College students across the world have begun investing and trading cryptocurrency over the internet as a method of earning quick and easy cash. From the craze of bitcoin trading to the newer platform that is Forex, it has never been more feasible to enter the world of business.
Forex is an online foreign exchange market that self-proclaims as the “world’s most traded market with a turnover of $5.1 trillion a day.” Forex is traded 24 hours a day, 5 days a week through various platforms such as banks, institutions and individuals.
One of the appeals of Forex is that there is no centralized trading marketplace, but instead is available at any market. This allows for the trader to sell and buy in what environment they deem their favorite. This is why many college students are being drawn in as they can continue to trade on their favorite platforms with access to a new market.
Forex works by simultaneously buying and selling one currency for another based on how one expects the currencies to fluctuate.
The process involves four steps. The first is to select the currency pair you are going to buy and sell. They then suggest that you analyze the market, and study the online provided quote. After you study the quote, the final step is to choose to buy or sell.
This process is extremely easy, which again, appeals to the college student who prefers user friendly platforms. Forex also has no commision charges, making it very affordable.
While many college students are exploring this new avenue, many prefer to abstain from online trading.
Edward Cloward, a Belk College of Business student, warns that, “Online trading can be sketchy; be sure you are conducting business and trades on reliable sites.”
Forex holds a high reputation, but since there is not a central marketplace, the places you trade on should be researched to confirm that they are secure.