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The Forex market is a foreign exchange market where currency pairs such as EUR/USD or GBP/USD are traded. Forex is a global trading platform from where everyone can benefit. The market itself is so influential that it determines the exchange rate of currencies around the world. Forex traders buy, sell and exchange currency pairs. This is the key principle of interaction in the market.
The Forex market is a foreign exchange market, and currencies, unlike most other market assets, are economic instruments, as they are economic indicators. Basically, if countries were companies, currencies would be their shares.
The forex market does not include physical currency exchange. All trades exist simply as computer records and are deducted based on the market price. For currency pairs in which there is a dollar, all profit or loss is calculated in dollars.
The market exists because companies constantly trade currencies (for example, for payroll, payment for goods and services from foreign suppliers, and mergers and acquisitions). However, these day-to-day corporate needs represent a small part of the functioning of the market. Most market participants speculate in the currency for their own purposes and, when necessary, express their opinion on the economic and geopolitical events of the day.
When you trade Forex, you quickly realize that you will need tools to trade. They will allow you to analyze the market and make a choice of deals that suits you. The best trading tools can also influence your strategy and profits.
Take advantage of the analytical tools provided on the OrbitGTM platform. On the platform, you can set up trading strategies, news feeds, charts, and automated trading.
When trading currency pairs, you can choose the type of pair you would like to speculate the most. According to the standard, currency pairs are divided into three groups:
Major pairs account for 75% of all Forex transactions. They are the most traded because they have the most buyers and sellers.
Euro and US dollar: EUR/USD. US dollar and Japanese yen: USD/JPY. British Pound Sterling and US Dollar: GBP/USD. US dollar and Swiss franc: USD/CHF.
Minor pairs are those that do not include the US dollar. They are also known as cross currency pairs. The most-traded ones are the British pound, euro, and yen.
Euro and British Pound: EUR/GBP. Euro and Japanese yen: EUR/JPY. British Pound and Canadian Dollar: GBP/CAD. New Zealand dollar and Japanese yen: NZD/JPY.
Exotic pairs are made up of the main currency and the currency of an emerging economy (such as Turkey or Brazil).
Euro and Turkish Lira: EUR/TRY. Japanese yen and Norwegian krone: JPY/NOK. Australian dollar and Mexican peso: AUD/MXN.
This is a small step for you, by a giant leap to your financial future with OrbitGTM.