Your gate to the financial markets
- Trade the world of currencies like a pro!
- Become a successful trader by starting to trade with your favorite currencies \ commodities.
- Open An Account today and get A Personal Account Manager Which will assist you thru your first steps!
What's the idea behind Forex Trading ?
Buying and selling of currencies takes place through a broker, and the difference in the prices of buying and selling at one time called the spread – that's the broker's commission for the transaction.
What's A Pair?
For example, when trading the currency pair EUR / USD, you trade the European currency for U.S. dollars. Currencies are always traded in pairs. The one that comes first - the base currency. The Second - quoted.
What is A Forex Broker?
Forex Broker - The official representative of his client on the markets. Financial transactions, as well as many others, require mandatory participation and supervision of a qualified professional Broker, an authorized intermediary between the client and the stock exchange.
August 15, 1971, U.S. President Richard Nixon announced the decision to cancel the free convertibility of the dollar into gold, thus abandoning the unilateral implementation of the Bretton Woods agreements (under which the dollar backed by gold and all other currencies the dollar).
January 8, 1976 at the meeting of IMF member countries in Kingston adopted a new agreement on the International Monetary System, which took the form of amendments to the charter of the IMF. System replaced the Bretton Woods monetary system. Many countries have actually refused to peg the national currency to the dollar or to gold. However, only in 1978, the IMF formally allowed such a failure.
From this point on freely floating rates became the main way to exchange currencies. The new monetary system finally there was a refusal of the principle of determining the purchasing power of money based on the value of their gold equivalent.
Money countries participating in the agreement ceased to have official gold content, the exchange began to occur in the free exchange market at free prices.