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
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)