I'm currently not part of AkashX but it doesn't change the fact that it is not a social trading securities fraud like some reviews claim that clearly have never once been in the member's area of the Akash X.
However, if you're interested automated crypto trading and other ways to make money in 2023 with cryptocurrencies check out The Crypto Code, highly recommended by me.
You see, AkashX is not a broker or an exchange and never claims to be one. In fact, the first thing they tell you is that it's for educational purposes only. That's why I decided to write this review and stop the spread of misinformation.
So, let's get to it
Inside AkashX Social Trading
Now, Akash X members' area is huge, and I'll do my best to cover each aspect but I'll not dive into much detail as if I did it will make the review 10k words long.
So, what do you get with AkashX?
- DigiBank – ability to instantly buy and sell cryptos as well as spend it worldwide with Akashx debit card.
- Social Trading – the largest social community of traders from around the world that you can follow and copy their trades.
- Social Trading Brokers – as I said above, AkashX is not a broker but they partnered up with some of the best in the world that work with social trading.
- Academy – over 80 lessons that range from beginner to expert in trading Forex as well as for cryptocurrencies.
- AkashX Signals – get signals based on a set of technical indicators sent directly to your computer or even phone or just check them online
- Signals Analyzer – need to dive into the signals and analyze them yourself or practice what you learned in the academy? This is a great way to do it.
- Market Research – daily analysis highlights of trends and prices as well as videos, news, and 2 webinars per week detailing everything.
- Akashx TV – Get daily information on popular training pairs and details about factors that impact them.
- Calendars – Crypto Calendar that shows important events like listings, releases, forks, and so on. As well as an economic Calendar detailing important events that have a high impact.
- Other resources – a catalog of additional training, tutorials, guides, and reports about trading, forex, and cryptocurrencies.
I'll dive into some of these further down the review but let's just talk about the scope of it all. Akashx really offers all you need to get started with Forex and/or Cryptos without having to go back and forth between platforms or other third-party providers. Even the selected and recommended broker integrates with Akash X with ease.
However, why do you need it?
Are You Certain Your Money is Put Into Good Use?
Now, this is by no means financial advice or even recommendations. However, one of the main reasons why I decided to dabble into Forex and later cryptocurrency is to diversify my portfolio and just safeguard my money.
Of course, that does not come without risk as in any trading or investing there is always a risk. In fact, you can argue that anything you do with money, even leave it in the bank or bury it in your yard, involves a certain amount of risk.
If that wasn't enough to make you think did you know that an average interest rate on savings accounts is at 0.05% APY? On the other hand, the average annual inflation rate from 1990 to 2018 was 2.46%.
That means despite having an interest rate in a bank and having the amount grow in the end the money is still losing its worth most of the time. What does that mean?
Let's say you have $10,000 in your savings account. With an interest rate of 0.05% annually, you will have $10,005 a year from now. While $5 isn't much it's still better than nothing, right? At least, you didn't lose money.
Yes, but you lost the buying power with your money. You see, inflation doesn't decrease the money you hold, only its value. With a 2.46% inflation, you would need $10,200 to have the same buying power from a year from now than you do now with $10,000. So, you lost $195 in buying power.
Now, inflation rare does go and up and down so these figures will not be exact, for example in 2019 it was 1.81% and in 2018 2.44%, but based on the average this is how it looks. Pretty scary?
Now, there are better savings accounts out there. At least there were before the pandemic, even a 0.70% APY, but nothing comes close to the 2.46% inflation rate.
Are There Better Options? Is AkashX One of Them?
Even quick online research will yield that some of the best investment options deal with stocks, funds, bonds, and commodities with real estate being included as well. Which has been the standard of investing for over a hundred years.
So, why isn't everyone investing or trading?
Well, according to Gallup 2020 research 55% of Americans own stocks but those numbers include mutual funds and retirement savings accounts. Still, that's a significant part of the population, over half in fact.
Now, I enjoy traditional investing in stocks and understand why it's such a popular option for so many Americans. However, there are several problems that have limited me over the years and I suspect others from investing or training more with confidence.
- No patience – most of us are not day traders and don't want to be, so knowing when to enter the market can be difficult and stressful. Especially if you're not familiar with it.
- Not knowing when to get out – if you think entering a market is hard, exiting one can be even harder. With selling too soon, letting winners become losers, or one of my biggest faults is letting small losses turn into big ones.
- Always hesitating – Another one of my problems, as many others, is hesitation when investing. Now, being careful can pay off but being always hesitant leads to loss of profits or worse bad decisions in the future.
- Overtrading – When I get frustrated with losses or hesitation it can often lead to overtrading. Chasing trades also can lead to overtrading and profit opportunities get smaller the more trades you do.
Those are just some of the problems of investing and trading many people face, but is there a solution for them?
There are systems, newsletters, platforms, or if you're super-rich hedge funds, that will solve some of these problems. However, the best AkashX in my opinion is the best solution out of all of them if you're a casual investor or just getting into trading.
Why I Choose AkashX?
Like I said before AkashX has everything you need to get started with investing/trading Forex and cryptos as fast and painlessly possible in this day and age. However, it's much more than just a bunch of signals, training, and systems. It's also a community of like-minded people.
Let's talk about Social Trading, the most ambitious and probably the coolest feature of AkashX.
The Social Trading
If you ever subscribed to any signal service or even a newsletter you know how these things work. Basically, you get recommendations upfront or in case of signals through a software, email or app, and trade based on those picks.
These picks can come from experts or a group of analysts or a combination of something else. However, you don't usually get to pick or even see each person's individual trades or statistics.
AkashX approach is way different than anything else I've tested before. They focus on social trading by having individual traders and their whole profiles on display for every member to see.
Best part? The amount of information you get on each trader is pretty extensive. You of course get the basic things like Amount following, total profit, open positions, and ROI. You also get to see the maximum drawdown, investors, weeks, and detailed information on profits, performance, and trading history.
Trade Signals or Follow Traders?
Another interesting part is that you can either manually copy trades from traders you like or see a nice potential gain, or follow them by selecting automatic trades based on several factors.
Which one is better?
It really depends how on hands-on you want to be. If you're interested in learning more about Forex and understand the ins and outs of trading by copying already successful traders then manual might be the best option.
In fact, you can even use simulation money to test out different traders in real-time.
I personally prefer to do it on autopilot as while I enjoy investing and trading that's not my full-time job and I'm already too busy to spend hours a day on it. Maybe in the future or so I'll take a stab at it but when I have dozens of successful traders to pick from why spend time and think?
Risk Disclaimer: Trading Futures, Options on Futures a d Forex involves substantial risk of loss and is not suitable for all investors. Opinions, market data, and recommendations are subject to change without notice. Past performance is not indicative of future results.
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