forex

7 Things You Didn't Know About Forex

Soon, as part of our Rising Billionaires series, we're going to be publishing an exclusive interview with a successful forex trader.

What's forex trading, you say? Well, in a nutshell, it's a term for the Foreign Exchange Market.

Essentially, forex is a global decentralised or over-the-counter market for the trading of all currencies. This includes all elements of buying, selling and exchanging currencies at either present or determined prices.

It's fast-paced, exciting and there's a lot of money to be made - if you know what you're doing.

To celebrate the wonderful world of forex, here are seven things you probably didn't know about it...

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One. The notion of currency exchange can be traced back to ancient times. In fact, during the fourth century, the Byzantine government held a firm monopoly on the exchange of currency.

Two. The planet's first real bank, was Monte Dei Paschi di Siena, was founded in 1472 in Tuscany, Italy, and is still in operation today.

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Three. In 1880, the gold standard was introduced. For this reason, it's considered by many to be the year that marks the beginning of the modern foreign exchange.

Four. Between 1899 to 1913, foreign exchange holdings rose by 10.8%, while holdings of gold increased only by 6.3%; this was of symbolic of the importance of the emerging forex market of the time.

Five. Until the US Federal Reserve was formed in 1908, individual US banks could create their own money.

Six. After WWII, the Bretton Woods Accord was officially signed. This allowed currencies to fluctuate within a range of 1% to the respective currencies par.

Seven. Forex trading's daily volume is around 53 times more than the New York stock exchange. What's more, the USD is the most popular currency - and it’s involved in 87% of all trades.

We hope you enjoyed our amazing forex facts and for more money-making inspiration, check these things you probably didn't know about Wall Street.

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