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What Is the Forex
Market?
The foreign exchange market is where currencies are
traded. Currencies are important to most people around the world, whether they
realize it or not, because currencies need to be exchanged in order to conduct
foreign trade and business. If you are living in the U.S. and want to buy
cheese from France, either you or the company that you buy the cheese from has
to pay the French for the cheese in euros (EUR). This means that the U.S.
importer would have to exchange the equivalent value of U.S. dollars (USD) into
euros. The same goes for traveling.
A French tourist in Egypt can't pay in
euros to see the pyramids because it's not the locally accepted currency. As
such, the tourist has to exchange the euros for the local currency, in this
case the Egyptian pound, at the current exchange rate.
One unique aspect of this international market is that
there is no central marketplace for foreign exchange. Rather, currency trading
is conducted electronically over-the-counter (OTC), which means that all
transactions occur via computer networks between traders around the world,
rather than on one centralized exchange. 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. This means that when
the trading day in the U.S. ends, the forex market begins anew in Tokyo and
Hong Kong. As such, the forex market can be extremely active any time of the
day, with price quotes changing constantly.
A Brief History of Forex
Unlike stock markets, which can trace their roots back centuries,
the forex market as we understand it today is a truly new market. Of course, in
its most basic sense—that of people converting one currency to another for
financial advantage—forex has been around since nations began minting
currencies. But the modern forex markets are a modern invention. After the
accord at Bretton Woods in
1971, more major currencies were allowed to float freely against one another.
The values of individual currencies vary, which has given rise to the need for
foreign exchange services and trading.
Commercial and investment banks conduct most of the
trading in the forex markets on behalf of their clients, but there are
also speculative opportunities for trading one currency
against another for professional and individual investors.
How Could I start Trading This
Market?
To start trading Forex Market,
You can join our Premium VIP Forex Trading Group for Telegram. In the group,
the admin will assist you to create your account and how you can start trading.
For More Information, Contact Us
on: WhatsApp~+255717097550
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Clients Testemonies
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THE MANAGER
Telegram:@Eamon_xander
CHIEF ADMIN
Telegram:@Eddymataji
Online Registration Link To Full Intensive Online Training Forex Trading Class
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