The Forex market is popular across the globe because it offers attractive profits. The Forex market is one of those that never sleep. It is the largest market globally, and this market has been successful in the last few years. Most of its transformation occurs due to advanced technology.
Some amazing facts about Forex trading are listed below. You need to know these facts before starting the trades.
There are many types of trading platforms that Forex traders use. These are the software that works globally. e.g
- Meta Trader 4
- Trade Station
These platforms are used by beginner and prominent traders in the markets. These are different in the programming language, abilities, features, and quality of services.
Fact#2: the one broker can be different from the other. There are many platforms, and each has brokers. There are a lot of brokers exist like
- ECN (Electronic Communication Network)
- STP (Straight Through Processing)
- Hybrid (Combination of ECT and STP)
Entering the Forex industry is not easy. You have to set your plans and goals. This is a vast industry, so there are many types of brokers. Must check octa fx minimum deposit.
Fact#3: Trading volume crosses the nine digits per day in the forex industry. It is the largest finical market globally, trading 1.5 trillion US dollars every day. The buyer and seller can make transactions anytime and anywhere.
Fact#4: There was a time when the banks carried out forex trading, which had at least $40-$60 funds. But now, you can trade a limited amount of funds.
Fact#5: Immediate exchange is known as spot trading. Because the exchange takes place on the spot.
Fact#6: Most traders are impressed because the US is the center of forex trading activity. But, 41% of the total trading occurs in the United Kingdom and only 16% in the United States. It is the London Stock Exchange regarded as the Hub of forex trading.
Fact#7: The forex market does not have any centralized bank. The value floats, and the market maker sets the currency’s rate.
Fact#8: Most forex brokers offer you the demo trading account. There are two critical things. One is that it is virtual money. On the other hand, it displays the LIVE price. These are the valuable things to earn a reasonable profit and understand the forex markets.
Fact#9: You start trading with the internet with advanced technology. You can do the trading on a laptop or a mobile device with a strong internet connection.
Fact#10: The individual can open a live trading account with a minimum of USD200.
Fact#11: Remember one thing, you do not become wealthy just by entering the market in a few seconds or minutes. It requires time and managing the strategies to grow. In this forex trading journey, many trials and errors occur in the starting phase. You must also face losses in the forex market.
That’s all about the facts of forex trading. Before entering in any business or trading you must know about the secret facts of that market.