WHAT IS FOREX

Forex (foreign exchange market or currency market) is a young and developing market of currency exchange, whose daily turnover exceeds all the financial markets of the world. According to the Bank for International Settlements, daily turnover reached the level of 6 trillion USD in 2017, compared with the daily turnover of American stock exchanges, which is "only" 300 billion USD.

The market of currency exchange started its history in 1971, from the moment of gold standard cancellation. The 37th president of America, Richard Nixon, was the initiator. Because of the cancellation of gold standard, the system of stable currency rates was destroyed. As a result of the Smithsonian agreement in December 1971, constant currency fluctuations within 4.5% (against USD) were permitted (within 9% for currency pairs that do not contain USD). The decision on principles of a new currency system was made in Kingston (Jamaica) only on January 8, 1976. All the participants-members of IMF refused to set the official price for gold and limits on changes in the currency rates. The development of the currency market starts from this decision.

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Discover the currency markets for yourself today by simply opening up an account with us, or contact us for further information.

HOW DO I TRADE ?

Basically, you open a buy order if you expect the price to go up and open a sell order when you expect the price to go down. That means that you buy a certain amount at a lower price now, in order to sell it back at a higher price later and gain profit from the price difference and vice versa.