Is it possible to make money in forex if I don’t know how to trade? Should I really have to trade to make money? Is there any alternative way of making money in this big-money market?
If you are in search of trading- free methods to make money in forex, this post is for you. But let me tell you in many cases you will have to trade indirectly. So, get through the answer: How to make money in forex without actually trading?
It’s possible to make money without actually trading in forex. You can join an affiliate program, free mining of BTC platforms, and copy trading. You can also earn money indirectly by providing services like educating forex, software designer and signal providers.
It’s better to earn money by trading directly. Every year many innocent people fall into the trap of these sideways. They are more like publicity gadget to promote forex indirectly.
As many traders quit everywhere so, brokers are thinking to sort out new ways to engage people in forex without trading.
Top 6 Ways to Make Money in Forex Without Actually Trading
The main reason for the popularity of forex is making money with trading. Nowadays many people are taking the advantage of this fame. They are devising new ways to earn money without actually trading.
Below are 5 ways that non-traders can use to make money through the Fx market.
1. Copy Trading
The trend of copy trading originated in 2000. It is also known as mirror trading or social trading. As the name suggests, in this trading you need to just copy other traders.
It is run by automated trading software. When the traders whom you are copying earn or lose the money you also do the same. In simple words, you just copy the trading pattern of your chosen traders and don’t trade actually.
Nowadays the trend of copy trading is increasing. It has proved to be a safe trading type for newbies. In order to make a profit out of this trading type, you need to master this methodology. Making a profit is not as easy as it seemed to be.
The only skill you need to master for this trading type is how to choose a good trader. Though this trading will not guarantee you high returns as risk is always there.
In many cases, traders have to lose because they fail to find good traders to follow. Below are few tips to find good traders to follow in copy trading:
- Find out the most followed traders
- Analyse review of followers
- Check the monthly performance of trader to follow
- Consider the number of trades and time of trading of the follower traders
2. Affiliate Program
Many brokers offer a commission to those who promote their platform. It’s more like a referral system in online earning where you earn by bringing referral.
Similarly, in forex, when you refer your broker’s services to other traders, you earn money without trading.
Your broker will get a new client who will pay commission fees. You can open an account to attract other traders. You invite other members and earn money.You do not even live off forex trading.
It’s up to the terms and conditions to withdraw this amount. Some brokers will offer you to shift the affiliate bonus to a real money account as a deposit.
This way, you can start forex without a deposit. You earn money through the affiliate program and then start trading with this money.
However, it’s important to note that forex itself is not a pyramid scheme. You can say such schemes operate in forex through the affiliate program. The reality is that they are a good way to earn money without investment.
3. Join Free Mining Platforms
This method is for those who want to earn in forex without a deposit. Some brokers offer contests and free BTC mining for demo and real accounts.
You can’t say this is trading- free method. It involves trading but on the amount that you mined free.
Your broker will offer you free mining in which you are required to earn the required amount say 10 USD. When the trader reaches the required limit, the broker will offer him a bonus and a real money account. In this way, he can withdraw that BTC in a real account.
With the increasing trend of cryptocurrency, many brokers are trying to join mining in trading. It’s a very powerful strategy. Many BTC lovers are looking for such platforms where they can earn free BTC to start trading through mining.
Recently storm gain is one of the famous platforms. In which you can mine BTC freely and then withdraw these BTC in the trading account.
4. Try to Be a Broker
You might be familiar with a broker. They offer you accounts, leverage and other services to trade. They are always in a good position than traders.
They know the market situation in depth. They earn money in commission fees, leverage and with the rate of every lot that trader opens.
Do they trade? Sometimes the forex broker too trade against you. But they don’t actually trade as traders do.
They can manipulate spread and the trader’s trading indirectly. They play with the psychology of the trader and capture his flaws. In turn, they earn when the trader loses.
Keep one thing in your mind, becoming a broker is not an easy job. It requires a huge amount that you have to pay as registration fees.
It also requires information technology knowledge and tools to provide services to traders. To manage all these platforms that brokers have to invest a lot of money. But it is a one-time investment and lifetime earnings.
You have details article about how do brokers make money.
5. Make Money by Selling Software’s & Signals
Trading is not the only way to make money. Thanks to forex it has widened the information technology business.
Many traders rely on tools and many brokers too. For this, they have to consult software engineers and signal providers.
There is so many software that brokers arrange to make their platforms attractive to clients.
For example, automated forex trading software that runs on a program are in huge demand. This way software designers can earn money indirectly in forex.
The same is with signal providers. Brokers are the biggest purchaser of signals. Traders also buy signals. The best way to earn money in forex without trading is to get expertise in information technology.
6. Make Money by Educating Forex
No one can deny the importance of mentorship in forex trading. Many traders learn forex through online courses.
Here they pay a mentor or do some paid courses. There are many mentors who are qualified forex teachers and not into trading.
Teaching forex does not make you a trader. If you are a PhD scholar or bachelor in forex, you can organize an online forex education course, webinar and training. Though I would advise you to get the mentorship of an experienced trader.
Many forex teachers are earning handsome amount monthly as the fees for these paid programs are high. Some even use publicity gadget by providing free education at the start and then they will move to paid courses at the end.
Frequently Asked Questions
Does anyone actually make money trading forex?
Yes, few skillful traders are making money in forex. However, the number of traders losing is always greater than those who are earning.
Only those who have an effective trading strategy and consistent risk management approach can make money actually.
Can a beginner make money in forex?
For beginner’s forex is riskier. They can use an automated trading platform for copy traders if they want to earn.
But the problem with these platforms is that newbie fails to find a good trader to follow on. They should learn and practice forex for at least 6months to 2 years before switching to a real money account.
Can I invest in forex without trading?
Yes, you can invest in forex indirectly without trading. For example, you can be a broker, forex teacher, signal provider or software designer.
You can invest a few bucks indirectly to provide services to forex. But directly you will have to trade after investment.
To summarize, there are so many ways to earn money in forex without trading. With increasing trend mining, many brokers are now including free mining in their trading platforms.
In future, you will see there will be many platforms that will allow you to mine and trade both. Honestly speaking, trading is the only way to earn consistent money in forex.
All other ways, don’t make t as much profit as you think. When you can open a trading account with just 10$, why think about alternative ways of making money without trading? Think in the right direction.
There are high chances of falling into the trap of illegal pyramid schemes with these affiliate programs. So, stay away from illegal money-making ways.