What is Forex?
The first forex firm appeared in 1927, in Stockholm, in a barber shop. Since then it is developed and the IT techniques are making it a global market. In 1927, a Swedish firm has begun its activity as a currency exchange service for travelers. The society’s siege was at the Central Station in Stockholm. According to the legend, the owner of Gyllenspet’s Barber Shop in Stockholm observed that his some of his clients were tourists in need of currency for their excursions. He has the idea to save major currencies and keep it on hand. The firm was acquired by the Swedish Railways, and then it was sold to Rolf Friberg in 1965. This firm had a unique status, being the only licensed to conduct currency exchange, apart the banks. The family Friberg still owns the company, expanded in Denmark, Norway and Finland, having over 50 shops. Like at begin, the shops are located in train stations and airports. The Euro apparition led to an important decrease of Forex business, and the firm opened new directions, like applying for banking license or realizing regular transactions, similar to the postal service. The firm has a very attractive slogan: make more money for your money! What more attractive for anybody than the word money?! The main firm’s concept is still the same: to offer travelers from all over the world the appropriate currencies at the best rates, at the lowest service charges, at any hours and from well situated locations. Forex still have many locations all over the world, with a turnover in 2004 of more than 22 billion SEK from the branch offices in Sweden, Norway, Finland, and Denmark. It is the world’s biggest foreign exchange bureaus. The main firm’s plan is to open more subsidiaries in new locations and develop the existing ones. Forex is also the name often used for foreign exchange; all over the world, foreign currencies is bought and sold. The currency traders are making a profit from buying and selling currencies as their value is fluctuating. This fluctuation is based on daily variability in the global market, the supply and demand in international commerce and domestic stocks. The exchange rate between two currencies is how much one currency is worth in terms of other currency; it is called also forex rate. There is not a bigger market in the world than the foreign exchange market. There are two currency types: direct quotation (home currency – foreign currency) and indirect quotation (foreign currency – home currency). Every one of us is daily updated with the direct and indirect quotations; if a unit currency is strengthening (appreciation, the currency becomes more valuable) or inverse (depreciation). Usually, investors are speculating on daily currency fluctuations and this is a constant profit source; this forex business profit mechanism. There are some online forex trading, having real time prices, dealing in currencies and global equity prices. The software is allowing evaluating the exchange process and realizing it online. The firms working online are usually commission free, with the industry’s margin requirements. The acquire the customers confidence, the online forex trading firms is offering some advantages never founded in banks: 24x7 forex trading, room services with limit order deals and day trading.
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