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What is Forex?

Forex (also known as the foreign exchange market) is a decentralized market in which currency pairs are exchanged one for another, such as the Euro pair against the US dollar (EURUSD) and other currencies, to benefit from their price movements and make money from the price difference. This is done either via Forex. Spot or CFDs.

The Forex market is an over-the-counter (OTC) market, and it is the most liquid financial market, with daily trading volume in 2022 reaching 6.6 trillion. In other words, in one day, more money will be traded in the Forex markets than the value of Japan's GDP! Of these transactions, US$254 billion are traded through CFDs and other derivative financial instruments.

Currencies, unlike most other tradable financial assets, are economic instruments as much as they are economic indicators as well. In other words, if a country considers it a company, its local currency will be considered its stock.

All currency pairs that include the Russian Ruble, Czech Koruna, Polish Zloty, Hungarian Forint, Swedish Krona, or Norwegian Krone are considered “exotic” pairs. They only represent 10% of the Forex market.

You can trade the most important Forex currency pairs with competitive conditions through various account types at Admirals, such as Zero.MT5 or Trade.MT5 on the MetaTrader 5 platform, as well as Zero.MT4 and Trade.MT4 on the MetaTrader 4 trading platform. Click on the banner below to open your account today!

 When it comes to economics, bid and ask prices drive market prices. This principle also applies to the foreign exchange market (Forex).

When a currency is purchased, the demand for it increases which pushes its price higher. Likewise, every time a currency is sold, the supply increases, causing its price to fall. The effect of each purchase and sale in the Forex market is directly proportional to the transaction size of each transaction.

Most news and economic events that occur around the world have an impact on the Forex market. Therefore, understanding what drives prices is your key to becoming a good Forex trader.

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