Myths & Facts About Forex That You Need to Know – Part 2

Reading Time: 4 minutes

Dear readers, you may be thinking that you are now armoured with most of the information regarding forex after reading Part I. But we live in a world that is constantly being engulfed in information. New knowledge sprouts like seeds at lightning speed.

And the myths and facts that you read before were just the first half of the forex movie. It isn’t over yet, there is still the second half and this is when the story begins to get interesting. So, sit tight and enjoy the rest of the forex story.

In the first part, we learnt about a few forex tips for beginners. Resuming from our previous journey, let’s learn some more forex tips for beginners.

When travelling overseas, if you decide to use Thomas Cook’s forex card, then you already know some of the benefits that you get from it. Here is some more important information that can help you use your forex travel card to its utmost extent.

• Use Thomas Cook’s Borderless Prepaid Card app to keep track of your money.

When you’re a newbie at planning and travelling, it can be nerve-racking to manage everything on your own in a new country.

But when you buy Thomas Cook’s reloadable travel card, you can check your card’s balance and transaction updates immediately with our Borderless Prepaid Card app. Remember to download the app before leaving for your trip and keep track of your hard-earned money with us.

• Your forex travel card is insured and is separate from your bank account.

Even when we know of a reliable travel card, we still feel uneasy sometimes. We hear about fraud cases from our acquaintances or read a stranger’s account online. And we start fearing that we might also become victims of such a thing and lose our money.

But you can be assured with Thomas Cook’s travel card as it is entirely separate from your bank account and is insured by the ICICI Lombard Insurance company.

• You can change your forex card’s PIN whenever you want.

When you buy Thomas Cook’s borderless prepaid card, you know that it is secured with a PIN. What’s even more feasible and safe is that you can change this PIN whenever you wish to. In order to do that, you just have to register your card on the borderless prepaid card website and you’re good to.  

Check out the website here – https://www.borderlessprepaid.com/

• You can check for MasterCard ATMs near you online.

You are travelling and you have Thomas Cook’s feasible travel card with you, and you want to withdraw some money from an ATM near you. But it can be a hassle to search for an ATM physically. Instead, you can just go on to MasterCard’s ATM locator website, enter your address or the nearest location and you’ll find the ATMs near you. https://www.mastercard.us/en-us/personal/get-support/find-nearest-atm.html

Myths and Facts about Forex in Trading

Let’s learn something about trading forex facts. There are many people who trade in forex. And with trading comes multiple variables.

• There are some who, when a bit of success is achieved, believe that they can predict the trading market easily. They get caught in their own psychological trap of blind confidence and hunches. They forget for a moment that it is always important to conduct a thorough research and analysis of the possible probabilities. Gut feelings are not always correct and trustworthy.
• There is one strong and probably the most popular myth about forex in trading is that you can earn money easily through forex. And this myth makes it seem like a sort of an addicting gambling game. There is a lot that goes into becoming a successful trader in forex, right from researching the ever changing market to preparing yourself mentally and intellectually. It takes hard work here as well, just like in any job, to earn money.
• Another misconception about trading in forex is that you need a huge amount of money to get into it. This myth has been going on for years now. But it is also far from the truth just like the other myths. You can start your journey into the world of forex trading with a small amount as well. It also depends upon the broker you choose to go to. There are many brokers out there who are always on the search for new clients. 

Some Intriguing Myths and Facts about Forex in Travelling

• There’s a belief among people that we can only get our currency exchange done only a month before we leave for our foreign tour.
  But according to the RBI, we can do our currency exchange 180 days before the date of our travel, given that the necessary documents we require for the process are in place.

• A scary myth about forex is that if you accidentally lose your forex card or if it gets damaged, then your money inside it will be lost. This is not true.
  When you get your forex card, you are provided with a free backup card to store your money safely.

• Another myth related to the previous one is that if you lose both your travel cards then you won’t get a new one or that it will be a headache for you to get a new one.
  If such an unfortunate thing does happen then Thomas Cook will provide you with a new travel forex card without charging you any money for it.

A few more forex facts about Thomas Cook’s travel card –

• You can set your own spending limits and maintain it according to your needs.
• There’s a secure authentication process for whenever you make an online transaction.
• Based on your location, Thomas Cook’s smart travel card determines the local currency automatically.

These were some myths and forex facts that exist in our travelling and trading world. There’s always something new to learn everyday. And finding trustworthy information can get a bit tedious. There are myriads of websites that showcase knowledge on just as many topics. With Thomas Cook, you can be at ease and surf through our detailed information on forex, travel, visas, currencies, tour packages and more.

Go ahead and check our website to learn something new today – https://www.thomascook.in/

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