ALL ABOUT FOREX TRADING
Forex, abbreviated as FX, is a word that describes the simultaneous selling or buying of currencies; it is an OTC (Over the Counter) Market transaction which operates 24 hours a day, 5days a week.
Forex Markets are the largest financial markets possessing a trading volume of about $3 trillion per day. Forex trading operations take place in all the major financial trading centers all over the world; thus, these trading operations tend to overlap into the different time zones globally.
Forex means the process of exchanging one currency for another
based on the market’s exchange rate with these currencies being sold
and purchased in pairs. For instance, for you to purchase Japanese
Yen you have to sell US dollars and as a result Forex currencies have
to be quoted in pairs for example GBP/USD, EUR/USD, or EUR/JPY.
Some currencies have more demand than others meaning that that
those with more demand trade more frequently and are referred to as
major currencies.
Some of the major currencies include the Swiss Franc, Japanese Yen,
British Pound, Australian Dollar, and US Dollar, whereas the less
frequently traded currencies are called minor currencies, these are
the currencies used in small developing countries, others refer to
them as exotic currencies. Currencies commonly used as investment
vehicles are confined into four pairs of currencies denoted by
USD/CHF, GBP/USD, USD/JPY, and EUR/USD.
amount ➡️ $ 33.24
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