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Singapore Forex Trading

Singapore Forex Trading

What is Forex Trading in Singapore?

Forex is short form for foreign exchange. It is also known as FX.

These terms refer to the trading of the currencies of the world. The Forex market is the world's largest market with total estimated trades that amount to more than USD 3 trillion every day.

Banks and large financial institutions representing governments are the main traders of foreign exchange although forex trading is also performed by speculators.

There is no central exchange for forex trading unlike the stock market. I tis done on the “interbank” market, which is like an OTC (over the counter) market. Trading takes place directly between the two forex traders over the telephone or on electronic networks.

The main places for forex trading are Tokyo, London, Frankfurt and New York. This worldwide distribution of trading centres means that the Forex market is a 24-hour market.

A forex currency trade is the buying of one currency and selling of another one. The currency combination that is used in the trade is called a cross (the euro/US dollar, or the GB pound/Japanese yen as examples).

The most commonly traded currencies are the so-called “majors” – EURUSD, USDJPY, USDCHF and GBPUSD. The most important Forex market is the spot market as it has the largest volume. The market is called the spot market because trades are settled immediately, or “on the spot”. In practice this means two banking days.

Now that you have learnt something about Forex Trading in Singapore, find out why it can be a profitable venture for those keen to make money from home.

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