WHAT IS FOREX?
Forex, or foreign exchange, can be explained as a network of buyers and sellers, who transfer currency between each other at an agreed price. It is the means by which individuals, companies and central banks convert one currency into another – if you have ever travelled abroad, then it is likely you have made a forex transaction.
While a lot of foreign exchange is done for practical purposes, the vast majority of currency conversion is undertaken with the aim of earning a profit. The amount of currency converted every day can make price movements of some currencies extremely volatile. It is this volatility that can make forex so attractive to traders: bringing about a greater chance of high profits, while also increasing the risk.
Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers.
- The foreign exchange market, which is usually known as “Forex" or "FX," is the largest financial market in the world
- Forex or Foreign Exchange is a process of simultaneous buying of one currency on another
- Different exchange rates for different currencies
- Currencies are traded in pairs
- This market has more buyers and sellers than any other market in the world since the volume here is very high
- The largest stock market in the world, the New York Stock Exchange (NYSE), trades a volume of about $22.4 billion each day.
- The currency market is over 53 times BIGGER! It is HUGE!
- That huge $ 5.0 trillion number covers the entire global foreign exchange market, BUT retail traders (that's us) trade the spot market and that's about $ 1.49 trillion.
Benefits Of Forex Trading
You can avail numerous benefits from Forex trading. Forex trading or foreign exchange can be described as the biggest liquid market, and you can enjoy seamless business opportunities.You can get the highest value while trading Forex and it is absolutely reliable. Security and financial strength is another advantage of Forex trading. It is the largest decentralized global market, and you can make the highest profit here.
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