History of Online Forex Trading Markets
History of Online Forex Trading
Each country certainly has a currency that applies in their respective countries. For example, America uses US Dollars. Indonesia uses Rupiah. Japan uses Yen, and many other currencies.
In the early 1990s, currency trading could only be carried out by state banks. And also certain institutions and parties that have large capital. And internet networks that cannot be traded publicly and any individuals.
Then at the beginning of the new millennium 2000, the development of the internet began to quickly bring about major changes in foreign exchange transactions. Now doing currency trading is very practical. This is the general calling of online forex trading. Thus there are three parties in transaction activities, namely sellers, buyers and brokers. At least that’s the early history of online forex trading.
The currency symbol is always 3 digits, with the first 2 digits of the country name symbol and the third digit is the name of the currency. Examples of Indonesia: IDR (ID: Indonesia, and R: Rupiah). – United States: USD (US: United States, and D: Dollar).
Whereas the name of the forex market is a non-stop money market where it is done through brokers. Foreign currencies are continuously and simultaneously bought and sold on local and global markets. Then experience an increase or decrease in value based on that currency. Market conditions can change at any time in response to real-time events.
The foreign exchange market is called a large liquid market that is very liquid. This means that it can operate within 24 hours a day. The online forex market allows companies to buy and sell large amounts of foreign currency.
Here are the main forex currencies that are often traded on the online forex market.
- US Dollar (USD)
- Japanese Yen (JPY)
- Euro (EUR)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- British Pound (GBP)