What is Forex?
Forex which is known as “Foreign Exchange” or “FX” and it’s one of the largest financial market with more than 3 trillion Dollars traded every day where you trade one currency for another by selling this currency or buying it.
This market is conducted in pairs, the traders always trade one currency against another one, the major currencies are EUR/USD, USD/JPY, USD/CHF, GBP/USD, AUD/USD, NZD/USD.
Unlike Stocks, futures or options, currency trading doesn’t take place on a regulated exchange; it’s not controlled by any central governing body.
Why you should trade Forex
- Forex is up 24 hours/5 days a week, which never sleeps
- You can choose short or long deals which is not available to you if you’re trading in stocks.
- Your cost is lower; you can start with the amount you feel it’s good to start with; you don’t have to start with a huge balance.
- Up to 1:400 leverage
- International market, that you can expect the movement of the currency based on the market news and financial market updates.
- The ability to trade on 6 major couple currencies, and more than 30 minor currencies.