If your answer for the above question is yes! You are at the right place
Foreign Exchange, Commonly Known As ‘Forex’ Or ‘FX’, Is The Exchange Of One Currency For Another At An Agreed Exchange Price On The Over-The-Counter (OTC) Market. Forex Is The World’s Most Traded Market, With An Average Turnover In Excess Of US$5.3 Trillion Per Day
24-Hour Forex Trading
One of the key elements behind forex’s popularity is the fact that forex markets are open 24-hours a day from Sunday evening through to Friday night
Foreign exchange is a leveraged (or margined) product, which means that you are only required to deposit a small percentage of the full value of your position to place a forex trade.
All forex is quoted in terms of one currency versus another. Each currency pair has a ‘base’ currency and a ‘counter’ currency. The base currency is the currency on the left of the currency pair and the counter currency is on the right.
Pips (Percentage in Points)
Pip stands for Percentage in Points. Most of our currency pairs are quoted to 5 decimal places with the change from the 4th decimal place (0.0001) in price commonly referred to as a ‘pip'
The difference in the BID/ASK of the currency pairs is referred to as the 'spread'. An example would be EUR/USD dealing at 1.33800/1.33808
What affects forex prices
- Political and economic stability
- Monetary Policy
- Currency intervention
- Natural disasters (earthquakes, tsunamis etc)