I was trying to convince my colleague who's a newbie in the space the other day about the similarity of a an FX market compared to that of Crypto market,
So try enlighten me with more essential points about the differences of Forex and Cryptocurrency because my colleague is keen on knowing more about FX and Crypto.
Which are you actually looking for, is it
"similarities or
difference between the two, because I can see two contradicting statements in what you just gave above, and it will be clearer if you can be specific on which point you will like to be discuss here on the forum. But however, here are a few points from mine.
In FX, numerous pairs are traded, FX do extend to indices in the market, and it's broad because it deals with the current foreign market between countries.
In crypto, it also has numerous trading pairs, which also deal with the law of demand and supply. So it is a similarity which both have.
Secondly, another similarity between the two is that they involve/require the use of a chart to analyze/predict the next movement of a either forex trading pair or crypto.
Thirdly, Both forex and Crypto trading pairs are both volatile.
Regarding Crypto, it's not legally legalized in most countries because they believe it will surpassed their general currency, although some countries have embraced it.
And here is a difference that forex has against crypto because while forex is legalized in all countries, crypto isn't legalized.
Secondly, another difference between a forex pair and a crypto pair is that while a forex trading pair (e.g. USD, EURO) has an unlimited market supply, a crypto trading pair (e.g. BTC) has a limited market supply.
