When it comes to the Foreign Exchange (ForEx) market, silver and gold are both thought to be currencies, just like any other world currency. Electronic trading can be done for gold and silver, along with other precious metals and even oil. Trading for silver is done in the same way as for other currency pairs.
The single biggest difference is that silver can be traded only against the US dollar, and not against other currencies. If you are looking for how to trade silver online, there are many guides to help you do this.
The good thing about trading silver online is that:
- you don’t have to actually buy any silver and hold it in its physical form. This would give rise to a whole host of new insecurities and stressors.
- Silver is classified as a commodity in the stock market, and can be traded with options that are specifically made for this type of trade.
Trading in silver and other precious metals has become a lot more popular in the present day than it ever used to be. This is mainly because silver doesn’t fluctuate based on the state of the economy. The value of these metals changes independently of outside factors that affect other assets and commodities.
Alternatives to Trading Silver the Traditional Way
While trading silver stocks is a great way to try and earn extra money on the side in a more secure way, there are risks involved with it, of course. These aren’t as great as they would be with other types of commodities. However, there is also another factor. If you try to get into the silver trading industry using normal stock market and trader methods, you will need a lot of starting capital.
While the actual trading is pretty simple and straightforward, trying to get into the industry is incredibly difficult. It can drain your savings, and if you make too many bad calls you aren’t going to make any of that large investment back. To put things into perspective, getting into silver trading can cost you a cool $10,000.
The good news is that all hope is not lost. There is another type of trading that has gained popularity in recent years. It appeals to the middle class, the working class of people who can’t budget for tens of thousands of dollars to be invested in trading precious metals. This new type of trading is called binary options trading, and it is taking the investment world by storm. You can easily get into the game because of its lack of a learning curve and the requirement for initial investments as low as $100 for any type of asset. Binary options trading in silver is possible at just about any trustworthy online broker around the world.
Pro Tip – Look for licensing from a financial authority like CySec when picking a broker to trade with.
Get Started with Binary Options Trading in Silver
Silver is traded as a commodity in binary options. You can choose how you want to trade – high/low, put/call, touch/no touch and so on. Each has its own unique advantages and strategies to develop and work with. It is actually quite easy to learn them because of the wealth of educational material offered online and by the brokers as well. Trading in silver can be done for as little as $1 per trade with up to 95% in returns guaranteed for a trade finishing in the money.
All you need to do is set a time period for the option and predict whether or not the value of silver will rise or fall in that time. Easy, huh? If you haven’t checked binary trading out, it is highly recommended that you give it a go!