Table of Contents
Introduction
Is forex trading legit? Can you make a healthy amount of money while trading forex? These are the questions everyone has in their mind. The ratio of scams is increasing daily in this field as forex trading is a decentralized marketplace where buying and selling currency pairs takes place simultaneously. Thus, scammers take advantage of its decentralization and attract newbies to invest their whole capita to become rich overnight. Beginners fall prey to these false statements and ultimately lose all of their worth. Therefore, this is a million-dollar question: “Is forex trading legit.” Yes, forex trading is a legitimate source of earning money online. And in this article, we will show the real stats that prove forex trading is a legitimate trading platform.
Real Stats Proving Forex Trading a Legitimate Source of Income
Forex trading is the largest and the most liquid financial marketplace where currency pair trade occurs. In 2019, Bank for International settlements conducted a Triennial Central Bank Survey that shows forex trading as the biggest financial trade hub in the world with a daily turnover of $6.5trillions. The market has a total worth of $1.93 quadrillions which is 2.5X times greater than the total GDP of the whole world. FX trading involves 7 currency pairs, including EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD, and USD/CHF. U.S. Dollar is the king of FX trade as 85% of total trade is made in it. The volume of retail forex trade is 53 times larger than New York Stock Exchange.
Top of the List Countries Having Large Shares in FX Market
United Kingdom (U.K), with 43.1% shares, holds the top position according to the shares in the forex market, and London is the hub of forex trading in the U.K. The International Monetary Fund (IMF) makes calculations daily to hold the record. Other countries sharing the chart include the U.S having a share of 16.5%, Singapore and Hong Kong with 7.6%, and Japan with 4.5% shares in the global market. These are the leading countries having control over the forex market.
Trading Platforms Involved in Forex Trade
Two types of trading platforms are used for trading in the forex market. The first one is the Meta Trader 4, having the first position on the chart in the sense of use. The second one is the Meta Trader 5, the modification and advanced version of MT4, which holds the second position on the chart according to its use. These are the reliable trading platforms that you can use for trading.
In addition, there are also plenty of signal trading tools such as Telegram to MT4 signal trader, that can make the trading process even easier. With these tools, you are able to streamline your trading process greatly and automatically analyze messages and execute orders from Telegram channels, which are now an excellent source for forex trading information.
Technology Used in the Forex Trading with Percentage
Most FX traders use mobile phones and desktop windows to make a trade. 15% of the traders use mobile phones for this purpose. They are further divided into two categories; Android users and iOS users. Android users contribute 56.1% of the total use, and 41.9% of the traders prefer iOS for trading purposes. And among Android users, Samsung is at the top of the list. The remaining 85% of the FX traders use the Window Desktops for trade.
Working Hours
Forex trading is the most liquid financial market that works 24 hours daily without closure from Sunday to Friday. You can make a trade at any time during this period. Read the news and announcement about the changes in the market and follow your strategy to make your trade profitable.
Benefits of Forex Trading
If you have enough experience and excitement for trading in forex, it offers many benefits to you.
- It is the largest of all other financial markets where you can trade any time during the working days and earn a handsome amount of money for your livelihood.
- Here, the trade cost is very low as brokers charge a low commission fee. Trade is made in 7 currency pairs.
- Brokers offer you a huge amount of leverage to multiply your profit during your trade. Leverage is the amount of loan you take from the broker to increase your investment and profit.
Conclusion
Most people ask this question frequently “Is forex trading legit.” The answer is yes; forex trading is a legitimate source of making money online if you have proper knowledge and guidance from an expert. Inexperienced traders lose their money in their first attempt and doubt the legitimacy of this huge field. This article has proven with real stats that forex trading is legit. For further queries, visit www.reviewfx.com and learn more about forex trading.