The global online trading market size has reached $10bn in 2023 and in forecast to reach almost $16bn by 2030 with no signs of the number of new users slowing. In the last year, it has increased by over half a billion showing that there is plenty of interest even though there have been some high-profile scams that could potentially put casual investors off.
We’ve seen many cryptocurrency trading platforms shut after it turned out they were just giant Ponzi schemes run by the owner. Remember, if you think you have been the victim of such a scam it is important to get in touch with a investment fraud attorneys. We’re going to take a look at some o the most popular forms of trading online in 2023 below:
This is perhaps the most popular form of online trading at present, the rise of BitCoin saw people earn staggering amounts of money over a short period of time which is the dream for most investors. On the back of this many more cryptocurrencies have popped up with Ethereum being one of the main competitors to BitCoin. Companies have also started doing ICO’s (Initial Coin Offerings) as a way for people to invest.
In order to invest in cryptocurrency you must have a trading platform that contains your wallet and enables you to buy and sell different coins and well as converting them back to dollars. Many of the scams we mentioned earlier in this article are done at this level, taking money that people hold in their wallets as well as transaction fees and leaving customers with nothing. With wealth recovery attorneys there is a good chance you will get some, if not all of your money back.
NFT’s or Non-Fungible Tokens are the newest form of online trading on the scene and are effectively the next stage of cryptocurrency trading, enabling people to buy digital assets (most commonly, art) with their coin. Again, there are trading platforms set up for NFT’s in which you can browse through various different types of digital art, some of which are by very well-known artists and then purchase.
Purchases are made using cryptocurrency and then the purchaser obtains a unique token that corresponds to the artwork and proves ownership. Most scams around NFT’s revolve around phishing websites being set up to steal information and fake artwork e.g. someone pretending to sell a Banksy that isn’t actually by him.
Out of the trading methods mentioned, Forex is perhaps the oldest now but is no less popular. A few year ago on Instagram you’d see Forex traders ‘making millions’ and standing in front of their mansion and Ferrari – of course these are almost all false but it encourages people to buy their help guides and use the platform via their referral URL. Forex is basically a foreign currency exchange, enabling you to buy and sell different currencies around the world using information on a countries performance to inform your decision.