Forex market is an online exchange instrument for exchanging currencies. In a more simplified way it is exchange of one currency for another. Currencies are traded in the form of exchange pairs in forex market. FX market is volatile and keeps fluctuating which gives multiple ideas and opportunities to traders to trade from any place and time. A country’s economic condition too plays a vital role in fluctuation of currencies which in return affects the demand and supply ratio.
For e.g.: EUR/USD in this pair first currency is the base currency and the second is exchange/quote/term currency. EUR/USD=1.11700 currency pair. That means you will have to pay 1.11 US dollar for 1 euro. FOREX or Foreign Exchange market trading can be done by everyone who is well aware of trading process. We at xDirect Markets provide Forex trading to private and commercial clients. Our major currency trading pairs are listed below:
Forex market, where the exchange of currencies is done globally to gain profits and good returns, has an estimated volume of $5.3 trillion daily trading. Also, Forex is an Over the Counter (OTC) market and has no central exchange. Above all, Forex is a compelling, alluring and the most preferred platform for trading currencies.
Forex market, being gigantic in nature, eventually makes other markets look dwarf in front of it. There are various benefits of Forex trading,
The Forex market never sleeps making it the most viable and effective trading platform for traders around the world. It functions continuously for 24 hours and 5 days a week except on weekends which makes it an advantageous for traders as they can now trade from anywhere at any time.
It’s the little things that make life big. And this quote goes hand in hand with “Leverage”. Leverage is when you keep making short profits on daily movements and with minimum risk capital. For e.g. we at xDirect Markets offer leverage 400:1 which means for every $1 dollar in your account, you can trade it $400 times. Great isn’t it?
xDirect Markets execute the transactions using electronic exchange devices. Hence, there is no third party or person involved while trading in Forex with us.
Forex market is the most liquid market due to active participation of traders and investors which leads to exchange of currencies on heavy volumes and at high levels.
Well, at Forex trading you get to choose among the option of either buying the currencies or shortening the currencies.
Forex trading is as transparent as glass so that you don’t keep paying unnecessarily. For e.g.: Zero government fees, zero clearance fees.
The multiple investors and speculators make the Forex market so huge that no single body or individual institution can regulate the market. Not even the Central bank.
xDirect Markets makes your Forex trading an efficient and most easiest experience you may ever have. Try using xDirect Markets complementary Demo Account to know the basic concepts of Forex trading, to find out which Forex strategies work more efficiently than the rest and learn how to trade from our skilled and experienced professionals.
Below are the list of benefits you will receive when you start trading with xDirect Markets.
Forex is the acronym of Foreign Exchange where trading of currencies takes place on large platforms in order to boost foreign trade and business. This market is the most liquefied financial market infused with large number of investors and speculators. The size of other markets is elflike as compared to Forex. Major reason for Forex market to be such a gigantic is the necessity in trade currencies. This market is full of activities with an average turnover of US $5.3 trillion per day.
Currencies are always traded in pairs, i.e., instantaneously buying of one currency and selling of another. These are always quoted in pairs such as Euro/US Dollar, US Dollar/Japanese Yen, Great British Pound/US Dollar, and US Dollar/Canadian Dollar. Trading of currencies is done globally where the chief financial centers are Frankfurt, Zurich, Tokyo, Hong Kong, Singapore, Paris, London, New York and Sydney.
Forex market is awake 24 hours a day and five and a half days a week. It is essential to know about the trading hours as per the country. This market is an ongoing circle with one market opening and another closing around the globe. Due to the variations in trading hours, people living at opposite poles can easily chip in themselves for trading.
The Forex market is fundamentally risky. One can start trading at $500. With the increase in leverage, the chance of risks also increases.
There is nothing as such a central location of Forex market. As the market is open for 24 hours a day trading is done globally from diverse platforms around the world. They aren’t traded on exchange but through OTC (Over the Counter) market between two arbitrators with no third party involvement.