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Differences Between Cryptocurrency Trading and Forex Trading
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are sometimes referred to as digital assets, digital currencies, virtual currencies, or cryptoassets. Cryptocurrencies are traded on digital exchanges and can also be used to purchase goods and services. Like stocks and other investments, cryptocurrencies are subject to risks. For example, Bitcoin is susceptible to cyberattacks, and a large number of cryptocurrency exchanges have been hacked. Cryptocurrencies are also volatile, meaning their prices can fluctuate a great deal. Forex trading is the practice of buying and selling currencies, commodities, and other assets on foreign exchanges. Forex trading is centralized, meaning that a single company or organization acts as the middleman between buyers and sellers. Forex traders use a variety of techniques to make trading decisions, including technical analysis and fundamental analysis. Read More …