Forex – See the Basics of Currencies, Foreign currency and Forex currency trading
Perhaps you have traveled or done business overseas you’ve probably done a currency exchange previously. Did you know you’ll have your own foreign currency bank a/c and alter your cash online at rates superior to your bank will give you ?
Have a look at teach you the best way to target an exchange rate on your foreign exchange like a professional Forex trader, so that you can obtain the best possible rate, so we take you through all the basics you must know about currencies and dealer quotes.
When you initially begin to cope with foreign currency a few of the terminology might be confusing, not to mention the way it all works, why don’t we try to make it much clearer.
A currency is only the kind of money that is accepted as legal tender in almost any particular country. E.g. in the us it does not take US Dollar, in england it does not take Great British Pound, and in the 16 countries from the Euro Zone (e.g. France, Germany, Italy, Spain etc) it is the Euro.
Many of these currencies are “floating” against each other within the international money markets and definately will fall and rise in value when compared with one another, usually on account of events in international business.
Running a business terminology foreign currency is called Forex or FX in short. Inside the foreign exchange markets each currency is well known by the unique 3 letter abbreviation. People that you may well see usually will be the following;
USD United States Dollar
GBP Great British Pound
JPY Japanese Yen
CAD Canadian Dollar
AUD Australian Dollar
CHF Swiss Franc
SGD Singapore Dollar
NZD Nz Dollar
ZAR South African Rand
Foreign currency rates (Changing money from currency into another)
To start out to know how forex trading minute rates are quoted along with what they mean, let’s start with taking a look at a foreign currency exchange transaction you will likely have done during your health.
When you conduct a foreign exchange transaction (e.g. sending money on your folks at home) the dealership you conduct the transaction through will show the need for one currency against another expressed being a BUY rate inside a currency pair.