The foreign exchange market (FOREX) can also be referred to as Retail forex or Spot FX and is the largest financial market in the world. Unlike other financial market like the New York Stock Exchange, the Forex spot market has neither a physical location nor a central exchange.
• Foreign Exchange Rate:
The foreign exchange rate of a country's currency versus other currencies is a reflection of the condition of that country’s economy, compared to the other countries’ economies.
• What is Spot Market?
A Spot Market is any market that deals in the currency price of a financial instrument.
• Forex Currency Symbols:
Forex currency symbols are always in three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country currency (e.g. USD: United States Dollar)
• When to Trade Forex:
Foreign exchange markets follow the sun around the world, so you can trade anytime, during the day, evening, late at night or in the morning.
Time Zone
|
New York
|
GMT
|
Tokyo Open
|
7:00 pm
|
0:00
|
Tokyo Close
|
4:00am
|
9:00
|
London Open
|
3:00am
|
8:00
|
London Close
|
12:00pm
|
17:00
|
New York Open
|
8:00am
|
13:00
|
New York Close
|
5:00pm
|
22:00
|
• The Forex Market (OTC):
Forex market is considered an on the Counter (OTC) or ‘Interbank’ market, due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period.
• Why Trade Foreign Currency?
• High Liquidity
• 24-Hour Market
• Trade Anytime
• Trade Anywhere
• No Middle men
• Trading Lots with Options
• Low Transaction Costs
• Mini and Micro Trading for Beginners and Pro alike.
• Leverage Trading (i.e using a small margin to control large funds)
• Free Demo Accounts for Beginners
• News, Charts and Analysis for Smart Traders.
Also Read the Following Articles:
▶ Forex Guidelines for Beginners...
▶ Forex Business for Starters...
▶ Forex Trading Terminologies...
▶ Forex Technical Analysis and Tools...
▶ High and Low Spreads in Forex Trading...
▶ Orders and Positions in Forex Market...
▶ Margins, Profits and Losses in Forex...
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