Foreign exchange trade market, shortly called as Forex is a huge arena where an incredible amount of currency transactions take place. Few people mention Forex in the names of Fx and Currency as well. A single pound on Monday could get you 1.19 euros. On Tuesday, 1.20 euros. This tiny change may not seem like a big deal. But think of it on a bigger scale. A large international company may need to pay overseas employees. Imagine what that could do to the bottom line if, like in the example above, simply exchanging one currency for another costs you more depending on when you do it? These few pennies add up quickly. In both cases, you�as a traveler or a business owner�may want to hold your money until the forex exchange rate is more favorable.
All forex trades involve two currencies because you're betting on the value of a currency against another. Think of EUR/USD, the most-traded currency pair in the world. EUR, the first currency in the pair, is the base, and USD, the second, is the counter. When you see a price quoted on your platform, that price is how much one euro is worth in US dollars. You always see two prices because one is the buy price and one is the sell. The difference between the two is the spread. When you click buy or sell, you are buying or selling the first currency in the pair.
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Since 2007, the occurrence of shops vanishing with clients funds has become very rare. Over the last few years, Forex brokers mainly have been acquired by others, or the shops of the shutdown have been futures brokers whose clients were also able to trade Forex futures but not spot Forex such as MF Global.
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