The Foreign Exchange Market, also referred to as the 'FOREX 'or 'FX' market is the largest financial market in the world, with a daily average turnover of more than US$ 2 trillion. The FOREX market allows you to buy and sell currencies against each other and speculate on the differences in exchange rates.
The most commonly traded currencies are referred to as 'Majors'. Most of the daily transactions on FOREX trading involves the Major seven currencies that include the following; The US Dollar (USD), Japanese Yen (JPY), Euro (EUR), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD). There are two main reasons to buy and sell currencies. Some of the daily turnover stems from companies and governments that buy and sell products and services in a foreign country and who then need to convert foreign currency profits into their own domestic currency. Over three quarters of the daily trade stems from trading for profit, or speculation.
FOREX is truly 24-hours marketplace open to corporations, small businesses, commercial banks, investment funds and private individuals. Trading commences each day from Sydney Australia.
Thereafter, it moves around the globe in accordance with time zones as the business day begins in each financial center in the following order, Tokyo, London, and New York. In accordance with global time-zone differences, when it is Sunday 2.15pm in New York, trading begins in both Sydney and Singapore, progressing through to Tokyo at 7pm, London at 2am and trading reaches New York at 8am.
The FOREX structure, as it is in operation today was established in the 1970's when free currency exchange rates were introduced. This period also saw the US Dollar overtake the British Pound as the benchmark currency. Over the last three decades FOREX has become the largest financial market in the world.
Until recently, the FOREX market was not accessible to the average trader or individual speculator. FxPro offers traders the opportunity to trade in smaller sized transactions irrespective of volume including individual speculators and smaller companies. Trading rates and price movements remain the same as those for the larger players who once dominated the FOREX market. This policy allows any trader to take advantage of the many benefits offered by the FOREX market.
The most commonly traded currencies are referred to as 'Majors'. Most of the daily transactions on FOREX trading involves the Major seven currencies that include the following; The US Dollar (USD), Japanese Yen (JPY), Euro (EUR), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD). There are two main reasons to buy and sell currencies. Some of the daily turnover stems from companies and governments that buy and sell products and services in a foreign country and who then need to convert foreign currency profits into their own domestic currency. Over three quarters of the daily trade stems from trading for profit, or speculation.
FOREX is truly 24-hours marketplace open to corporations, small businesses, commercial banks, investment funds and private individuals. Trading commences each day from Sydney Australia.
Thereafter, it moves around the globe in accordance with time zones as the business day begins in each financial center in the following order, Tokyo, London, and New York. In accordance with global time-zone differences, when it is Sunday 2.15pm in New York, trading begins in both Sydney and Singapore, progressing through to Tokyo at 7pm, London at 2am and trading reaches New York at 8am.
The FOREX structure, as it is in operation today was established in the 1970's when free currency exchange rates were introduced. This period also saw the US Dollar overtake the British Pound as the benchmark currency. Over the last three decades FOREX has become the largest financial market in the world.
Until recently, the FOREX market was not accessible to the average trader or individual speculator. FxPro offers traders the opportunity to trade in smaller sized transactions irrespective of volume including individual speculators and smaller companies. Trading rates and price movements remain the same as those for the larger players who once dominated the FOREX market. This policy allows any trader to take advantage of the many benefits offered by the FOREX market.
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