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Let’s say you have been keeping an eye on the euro and you think it will increase in value. In this situation, you would go long EUR/USD. In other words, you would buy euros and simultaneously sell dollars.
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Forex prices are always quoted in currency pairs. This is because you are effectively buying one currency while selling the other. Each currency in the pair is known by a three letter currency code, such as AUD/USD.
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FX transactions worth trillions of dollars take place every day, and unlike stocks or commodities there’s no central exchange. Instead, currencies are traded by a global network of banks, dealers and brokers, which means you can trade any time, day or night, Monday to Friday.
There's no minimum balance to open an account, it takes less than five minutes, and there's no obligation to fund or trade.
The first currency listed in a pair is known as the base currency and the second currency is known as the quote currency. A forex price indicates how much one unit of the base currency will buy of the counter currency.
Forex (or sometimes just FX) is short for for eign ex change, and is the largest financial market in the world. Simply put, it’s how individuals and businesses convert one currency to another.
OANDA Asia Pacific Pte Ltd (Co. Reg. No 755759976K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore and is also licenced by the International Enterprise Singapore.
FX prices are influenced by a range of different factors, including interest rates, inflation, government policy, employment figures and demand for imports and exports.
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