The term ‘Forex’ stands for Foreign Exchange. Forex trading in simple terms is the trading in currencies from different countries against each other; for example the US Dollar against the Euro. Anyone who deals with a foreign country – be it a holiday there, or wanting to purchase something from that country or pay for a service, generally requires the currency of that country to do so. For example, to pay for your college fees at Dubai, I need to make the payments in UAE Dhirams as Indian Rupee .. Blog
Exchange rates tell you how much your currency is worth in a foreign currency. Think of it as the price being charged to purchase that currency. For example, in April 2020, 1 euro was equal to $1.2335 U.S. dollars, and $1 U.S. dollar was equal to 0.81 euros.1 Foreign exchange traders decide the exchange rate for most currencies. They trade the currencies 24 hours a day, seven days a week. As of 2019, this market trades $6.6 trillion a day.Hospital Fee Payment in Trichy
Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the euro. Foreign exchange transactions can take place on the foreign exchange market, also known as the forex market.The forex market is the largest, most liquid market in the world, with trillions of dollars changing hands every day. There is no centralized location. Rather, the forex market is an electronic network of banks, brokers, institutions, and individual traders (mostly trading through brokers or banks).
Foreign exchange (Forex or FX) is the conversion of one currency into another at a specific rate known as the foreign exchange rate. The conversion rates for almost all currencies are constantly floating as they are driven by the market forces of supply and demand. The most traded currencies in the world are the United States dollar, Euro, Japanese yen, British pound, and Australian dollar. The US dollar remains the key currency, accounting for more than 87% of total daily value traded.
The forex market major trading centers are located in major financial hubs around the world, including New York, London, Frankfurt, Tokyo, Hong Kong, and Sydney. Due to this reason, foreign exchange transactions are executed 24 hours, five days a week (except weekends). Despite the decentralized nature of forex markets, the exchange rates offered in the market are the same among its participants, as arbitrage opportunities can arise otherwise. more details
