Try it right now with this interactive flash (don’t worry, you will not be redirected anywhere)...

The above are real charts; in the first example, if you were to exchange $1,000 worth of money into Euros using a Forex broker, you could have made up to $4,360 when you exchange it back. That's $3,360 in about 4 days – like I said: a lot of money! News about almost everything moves currency exchange rates every second, and sometimes these moves are very predictable (like some of the examples that you saw above), and so if you do your research and predict which currency is going to exchange at a higher (or lower) rate in the future, you can make money from these by exchanging currencies back and forth.

It should also be mentioned that you will be getting the best exchange rates possible to trade with. Generating money from researching changes in exchange rates is known as Forex trading or FX trading, and it's been in a massive boom this decade as technology has made it possible for individuals to trade with and exchange large amounts of money from home without actually owning it; the money you make is the difference between the exchange rates during the periods of time involved in the Forex trade (the next section explains this in more detail). Many out there are trading Forex to make money for a living.

There is a vast wealth of free Forex information available on the internet ranging from Forex ebooks to video tutorials. You can open a Forex account with as little as $50 and still be able to exchange money as if your balance was $20,000 (this amount is true for the recommended Forex brokers on this page but will be slightly less if you use others)!

How do I get started?

Your first step in your money exchange journey is to choose the right broker. I have personally tried many and my list of recommended Forex brokers can be found in the next section. Brokers allow you to exchange money without owning it – what you make or lose is the difference in the exchange rate between the times when you bought a currency and when you sold it. Some brokers offer free practice or “demo” accounts where you can learn to trade Forex by exchanging virtual money. BE CAREFUL! This step is crucial – the internet is polluted with Forex scammers that just want to take your money – I would say that 95% of brokers out there have taken at least 1 customer’s money in some dishonest way. Some will just never let you withdraw your money once you have deposited it while others employ more sophisticated techniques such as manipulating the exchange rate data that you see so that you are always at a loss. Avoid getting scammed by checking my list of recommended top Forex brokers.

Who is the best Forex broker?

There are only 2 that I have found to be trusted Forex brokers from my experience: eToro and AvaFX. They are also both regulated brokers and so you are protected against being scammed. Both allow you to open a free demo account for you to practice trading with virtual money Both offer high leverage. eToro, in particular, offers up to 400:1 leverage, which means you can exchange money as if you were trading with 400 x your initial balance. No commisions! This one is self explanatory :) The minimum deposit for eToro is $50. eToro also offer a deposit bonus, which means you get to make money with free money (you can deposit $200, for example, and just play with the bonus money)!

If I really had to pick, I would choose eToro simply because of their revolutionary copy trading scheme, which means that beginners can copy big traders’ trades free of charge. Click the icons below for more information about the brokers.

                              

Risk Disclosure: Investment in currencies is highly speculative and carries significant risk