Interesting Facts About the Forex Market
More than 5.4 trillion dollars are exchanged in this giant market per day, and it has become possible due to its worldwide accessibility. Beginners can start with as little as $10. Our researchers found that most investors love to use this platform because they can log in securely using any type of device with just an internet connection. Those new to this industry can try trading with a service such as Rakuten Securities Australia.
The volume of trading is four times than the Global Domestic Product, and approximately 126,118 trillion people are engaging in this huge platform to operate their business spending on an average of $1 per second if the math would be solved in a year. More than 170 countries people around the world keep their trust on this platform to get the best business deal.
85% of trading has occurred using seven currencies mainly, and those are EUR/USD, USD/CHF, USD/CAD/ NZD/USD, AUD/USD, USD/JPY and GBP/USD. Surprisingly 90% of all the transactions are executed based on US dollars, and 66% of US currency is held overseas by the foreign governments, private individuals and institutions.
The Foreign exchange trading volume is 53 times more than the New York Stock Exchange and 12 times bigger than the Futures Market. Deutsche Bank is holding 21% of the market share as the largest foreign exchange dealer, and 41 % of the transactions are operated in the United Kingdom.
Among the respected traders, 5% of them are retail traders, 11% of them are female, and 44% of them are aged between 25 to 34 years. This is a bitter truth that 99% of the investors fail to attain more than four consecutive quarters as positive returns.
According to Wikipedia, in November 2008 inflation, Zimbabwe surpassed an estimation of 79.6 billion per cent, and after this hyperinflation, this country abandoned its currency. We found that in 2014 it was still using the currencies of other countries. At this time, the government restricted their bank withdrawal to $Z500,000, which was around 0.25 in US dollars.
The GBP/USD has a funny nickname, and that is “cable”. This nickname came from an interesting incident of the 18th century and history reveals that the US Dollar and Pound were synchronized using a large cable of communication which was placed under the Atlantic Ocean to keep the connection between the New York and London Stock Exchanges. Today we often complain about our broker’s operating speed, but how funny it would be if we could experience the speed of the 18th century.
The Experts know very well without accepting the market positively, it will be impossible for them to compete with their fellow investors.