Foreign Exchange trading, also known as Forex or FX trading, has gained enormous popularity in recent years among layman individuals due to the growth of online brokers and the technological development of online trading platforms. With high liquidity, non-stop opening hours 5 days a week, and great opportunities, it is no wonder that the forex market is the world’s most traded market with a daily trading volume of $5 trillion USD.
When trading Forex, you are buying one currency by using another. Therefore, the FX trader is trading currency pairs and not each currency individually. Take for example the EURUSD, when buying the pair – it means you are buying EUR using (selling) USD. When selling the pair – it means you are buying USD using (selling) EUR.
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The Foreign Exchange market or Forex (FX) is a global decentralized financial market where the worlds fiat currencies are traded. The forex market is the largest, most liquid financial market in the world. In 2019, the daily FX volume reached USD $5.3 Trillion daily average, according to data from the Bank for International Settlements (BIS). Forex traders make basic purchases and sales transactions to take positions on currency pairs. The foreign exchange market is open 24-hours a day on weekdays and forex trading takes place on many different exchanges across the world.
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