About Forex
Foreign exchange – or forex – involves the purchase of one currency with the simultaneous sale of another.
Forex trading has increasingly gained in popularity over recent years, evolving into one of the largest and most liquid financial markets in the world. The vast majority of this huge figure comprises speculators' attempts to anticipate market movements, by predicting that one currency will either rise or fall in value against another currency.
Forex Pairs
Major forex pairs include US dollar against Japanese yen; Euro against US dollar; Pound against US dollar; Euro against British pound and Australian dollar against US dollar, represented as USD/JPY; EUR/USD; GBP/USD; EUR/GBP and AUD/USD.
An example of a forex trade would be to buy the Australian dollar (AUD), while selling the US dollar (USD). This is an example of placing a 'buy' trade on the forex pair AUD/USD.
Once you have chosen your forex trade, there are two types of exchange-traded forex markets, known as Spot and Forward. Spot forex trades are intended for short-term trading, while Forward forex trades allow you to take a longer-term position. See one of our practical forex examples.
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