With a reported daily turnover of over 5 trillion dollars, the Forex market certainly presents a lucrative opportunity to many. Thanks to this high liquidity, you can trade almost anything on the Forex market.
In addition, there are ways to make money that hardly involve any trading at all. As a result, even someone without prior trading experience can take advantage of this booming industry and use it to turn a profit.
To help you see why this field is receiving so much interest lately, we have put together the top 5 ways of making money on the Forex market.
Trading Currency Pairs or Other Instruments
The first and most obvious road to profit on the Forex market is to engage in trading. Forex, which comes from “foreign exchange,” is mostly known for trading currency pairs. When you trade currencies, you usually buy one when it’s cheap to sell it later at a higher price, or vice versa.
But unlike going to a physical exchange office and getting the foreign currency in your wallet, Forex trading allows you to move and exchange money without “holding” it, which makes the whole process faster and more efficient.
Similarly to how you would trade currencies, you can also trade other financial instruments. These include company shares, stock indices, CFDs, and futures on metals, crude oil, and more.
Earn Money as a Follower using Forex Copy
Forex Copy is a service offered by SuperForex broker that is a good option for newcomers. As a Follower, you can choose a top trader from the catalog and automatically copy all of their operations in exchange for a small fee that goes to the original trader.
Earn Money as a Master using Forex Copy
Masters are the traders who allow their orders to be copied by Followers. As a Forex Copy Master, you can determine how much you want to be paid by your followers. Then you can earn a profit from your regular trading, and make money on the side from your followers’ commission.
Make a Profit as a Partner
If you don’t want to trade, you can join forex brokers as an affiliated partner. Then you can make money from attracting new clients to the broker you have chosen. The company pays you a regular commission based on the trade activity of the people you attracted.
Brokers also frequently organize competitions for their partners that allow them to compete for monetary and other prizes.
Win Money from Contests
Brokers like SuperForex regularly organize competitions for traders. Many of these contests don’t require an investment and work with virtual currency instead. However, the prizes are real and depending on the exact terms and conditions of each contest, you can withdraw the money you win. You can also use it for trading (instead of making a deposit) and earn a profit that way.
Interesting related article: “What is a Hard Currency?“