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What is Forex? - Forex Function

What is Forex?

Last Update: 17 December,2016
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A Brief description on What is Forex, Fx, Foreign Exchange Market and Currency Market?

Everybody in today’s time knows the meaning and value of money. Everybody is utilizing money in various different forms to meet their necessities, requirements and/or luxuries. Money has got many names, for example, in United States it is known as United States Dollar, in United Kingdom it is known as British Pound, in Japan it is known as Japanese yen, and lots more, mostly all countries have their own unique name for money, and this is also known as currency. Most of us travel in other countries for various reasons. To make us travel comfortably and enjoy our trip we require the currency of that particular country, where we are visiting, for paying bills, hotels, taxis and etc…

We get our desired currency through the currency exchangers who are easily located at all airports, and if we want to exchange currency before reaching airport or after leaving the airport, we can easily find a currency exchange agent in the city or we can also get it by just visiting the standard banks located nearby. At all Currency exchange counters, we can see a screen or a rate card which displays all the different exchange rates for various different currencies, for example, it is displayed like 1 US$ is equal to 100 Japanese Yen or 1 US$ is equal to 0.65 GBP and lots more. As soon as we exchange the currency, we just made a foreign exchange transaction, or if we speak in forex language we are selling united state dollars to buy Japanese yen. Forex is also known as FX and is basically a short name for Foreign Exchange Market and Foreign Currency Market.

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