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Introduction to Forex – Chapter I. - What is Forex?

Tuesday, Dec 16 2014
Introduction to Forex – Chapter I. - What is Forex?

The most important question, if you have just entered into Forex world is what is Forex and what are its benefits.  Forex stands for foreign exchange market, that  is, the "place" where currencies are traded.  Whether you realized it or not currency exchange takes central part when conducting any trade or business in today's global market.  Thus, it does not come as a surprise that the forex market is the largest, most liquid financial market in the world. An average traded value in forex markets is U.S. $2,000 billion per day. Of course this traded volume changes frequently going all the way to U.S. $4.9 trillion per day as reported by Bank for International Settlements (BIS) in August 2012.   
 


What are the benefits of Forex markets? The main thing is that there is no central marketplace for foreign exchange. Currency trading is conducted electronically over-the-counter (OTC), which means that all transactions occur via computer networks between traders around the world, without one centralized marketplace. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone. So, week opens at 11 pm CET in Tokyo and Hong Kong and closes on Friday 11 pm CET in New York.  
 
In the next Chapter, we will introduce future Forex traders with basic terms such as Leverage and Pricing  

Last modified on Saturday, 01 April 2017
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