Difference between forex trading and crypto trading.

[leonair]

I'm a crypto trader but not a forex trader. So I am quite curious how's exactly it differs from each other but since I was able to do local stock trading in our country which I don't like is that can only operate until 5pm and no weekends. Kek unlike in crypto you can do 24hrs. But as far as I heard that forex is different from local trading I wonder whats the difference and not just a description.

There are many differences between crypto and forex. Crypto is very volatile, so there is a lot of risk here, but there is also a lot of profit. But in the case of forex, it can be compared to gambling. Forex is a bit like trading the currency of another country with the currency of another country, but if the candle prediction is not correct, you have to lose money on the trade. I think it is more risky than futures trading. A friend of mine has made a lot of money by trading forex for a while. I saw him and did forex for a while, but what I understood there is that it is a kind of death trap.

[MinMan]

Forex indeed consume less data, heck I can even see it from their UI that often outdated and often resemble an old computer terminal.
Just how after years of making big profit these forex company don't even want to put an effort into making a better UI is beyond me.

Good thing at least many exchanges will come to the rescue so I can trade forex with better UI.

Sometimes it could be a strategy to keep the user at home. I mean, yeah better user interface does help and everything evolves, but I've noticed it does feel odd sometimes when you visit a website, for example, that has updated itself.

You don't feel the same way as you did before the update. One odd example is Stake Casino, they constantly change the look and makes subtle changes like changing the VIP icon and all that. They might feel they are improving the user experinece but as someone who is using the site for years, I find it odd and somehow not so worthy.

One reason I find crypto trading way better than forex is that the government is not so involved. Yeah, most exchanges require KYC but there are ways to bypass it. Some countries have absurd taxes on trading profits.

[dannyatwork8]

Most altcoins are like national currencies of developing nations. They eventually lose value over the long term. 99.8% of them don't make it.

[Alpen]

Forex offers higher and more consistent returns than the crypto market

[fuguebtc]

Forex offers higher and more consistent returns than the crypto market

Forex traders might agree with you, but cryptocurrency investor will certainly agree with this assessment. People choose this market because they believe that crypto is easier and offers higher return.

To be fair, every market has the potential to generate profit, and the rate of return depend on the trader not the market itself. Your profit will be determined by your knowledge and experience. If you do not have the right and sufficient knowledge, whether it is the forex market or crypto, you will never make a profit.

[Adiljutt156]

You are absolutely right about volatility, which is why forex is more dangerous for beginners than crypto. As you correctly point out, there is no such volatility in forex and if you incur losses, you have to sit on huge losses for a long time, which not everyone can withstand, so they usually just close the position at a loss.
In crypto, if you don't buy shitcoins, but rather Bitcoin or at least a coin from the top 50, the chances of making a profit in the long term are high, and any crypto in a bull market can make 20-30 percent in a day, while in forex you have to wait years for that.

Forex trading is not just trading of local currencies because many people are Investing in gold and they are buying the shares on that platform and they are selling at good price. There is high risk because you can get reward good in that And millions of people want to join that platform because few people got benefit from that and they are not showing that what they lose at the start of the investing but they are showing their growth and what they are getting from the investment. People lose big amount mainly due to high leverage, poor risk management and lack of trading experience not because Forex asset cannot be held and that is not likely bitcoin and other cryptocurrencies because BTC is as comparison to all other investments and people are losing the good amount who invested for long term future.

[Alpen]

Forex traders might agree with you, but cryptocurrency investor will certainly agree with this assessment. People choose this market because they believe that crypto is easier and offers higher return.

To be fair, every market has the potential to generate profit, and the rate of return depend on the trader not the market itself. Your profit will be determined by your knowledge and experience. If you do not have the right and sufficient knowledge, whether it is the forex market or crypto, you will never make a profit.

What kind of “knowledge” are you talking about when it comes to crypto trading? Look at what has actually been popular in this market—not technology, by any means. First it was ICOs, then farming, which was basically just pyramid schemes, then the Metaverse hype, and now meme coins.

All of it is just hype.