The forex market is highly popular and a major reason for this is that it is always open in one part of the world. So, you can trade forex either in New York or London, Tokyo or Sydney, at different times on the same day. Now you know why they call it the market that never sleeps!
Also, the size of this massive decentralized market has rapidly expanded over the years, gaining in popularity due to technological advancements. The forex market has become easily accessible ever since people have been able to participate online, with millions of traders and investors from across the world wanting a piece of the pie.
Here are some fun facts about the forex industry you might not know:
1*The gravest currency inflation ever. We believe that exchange rates just drive a little, but not if you breathed on Zimbabwe in 2008. The currency inflation rate was the severest in history. At about 6.56 sextillion percent. Hopefully, you weren’t high on the currency.
2* 85% of the global forex market transactions occur on only 7 currency pairs identified as the majors (EURUSD, USDJPY, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF).
3*Deutsche Bank is the biggest single global forex player, with a 14.6% market share. Citi is resembling behind at 12.3%, while Barclays gets in at 11%.
4*The advanced forex market began in 1973. While forex trading records behind a long time. Modern forex trading only began in 1973. This is the moment when the post-WWII Bretton Woods deal cracked down, closing managed exchange rates and creating an age of drifting currencies.
5*The UK pound managed to dominate global forex markets. The US dollar might be the largest currency traded today, but back in the early 20th century, the UK pound held pride of place. Almost half of the global forex trading required the pound sterling in 1913.
6*The Majority of Transactions Are Online. The internet has developed everything, including forex trading. The majority of transactions now take site online. While it’s enjoyable to imagine a lively exchange, the fact is that digital has won over.
7*Added fascinating fact about forex is the form traders are classified. Traders are classified into bulls – or those who are positive and believe the market will increase – and bears – the downbeat ones, assuming the markets to drop. The titles are acquired from the fact that a bull strikes upwards and a bear swipes downwards.
8*Up to World War II, tea was applied as a sort of currency in Asia. Furthermore, in spanning countries such as China, Tibet, Mongolia, and Central Asia.
9*Montenegro, Kosovo, Vatican City, Monaco, San Marino, and Andorra are nations that are outside of the Eurozone but apply the euro as their national currency.