2020 Markets Break Highs, Bitcoin Breaks Previous Highs – What’s next for Forex Trading?
December 23, 2020 (Investorideas.com Newswire) For both investors and traders, 2020 has been a year of breakouts amidst an unexpected time with the world facing a pandemic.
With Bitcoin breaking through $24,000 and the S&P 500, Dow and NASDAQ reaching all-time highs - investors have made fortunes in 2020, if they were on the right side of the trade.
From cryptocurrency to stocks, and now forex trading, investors-especially millennial investors, are turning to the best apps and websites for expertise to better grasp complex trading.
For investors new to Forex trading online, it is foreign exchange trading or currency trading.
Wikipedia explains it simply by saying - "In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency."
According to stats, it is one of the most popular types of trading in the world. It is a very complex trading strategy and takes time and extensive research to master, so it is strongly advisable to build a personal list of sites and apps with valuable resources.
New investors typically start with a demo trading account so they can execute trades with virtual money to test their trading skills before diving into the real financial world. How long it takes to learn to trade and be confident with your skillset is different with each investor. But it is really important to understand the risk/reward scenario.
Some Forex trading online sites also offer investors the ability to trade cryptocurrency and stocks so you can do all your online trading in one place. Bitcoin, Ethereum and Litecoin are just some of the cryptocurrencies investors can trade.
According to a recent article in Forbes, "In the fintech world, forex apps and other trading apps are one of the trends that we'll see continue to grow in 2021."
So what is the future of Forex?
According to the Bank for International Settlements, the preliminary global results from the 2019 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $6.6 trillion per day in April 2019. This is up from $5.1 trillion in April 2016. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2019, at $3.2 trillion per day, followed by spot trading at $2 trillion.
Based on all the breakouts we have witnessed in 2020 it's safe to say that this year's trading broke all of the 2019 records.
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