Entering the Family Business with iFOREX
Some people have to make it on their own in the business world, which is a path that doesn’t lack challenges. Others are fortunate enough to be taken into their family business. Even for this group, there’s plenty of work to be done, but the difference is that feeling of being supported by a well-oiled organization with expertise and know-how. There’s never any guarantee of success, but having that structure around you, established by those with richer experience than your own, could smooth out your path considerably.
Similarly when it comes to trading in the financial markets: You can connect with them through any one of the online trading platforms you may find through a Google search, and it shouldn’t take long before you could start opening deals. You should be prepared, however, to learn some things the hard way because there’s no easy path to reaching your financial dreams. What would help you out is some way of entering the “family business”. This would, at least, support you and set on the straight path from the outset.
iFOREX aims to be that “family business”. Since they were founded in 1996, they’ve focused on developing clients into educated, savvy financial traders, rather than simply plugging them into the markets at the highest possible speed. iFOREX’s education program is designed to be constantly used by both old-time traders and new, honing their skills and understanding so they have that edge in their trading that comes from building from a solid foundation. Spend a minute or two with us to learn a bit more about the platform.
Cryptocurrency Trading with iFOREX
When you trade in any of the 750+ instruments on the iFOREX trading platform (which include commodities, shares, indices, ETFs, cryptocurrencies, and forex pairs), you never actually purchase any securities. Rather, you trade in their price fluctuations, whether up or down. Taking the example of cryptocurrencies, you may choose to open a “buy” deal on ether if you believe its value is due to rise. In the event that ether does rise, your account is credited with earnings in proportion to your deal size.
Because of the nature of CFD trading, it makes no difference if a crypto’s prices are soaring or sinking. If you had reason to believe ether’s price was actually due for a sharp dip this week, you could open a “sell” deal on it, and then wait out the next few days to see if your prediction pans out.
Many people like to trade cryptos in CFD form because there isn’t a need to come up with the large sums of money needed to purchase bitcoin or ether. Crypto bear markets are no obstacle either, since the option is always available to you to open a “sell” deal. And then, there’s leverage.
Leverage gives you the power to open deals much larger than the sum of money available in your account. Take, for instance, someone who has $600 in his account and has been doing some research on Cardano. It seems to him that the crypto’s prices are likely to surge within the next two days. He may use leverage of 30:1 to turn his deal from a $600 deal into an $18,000 deal. This means that a 4% price surge in Cardano would net him, not 4% of $600 ($24), but 4% of $18,000 ($720). Making use of leverage also means your potential losses are magnified, so use it with caution.
Getting Things Moving
iFOREX have made the registration process quite simple. Go to the iFOREX website and click on the “Register” button; fill in your details. You’ll be notified of your username and password for future logins and, after this, deposit at least $100 in your account to be ready to go.
The process of opening deals on the iFOREX app goes something like this: Make your choice of trading instrument (which will open a deal slip); select whether you want it to be a “buy” or “sell” deal; set the size of your deal. Finally, press “Deal” to make your deal happen.
iFOREX account holders enjoy close customer support in their choice of language, and the brokerage’s responsive team can be contacted by either phone or email. As we mentioned, the iFOREX ethos is one of support and communication, so you won’t be left alone, whether your inquiry is technical, financial, or of any other sort.
You won’t pay any commissions when you trade with iFOREX and you’re bound to enjoy the sleek, intuitive platform like thousands of others already do. Try it out with the free iFOREX demo account before trading with real money, just to get the hang of things.