Forex assists international trade and investment with currency conversion. Forex is a market in which participants are able to buy, sell and exchange on currencies.Forex includes various banks, commercial companies, central banks and retail forex brokers and investors.

Forex is one of the largest markets in the world. The main trading center of the Forex is London. New York, Tokyo, Hong Kong and Singapore are also considered as the important trading centers of the Forex.The main and primary function of Forex is to convert money of the one country into the money of another country.

Foreign Exchange Market can be divided into two categories of market: -

  • Retail Market: -In the retail foreign exchange market mainly small legal transactions are done.
  • Wholesale Market: -In the wholesale market large foreign transactions take place. The participants or dealer includes in the wholesale market are highly professional.

Useful Terms Of Forex

  • Exchange Rate:- A rate at which currency of one country will be exchanged for the rate of another currency. Exchange rate mainly is divided into two types fixed exchange rate and floating exchange rate.
  • Forex Trading:- Forex trading is basically the buying and selling of international currency.
  • Bid:- Bid is the price of demand or the price you sell.
  • Commission:- Commission refers to the commission of brokers who do operation handling.
  • Aussie:- Forex name for the Australian dollar.
  • Broker:- Brokerr serves as the middleman between retail traders and commercial institutes.
  • Gap:- A gap is the difference between the previous period's close price and the next period's open price.
  • GDP:- GDP is gross domestic product it is the measure of national income and output for the country's economy.
  • Margin Account:- Margin account is the account which is used to hold deposited money of the investor for trading.
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