Why is Forex trading an excellent source of extra income?
Thanks to the rapid development of technology, opportunities to make money online have never become more accessible. Jobs seem to appear online every day, offering ordinary people to make a profit from the warmth of their homes.
Given that we are witnessing a real internet revolution after the digitalization of almost everything, it is not surprising at all that there’s considerable interest in doing some online business, be it full time or in your free time.
In the following text, we will introduce you to Forex trading and why it is ideal as a side hustle and additional source of income. So let’s start from the basics, shall we?
Get to know what Forex trading is
The word “Forex” represents an acronym of two different words “, foreign” and “exchange”. Forex trading means that a trader sells one currency for another for trading, commerce or tourism purposes. Traders buy another currency because they believe that the value of that currency will increase over time. This is how Forex profits are made.
Everything happens in currency pairs on the largest decentralized financial market known as the “Forex market”. It is open to all traders 5.5 days a week non-stop and has an incredible $ 6.6 trillion daily turnover.
Currently, the most popular currency pairs most commonly used by Worldwide traders are EUR/USD and USD/GBP. However, a trader can pick their currency pair and broker that will allow him to trade safely. The role of a trustworthy Forex broker is to provide safe access to platforms for foreign currency exchange.
Is it legal or halal to do Forex?
What bothers the most of new Forex trading are two widespread and similar questions. Is it legal to do Forex trading, and is forex trading halal in the Islamic world? To cut a long story short, Forex trading is 100% legal, as long as you are dealing with a relevant, legal, and trustworthy Forex broker company.
Forex can both be halal or haram, depending on the behavior and intent of the individual investor. However, it’s halal or “safe to do” in most cases. According to the Islamic world, when something is “halal”, it’s allowed, while “haram” means that something is forbidden.
Forex trading as a side hustle and why
Once you’ve got a deeper understanding of what Forex trading means and represents, it is time to decide whether you’ll try doing it or not. To help you make the decision, we’d like to point out some of the crucial reasons why you should consider Forex trading as a side hustle:
- It doesn’t require prior knowledge or significant investments. You only need to invest around $150 for opening a brokerage account. It’s also essential to be willing to learn and practice as much as you can.
- You are your boss on the Forex market. It means that you are responsible for your successes and failures.
- Since the foreign exchange market is open non-stop from Monday to Friday, you can choose whenever you want to trade and how much. Working hours are flexible, so it’s the main reason why Forex trading is an excellent choice for a side hustle and an additional source of income.
- Trading is fun, challenging and dynamic. Since the market is very competitive and liquid, it will make you think more, learn more, practice more, and eventually profit more.
- In just a few months, you’re able to make serious money. You mustn’t give up! Good luck!
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