Forex trading, where do customes go

Where Do You Go If You Want To Trade Currency?

The Forex market taps into the currency and other financial markets such as the stocks from all over the world to make possible a tremendous amount of money to exchange hands everyday. Forex market closely resembles the stock market in that it involves buying and selling of a financial product (world currencies in this case) but it takes to a much grander level of transaction in a given day. Financial institutions such as the Deutsche Bank, UBS, Citigroup, HSBC, Barclays, Merrill Lynch, JP Morgan Chase, Goldman Sachs, ABN Amro, Morgan Stanley are the major players in this industry plus many more.

It will be in your great interest to contact any of these financial institutions or broker firms if you want to try trading currencies. The Forex market is indeed open for everybody but you should not forget to learn the basic things involved in trading currencies before joining. At least you should have an idea of which currency to convert your money into before starting to trade.
The most active players in this industry are International banks who have a lot of reserves from the businesses and depositors like you who put your money under their care. Trading currencies is one of the strategies these banks employ to earn interest from your deposits. You don’t have to look far to get the currency you are interested in – maybe for a travel. Your own local bank may just have the currency you’re looking for. However, if they are not involved in Forex, they most likely will not have foreign currency at their disposal. You can ask your bank’s manager or you can read their public information sheets that they publish on a quarterly basis to find out if you can trade currencies with your bank.

There is no single person or institution that controls all the transactions that occurs in the Forex market. Moreover, gazillion currencies are exchanging hands from all over the world and some of these currencies are more hotly traded than others. Among these hotly traded currencies are the United States Dollars, Eurozone’s Euro, Japanese Yen, British Pound Sterling, Swiss Franc, and the Australian Dollar. These are among the top currencies but the list goes on and on to cover the rest of the currencies in the world. Major markets and financial centers in Tokyo, New York, and London are among the top financial centers where currency trading happens in huge volume everyday. But each country has their own trading centers as well.

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