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Tags: Forex basics
Words like economic downturn or financial crisis often made headlines in recent years, especially after the Covid-19 pandemic, when many people’s incomes were lowered. During tough economic times, common people tend to face financial stress and job uncertainty, but making a living is still a necessity for them. Against this backdrop, if people can win a large jackpot at a relatively low cost, just like a lottery, that would undoubtedly provide temporary relief from financial difficulties and offer a glimmer of hope for a bright future.
Fortunately, the forex trading is just like this lottery, giving you a sense of hope and a chance to escape from financial worries. Of course, forex trading offers no guarantee that you can win high returns 100%. However, compared with lotteries which depend on pure luck, you may manage to win high profits by learning professional knowledge. Have an interest in joining forex trading? Let’s dive in.
Forex trading, also known as foreign exchange trading, refers to a game where you trade different countries’ currencies. In forex trading, you can purchase one currency and sell another one at the same time. For example, you might buy US dollars and sell euros, if you believe that the dollars will be more valuable compared to the euros in the future.
The goal of forex trading is to make a profit by taking advantage of changes in currency exchange rates. Exchange rates are the prices at which one currency can be exchanged for another. These rates can go up or down, just like the prices of your favorite Pokémon cards.
When participating in forex trading, you can use leverage, which is like borrowing money from a broker to make bigger trades. This may sound a bit complex for a beginner. Just imagine you are playing a video game, and you have a special power-up making your character stronger. Given the leverage is a key concept in forex trading, we will go through more details in the article “Understanding Margin and Leverage: Why Forex Trading May Boost Your Profits“. For now, you just need to keep this mind: Leverage can increase your potential profits, but it also increases the risk, so it’s important to use it wisely and understand the potential consequences.
To start your journey in forex trading, you’ll need to open an account with a forex broker, which is like having a platform to trade currencies. In such a platform, you will have access to the necessary tools, indicators and charts to help you make informed trading decisions. With Ultima Markets, you can not only trade currencies with our high leverage ratio, but also precious metals, commodities, indices, shares, and cryptos. In our multi-asset platform, you may win your own lottery by fully utilizing the price movements in various popular assets. Click here to register your account with Ultima Markets.
You may hear the news that someone got convicted for controlling one company’s share price. This kind of news is commonplace in the capital markets, as controlling one company’s share price requires relatively less money and power. But no single individual or entity has the power to fully control the forex market. The forex market is the largest and most liquid financial market in the world, with numerous participants, including central banks, commercial banks, hedge funds, corporations, and retail traders.
The forex market operates in a decentralized manner, meaning there is no central authority or governing body that dictates prices or controls the market as a whole. Instead, currency prices in the forex market are determined by the forces of supply and demand. In other words, if you master the professional trading knowledge, you may succeed in earning high returns without the need to worry that the price of assets you invest into may be distorted by some big market makers.
This gives common people a chance to win their lotteries as mentioned in the beginning of the article. The forex exchange rate resembles the password to decode the economic fluctuations, government policies, and investment decisions. In the forex market, the price of currencies are determined by the most professional traders in the world, resulting in a fair market.
Anyway, it’s important to remember that forex trading also involves risks, just like any game or investment. Prices can be influenced by many factors, such as economic news, political events, or even natural disasters. The forex trading is not a guaranteed approach to making money, but with knowledge, practice, and a responsible strategy, it can be an enticing and potentially profitable activity.