Most of us have already tried currency Forex trading. Have you traveled? Then you probably have to trade your money for another currency.
If you have not changed your money at home, you do so often at an ATM abroad, and the screen displays your exchange rate.
What Is Forex Trading?
You find that if you take out 800 euros, it will cost you $ 1000. You press the “Accept” and then you made a transaction in the foreign exchange market, or the Forex market as it is called.
The purpose of currency trading is not to switch from one currency to another, but to make money on changes in exchange rates.
The Forex trade market is the world’s biggest monetary market. Indeed, even the biggest securities exchanges on the planet are little in correlation.
- Every day 20 trillion dollars is traded on the foreign exchange market.
- 20 trillion daily turnovers in the foreign exchange market
- 440 billion daily on the New York Stock Exchange (NYSE)
- 42 billion daily on the London Stock Exchange
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As you can see from the numbers above, the largest stock markets in the world are far from the daily trading volume in the foreign exchange market. Although all stock markets in the world combined are less than the foreign exchange market!
A good way to get an idea of what Forex trading is all about is simply to create a foreign currency account with an online broker offering to trade.
Plus500 gives you the opportunity to try trading. New customers are also eligible to try out 50 dollars for free trade.
Even if you know little or nothing about forex trading, it is free and a risk-free demo account is a good way to start. Why? A demo account is a risk-free tool so you can try the currency market for forex trading.
Stock, Stock and Stock was the only thing that kept going through my mind the whole time, I started learning it, and in little or no time, I learnt a lot. I decided to focus less on my 9 to 5 job and ended up making this blog. I turned my passion for Stock investment into my work, and I am glad I took that step to change my life for the better and excitement 😉
