Welcome to a new week, it is going to be a great week because we at Obiaks Blog are going to make it sure that it is going to be worth your while. This article is going to be on a very interesting topic. A lot of us has been hearing about Forex! Forex!! Forex!!!. Now what is this Forex about, is it a scam? is it legit? Are some of the question we ask ourselves and our friends. Because of this Obiaks Blog has decided to enlighten our wonderful readers what this FOREX is all about. So sit tight get a bottle of Soda and chill as you read through. We hope you enjoy it.
Forex which is short for Foreign Exchange is an online "over-the-counter" market where exchange rate in prices are determined on a daily basis.
The major participants in this market are the federal governments, central banks and commercial banks.
Have u ever asked your self,"What does the bank do with my money when its in my bank account?" Because it is well known that your money doesn't just lay low in the banks it is used and then circulated.
If this is established, what then happens with my money?
Its either used to give loans or used to trade the Forex market and they tend to make profits from which some banks are generous enough to give a percentage to you if u use a savings account.
The good news is that with the help of some establishments known as brokers, People like you and me can make significant cash of the Forex market.
The foreign exchange market is unique because of the following characteristics:
1. Its huge trading volume, representing the largest asset class in the world leading to high liquidity.
2. Its geographical dispersion.
3. Its continuous operation: 24 hours a day except for weekends.
4. The low margins of relative profit compared with other markets of fixed income.
5. The use of leverage to enhance profit and loss margins and with respect to account size.
As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks.
In 2019, survey shows that trading in the Forex Market average a staggering $6.6 trillion per day, in simple language this means that the amount of money that passes the Forex Market per day reached $6.6 trillion.
Now to clear your views FOREX, and Forex Trading are Legit, you have to LEARN how to trade to be make money from market. Our next article relating to this topic, we are going to make it known to your an Academy were you can learn how to trade the market at the lowest price possible. Thanks for reading, we at Obiaks Blog are grateful for having You. Have a nice day and God Bless.
