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What is Forex?

What is Forex?

Forex is shorthand for foreign exchange it’s an internal term used to describe the buying and selling of international currencies and their derivatives.
 
Much of this, the kind with which you’ll likely have the most personal experience, is practical. International transactions between businesses and consumers, or private individuals exchanging money for overseas travel, are common examples of practical Forex.

Majority of transactions are made by Forex traders who buy and sell strategically to turn a profit. The Forex market is the biggest and most liquid market in the world, with over $6.5 trillion exchanged every single day. 

HOW DOES FOREX TRADING WORK?

The Forex market is open 24 hours a day Monday to Friday. It is completely decentralized with lots of banks, investment firms, and brokers offering access to the market. Investors buy and sell currencies in relation to one another. These are called pairs. For instance, USD and EUR (US dollars and euros) are the most commonly traded pair in the world. 
Instead of physically exchanging the currencies, however, investors pay for a position on a currency. Ideally, the currency they buy will strengthen by the end of the day. Or if they’re selling it, the currency against which they’re selling will weaken. Either way, investors make their profits on the difference. Movements in the market are driven by economic growth, interest rate differentials and good old-fashioned speculation.

BENEFITS OF FOREX TRADING

  • 24-hour market
  • Free education to become a successful FX trader
  • All trading styles work
  • Cost of trading is low with no commissions
  • Range of risk management tools
  • Leverage
  • Profit from going ‘long’ or ‘short’ 
  • Highly liquid market

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No matter your level of experience in the markets, our wide range of educational resources can help you build and improve your trading skills