Fun Facts About Forex Trading
Forex trading is the trade of currencies. As each official currency around the world has its own value, they can be traded back and forth to make money. Foreign exchange trading dates back to ancient times, and today it’s the biggest financial market in the world. Check out these fun facts about forex.
More Than 40% of Transactions Occur in the UK
Many people might assume that it’s the US that is at the center of all things to do with foreign currency exchange. However, it’s actually the UK that is the hub of forex trading. More than 40% of all transactions take place in the UK and 19% in the US.
The Majority of Transactions Are Online
The internet has changed everything, including forex trading. The majority of transactions now take place online, instead of on the exchange floor. While it’s fun to picture a busy exchange, the reality is that digital has taken over.
The US Dollar Is the Most Traded Currency
Although more transactions take place in the UK, it’s the US dollar that is the dominant currency in foreign exchange. It is one of the currencies in almost 80% of all forex trades, with the total volume in all currencies standing at $5 trillion per day.
There Are Almost 10 Million Traders Globally
Around the world, there are almost 10 million forex traders. Some regions have a higher concentration of traders than others. The popularity of the market has risen over the years until it has grown to its current size.
Anyone Can Learn How Trade Forex
You don’t need a fancy degree or a business school diploma to learn Forex trading. However, you must be willing to learn and have a good understanding of how the markets work. Fortunately, you can learn on demo accounts until you are ready to trade with real money. Then you can find a trading platform you are comfortable with and practice as you grow and build a solid portfolio.
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