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The essential guide for beginners
What is forex?
Forex (a.k.a. FX or foreign exchange) is global and decentralized market for trading currencies. Transactions here are done electronically, between two traders without any supervision of the third party. It's basically modern and efficient stock market extended with digital solutions' conveniences.
How big is it?
It is the largest and most liquid market in the world with the average daily turnover of 5 trillion USD. Meanwhile daily turnover on Wall Street is over 30 times smaller.
It's also over 3 times bigger than the annual GPD of Spain.
How to start trading?
Practically, everyone who is over 18 years old and has an internet connection can become a Forex trader.
For a start, visit our blog and read some basic tutorials on how to make your first profitable order.
You can start from a REALLY LOW investment level. How about $5 for a start?
You can open your trading account in one of 15 different base currencies. You can deposit and withdraw your money with any way you want: bank transfer, Skrill, bitcoin, ethereum and more...
When can I trade?
Forex market is open for all 24 hours on weekdays. It starts on Sunday at 21:00 GMT and closes at 21:00 on Friday.
How do I make the decisions?
There are many strategies. You can learn to analyze the charts and predict price movements, but you can also open positions based on the news. Say if a party you believe will do well for your county's economy wins an election, you can invest it the currency just after the results are announced. Just give it a try and find your way of trading on Forex.
If you have any questions you can contact SimpleFX support team via the in-app chat. Check it out. We speak many languages.