This week I started a new way of passive income:  FOREX trading!

In short with Forex trading you can earn money by the differences on currency exchanges. I am not an expert in this, and certainly do not have the time to track these exchanges. Fortunately I have some friends, that I met within my crypto network, that do have this knowledge. They have set up some trading bots with good results. The money is safe within a 12 year existing broker (Roboforex). All I needed to do was to subscribe to one of their bots and the bot trades are "copied" for me. How about that for a passive way of income!

So how did I start? Well the steps are easy and explained here.

Note: No financial advice of course and the blog contains some affiliated links. If you use them, I will get some commissions for them. It would be nice for all the work I put in :-)

High level steps

The high level steps are (the detailed steps are explained below in case needed):

1. Create an account on Roboforex
2. Go through verification process
3. Open a trading account (this is where the trading bot will be connected to)
   
4. Deposit money to the account 
5. Goto trading bot page and subscribe
6. The bot is trading and starts earning, results can always be viewed here

Detailed Steps

1 - Create account

• Goto the Roboforex site
• Sign In (if you already have an account) or Open Account (when you do not have an account yet)
  
  
• Fill in all the fields and also click "I have the Partner's code" and enter uqbl as the referral code. And click Register
  

2 - Verification

You need to go through a KYC (know your customer) verification process in order to be able to deposit crypto currencies to your trading account and also to be able to withdraw.
There is a ID or Passport verification and an address verification.

Follow the steps in the Menu verification.

2 - Verification

You need to go through a KYC (know your customer) verification process in order to be able to deposit crypto currencies to your trading account and also to be able to withdraw.
There is a ID or Passport verification and an address verification.

Follow the steps in the Menu verification.

3 - Open trading account

Now that you are verified, you can create a trading account.

Note: For each tradingbot or subscriber you need a separate trading account. So in case you want to follow 2 different traders and copy their transactions, you need to have 2 trading accounts. For now I created only 1 account.

• Goto Accounts - Real account

Note! 



1) Select a Trading Platform, MetaTrader 4
2) Select Account Type. 
Note: Dependent on the Bot you want to subscribe to, you have to select the correct Account Type!
(see Step 5) For example for the DLXGainz bot trader you need the MT4 ProCent account type!
3) Select Leverage.
Note: This is also dependent on the Bot you subscribe to (see step 5). Afterwards you can also change the Leverage (MyAccounts - select account - click on '?' at leverage field)
4) Enter a password

Now you have to deposit some money to this account.

4 - Deposit money to the account

There are a couple of ways to deposit money:

• By bank account (see 4 figure below)
• Credit Card (see 2 figure below)
• Crypto (see 3 figure below)

The credit card and crypto options are the cheapest ones and need verification.

Notes:

• There are more crypto electronic payments possible but I did not finish my verification yet
• You have to choose the correct Trading account (see 1)

5 - Select a trading bot

When you goto Investments, you are able to choose a Trader.


I have selected the DLXGainz trader.
When you have selected a Trader, you click "Subscribe to Trader".

Notes:

• The Strategy of the Trader can be used to decide which bot to select.
• There is a minimum amount of money you need to have on your trading account!
• Other good bots from that same Trader:

DLXGainz Bots (commission: 30% of profit each week, Account Type: MT4 ProCent)
Forex Beginner - profit 0-2% daily - drawdown ~20%, min investment: $200 
Babyscalper      - profit 3-6% daily - drawdown ~6%, min investment: $200 
XAU Scalper      - profit 5-15% daily - drawdown ~11%, min investment $500
Xtreme               - profit 10-20% daily - drawdown ~3%, min investment $1000 

Also note the Leverage field because this should be used when creating the Trading Account (step 3)

6 - Track your earnings

When you goto Accounts and Account history, you will see all the transactions made by the trading bot in a certain time window.

7 - Withdraw earnings

In case you want to withdraw some earnings you can withdraw some funds:

• Select the trading account of which you want to withdraw some funds
  (Accounts - My Accounts - Select the Trading Account)
• Goto Funds - Withdraw Funds

• Select your bank withdraw option

Notes:

• It may take up to 10 business days
• The current funds withdrawal request will be fulfilled with the commission. However, you can withdraw funds without any commissions on the first and the third Tuesday of each calendar month!

DISCLAIMER

As always this is not financial advice. Also Forex trading is very risky! Also be aware that the yield mentioned are indications only! There can and will be days when the profits are lower (and maybe even negative)


I am very happy with my first day earning: a profit of $18 already, which is 5.91% in one day!

I will keep you updated !