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What is Forex?

 

In financial markets, the retail forex (retail off-exchange currency trading or retail FX) market is a subset of the larger foreign exchange market. It is now possible to trade cash FX, or forex (short for Foreign Exchange (FX)) or currencies around the clock with hundreds of foreign exchange brokers through trading platforms. According to the October 2008 issue of e-Forex Magazine, the retail FX market is seeing continued explosive growth despite and perhaps because of losses in other markets like global equities in 2008. Source : wikipedia

While forex has been traded since the beginning of financial markets, on-line retail trading has only been active since about 1996 . From the 1970s, larger retail traders could trade FX contracts at the Chicago Mercantile Exchange. By 1996 on-line retail forex trading became practical. Internet-based market makers would take the opposite side of retail trader’s trades. These companies also created retail forex platform that provided a quick way for individuals to buy and sell on the forex spot market.
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Forex Advantages

The off-exchange retail currency market (also known as Forex, currency market or FX market) is by far the largest financial market in the world. It includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions.

The average daily trade in the global Forex and related markets is currently over US$ 5 trillion.

Lots of traders are starting to trade Forex due to the Forex market advantages. Here are the most important Forex market advantages:

1 – 24 hours a day market:

The Forex market is open 24 hours a day (except on weekends). So, no matter where you are based, you can trade Forex at your favorite time.

2 – High liquidity:

Forex market is the biggest financial market in the world averaging over 5 trillion USD daily.

3 – Leverage:

The leverage on Forex can be as high as 200:1 which means that you can trade up to $100K with just $500.

4 – Easy short selling:

On Forex it’s as easy to buy a currency pair as to short sell it. There’s no uptick rule like on Nasdaq.

5 – Free commission fees:

Commission fees are 0 on Forex. The only cost in buying a currency pair is the spread.

6 – Free trading platforms:

On Forex most brokers offer good trading platforms for free.

7 – Free Demo accounts:

Most Forex brokers offer free demo accounts which allow you to start practicing with virtual money. This way you can learn Forex without risking your money.

Read More about Forex

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