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It's true that cryptocurrency has much more volatility than forex.In my opinion, the risk in crypto is actually much higher because the crypto market has a much high volatility than the forex market. If you look at the forex market the value does fluctuate over the course of a day however the fluctuations are very small in comparison to the changes that you can see in crypto with some coins even drooping more than 50% in a day. Would this not mean that crypto is considered higher risk?
But cryptocurrency is easier to study for beginners and seasoned investors, than forex is.
That's why forex traders tend to lose massively, especially if they are not guided.