What Is Forex ?
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If you’ve ever traveled overseas, you’ve made a forex transaction. Take a trip to France and you exchange your dollars into euros. If your friend in London send you money, he’ll send you poundsterling, and converted into dollar in your bank account. In all of these examples, you’ve made forex transactions.
What is Forex?
So let’s start with the basics of forex trading. Forex, also known as foreign exchange, FX or currency trading.
Almost every country has its own currency, refers to money in any form. For example United States using Dollar, Japan using Yen as its curency.
Currently, the world using a three-letter system of codes to define currency, in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc. United States currency, for instance is globally referred to as USD. Australian dollar referred to as AUD.
In table below you can see twenty most popular currency in the world.
| No | Currency | Code (symbol) |
|---|---|---|
| 1 | United States dollar | USD ($) |
| 2 | Euro | EUR (€) |
| 3 | Japanese yen | JPY (¥) |
| 4 | Pound sterling | GBP (£) |
| 5 | Australian dollar | AUD ($) |
| 6 | Canadian dollar | CAD ($) |
| 7 | Swiss franc | CHF (Fr) |
| 8 | Chinese yuan | CNY (¥) |
| 9 | Swedish krona | SEK (kr) |
| 10 | Mexican peso | MXN ($) |
| 11 | New Zealand dollar | NZD ($) |
| 12 | Singapore dollar | SGD ($) |
| 13 | Hong Kong dollar | HKD ($) |
| 14 | Norwegian krone | NOK (kr) |
| 15 | South Korean won | KRW (₩) |
| 16 | Turkish lira | TRY (₺) |
| 17 | Indian rupee | INR (₹) |
| 18 | Russian ruble | RUB (₽) |
| 19 | Brazilian real | BRL (R$) |
| 20 | South African rand | ZAR (R) |