Can Forex trade be compared to crypto trading

[Peterlight]

I have always been wondering how Forex trading works cos I don't have vast knowledge on it but when it comes to crypto trading, I can give you some few tips.

Do you think Forex trading can be compared to crypto trading in any sense.

 

[Oscar]

Though the crypto and forex market are separate and influenced by different factors, they are similar because in both markets you are basically trading currencies against another. You'll also find high volatility on both markets even though the crypto market is more unpredictable and volatile.

 

[Suba]

In my opinion, of course it cannot be compared, even though the two are similar but different. The most basic comparison to be made between these markets is the fact that they are both based on currencies (cryptocurrency and Fiat Money). Fiat money is tied to the central bank while cryptocurrencies are not tied up. Forex trading can be done without the internet while crypto trading must be via the internet. Crypto trading is more risky than forex trading, but both of these trades will be equally profitable if you know the strategies and methods of analysis.

 

[Yugocean]

For me, both are similar, yet crypto trading is more easy because we do it ourselves, however forex trading needs forex brokers, using forex sites for self brokerage isn't easy.

 

[WhiteHouse]

No, they are different.
In basic language ,Forex implies cash (Trading money) made by government likewise know as FIAT cash ,which we individuals are utilizing in everyday life.
Model: US DOLLAR,EURO,POUND,YUAN ,YEN,RUPEE,DINAR,RIYAL.ETC

Forex(currency) is know as incorporated money ,which means it is constrained by governments.

Cryptocurrencies, digital money It's something contrary to Fiat Currency(forex currency),meaning digital currency isn't constrained by governments ,thus they are not incorporated.

The Cryptocurrency which is frequently alluded to as 'advanced monetary standards' and isn't equivalent to the monetary standards like US Dollar, Canadian dollar or Japanese yen.

 

[Life drama]

They are different from each other, crypto currency is a means of saving money or exchange of money and it's not a stable currency.forex are merely foreign exchange.

 

[Alexandoy]

I think there is a similarity in the trading of crypto currency and forex. However, forex is dealing with real currency that is connected to a country. Although both trading is dictated by the law of supply and demand forex is more controlled by the finances of its government. With crypto trading you do not know the other factors that are controlling the prices and you don't even know if the demand or supply are for real.

 

[Nicklas22]

Crypto trading, just like forex, involves trading currencies. However, the forex market is larger and well-established while the crypto market is relatively a new player to the scene. Forex involves middlemen, brokers and various other institutions that usually collect fees at almost every step of the trading process.

 

[Sanusi]

Forex trading can't be comared to crypto currency trading because on forex trading you trade different commodities like buying and selling of currencies,oil,gold etc buh crypto currency you can trade on etherium,bitcoin, etc

Post automatically merged: Jan 13, 2021

Forex trading can't be comared to crypto currency trading because on forex trading you trade different commodities like buying and selling of currencies,oil,gold etc buh crypto currency you can trade on etherium,bitcoin, etc

 

[Kamon c4]

Forex trading and cryptocurrency trading are different in multiple ways. Forex trading FX is the trading of country’s currency in order to boost their economy while cryptocurrency trading involves exchange and trade of cryptocurrencies. Forex isn’t a 24hr trade and can only be done during the open-close hour of a country’s time. Cryptocurrency is a 24hr trade

 

[Adegbindin Abdullahi]

They can't be compared, crypto trading involves currencies while forex involves middlemen, brokers and various other institutions that usually collect fees at almost every step of the trading process. However, forex market is larger and well established

 

[Erik4150]

Forex trading should not be compared to cryptocurrency trading. The two are very different and worlds apart. Forex is more technical and you trade with fiat currencies not cryptocurrency.
Cryptocurrency trading is simpler and doesn't has too many technicalities.

 

[GoldenLady]

If you can do either of them well, the other will be easy for you, especially if you have knowledge of forex trading.

The main difference is just the type of currencies that are being traded for one another. And cryptocurrency market is more volatile but more profitable.

 

[Goodday]

Maybe where the comparison can come in is that, both forex trading and crypto currency trading needs knowledge to make profit or you lose your funds. But unlike crypto currency trading where you can learn the strategies by yourself and start trading straight away, forex trading might need someone to teach you the basis before you can start.

 

[Iamsodex]

The two markets are different, they are not affected by the same factors even though. They are both volatile but crypto market is more volatile. It's actually cool trading the two markets with adequate knowledge together. Don't just trade or venture into the market without adequate knowledge or with the supervision of an experienced trader.

 

[Aniwhyte]

They are both very different, crypto trading is a lot easier than forex, I didn't got any experience from anywhere before I started crypto trading but forex on the other hand I can't try such as it is very difficult and I would be needing a mentor close to me before trading in order not to loss all my money.

 

[Blue house]

Well if you can read and interpret either one of the chart, then you can successfully trade the other one, the only difference between the two is what you trade on it.

 

[DaveAwesome]

Yes it can be compared. They all work well with market structure and understanding higher timeframe order flow. Bottom line is a professional forex trader can be successful in the crypto market

 

[Sotherefore]

A lot of people nowadays are much more interested in trading of bitcoins and other cryptocurrency because maybe they believe that the possibilities of you losing in trading of bitcoins and other cryptocurrency is lowered compared to trading of Forex, although I'm still a learner in the field of trading of cryptocurrency and what I can say is that cryptocurrency trading is much more profitable than forex and is less risky than Forex

 

[Highflyer]

Cryptocurrency trading is similar to forex trading in that they both involve exchanging a currency for another currency. However, the cryptocurrency market and the forex market are influenced by different factors. Historically, the crypto market is more unpredictable and volatile.