What is the forex market which is the biggest financial market of the world based on daily trading volume? Get ready to learn with the most interesting facts.
If you cannot be patient with your investments, the forex market can be a perfect match for you.
For every beginner, forex comes a bit confused but in fact you are not far from this market at all. I would even argue that you’ve been involved in the market many times before, with or without awareness. I want to open this up a little more; The forex market is a foreign exchange market. There are thousands of different ways to trade foreign currency.
For example, if you have exchanged money from foreign exchange offices, have traveled abroad or made purchases through e-commerce sites such as Alibaba and Amazon, you have bought and sold foreign currency. Of course, foreign exchange trading is not limited to this, but these actions indirectly draw you into the market situation. Professionals do this job (trading) through the forex market through intermediary institutions and gain profit. This is the case on the tip of the iceberg. So, as you can see, you’re not really that unfamiliar with the market.
Now get to know the market closer with interesting facts:
Forex market is the largest in the world in terms of daily trading volume
Indeed, for every family with close to medium-sized daily trading volume of 5.5 trillion dollars with a population close to 78 million in Turkey may be able to buy a house. Aside from the transaction volume, it is also possible to trade 24 hours a day in this market. The Forex market is increasing in popularity every year compared to the previous year and continues to be popular. Trading volume continues to grow thanks to new entrants entering the market.
Most traded countries in the UK
The USA ranks first in the world with 15.7 million millionaires. The United States is followed by Britain with a millionaire army of 2.4 million people. When we compare these two countries in terms of their financial and population global powers, it is inevitable that the USA may be the most active and most traded country in the market.
However, this is not the case, the most traded countries in the forex market position is 2.4 million rich and 53 million people in the UK. It is not the USA with its 15.7 million ultra-rich and 318 million population!
Deutsche Bank, the largest corporate player in the Forex market
There are not only individual participants in the market. The biggest corporations in the world are also in this market. One of the biggest players is the Deutsche Bank, based in Frankfurt, Germany. Barclays and Citi, one of the world’s largest financial groups, are among the global players in the market.
The market is not as new as you think exists since 1973
Towards the end of the 2000s, with the spread of the Internet more rapidly, many commercial areas began to appear on the Internet. One of them is Forex. With the spread of the internet, forex began to gain more attraction and today it is possible to trade from any platform where the internet exists. Although the currency exchange dates back to ancient times, the foundations of the modern forex market were laid in 1973. I mean, 42 years ago, it’s interesting, but it’s real.
Contrary to common knowledge, not only foreign exchange is traded in the market
It is widely known that the forex market is not limited to foreign exchange trading. Other than foreign exchange in the market; oil, gold, silver and other world countries can be traded using stock market indices.