Forex is simply a short form for Foreign Exchange. Now that we have established that, we can delve into Forex Trading but first wee need to know what a Forex Market is because wherever trading occurs is known as a Market. So, a Foreign Exchange Market or Forex Market is worldwide, over the counter platform (OTC) where traders, institutions, investors, and banks speculate on, exchange, buy and sell world currencies.
On the next which we will be highlighting is Forex Trading which is the act of buying, selling and exchanging global currencies. There are a variety of reasons why institutional investors, corporations, banks, and individual traders exchange foreign currencies. Some of these reasons include facilitating international trade and tourism, balancing the market, making of profits, etc.
These currencies are traded in pairs, in both spots and futures market. By most investors and traders, the Foreign exchange market is considered risky due to the fact that the trading investments are not necessarily controlled by you rather the value of currency pair is driven by economic, environmental and political factors such as national elections, wars or natural disasters. Trading is facilitated over what is called an ‘interbank market’s which is an online marketing means or channel through which currencies are traded 24 hours a day, throughout the working days of a week. The foreign exchange market is one of the largest and biggest trading markets with a worldwide daily turnover estimated to surpass 5 trillion US Dollars. So, chances of making a lot of money and getting rich via the Foreign Exchange Market are pretty high albeit risky.
We will not take a look at some of the popular Foreign Exchange Trading app used by most retailers or individual investors or traders all around the world. Some of these Forex Trading apps are;
- Forex Time FXTM: This is a sophisticated and nifty forex trading app. It is accessible on Windows, Andriod, Mac, and iOS and the company policy also states that it covers 100% of your deposits of up to $1,000. It is a trustworthy app that is automated and easy to use for beginners because the app is fully regulated and is available to traders in over 180 different countries all across the globe.
- Netdania: This is an easy to use app which provides market news and updates as well as real-time stock exchange indices right on your screen. Due to the fact that the app is underpinned by cloud technology, data can easily be shared and synced across several range of devices. It is available for downloads from the App Store and Google Play Store for free. It also comes in 18 different languages.
Essentially, a good Foreign Exchange App should be one that gives you live updates on the stock value as a push notification all across various devices in order to help ensure you are in the know and never miss a potentially lucrative trade.