Forex trading is Legitimate
With the growing popularity of Forex trading, it is also getting fame as an online scam. The Internet is full of exciting schemes like ‘Become rich overnight with FX trading.’ These intriguing offers attract new traders who got scammed in a short time.
This scenario has urged people to ask, is Forex trading legit? If yes, then how? These are some questions about Fx-trade, and we will try our level best to answer these queries in this article.
Forex trading is not a scam.
Many people have false ideas in their minds regarding the Forex business. They think this is the shortcut to becoming rich in a short time. In reality, this is not the case. Beginners in this trade fall prey to brokers and get misguided. Avoiding these things will make your mind clear that Forex trading is not a scam.
Trading Stats Show that Forex Trading is Legit
It is the largest financial market in the world. Its daily trade volume is $6.6trillions. This market has a total worth of $1.93 quadrillions which is 2.5X times larger than the real world’s GDP. 7 currency pairs are involved in this trade. These pairs are EUR/USD, USD/JPY, GBP/USD, AUD/ USD, NZD/USD, USD/CAD, and USD/CHF. 85% of the total trade is earned in the U.S. dollar. It will take thousands of years to spend this capita. Retail Forex trade is 53 times larger than New York Stock exchange.
Countries with big shares
The United Kingdom holds the first position on the trading table. 43.1% of the trade takes place in London, U.K. The International Monetary Fund calculates these shares every day. Other countries having significant stakes in the market include the U.S with 16.5%, Singapore and Hong Kong with 7.6%, and Japan with 4.5% shares. check this guide what is margin in forex?
Two types of trading platforms are used. These include MT4 and MT5. Meta Traders are the developers of these platforms. Meta trader 4 has the first position in the sense of usage. MT 5 holds the second position.
Percentage usage of Technology
In Forex trading, most traders use mobile phones and window Desktops. The people using mobile are only 15%. There are two other categories of mobile phone users, Android and iOS. Android is used by 56.1% of people, while 41.9% prefer iOS. Samsung is on top of the list of Androids. 85% of the traders use Windows Desktop for trading purposes.
The forex market works without any closure. Its working period is 24 hours a day without having any break. It remains open from Sunday to Friday night.
Ø Forex market is the largest and most liquid financial market globally. You can trade at any time.
Ø It deals in major currency pairs. Here cost of trade is low.
Ø It offers a high amount of leverage to obtain considerable benefits.
This article covers some important points which make sense that Forex trading is not a scam. It is legitimate. We have shown some stats relating to trade volume, working period, technical stats and platforms for employment, and the end benefits of FX trade.