Do You know what’s Forex Market? Have you ever wanted to go abroad and need to convert your money into another currency? For example, if you want to go to Europe, you have to pay your country’s money and buy the Euro.
But at what rate? How many euro is worth one dollar? How many will give you if you pay one dollar? Therefore, you need to learn about the euro exchange rate against the dollar.
But how? Where can you see these rates of equality?
We tell you, in the market of Forex…
Source: WeSwap
The Forex market, which stands for foreign exchange, is the world’s largest financial market with over $ 5 trillion daily turnovers in which hundreds of currencies are traded against each other and the rate of each currency is determined against the other.
For example, Benz had sold 100 thousand machines in the United States and received $100 million. But it should turn his money into the euro. Therefore, it enters the market and converts $ 100 million into the euro with the parity rate that exists. For example, the euro exchange rate of EUR/USD equals 1.12 at this moment. This means that every Euro that we give, we are receiving 1.12 dollar. As a result, Benz will enter the Forex market and trade $ 100 million EUR/USD.
Major players in the Forex market are central banks of major countries like the United States, the European Union, Japan and China.
In addition to the central banks that regulate their bank policies with the Forex market, major investment companies are also present in the market and earn a profit. The most common currency in the Forex market currency exchange is the currency pairs of the EUR/USD USD/JPY, GBP/USD and the AUD/USD. In each currency pair, the first currency rate of exchange is determined compared to the second currency, for example, if the sum of the GBP/USD currency pairs is about the US $ 1.30. That means, every one pound, we give, we get about 1.30 dollar. This number is called the exchange rate.
Source: Admiral Markets
But the Forex market is not just the central banks and big companies, one can work on the Forex market and earn money easily. For instance, if we think that the pound value may rise against the dollar, we can enter the market and buy GBP/USD currency pair.
It’s easy to get in the Forex market and earn millions of dollars only a few minutes a day. You can connect with a mobile phone to the global market anywhere in the world, in less than a second, do your deal, and work for 24 hours a week without restrictions.
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Warren Buffett.
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