To get started on Forex trading all that one needs to do is get started with a computer having an internet access and also a trading account with any Forex broker. Basically, the way it works is that in the Forex market one type of currency is exchanged for another. The only important thing about the Forex market is the exchange rate that exists between two currencies. This is called a currency pair. Nowadays there exists a huge retail interest in the trading of Forex. Let us now take a look into some of the key reasons for why it is so much in demand.
Reasons for Interest in Forex Trading: Some of the main reasons for such interest and hype regarding trading Forex include
- Round the clock trading: One of the most important things to remember is that the FX market never sleeps. It is basically open 24/7 round the clock. The only exceptions are bank holidays and weekends. This basically means that people can easily trade the market according to their convenience. They can even deal with it after doing their regular job.
- Flexibility: Since the FX market is open 24/7 and people can trade in at any time of the day is the reason for its flexibility. A user simply can sit in the comfort of their homes after a hard day’s work and then simply trade in Forex.
- Anyone can Trade: There actually exist different kinds of trading accounts which are available to suit everybody’s needs and requirements. One does not have to be extremely rich to trade in FX. The accounts are known to range from standard to mini or even micro accounts that are considered to be very easy for the pocket.
- Highly Liquid Market: The FX market consists of so many traders and participants that one is always assured of the fact that their order is being filled.
- Wide Range of Platforms: Most of the brokers in the Forex market have different and varied platforms. The customer is allowed to pick anyone according to their choice. One can use any electronic device ranging from a personal computer to a laptop to an iPad or even their mobile phones.
- Low Trading Costs: Most of the times in this market all that you need to pay is the bid-ask spread. Nowadays this is particularly competitive. There are no other fees that apply. Take for example government and exchange fees, brokerage etc.
To conclude one can state that this is the market to be if you know what you are doing. With the flexibility and the other main features that this market offers no wonder it is so popular.