With the amount of coronavirus cases increasing in recent months, most people are forced to stay at home to keep themselves safe and prevent from spreading the virus even further. Most workers are either working from home or let go by their companies as they are unable to pay all of their employees’ salaries accordingly. For some employees, they are able to generate income even without working through investing into the foreign exchange market, or forex, as it allows them to invest in a stock to receive a large return which could greatly benefit them when they open an account in foreign countries. Due to the nature of forex market, most countries require traders to affiliate themselves with a legalized domestic broker to ensure that they do not invest too much into forex trading as they have a chance of losing all of their money.
FXTM is the top forex trading platform Malaysia traders rely on for their daily trading needs. In addition to offering a large variety of accounts with different benefits, FXTM also offers plenty of educational materials for beginner traders to learn more about stock trading and allow them to start a demo account to become familiarized with the process of trading. As forex trading is considered as the largest trading market in the world, traders are bound to encounter some scammers who offer promises that would entice them to open an account with them. With knowledge and fact checks, beginner traders are able to distinguish the truth from the lies and prevent from falling into their tricks. Alternatively, one could seek other forex platforms that would fit their needs that they might not be able to find in FXTM such as HotForex, AvaTrade, eToro and OctaFX.
Recently, there is a new contender that is contesting against the forex market which is cryptocurrency. Although it works similarly to forex trading in a sense that they both require traders to invest a certain amount of money with the promise of large returns, cryptocurrency works in a more simpler way as a trader can passively accumulate currency that can be sold for a large sum of money in return. To show how valuable a bitcoin is, one bitcoin is worth RM 208,692.85. Additionally, a trader does not have to be affiliated with a company to mine bitcoins. It may sound pretty easy, but getting a bitcoin is very tedious and requires a lot of money to mine bitcoins. Cryptocurrency has garnered a bad reputation for itself due to a bitcoin company called Bitconnect scamming their investors by running away with their money.
Overall, both forex and cryptocurrency can be dangerous for the uneducated and greedy traders as they both have a potential to ruin one’s financial standing. If you wish to invest into either one or both of these two, make sure you have someone to teach you how and where to invest while looking out for any potential scams.
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