Will Forex ever end or disappear?
On a daily basis my WhatsApp, emails, social media inboxes are flooded with lots of Forex related questions. Some questions are simple but a bit tricky to respond too. Take for instance this question “What is Forex trading?”. That’s the simplest question but it is impossible for me to respond to it over one chat because there is no one straight line answer to it.
OK, back to the topic of today. Today I want to answer the public regarding this question. Over the past few weeks, this question has been very popular, it keeps coming up. People are asking me if Forex trading will ever end or disappear.
These are the people who are following me and have probably read online about Forex trading and they are a bit skeptical. I am not great at convincing people regarding Forex trading. I am however very giving in terms of information and that is what I do best. People can then decide if my information is useful or not.
Why Do People Even Ask This Question?
I will start by saying that whoever asks if Forex will ever end or disappear is clearly lacking information of what exactly Forex is all about. I also do understand why most people are confused. Most of the times when people see/ hear the word “Forex”, words like scam, easiest way of making a quick buck without putting any effort, pyramid schemes etc quickly come to mind. It is simply because of how it is misrepresented by those who are involved in it.
I have published a blog post and tried to simplify it and answered some of the questions that you may have regarding this subject. You can check out the blog post HERE before you continue reading here. Whatever that I am about to say will make more sense after reading the blog post mentioned above because you first need to understand what it is all about.
Will Forex end/ disappear then?
As long as there are different countries using different currencies, they’ll always be Forex. It will always exist because Forex is all about exchanging money. We all participate in Forex in some way. When you go to the UK from SA, you won’t be able to use your ZAR in UK. You’ll definitely need to exchange your ZAR to GBP. That is now you, participating in Forex because you just sold your ZAR and bought GBP.
Where Does Forex Takes Place?
Forex market has no physical location where it takes place, but the exchange of money is something that happens daily via banks. I always say there are no stupid questions in my books and I mean it. I am glad that people are asking me this question more often and now I finally got a chance to sit down and pen this blog post responding to it.
As long as there are still Central Banks and no universal currency, there’ll always be Forex. Maybe the question should be around regulation and about whether it is legal or not. Ending or disappearing? I really don’t think so. Is Forex trading even legal in South Africa? Find out Here
Why Is It so Important To Trade With A Regulated Broker?
Talking about regulations, please ensure that whatever broker you trade with is regulated. It can be an international Forex Broker, but it must also be regulated by the regulatory body in your country. I always prefer to use FSCA regulated brokers formerly known as FSB. This is for the safety of your funds and for your peace of mind.
Trading with unregulated Forex Brokers can be a cause for Forex trading to end or disappear for you when they disappear with your money, that’s what they usually do. Otherwise, feel free to explore how you can make money through Forex trading. Should you need to be coached on that subject, you can enroll for my Private Coaching. Thank you for stopping by and kindly share this post.