The forex market is a big market in which millions of traders are performing trades. Many traders want to know interesting facts about the Forex market. so they can get more knowledge about this market.
We prepared a list of interesting facts about the Forex market. Here are some of them.
Forex is the world’s number one and largest market. Stock and index sizes are also very small when compared to Forex.The daily trade in Forex is more than $5 trillion. Many traders perform trading and invest huge amounts because of their size.
2) Market Open 24 Hours
Forex is a global market that works 5 days a week and is available 24 hours a day. So the trading hours are flexible for each type of trader. If you are a day trader, then you can work during the day. If you are a short-term trader, then you can work 24 hours a day.
The time of the market is according to New Zealand, which is the best time to trade. The market closes at 8 p.m. in the evening in the United States.In some countries, such as Shanghai, Malaysia, the forex market does not close and stays open from 5am Monday to 5am Saturday.
3) Low Transaction Costs
Forex does not take any type of commission but applies a spread, which is the cost of small transactions. In other markets, such as stocks, brokers take a commission for trading. The spread is also low with some brokers, which is as low as 0.01%. HotForex is the best broker to provide low cost transactions.
4) No-Cost Accounts and Tools
Many brokers offer a free account, which is a demo account that provides virtual funds and charting services. The main thing about a demo account is that it has virtual money and that the trade is performed at live prices of the currencies. So the traders can enhance their skills while working on virtual money.
5) Earn Money Both Ways
The Forex market provides profit to both, whether a trader is selling a currency or buying a currency. A trader can gain, providing it does not matter how volatile the Forex market is. There are different types of currency pairs, such as USD.JPY, EUR/USD, AUD/USD, and NZD/USD. Each pair is associated with the US dollar. As a result, the trader can sell or buy any currency and profit as much as he wants.
7) Internet Access
For Forex trading, two main things are required. First is a mobile phone or laptop and a strong internet connection. As technology advances, so does the trader’s ability to access the volatile market of Forex.
The Internet is easily available all over the world. This makes trading easier than before.Every person who wants to go on a financially successful road will find it easier and more robust to do so now that the forex market has matured.
These are some interesting facts about Forex. Forex is a huge market. Many traders gain a profit, whereas others face a loss. It depends on the skills and strategy of trading. It is important to know that you should only trade for the amount that you can lose.