Forex or the foreign exchange market is one of the largest platforms for liquid currency exchange with an average trade value of a few trillion dollars on a per day basis. Each and every currency from across the globe is traded on this podium. It is a decentralized market which is in charge of the foreign exchange rates and the main participants here are the international banks.
Ethereum, on the other hand, is a form of digital money that operates via open ledger systems without the involvement of any third party whatsoever. Its private, digitized and decentralized platform makes it viable for end users to invest dollars or mine Ether (the digital cash used on the Ethereum platform) in the hope of huge turnovers. Unlike real-time Fiat currencies like the US dollar, cryptocurrencies like Ether do not have a physical form. But that does not demean its value as a ‘means of exchange’. It enjoys the same stature as any other authorized currency.
In fact, Forex trading and cryptocurrency trading are separated by a thin line that often gets blurred because of their overlapping nature. It is interesting to note that one can trade Ethereum on Forex, which is now open to investments of digital money as well. So, should you go ahead and trade Ethereum on Forex? Here are a few points to be noted.
If you are a seasoned trader on Forex, you would know the exchange rates of real-time currencies are much easier to apprehend than those of cryptocurrencies. This means, Forex is more stable and in popular demand. An investor would rather put his money in something age-old and traditional, than risk it for something relatively new in the market. Physical currencies provide you with the security in times of inflation which virtual currencies fail to provide. But yet again, it depends on how you see it. There’s always another side to a coin and none can deny the fact that inflation also brings with it the devaluation of physical currency. Many would assume that there are risks of trading cryptocurrencies, which may include loss of data or cyber hacking. But those who are aware of the functioning of the Ethereum platform would vouch for the security that it provides. Indeed, Ethereum operates on a decentralized, private platform with zero risk of censorship, fraudulence or third party interference. It keeps all your transaction histories a secret.
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