What is Forex Exchange?
Forex, also known as foreign exchange, FX or currency trading, is a decentralized global market where all the world’s currencies trade.
Foreign exchange is the exchange of one currency for another or the conversion of one currency into another currency. Foreign exchange also refers to the global market where currencies are traded virtually around the clock. … The term foreign exchange is usually abbreviated as “forex” and occasionally as “FX.”
The Forex market is the largest, most liquid market in the world with an average daily trading volume exceeding $5 trillion.
How it Works?
All Forex trades involve two currencies because you’re betting on the value of a currency against another.
Think of EUR/USD, the most-traded currency pair in the world. EUR, the first currency in the pair, is the base, and USD, the second, is the counter.
When you see a price quoted on your platform, that price is how much one euro is worth in US dollars.
You always see two prices because one is the buy price and one is the sell. The difference between the two is the spread. When you click buy or sell, you are buying or selling the first currency in the pair.
How difficult is Forex?
Forex Trading is hard in the measure of your commitment, dedication, patience, and persistence. More you work with Dedication for the long-term, less hard becomes the Forex Trading. The more you Insist and Persist, the more Money you earn Improving.
Do you need a bank account for forex?
Today, opening a Forex account is almost as simple as opening a bank account. … You‘ll also need to provide an ID, and the minimum deposit your Forex account institution requires. That’s it. You‘re now free to trade.
How it Works?
ISF provides the exchange platform that offers best rates to our customers we have sustained for a remarkable period as a foreign currency exchanger near you. And, we have 23 branches pan-India in more than 20 cities for your convenience.
We strictly adhere to the Foreign Exchange Management Act of RBI, so that our customers have a clear and transparent understanding of our rates and policies