Forex is a clip word and it means foreign exchange. It could also be written as FX. It represents a country’s currency that is accepted international for foreign transactions; so to speak. E.g. the Great Britain Pounds (GBP), American Dollars (USD), Euro (EUR), etc
As we have been taught in the past, a market is where buyers and sellers meet, it’s a place where people buy and sell, it’s a place where things are exchange for things, etc. the definitions could go on and on but one common thing we could draw out from the definitions is that something is always exchange for another in an ideal market situation.
Following the above two premises, we could therefore conclude that the forex market is a place where foreign exchange is sold and bought or better still exchange. Knowing fully well that foreign exchange also connotes foreign currencies. Unfortunately for our definition, there is no such place asforex market as we have for stock markets. The forex market exists electronically and can only be accessed through the internet. There is no physical location of this market anywhere in the world. Foreign currencies are exchanged for another or are bought and sold via the internet and there is no central market electronically called theFOREX MARKET.
HOW IT WORKS
You are fully aware now that there is no central place called the forex market. Also know that this market is global and anybody with access to the internet anywhere in the word could also access the market. Traders like you and I can only participate in this market through an intermediary called A FOREX BROKER. These brokers are our gate way to the market. We use them to enter and exit the market. They help match buyers with sellers. It’s simple; register with them when you are ready to start and read their rules and procedures as they differ from broker to broker.
As we have been taught in the past, a market is where buyers and sellers meet, it’s a place where people buy and sell, it’s a place where things are exchange for things, etc. the definitions could go on and on but one common thing we could draw out from the definitions is that something is always exchange for another in an ideal market situation.
Following the above two premises, we could therefore conclude that the forex market is a place where foreign exchange is sold and bought or better still exchange. Knowing fully well that foreign exchange also connotes foreign currencies. Unfortunately for our definition, there is no such place asforex market as we have for stock markets. The forex market exists electronically and can only be accessed through the internet. There is no physical location of this market anywhere in the world. Foreign currencies are exchanged for another or are bought and sold via the internet and there is no central market electronically called theFOREX MARKET.
HOW IT WORKS
You are fully aware now that there is no central place called the forex market. Also know that this market is global and anybody with access to the internet anywhere in the word could also access the market. Traders like you and I can only participate in this market through an intermediary called A FOREX BROKER. These brokers are our gate way to the market. We use them to enter and exit the market. They help match buyers with sellers. It’s simple; register with them when you are ready to start and read their rules and procedures as they differ from broker to broker.
