As you know, the forex market is one of the most popular markets in the entire world, and there is a huge reason why. It is an intangible market that exists electronically. You can trade forex either in London, Sydney, Tokyo, New York at different times on the same day. This market never sleeps for five days a week. It is open 24 hours, for five days in a week. It is also a market that deals with trillions of dollars every single day. It is also considered one of the most liquid market in the world. The size of the massive decentralise market has expanded over the years, and it has gained a lot of popularity because of the technological advancements that it has gone through. The forex market has also become very available and accessible to people since they have all been able to access the internet. The market has millions of traders and investors from all over the world who want a piece of this delicious pie.
Here are some fun facts about the entire forex industry.
- Not a lot of people are aware that forex trading dates back to the ancient times. The first-ever currency transaction can actually be traced back thousands of years. Money-changers were individuals who used to help others change the currency, and they used to take a commission for their services as well.
- Did you know that the USD/GBP currency pair is known as the cable in the forex market? If you are amused, here is the reason why. It is called the cable because of the advent of satellites and fibre-optics. The London and New York stock exchanges were connected with the help of a giant steel cable which ran under the Atlantic Ocean.
- Here is an interesting fact about the way that the traders are categorised. The traders are categorised into bulls and bears. The bulls are the ones who are optimistic and once it believe that the market will go up and the bearers of the downbeat ones who always expect the market to fall. The names are actually derived from the fact that bulls strike upwards and that bears swipe downwards.
- Did you know that almost 90% of all forex trading is speculative trading?
- The entire volume of trading in the forex market stands at more than $5 trillion a day. This number increased to $6.7 trillion in April 2019. The most traded currency in the world is the United States dollar which also features in nearly 80% of all the forex trades.
- It will also interest you know that the immediate exchange of currencies is called spot trading and the exchange takes place on the spot itself.