However, Forex trading is different from exchanging money at the Foreign Exchange outlets.
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I would definitely recommend to anyone who needs forex. There is much more to Forex trading than just exchanging one currency for another.
However, Forex trading is different from exchanging money at the Foreign Exchange outlets. There is much more to Forex trading than just exchanging one currency for another. The two currencies that have the highest trading volume on the Forex market are the US Dollar and the Euro — but, other currencies are traded as well.
Unlike the stock market or the futures market, where my broker offers me a leverage of 2: Now, a leverage of The price of any currency is always versus anther currency — for example the US Dollar versus the Euro.
So buying and selling a currency pair is based on whether you think the base currency will appreciate or depreciate against the counter currency. One interesting aspect — you will find most currency pairs quoted to 5 decimal points.
Now, obviously, you do not deal in such small denominations when using money to buy something. That roughly covers the basics of Forex terms that are used in the market.
Actually, there are three ways in which individuals, corporate and institutions trade Forex — the spot market, the forwards market and the futures market.
The spot market witnesses the largest quantum of trades — that is because both the futures and forward markets are based on the underlying real asset i.
However, this was not always the case. The futures market was more favored in the past because it was available for a longer period of time for individual investors. But, now with electronic trading, the spot market surpasses all others. However, companies and institutions prefer the futures and forward markets more than individual investors, as they need to hedge their foreign exchange risks. Oh, sorry, I need to tell you the difference between spot, forward and future trades.
The spot market is where I buy or sell currencies according to the current price — which is determined by the demand and supply for that particular currency. The biggest difference between the spot and the forward and futures trade is that while the spot trade deals in actual currencies, the future and forwards trade do not. The futures contracts have specific details, such as, settlement and delivery dates, number of units, minimum price increments etc. These are traded on public commodities markets with the exchange acting as a counterpart to the trader, i.
Actually, when you asked me to tell you about Forex, I was going to suggest that you go through the site yourself. Not only does the site contain basic information for those who have absolutely no idea or knowledge about Forex and Forex trading, it also features detailed information on Forex trading, knowledge and information based articles, news from the Forex, Equity and Commodity markets, information and links to brokers, analysis of the various markets and financial news from around the world.
After spending a few weeks reading all I could about Forex trading, I signed up with a broker from their list and opened a Demo trading account. This actually helped me a lot, allowing me to practice Forex trading without any risk.
I selected selected a vendor who would do door delivery. Got a quote instantly and the currency delivered in few hours. Will highly recommend this service. The rates are undoubtedly the best in market and the process is absolutely hassle free. I would definitely recommend to anyone who needs forex. Best exchange rates and good back up support.
Overall, an awesome experience. One hundred percent recommended. Hope to deal with them again. The biggest challenge was to find a place nearby that would do it hassle-free at a reasonable price. Extravelmoney helped a great deal with that.
Awesome service and very very fast response. Register Register online and let us know your foreign exchange requirements.
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