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Wait, what is Forex?
Forex market is the term generally used to describe the market in which currencies of different countries are exchanged for commerce, hedging or speculation. The act of trading currencies for speculative purposes in order to make a profit is referred to as Forex Trading. Online Forex trading is also sometimes called currency trading or spot FX trading. Major currency trading centres in the world include New York, London, Paris, Sydney, Hong Kong, Singapore, Tokyo and Frankfurt.
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Basic Features of the Forex Market
The Forex market is the most liquid and the most traded market in the world, accounting for an average of $8 trillion in daily transaction volume.
Trading can be done 24 hours on any business day. Differences in time zones means that as one part of the world goes to sleep, businesses are just starting in some other part. Transactions involving different currencies are therefore being traded actively throughout any business day. Traders can therefore take entry or exit positions anytime of the day.
Anyone can trade in Forex. You can start online trading with as little as $50. However, it is important to have a basic understanding of how the market works or better still, get trained by a professional trader. At Forex Trading Bonus No Deposit Offers you can also start trading currencies without deposit a single cent – simply sign up with a broker, verify your phone (at some offers) and enjoy free 25 USD – 100 USD (depending on the offer) on your live trading account.
Forex trading does not involve the movement of physical cash but is out virtually through online trading platforms, which are basically software operated by brokerage firms. The way a currency trades is affected by the economic and political climate of the country in which it is domiciled.
Some Basic Terms Used in Forex Trading
Before you begin trading with a Fore no deposit bonus, it makes sense to get a little hint of the market and terms used in it. Check the terms below to learn the basics of FX terminology.
In Forex trading, currencies are quoted in pairs in which the value of one currency is compared to that of another. For example GBP/USD pairs the pound sterling to the dollar, meaning that one currency can be exchanged for the other.
GBP/USD=1.45589 means that one pound sterling will exchange for 1.45589 US dollars.
The base currency is the first currency quoted in a pair. In the example of GBP/USD, the base currency is the British Pound Sterling.
This is the second currency quoted in a currency pair, which is the US Dollar in the above example.
As you now know the basic types of currencies, it is your time to go ahead and sign up with a broker that offers Forex free bonus without deposit!
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