Did you know the global forex trading market is worth around $1,934,500,000,000?
Forex trading is very popular, and there are lots of people that have made a fortune with this form of trading. However, if you’re new to forex, you might not know how this form of trading works, and you might even be asking yourself, “Is forex trading legal?”
Below you’ll learn more about forex trading and whether this form of trading is legal. If you want to jump into the world of forex, this post will help you get off to a good start.
Is Forex Trading Legal?
Forex trading is legal in the US, and anyone can open a forex trading account provided they are of legal age.
That said, you may face limitations in regards to the brokers that you can use for a forex trading account. For instance, if you’re based in the US, you will need to use a broker that has a US trading license.
Not all of the brokers around the world will have a US trading license, and so this is where you might run into some problems. However, finding a US broker that has a US trading license is easy, and so this isn’t that much of a concern.
Getting Started With Forex Trading
Now that we’ve covered the topic of whether forex trading is legal, we will now talk a little bit about how you can get started.
If you are completely new to forex trading, you may want to open up something known as a ‘demo trading account.’
This account allows you to trade with virtual money, and adopting this approach can be a good way to learn how forex works.
When Should You Start Trading for Real?
Opening a demo trading account is a good idea, but you might be wondering when it will be good for you to start trading ‘for real.’
Unfortunately, there is no hard and fast rule here, and the answer is different for each person. That said, if you’re able to make consistent gains in your demo account, you should think about trading real money.
Trading with real money can be a scary experience, but you can make the process less intimidating by trading small amounts.
Will You Start Trading Forex?
You should now be able to answer the question “Is forex legal?” and you should also know how you can get started.As with any form of trading, forex is very risky, so you should not rush into making trades. To begin with, you need to focus on getting good at using a demo account, and you should only move onto ‘real’ money once you’re making consistent gains.
Now, it might take a while before you get to that point, but it’s worth going through this waiting period if you want to avoid any huge losses.
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