What is Forex?

Image Credit: Google 17/07/2024

The word Forex is made up of two words, Forex and Exchange.

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The reserve of currency is called Forex Reserve and the place where foreign exchange transactions take place is called Forex Market.

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Forex Reserve is made up of 4 things, whose names we have given below -

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For example, if the exchange rate of EUR/USD is 1.10, it means that 1 euro is equal to 1.10 US dollars.

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The daily volume of transactions in the Forex market is 5 trillion dollars per day.

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It is mainly used by countries around the world to facilitate operations and investments.

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Let us inform you that the Forex market is open 24 hours a day except weekends.

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The Forex market opens in Sydney on Monday morning and closes in New York on Friday night.

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France issues warning list of 50 forex and crypto firms

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