For the beginner, trading Forex is not really a very difficult task. All it takes is some knowledge about the markets, some trading experience and you are on your way to making money. However, beginner usually gets stuck at the stage of choosing a trading system or a trading platform to use. It is after this that most of them falter and end up losing a lot of money. So what is the solution to such problems?
Many trading service providers now offer Forex trading accounts that will allow traders to participate in the trading process using a virtual trading platform. An account like this is free of cost and open to all traders irrespective of their experience level. A demo account is an artificial market environment provided by a trading company that aims to recreate the exact experience of trading on equity exchange. This is so you could get a real feel for FX trading online.
Nowadays, there are numerous trading platforms available and the most popular amongst them are namely: eToro, Trade Cryptopia and Forex Yard. EToro and Forex Yard are two of the most well known trading companies that permit trading of several pairs of cryptosurfs namely: Forex MegaDroid and FAP Turbo. Although they are not free, they are still the two most widely used trading platforms online. Even though the latter two offer trading of many other pairs, they specialize in only a few select pairs, which is not a bad thing.
These two trading companies are both highly regulated by the Financial Service Authority and they follow strict guidelines laid down by them. eToro for instance, has to follow certain regulations laid down by the FSA. In addition to that, they also have to maintain certain guidelines that they themselves set down. Similarly, Trade Cryptopia follows a similar setup wherein it is mandatory for them to follow guidelines laid down by the CFTC. If they do not follow these guidelines, then they could be penalized by the CFTC.
So, if you decide to go with one or the other then either of these two would be fine. However, you may still want to know how trading of currencies like Forex works. Both tradeCryptosurfs and you may be wondering what separates the two. Basically, trading on both cryptosurfs requires you to be familiar with trading software. The difference however lies in the manner in which you would be trading.
When trading on a typical FX broker platform, you would actually be trading using your brokerage account, which means that you would be trading using your own money. This means that your broker will not provide you any trading platform, nor would they give any help when it comes to demo trading. This is where both etoro and forex brokers came in. Their platforms allow you to trade using your own money in a demo trading account.
It is with this demo account that traders get to learn how trading really works without having to risk their real money. After all, if trading were to be done solely with real money, then there would be no reason for the broker to offer a demo account to its clients. With the demo accounts, traders can learn from the strategies and the techniques that they need to use when trading on the real market. This allows them to increase their chances of earning bigger profits while trading on the platform.
So, whether investors may choose to go with a trading platform such as Trade Cryptopia or a typical FX trading platform, both have their own benefits that investors may prefer. However, investors should bear in mind that these trading platforms are meant for people who are new to trading. They may choose to stick with a trading platform such as the ones mentioned above, or they may opt to start trading using a real money account.