Forex Trading
What is Forex Trading?
Forex trading, or "Foreign Exchange Market" trading, is about swapping different countries'money. This happens online, anytime and anywhere in the world, since the Forex marketopened in 1971.
Benefits of Trading with Opofinance
Ultra Tight Spreads
Gain an edge in your trades by benefiting from spreads as low as 0.0 pips.
Exclusive Social Trading
Follow professional traders and mirror their trades through Opo Social Trading Platform.
Practical Trading Tools
We provide exclusive tools to clients, helping them utilize market opportunities.
Trusted and Regulated
Opofinance is a regulated broker and dedicated to safeguarding your funds.
How Does Forex Trading Work?
In Forex trading, you buy one type of money and sell another type at the same time. You aimto make money when the value of these types of money changes. These changes happendue to supply and demand, which also decides the price of one money type compared toanother.
Brokers in Forex Trading
To start Forex trading, you need to choose a broker and open a trading account. Brokershelp connect traders with the market. They provide a platform for trading, data about themarket, different options for borrowing money, and tools for analysis. While brokers mightuse different software, most of them use MetaTrader.
Different Kinds of Brokers
Brokers in Forex trading can be of different types: Market Makers (MM), No Dealing Desk(NDD), Straight Through Processing (STP), and Electronic Communications Network (ECN).Each type has its unique qualities and works for different kinds of traders. For instance, MMsdecide the buying and selling prices based on the market spread, while NDDs connecttraders straight to the global supply and demand system.
Forex Contract Specifications
Check our forex market trading conditions:
Instruments
Contract Size
Tick Size
Swap Long
Swap Short
GBPUSD
Great Britain Pound / US Dollar
GBPCAD
Great Britain Pound / Canadian Dollar
EURUSD
Euro / US Dollar
USDCAD
US Dollar / Canadian Dollar
USDJPY
US Dollar / Japanese Yen
Benefits of Trading Forex
1
Higher liquidity
The forex market represents a trading volume of $4 trillion per day, which makes it easier for you to get in and out of the trades at any time.
2
Excellent Flexibility
The flexibility caused by giving various options for every budget and the possibility of trading hundreds of currency pairs is great.
3
24-Hour Market
You can keep trading five days a week and 24 hours a day as the forex market is always on the go and never even takes a minute to rest.
4
Profit Potential from Both Trends
Buy a currency pair if you think it is going to increase in value, and sell it if you think it is going to decrease.
Trading in Forex
After you've set up an account with a broker, you put the money you want to trade into youraccount. The broker gives you a username and password to access the trading software orplatform. With these details, you can place orders to buy or sell, complete trades, and doother activities related to trading.
What Can You Trade in Forex?
In recent years, Forex trading has expanded to include not just traditional money pairs butalso precious metals, digital money, stocks, oil, and other types of investment. Thisexpansion, helped by advancements in technology, lets traders mix up their investments andmanage risk.
Forex Trading FAQs
What is a CFD?
CFD is the short form for Contract For Difference, and it is an agreement which enables traders to speculate on the price of a financial instrument without actually owning the asset. The price of the CFD is derived from the price of the instrument. This means that if you buy/sell a CFD, your exposure is the same as if you had bought/sold the actual asset.
What assets do you provide for trading?
We provide various assets in forex, metals, commodities, indices, cryptocurrencies and stocks categories.
Where do you get the Forex prices?
Our Forex prices are obtained from the liquidity providers. These are the most accurate price quotations for our clients. This is how we guarantee the best trading experience.
What are Forex trading hours?
You can trade forex pairs, Monday through Friday from 00:00 Mondays to 23:59 Friday. This schedule may be subject to adjustment on holidays.
How is forex trading done?
When you trade forex assets, you speculate on if the price of a currency will rise or fall against another. As an example, if you think that the value of the British pound will rise, relative to the value of the US dollar, you may go ahead and trade the GBP/USD pair.