The world has evolved and people have found new ways to earn a livelihood. Forex trading is one of the f industries in the financial market. Many trusted websites provide real money back opportunities by offering high-tech trading solutions for entry-level and expert traders. There are some interesting facts that you may not know about Forex trading. Let’s check them out!
Forex is not new
Many still believe that Forex trading is a new concept launched a few years back. That’s not true! It is an ancient money-making technique that currency changers used in the past. They used to help people in changing their currencies and get their commission in return. Although the concept has evolved, yet the basic concept is the same.
USD/GBP is known as Cable
Before the arrival of fiber optics and satellites, the New York and London Stock exchanges were connected through a huge cable under the Atlantic Ocean. That’s the reason why the USD/GBP currency pair is termed as ‘Cable’ even in today’s advanced trading communications.
Bulls and Bears
If you are new to Forex, you may not know about the ‘Bulls’ and the ‘Bears’. Casual traders who expect the market downfall are termed as Bears. On the other hand, optimistic ones having a feeling that the market will rise are termed as Bulls.
Did you know that Forex was once available for just financial institutions and banks having liquid funds ranging between at least $40 million and $60 million? It was a big game possible to play for just big guns. Nowadays, people with small investments can start to trade online. Stay away from Forex trading scams by opting for the most trusted trading company. Different trustworthy websites facilitate users who don’t have enough money to begin their Forex trading adventure.
USD is the most-traded Currency
The US dollar is about 80% of all the trades made in the Forex market. That’s why it is the most traded currency in today’s Forex arena. The Forex market observes a whopping trading volume of over $5 trillion every day. This is enormously high as compared to the New York Stock Exchange.
After the advent of the internet, most of the Forex transactions are done online through different brokerage platforms. You will find only a handful of transactions that are done on the physical exchanges.