In very simple, If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting. When you do this, you’ve participated in the forex market! You’ve exchanged one currency for another.
In other ways, In a forex trade, you buy one currency while simultaneously selling another - that is, you're exchanging the sold currency for the one you're buying.
The foreign exchange market, which is known as “forex” or “FX,” is the largest financial market in the world. Compared to the measly $22.4 billion per day volume of the New York Stock Exchange (NYSE), the foreign exchange market looks absolutely ginormous with its $5.3 TRILLION a day trade volume.
One unique aspect of this international market is that there is no central marketplace for foreign exchange.The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone. This means that when the trading day in the U.S. ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly.
In other ways, In a forex trade, you buy one currency while simultaneously selling another - that is, you're exchanging the sold currency for the one you're buying.
The foreign exchange market, which is known as “forex” or “FX,” is the largest financial market in the world. Compared to the measly $22.4 billion per day volume of the New York Stock Exchange (NYSE), the foreign exchange market looks absolutely ginormous with its $5.3 TRILLION a day trade volume.
One unique aspect of this international market is that there is no central marketplace for foreign exchange.The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone. This means that when the trading day in the U.S. ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly.
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