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Forex is a market where currency is exchanged. Its name comes from two English words: Foreign (foreign) and Exchange – exchange. Forex was created specifically to exchange one currency for another, for example, rubles for dollars, dollars for euros, euros for Japanese yen, and so on.
Distinctive features of the Forex market
The object of trade is currency
When you listen to the news, they always say: "The dollar exchange rate is ... rubles, ... kopecks. The US currency has fallen in price by ... kopecks." When a few hours pass and a new program is released, there is already a different exchange rate of the US currency and again it is reported how much the value differs from the previous one. All this is news from the Forex market.
How can the value of a currency be expressed? Most often – in another currency. Therefore, the value of the dollar can be expressed in rubles, the value of the euro in dollars, and so on.
The task of the Forex market is to take into account all the information about the situation in a particular state and fix the value of the currency. And then to enable individuals or companies to exchange one currency for another.
There is no binding to a specific place
Forex appeared when the Internet already existed. And the foreign exchange market was created just on the Internet – nowhere in the world is there a building in which currency trading would take place. They happen completely online.
To speculate in currency, you need a computer or a mobile phone with Internet access. And everything.
Works all day
Forex is available for speculation around the clock. It's not a building, it doesn't need to be closed at night. Therefore, Forex traders can speculate at any time of the day.
Does not work on weekends
This is not so much the fault of the market, but of brokers – companies that execute traders' trading orders. They need to rest, so they don't work on Saturday and Sunday. If you open "live" currency charts on the weekend, there will be no movements on them, because the market is "offline".
Why is it important for a trader to know? Because if he leaves open deals for Saturday and Sunday, then on Monday he may be in a big minus. The market is closed, but the exchange rates continue to fluctuate. And no one guarantees that they will not suddenly collapse.
Analytical tools for trading:
xSignals - site: xsignals.one - is a complete set of analytical tools for trading on forex brokers and cryptocurrency exchanges
More than 10 tools for detailed market analysis are available in the xSignals app: crypto and forex signals, online charts, trend indicator, and popular technical forex indicators.
Subscribe to our telegram: https://t.me/xsignals_one
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