Some might ask why forex? Do the benefits outweigh the risks? Continue reading this quick guide on how the versatility of the FX market enables you to begin or expand upon your trading journey.
“The beginning is the most important part of the work.” -Plato
To begin with, FX, or Forex, means foreign exchange; essentially the exchange between foreign currencies from one to another. Many participate in Forex unknowingly by simply exchanging their home country’s currency for another when going on that very anticipated holiday planned for some time. Other foreign exchange occurs for practical reasons where firms must exchange currency for international business, purchases, and trade reasons.
The forex market operates 24 hours a day starting from 5pm EST on Sunday until 4pm EST on Friday. This enables the trader to not have international time zone restrictions. In fact, some FX platforms have 24-hour customer service, or portfolio managers working all sort of hours, just for this reason.
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With the FX market there is no governance, meaning there is no overall regulatory authority or central banks overseeing the operation. Although, it must be noted that certain platforms are regulated and abide by certain securities and exchange commission regulations to uphold a higher standard. Furthermore, there are minimal transaction costs and, generally, no commissions involved.
Undoubtedly, eXcentral offers one-of-a-kind high quality resources for our clients. Ranging from weekly webinars, where our Market Analyst takes the time to host live sessions on a variety of trading topics, to the economic calendar, and even e-books and courses. The resources are just a few clicks away and shows just how inviting the FX market is to traders of all sorts.
The FX market offers versatile options to trade with from the foreign exchange of course, but the platforms generally also have stocks, commodities, and cryptos as well. Overall, it is easy to see just how versatile the FX market is.
Overall, it is safe to say that the FX market has the least amount of barriers to new-comers and at eXcentral we create an environment with the tools necessary to soar. If you completely understand the risks and rewards, use the resources provided, and are prepared to trade, maybe it is time to consider joining the wonderful world of forex!