Measuring the Risks of Trading with Virtual Currencies An Analytical Study of the Forex Markets
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Abstract
The research sought to identify virtual currencies, their nature and evolution, how to issue them, and to identify the mechanism of trading and investing in virtual currencies in the forex markets. The main question of the research problem, was what are the risks of trading in virtual currencies and what are the returns that investors get in these currencies? The research included two hypotheses, the first: There is a significant correlation between the returns and risks of portfolios composed of virtual currencies. As for the second hypothesis: there are differences in the impact of each of the virtual currencies on the returns and risks of the investment portfolio composed of these currencies. As for the analytical side, we tested the relationship between the study variables by using the Sharpe ratio to identify the degree of risk of trading in virtual currencies in the forex market in question, by analyzing data (daily) from indicators or financial analysis windows in the forex markets. The research reached several conclusions, the most important of which is that the results the high volatility due to speculation makes these currencies vulnerable to exploitation, which creates technical problems and fears for dealers. Buying at a low value and then reselling them when their prices are stable always works to restore balance to the currency market, of the Sharp index have the highest percentage for the Zcash currency, which means that the performance of the portfolio is excellent and has almost zero risk, high returns and the lowest ratio for Bitcoin, that is, the performance of the portfolio was good, with medium risk and an acceptable return. The result indicates the accuracy of the Sharp index in measuring the risks of the investment portfolio, as well as the portfolios that include the currencies under study are good and excellent according to the analysis through the profit margin dimension, trading volume and the rate of returns achieved, and it is possible to bring returns that satisfy investors with different rates and acceptable risks.
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