The currency market, or more commonly known as the Forex market (FX), is one of the largest and the most liquid asset class in the world. Recent figures show that daily FX volume is about $6.6 trillion. It encompasses a wide variety of tradable instruments, including cash contracts and futures contracts.
The forex market is not based in a central location or exchange, so it is open to trade 24 hours a day, five days a week.
Major currency pairs are the most popular and liquid ones. Six most actively-traded Forex pairs are: EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD, and USD/CHF.
Non USD currency pairs fall under the minor currency pairs category. Examples include EUR/GBP, EUR/CHF, GBP/JPY and CHF/JPY.
Emerging currencies, also known as exotic pairs, are made up of a major currency paired with an emerging/small, but the strong economy. Emerging currency pairs include USD/NOK, USD/HKD and EUR/CZK.
Currency is always traded in pairs. When you’re trading currency pairs, you’re effectively buying one currency and selling the other currency. The first currency is called the 'base currency’ and the second currency is known as 'counter currency' or ‘quoted currency’.
The forex market offers traders the unique advantage of trading opportunities in both rising and falling markets.
For example, if you choose to trade EUR/USD (Euro/US dollar) and you think the value of the EUR will rise against USD, you go long (buy). If you think EUR will fall against USD, you go short (sell). If your prediction is correct, you make a profit. If your prediction is incorrect, you would make a loss. Remember, losses can exceed deposits.
Century Financial is one of the first companies to provide online forex trading in the UAE.
Whatever support you need, our service team is here to help. From account setup to platform help to analyzing markets, we’re here for you every step of the way. Call +971 (4) 356 2800 to speak with our global market specialist, visit our office in Downtown Dubai or chat with us online.
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