Interesting Facts about Forex Industry Everyone Should Know

Interesting Facts about Forex Industry Everyone Should Know

There are a lot of interesting facts about forex industry. Indeed, forex or foreign exchange industry is one of the most famous industries these days that can bring huge profit for everyone. Here are some of the interesting facts about the industry that you should know.

1. The “Ancient” Form of Forex

Even though foreign exchange or forex is considered as a new industry, actually, currency exchange or currency trading has been around for centuries, even way back to biblical times. Back then, money changers were a popular profession where people trade their goods for money or their money for goods. The money changers would then, of course, charge a commission.

2. The Beginning of Modern Forex Trading

The modern form of forex that we know today, with all the numerous currency from across the world, started in 1973. Why in the 70s? Well, it was the time when the agreement that controls exchange rate, called the Bretton Woods agreement, considered as obsolete and broke down soon after. It caused a new era of floating currencies and allowed foreign exchange business. That is when the modern forex trading begins and the popularity remains to this day. Best forex trading strategies that work revealed for beginner 

3. The Domination of the UK Pound sterling

Today, the largest currency traded in the forex market is the US dollar. However, USD is not always the dominating currency in the industry. In fact, the popularity of USD emerges only in the recent years. Back then, from the 70s to the late 2000s, UK pound sterling was the dominating currency. Almost the entire global forex trading process involved the UK pound sterling.

4. Where is the Biggest Forex Market in the World?

Because today the largest currency or the most prominent one is the USD, a lot of people may think that the biggest forex market in the world is the USA. Well, it is not true at all. One of the most interesting facts about forex industry is that almost half of the forex transaction (more than 41% of it) happens in the UK and only about 19% of the forex transaction happens in the USA. It makes the United Kingdom as the biggest forex market in the world.

There is no doubt that forex is profitable. That is why many people across the world are now taking this industry seriously to make better living. Those interesting facts about forex industry above will surely deepen your knowledge and interests about the industry.


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