OctagonTrade introduces forex and online trading
The uncertain financial landscape created by the coronavirus pandemic has brought new opportunities for those looking to do something new and different with their money, more and more people are thinking about investing it for the first time in the financial market. The alternatives are varied, and many concerns arise. To advise you, together with the online broker OctagonTrade we make an introduction about forex, the currency market.
The foreign exchange market trades a daily volume of $6.6 billion, according to Bank for International Settlements’ statistics for 2019, either for investment, hedging purposes, or international payment needs.
As explained in OctagonTrade, the forex market has unique features, such as 24-hour-a-day trading during the week. This is because due to time differences, there will always be a market available to trade, starting with the Asian, continuing with the European, and finally the American markets.
Currencies have a high volume of fluctuations due to various factors in each country’s economy, whether it is the interest rate set by their Central Banks, inflation, GDP growth, noncompliance with established budgets, or even natural disasters.
Without a doubt, the coronavirus pandemic has had a strong impact on forex, as you can see in this OctagonTrade candlestick chart, which shows the strong increase of the euro against the dollar from April 2020, which has only begun to show a decline in August of this year
Forex on OctagonTrade
In a broker like OctagonTrade, it is possible to trade online with the forex market. Traders usually engage in short-term speculation on various financial asset fluctuations, hoping to make a profit. It should be noted that this is not an easy task, and just as there are professional users who obtain economic benefits, there is a risk of losing money, if you are not a specialist in economic matters, or if you have not analysed or studied it sufficiently. Online trading has many concepts, such as closing margin, leverage or contracts for differences, that need to be learned before starting to trade.
In OctagonTrade, to facilitate learning, they have introduced a section called Trading Bootcamp, which is a starting point for this activity, where they also explain the different analysis that can be used for decision making.
OctagonTrade is an international online broker with which you can trade. In addition to the foreign exchange market, OctagonTrade also allows trading of crypto-currencies such as bitcoin, commodities such as gold, cotton, sugar, coffee, cocoa and more, shares and stock indices.
In other words, according to their degree of knowledge, users of the tool can choose which asset to trade with, trying to obtain an economic benefit from the prediction of its future fluctuations.