The Rising Trend of Forex Trading During COVID-19Juanita Oliver
With the rise of the coronavirus cases recently, everyone is forced to stay at home as long as possible and follow the standard operating procedure when they go outside to buy necessities. Workers are forced to work from home to prevent the virus from spreading which affects work productivity and efficiency while some workers are let go by their company as they could not generate enough income to pay all of their employees. No matter what is their current status, these people are using a platform to generate income during their free time.
This is what is known as foreign exchange, or forex, and it is the biggest online trading market in the world. Every businessman will observe stocks and determine if they should invest into certain stocks. As these stocks grow, the money they can receive will be higher while the opposite is true. These changes are irregular and fluctuates constantly as multiple factors affect a stock’s growth. Although forex is a trading platform for mostly businessmen, there is no restriction on who can trade in the market as long as they abide by the law when they open an account and have knowledge about stocks and tradings. However, some traders may fall for scams that promise high returns if they open an account with them. So, how does a trader know if a forex trading company is legitimate?
FXTM is a forex trading company in Malaysia that traders use to buy their accounts from. Aside from FXTM, other forex trading companies such as OctoFX, eToro and AvaTrade are alternatives that traders can consider as they are all registered and licensed which means that these companies’ operations are legitimate and traders can rest assured their money is in safe hands. Additionally, these companies must show the process of their operations to their traders as part of the Global FX code of conduct to ensure that the traders’ money is being processed legally and legitimately while the traders will be able to understand more about the process. Each forex trading company offers different benefits depending on the type of accounts a trader wishes to open and FXTM is ranked at the top for having the most account types available. New traders are also eligible for educational materials provided by FXTM as they will go through courses to help them familiarize with the terms and improve their observation skills when they are observing the changes in the market to help them make better decisions in investing into the market.
With all of that said, trading in a forex market can be complicated, messy and unpredictable as it operates everyday for 24 hours which means some traders are unfortunate enough to seize the perfect opportunity to trade when certain stocks reach their highest. The market can also be affected by unforeseen circumstances as they can greatly affect the stock market’s value, making traders losing all of their capitals. So before you decide to trade in the stock market, make sure you have a lot of money to back up your losses.
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