Forex Trading in simplest terms
FOREX or The Foreign exchange market is an international market where various currency exchange transactions take place; this is in the shape of simultaneously buying one currency and selling another. The most commonly traded currencies are referred to as “Majors”; as over 85% of daily transactions on Forex trading involve the Majors. These currencies are the US Currency (Dollar, USD), British Pound (GBP),Japanese Yen (JPY), Euro (EUR), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD).
Forex trading in the simplest terms is the buying of one currency and the selling of another. Forex trading, also referred to, as “FX” is open to private individuals, corporations, small businesses, commercial banks and investment funds. it is the largest financial market in the world having a daily turnover of over $4 trillion dollars.
Forex is a 24-hour market which enables it to accommodate constant changes in the world currency exchange rates . According to New York time, trading begins at 2.15pm on Sunday in Sydney and Singapore and progresses through to Tokyo at 7pm, London at 2am and reaches New York at 8am.
The Forex market is unique to any other market in the world; trading 24-hours a day. Somewhere around the world a financial center is open for business and banks and other institutions exchange currencies every hour of the day and night, only stopping briefly on the weekend. Foreign exchange markets follow the sun around the world, giving traders the flexibility of determining their trading day and the ability to take advantage of global economic events.
The spread is the difference between the price that you can sell currency at ( Bid) and the price you can buy currency at ( Ask). The spread on majors is usually 3 pips under normal market conditions eg; EURO/USD
Forex Account Opening
Opening a live trading account or Forex Account through a broker enables private individuals, corporations, small businesses, commercial banks or an investment funds Manager to have full access to the Forex Market which InstaForex does. InstaForex trading conditions has been rated among the best in the world as it enables traders to have access to 107 currency instruments,88 CFDs on US stocks, gold, silver and CFDs on futures.
InstaForex broker account opening is absolutely free – Click here to Open Trading Account
InstaForex Nigeria minimum account deposit is $1 – Click here to fund your account in Naira
InstaForex Broker also offers the following which makes it the best in the world;
High-quality technical and consultancy support
Forex Calendar SMS news notification for clients in Nigeria
Instant automated processing of all deals
Trading leverage from 1:1 to 1:1,000
Unlimited deposit amount
Cent accounts available
Instant account Funding
Access to swap-free accounts
Visit our Website on www.instaforex.com.ng for more enquiries or call 0813 345 0038