Binomo is a legal, online trading platform, where you can take advantage of its trial version by creating a demo account. But if you are a regular trader then it is very important for you to have knowledge about FTT and Forex. So let’s know what is FTT and Forex?
What is FTT?
The full form of FTT is Fixed Time Trading. FTT is a trading prediction that predicts whether an asset’s price will rise or fall over a given period of time. It is a type of trading that involves predicting the prices of equities, commodities, indices or currency pairs. Without a doubt, it is one of the most basic trading methods available today. There are 2 types of FTT:
- Short-term trades – trades with a duration of less than 5 minutes.
- long duration trades – trades with an expiry time of up to 60 minutes.
What is the FTT platform mechanism?
Fixed Time trading platform is a convenient platform from
itself with a simple interface (Traderoom), which you can use from any gadget, anywhere. Binomo is suitable for those who are new to investment and finance. FTT allows higher profits, but also has higher risk. The trading and withdrawal process on Binomo is fast. Binomo maintains a high level of security on the platform, as there are many scammers that traders can rest assured that both their data and money are safe.
How does it work?
In time you calculate the price of a trade and predict when its value will rise or fall from its current rate. If your prediction is correct, you will receive the amount invested along with the bonus. But fixed time trading is also risky like other equity investments. The special thing about this type of investment is that you can start it even with a small investment and the possible loss from it is already determined.
What is Forex trading?
Forex trading or foreign exchange can be explained as a network of buyers and sellers, who transfer currency between each other at an agreed price. Forex is a means by which individuals, companies and central banks convert one currency into another. If you have ever traveled abroad, then you would have converted your country’s rupee into that country’s rupee. This is how it works in forex.
Although the currency of any country is converted into the currency of another country for a specific purpose, mostly the work of currency exchange is done to earn maximum profit. Similarly, the daily exchange makes the values of some currencies very volatile and this very volatility attracts traders to forex, from which they make huge profits. But it is also the most risky because it is not predictable when the price of which currency will increase or decrease.
How does the currency market work?
Shares like commodities, foreign currency trading takes place not on exchanges but directly between two parties in an over-the-counter (OTC) market. The forex market is operated by a global network of banks, spread across major forex trading centers in London, New York, Sydney and Tokyo in different time zones. With no central location, you can do forex trading 24/7.
In Forex trading there are 3 types of markets:
Spot Forex Market: There is a physical exchange center where live exchanges can be done on the spot or within a short period of time.
Forward Forex Market: It is a type of contract based forex trading in which any fixed amount of currency is bought or sold at a specific price and it has to be settled by a specified date.
Future Forex Market: Future forex is also a contract based trading in which currency of any value is bought or sold in the future at a set price. Unlike forward forex, future forex is a legally binding contract.
How does Forex trading work?
There are many ways you can go about trading forex, but they all work in the same way, by simultaneously buying one currency or selling another.
Traditionally in many ways, forex trading has involved exchanging foreign currencies through a broker, but with the introduction of online trading, you can now take advantage of forex price movements using derivatives such as CFD trading.
CFD they are a profitable product, enabling you to open a position for a fraction of the full cost of the trade. Unlike leveraged products, in CFDs you do not take ownership of the asset, but take a position on whether you think the market will rise or fall in value. While leveraged products can magnify your profits, they can also magnify losses if the market moves against you.
What is spreading in Forex trading?
Spread one is the difference between the buy and sell prices for forex trading pairs. As in many financial markets, when you open a position for forex you are required to submit two prices for it. If you want to open a long position, you trade at a buy price that is slightly above the market price. Also, if you want to open a short position, you trade at the sell price – slightly below the market price.