Forex Trading in Dubai
What is forex?
Foreign exchange, also known as forex or FX, is the exchange of different currencies on a decentralised global market. It’s one of the largest and most liquid financial markets in the world. Forex trading involves the simultaneous buying and selling of the world’s currencies on this market.
What is foreign exchange trading?
Forex is one of the most widely traded markets in the world, with a total daily average turnover reported to exceed $5 trillion a day. The forex market is not based in a central location or exchange and is open 24 hours a day from Sunday night through to Friday night. A wide range of currencies are constantly being exchanged as individuals, companies and organisations conduct global business and attempt to take advantage of rate fluctuations.
Forex is always traded in pairs – for example GBP/USD. You speculate on whether the price of one country’s currency will rise or fall against the currency of another country, and take a position accordingly.
Century Financial was one of the first companies to provide online forex trading in the UAE. You can trade CFDs in forex. We offer all of the major crosses (or cross pairs), as well as a large selection of minor, exotic and emerging market currency pairs.
BASE AND COUNTER CURRENCY
Using the GBP/USD currency pair as our example, the first currency, GBP, is called the ‘base currency’ and the second currency, USD, is known as the ‘counter currency’.