The forex market is the largest market in the world—it is global, always open round the clock, and liquid. However, the cryptocurrency market is starting to gain prominence in trading circles because Bitcoin, Ethereum and other alt-coins have shown decent potential to deliver impressive trading gains.
Traders also need to understand that both forex trading and cryptocurrency trading happens on multiple exchanges and platforms. Forex trading platforms offer a wide range of major currencies pairs and the opportunity to set up trades between lesser-known currency pairs. In contrast, cryptocurrency exchanges usually restrict their available cryptocurrency pairs to a few coins such as Bitcoin, Ethereum, Ripple, and Monero.
Most forex trading platforms have a measure of deposit insurance that protects the money in your trading account. However, cryptocurrency exchanges lack such guarantees and any hack, data breach, or data loss often results in the disappearance of millions of dollars worth of investor cryptocurrencies.