When investors trade forex, or “FX,” they are buying and selling currencies over the foreign exchange market.
Cryptocurrencies are digital assets people use for investments and for purchases online. One of the earliest, and most popular, cryptocurrencies is Bitcoin. An investor can invest in cryptocurrency or trade it person-to-person, without a middleman.
Both forex and cryptocurrency trading are similar in that they involve electronically exchanging forms of currency. However, forex trading is larger and more established than cryptocurrency trading and involves a middleman, while cryptocurrency does not. Another major difference involves liquidity, which cryptocurrency lacks when you move away from the major cryptocurrency coins.
Because forex and cryptocurrency trading are not widely understood, they are oftentimes used as vehicles for many types of fraud.
If you believe you have fallen victim to a forex or cryptocurrency scam, you should secure all bank accounts and cards, report the scam to the local police department and the FTC, file a fraud alert with the major credit bureaus, and get in touch with an investor rights attorney who can review your case.
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