Forex is a short form for the FOReign currencies EXchange market. It is one of the most liquid markets in the world, while being the largest financial market (daily average volume is about $3,2 trillion according to BIS report). Forex traders buy and sell various world currencies in order to gain profit on the currency’s price change.
The most traded currency pairs (major pairs) are EUR/USD (euro for U.S. dollar), GBP/USD (Great Britain pound for U.S. dollar), USD/JPY (U.S. dollar for Japanese yen) and EUR/JPY (euro for Japanese yen).
Forex trading is now accessable to everyone via on-line Forex brokers, which allow trading with almost any amount of money and on a very large variety of international currencies.
In Nigeria, Forex trading is becoming more and more popular. It attracts purposeful and educated young people with the opportunity of earning profits via on-line activity. And if in the past times Nigeria was considered a poor state with no interest to Forex trading firms, now Forex brokers are gladly accepting Nigerian Forex traders.
But Forex should not be considered as the ’easy money’; to trade profitable and earn a sustainable income trader must learn and practice. To many beginning traders’ relief there are many good educational materials in the Internet and the majority of them are free. Learning Forex can be a long process, but can be also fun and interesting.
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