You have probably heard about forex trading and why people say it will help you become rich. Or maybe you are curious about the different online trading modes available, especially the safest one. However, before you pursue forex trading, you should find out first how you can engage in this market securely.
What Is Forex Trading
Foreign exchange (forex) trading is the selling and buying of a currency, exchanging it for another. For instance, when you travel to another country and you convert your money to their currency, it is forex trading. No wonder, this is the market that is most heavily traded globally, since everyone participates in it—all kinds of businesses and people.
One of the reasons why forex trading is attracting more traders is because it offers a large potential income. With more than $5 trillion liquidity traded daily, it can provide an unlimited income.
Moreover, this market is open 24 hours daily for 6 days. Expert traders know that it is necessary for them to find the best hours to trade and the best currencies to pair. If you download MT4 Philippines, you can find opportunities and strategies to increase your money in the forex market.
Is It Legal?
In October 2018, the Philippines Securities and Exchange Commission (SEC) advised the public not to engage in forex trading since there is no regulation in the country covering the market. For this reason, many are hesitant to participate in this trade.
Basically, forex trading is illegal in the Philippines, and the brokers here are not licensed to operate. However, this does not mean that you cannot trade currencies anymore.
For secure forex trading, here are some tips that you can follow:
1. Look for a reputable broker outside the Philippines. Even if trading forex is illegal in the country, you can still find licensed and legit brokers who can help you be involved in the market. Find a trustworthy broker who is based out of the country, so that you will not be doing something that is considered illegal.
2. Study about forex trading more. To minimize the risk of losing in the trade, it is best if you learn about forex trading first before diving into it. There are numerous educational resources provided by brokers and financial literacy firms online.
3. Practice. Another way to gain expertise in trading forex is by being immersed in the market. It is advisable that you use a demo account first for practice purposes before you use a real one.
4. Use a reliable trading platform. There are a lot of social trading platforms you can find online. To make sure you are safe and protected, it is best that you choose one which is proven and tested by other traders. You may download MT4 Philippines, which is highly dependable in the international forex market.
Aside from the potential income, engaging in forex trading will help you become financially literate. Just make sure that you transact with a licensed broker for the security of your money.