which can make it easier to find trading opportunities.
    There is high volatility in both the Forex market and cryptocurrency. However, the more risk you take the more reward.
  • Bottom line
    Trading whether in Forex or in Crypto both involves a high level of management. It needs effective equity planning, the right strategy, proper risk management, perseverance and a strong desire to continuously learn.
    Trades Factory provides a platform with learning plus earning opportunities. Trades Factory prefers in following the correct strategies and provides the same to their students too.

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A bit of research before committing to any advisor goes a long way and can increase your odds of success in the competitive forex market. These are the considerations when choosing a forex advisor in today's competitive forex marketplace. Firstly the forex advisor must be legally regulated and zero fraudulence. A forex advisory provider makes money through commissions and spreads, thereby try to keep them minimal. Finally look for the best customer service provider with absolute convenience, flexibility, responsiveness and most importantly accuracy. Myforexeye is India’s first full-service forex service provider that is it is the one stop shop for all foreign exchange products and services. Forex markets are extremely unpredictable and insanely volatile. Managing forex risk requires regular monitoring of the forex markets, a lot of experience and patience. The forex advisory team at Myforexeye has decades of experience in forex risk management. 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